These days, discussing cryptocurrency can feel on par with chatting about the weather — even for those of us who aren’t in the fintech space, it’s often hard to avoid. But for all its popularity, it’s not exactly easy to engage with the ecosystem behind it. The world of digital coinage is not without its barriers to entry, especially for newcomers.
Why, you ask? Well, for one, it’s an entirely new way of conceptualizing commerce and value itself. But on top of that, the market is often associated with words like “volatile,” “unpredictable,” and “fickle” (hardly welcoming terms). In fact, the whole category is cloaked in jargon, making it a daunting topic to broach (think: “NFTs,” “gas,” and “dApps”). For folks looking to dip their toes into the underlying blockchain technology, the lingo can certainly be disorienting (read: intimidating). Think about it: You’re required to translate new coinage names, wallet types, and NFT requirements just to join the conversation. It’s like learning a new language.
That’s why we’ve collaborated with Venmo — where crypto newbies can easily buy, sell, and hold digital currencies using an app they already keep in their regular rotation — to tap crypto journalist and author of The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, Laura Shin, for a jargon-busting lesson. Ahead, find our pocket crypto glossary: all your need-to-know fintech terms to thrive in the world of blockchain, according to Shin.
This is by no means a crypto bible, but when in doubt, feel free to check back here for the essentials — whether you’re buying, selling, holding, or merely making dinner party conversation.
Alt-coin
This word has two meanings, according to Shin. “[Alt-coin] is used pejoratively sometimes, implying that a coin doesn’t have much merit on its own,” she explains. The rest of the time, it’s used to describe any coin that isn’t bitcoin…
