The Fintech world is an industry that has acquired great relevance in recent years and uses various terms to refer to its different segments, but what do they mean? This piqued the interest of a group of linguists from Babbel, the language teaching application focused on everyday conversations, and prepared a glossary to learn a little more about a new linguistic universe: money and virtual finance, which in a short time will become part of our daily talk.
Fintech, refers to the union of the word’s ‘finance’ and ‘technology’ (finance and technology) that began to be used in the 90’s, this new universe that groups them is composed of various companies of digital origin, whose main activity is to provide different financial services through the use of technology.
“Technology is present in our lives and now, too, in the world of business and finance. This new reality also brought a new way of communicating and relating. Knowing and understanding the new words and terms used is fundamental in the work of language teaching.”said David Marin, senior linguist at Babbel.
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Below is a selection of these terms that will help you discover what you are talking about when they talk about Fintech:
Crowdfunding: The world of entrepreneurs and startups are the most familiar with this concept because it is a way to ally with their network of contacts and closest family to support themselves in the start of projects. Thanks to the internet, theCrowdfunding (from the English crowd = multitude and funding = funding) is a business model that is based on promoting loans to people or companies through collaborative mechanisms where the loan is financed by a community of people who take care of a small part of it.
Cryptocurrencies: Also, calledcryptocurrencyor crypto-assets are a fully digital currency. By its nature it uses cryptographic methods (derived from the Greek “kryptos” meaning hidden, and “graphia”, meaning writing) to secure its financial transactions, control the creation of new units and verify the transfer of assets securely. Although its purpose is to be a medium of exchange, today it stands out as a store of value.
Bitcoin: Abbreviated also as BTC XBT or ฿ and in plural bitcoins, it is a neologism that comes to us from English. It is the origin and supreme representative of cryptocurrencies in the world. Its creator, in 2008 was Satoshi Nakamoto, an entity whose real identity is unknown. Curiously, its initial development was only known to theGeeksof technology due to an open-source protocol and peer-to-peer networking, but it was basically useless and worthless. Today, the value of 1 Bitcoin is around US $ 34K, it is the basis to understand how cryptocurrencies are born.
Blockchaincan be defined as a mathematical structure for storing data in a way that is almost impossible to counterfeit, lose, modify, or delete. It is a public e-book that can be shared openly between users without intermediaries or central authority, and that creates an unchangeable record of their transactions. Its best-known use is for transactions with cryptocurrencies; however, multiple applications are foreseen in the health industry, commerce, food, education, etc.
IsurTech: together with its synonym instech are the combination of English wordsInsurance(insurance) andtechnology(technology) opening a new scenario of how technology is beginning to change the insurance business. These companies offer customers new ways to connect with their insurance provider, through a more direct channel of communication and management.
Token: Derived from the Anglo-Saxon word “tacen” (symbol or sign), and although it could be considered synonymous with the French term “jetón” or the Spanish “ficha”, in English it has a somewhat broader meaning. A token is a digital asset that was developed within a blockchain platform. The main difference between a token and a cryptocurrency is that cryptocurrencies use their own blockchain, and tokens use the blockchain of a cryptocurrency to function.
Altcoin: is an acronym that comes from the words in Englishalternative(alternative) andCOIN(currency) and means any other cryptocurrency that is not Bitcoin and that groups in the same term cryptocurrencies and tokens. It is usually a simple term used to emphasize that in addition to bitcoin, other cryptocurrencies are supported, accepted or supported.
Dogecoin: is a cryptocurrency derived from Lite coin represented by a dog he uses as Shiba Inu of the Internet meme “Doge”, created in 2013 by Billy Markus and Jackson Palmer. Ironically, it has reached values of millions of dollars due to the public support it has received from celebrities such as Elon Musk, musician Snoop Dog or Gene Simmons of Kiss.