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 terminologiesstart 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 useof the word makes its way to finally register itself in the dictionary, therebyachieving a permanent status for expressing something.

Government agencies, Mass Adoption,Internet of Things, Decentralized exchanges, Gaming, and Decentralized Apps area few areas where cryptocurrency and the blockchain technology have partiallypermeated, and they are expected to boom this year.

Several crypto exchanges areworking with each other to create a well-balanced and sound cryptocurrencyecosystem.

Monitoring abnormal transactionsis one of the major features of these exchanges. This is important to preventfraud and to protect investors by creating a crypto ecosystem that is prettysound in functioning. Governments areworking to institutionalize the exchanges and digital currency. Regulatory attempts are up to prevent moneylaundering.

With regulatory standards beingframed by different governments to improve trust and authenticity, theterminologies for the industry are also getting standardized.

Those who trade in cryptocurrencywere called by different names like trader, developer, spectator, ortrader. The general terminology forsomeone who will be involved in this trade is now coined to be known as cryptocurrencer.

For someone who might be involvedin a cryptocurrency business like setting up a blockchain-based business orcryptocurrency business will be known as an entrepreneur in the normal usage, adifferent terminology called “Cryptopreneur” has been coined.

And, the crypto-industry isalready well-aware of the term “HODL.” These terms are likely to be used widelyin the forthcoming years, and the day they will make it to Merriam-Webster isnot far.

With regulatory bodies keepingcrypto as their priority for this year, we might all see such terms in theregulatory acts too.

Greater clarity concerningcryptocurrency transactions has happened after the Maltase government came upwith the "Virtual Financial Assets Act” and “Innovative TechnologyArrangements and Services Act.”

In every industry, that makes useof the cryptocurrency, a cryptocurrency ecosystem is formed around thetransactional belt. By using appropriateterminologies for every member involved in the cryptocurrency ecosystem, itwill be possible to make sense out of the complex ecosystem, thus being able tomanage it better.

Unique cryptocurrencyterminologies can be intellectually satisfying and can prove very useful tomanage the ecosystem.