As the world gets seemingly smaller every day, opportunities abound with potential. A few decades ago, traveling overseas or communicating with people who spoke a different language were not part of everyday life. Because of technology, travel and communication are now much simpler and accessible to many. Consumers can also freely participate in the global marketplace, thanks again to technology. We can make purchases anytime, anywhere for almost anything under the sun. It would make sense then that they could do so with a global currency.
Enter cryptocurrency, a digital currency that has created a paradigm shift in the way consumers look at money. This technology has been around for over a decade, but it comes with plenty of questions and controversy. We are currently experiencing what is being coined the “crypto boom.” Recently, these currencies have seen their market values soar. Individuals are rapidly investing in Bitcoin, Ethereum and the meme-based Dogecoin. (Reference Elon Musk’s SNL appearance that had everyone talking!)
With more than 20 years of experience, we at Fort Lauderdale- and Aspen-based Durée & Company have been taking notes and are excited to be working with clients in this space. Our experience working with emerging markets and disruptors (psychedelics and cannabis are already under our belts) has given us the tools and expertise to advise clients in complex industries and deliver effective and compelling PR strategies that move the needle.
We know digital currencies will inevitably become even more commonplace in the future. Plus, we know it can all seem daunting. Our experts share the cryptocurrency terms you need to know for an industry that is multiplying by the minute.
Currently the world’s largest cryptocurrency. BTC was created in 2008 by an unknown individual or group of individuals using the name Satoshi Nakamoto. Bitcoin uses peer-to-peer technology to facilitate instant payments with no central authority or banks.
A decentralized ledger (collection of financial accounts) that is the most popular place to securely buy, store and trade top cryptocurrencies. To date, there have been $800 billion+ in crypto transactions made on Blockchain.com.
A blockchain network where users validate transactions and receive rewards of cryptocurrency. This depends on the number of coins they hold and are willing to offer as a sort of down payment. Cardano uses a tiny fraction of the energy of bitcoin, at 0.55 kilowatt hours per transaction, compared to bitcoin’s 707 KWh, according to internet infrastructure firm TRG Datacenters.
Founded in 2012 as a way to simplify the purchase of Bitcoin, Coinbase is a secure online platform for buying, selling, transferring and storing digital currency. Think of it like a bank, with over 43 million customers globally. After going public in April 2021, Coinbase’s market value was at $85.78 billion.
A digital currency that is currently unregulated. You can buy goods and services with it where accepted online. There are more than 9,500 (and growing!) cryptocurrencies in the world, according to CoinMarketCap, the premier price-tracking website for cryptocurrencies.
Decentralized Finance (DeFi)
A blockchain-based form of finance that doesn’t rely on intermediaries, such as banks or exchanges, in financial transactions.
One of the most storied cryptocurrencies, it began as a joke in 2013 by making the doge internet meme into a cryptocurrency. Dogecoin has one minute block intervals making it faster than other blockchains. There is no cap to the supply of coins and thus the coin can inflate (and deflate!) infinitely.
Currently the world’s second-largest cryptocurrency. ETH was founded in 2013 and is the most actively used blockchain. Unlike Bitcoin, individuals can build apps on top of ETH, much like those found on iPhones and Androids.
Done by sophisticated computers, this process enters new bitcoins into circulation. It also is a critical component of the maintenance and development of the blockchain ledger, according to Investopedia. This painstaking process rewards miners with bitcoin for completing blocks of verified transactions which are added to the blockchain.
Non-Fungible Tokens (NFG)
Digital assets stored in a blockchain and designed to represent ownership of unique virtual items, such as photos, videos, audio and other types of digital files.
Equivalent to 100 millionth of a single bitcoin. Satoshis are currently the smallest units of bitcoin currency recorded on the blockchain and used to facilitate smaller transactions.
Currently the seventh largest cryptocurrency, it is the least environmentally damaging according to TRG Datacenters, using 0.0079 KWh of energy per transaction. However, there is some dispute over whether or not XRP is a security or a currency.
Looking for more insight? Scott Melker is the Wolf of All Streets, a trader and investor, the host of the popular “The Wolf Of All Streets Podcast,” the author of “The Wolf Den” newsletter, and a prolific writer and thought leader in the crypto space. His daily newsletter The Wolf Den breaks it all down – the good, the bad and all the howls! Fun fact: Homer Simpson even made an appearance in his daily charts!
Suffice it to say, we speak crypto and understand how to successfully market companies in this space. If you’re new to this field, learning these key cryptocurrency terms is a great place to start. To our clients in the industry, and for those whom we have yet to meet, we are a trusted partner and come prepared with research, solid strategies and media relationships in this industry. If you’d like to learn more about our capabilities, please contact us today.
About Durée & Company:
Durée & Company, Inc. is an award-winning, full-service public relations, marketing and special events firm founded in 1999. The firm has offices in Fort Lauderdale, Florida, and Aspen, Colorado. Durée & Company serves the corporate, agency and nonprofit arenas for local, national and international clients. Services include public relations, social media, marketing, digital marketing, content development, advertising, special events, branding, radio promotions, affiliate marketing and more. Durée & Company clients include well-known names in yachting, business, real estate, hospitality, travel, cannabis and hemp, wellness and CBD, art and culture, fashion, nonprofit organizations, cryptocurrency and technology, legal and professional services. Durée & Company is a member of PR Boutiques International™ (PRBI), an international network of boutique PR firms. To learn more, call 954-723-9350; go to dureeandcompany.com; or visit its new, specialized cannabis- and CBD-specific site at cannabismarketingpr.com. Join the social conversation and follow Durée & Company on Facebook, Instagram, Twitter, YouTube and LinkedIn at @DureeCoPR.