A Cricketer's Guide to Crypto Investing
Cricket is a sport that does a better job of bringing all Indians together than any religion in the world. While the IPL league offers us so much entertainment, we thought it would be more interesting to explain crypto in the language of cricket. So here is a list of terms used in the crypto world, explained by a cricket fan.
Bitcoin is like the first over
Like the first over in a cricket match which sets the tone for the exciting game ahead, Bitcoin is also the first cryptocurrency in the world. It was introduced in the year 2008 in a white paper which was published under the pseudonym, Satoshi Nakamoto.
Crypto Exchange is similar to the stadium
A cryptocurrency exchange is very similar to a cricket stadium. Like the way the stadium or the field acts as a platform for everything that happens during the match, a cryptocurrency exchange operates as a medium on which you can buy/sell cryptocurrencies. Along with others, CoinSwitch Kuber is one of the fastest-growing cryptocurrency exchanges in India.
Miners are the umpires of crypto
Crypto mining involves logging and maintaining the public trust-less ledger or Blockchain. Miners keep crypto users in check, like how the umpire keeps the team on the field in check. In Bitcoin, miners are required to solve complex mathematical problems to find a block. After which, they add it to the transaction ledger and are rewarded with Bitcoins.
Unmined currency and un-auctioned players
Most cryptocurrencies have a limited supply. Those that are yet to be mined from the total supply are called unmined currencies. This term can be understood with an analogy of auctioning cricketers for IPL. The ones chosen by the sponsors are like mined currency, and the ones yet to be selected are unmined currency.
Setting Boundaries with Limit Orders
Like how boundaries are set in a cricket game, you can set your boundaries while investing in crypto with the limit order option. When a ball is delivered, and the batsman decides the hit within the boundary, he is playing safe. Likewise, Limit orders act as a boundary to protect you from undesired losses.
Hot Wallets are like your streaming platform
Hot Wallet is the kind of wallet that resides inside a digital device with an internet connection like laptops, smartphones, etc. You can think of it as the digital platforms such as Disney+ Hotstar that stream the matches live so that you can watch them online.
Storing crypto in wallet is like watching cricket inside stadium
A Cold Wallet is like a seat at the stadium, where you have to pay a high price to buy the ticket to watch the match. Similarly, Cold storage involves storing currencies in hard storage devices like hard drives, USB, etc. for safety from being stolen or hacked through the internet. So there you have it, crypto explained to cricketers. What do you think?