Precise Terminologies to Explain the Cryptocurrency EcosystemDecember 26, 2018
The cryptocurrency ecosystem is growing dramatically, and we need precise words to explain the ecosystem. The advancement of technology warrants a need for newer terminologies to explain the context of the technology itself.
Cryptocurrency terminologies start before they are being added to the Dictionary. When there is no word to describe something, a Shakespearean approach is used to describe it best. At a later point in time, the widespread use of the word makes its way to finally register itself in the dictionary, thereby achieving a permanent status for expressing something.
Government agencies, Mass Adoption, Internet of Things, Decentralized exchanges, Gaming, and Decentralized Apps are a few areas where cryptocurrency and the blockchain technology have partially permeated, and they are expected to boom this year.
Several crypto exchanges are working with each other to create a well-balanced and sound cryptocurrency ecosystem.
Monitoring abnormal transactions is one of the major features of these exchanges. This is important to prevent fraud and to protect investors by creating a crypto ecosystem that is pretty sound in functioning. Governments are working to institutionalize the exchanges and digital currency. Regulatory attempts are up to prevent money laundering.
With regulatory standards being framed by different governments to improve trust and authenticity, the terminologies for the industry are also getting standardized.
Those who trade in cryptocurrency were called by different names like trader, developer, spectator, or trader. The general terminology for someone who will be involved in this trade is now coined to be known as cryptocurrencer.
For someone who might be involved in a cryptocurrency business like setting up a blockchain-based business or cryptocurrency business will be known as an entrepreneur in the normal usage, a different terminology called “Cryptopreneur” has been coined.
And, the crypto-industry is already well-aware of the term “HODL.” These terms are likely to be used widely in the forthcoming years, and the day they will make it to Merriam-Webster is not far.
With regulatory bodies keeping crypto as their priority for this year, we might all see such terms in the regulatory acts too.
Greater clarity concerning cryptocurrency transactions has happened after the Maltase government came up with the “Virtual Financial Assets Act” and “Innovative Technology Arrangements and Services Act.”
In every industry, that makes use of the cryptocurrency, a cryptocurrency ecosystem is formed around the transactional belt. By using appropriate terminologies for every member involved in the cryptocurrency ecosystem, it will be possible to make sense out of the complex ecosystem, thus being able to manage it better.
Unique cryptocurrency terminologies can be intellectually satisfying and can prove very useful to manage the ecosystem.