Word of the Day - Pseudominity

pseudonymity \ ˌsü-də-ˈni-mə-tē \ - noun
: the use of a pseudonym (a fictitious name; especially: pen name)

The above definition is taken from Merriam-Webster, a publisher of dictionaries since 1831! This term has always appeared in articles related to cryptocurrencies and blockchain technology. To be honest, I had to look it up and dig a little deeper to understand this 'massive' word.

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I grew up reading books like The Cat in the Hat and Green Eggs and Ham by Dr. Suess. If you hadn't known, the author's real name was Theodor Seuss Geisel. Dr. Suess was his pen name, and what he was better known for. I would say it's not uncommon for people in the creative industry to use a pseudonym, especially writers and artists. Let's not forget about Lady Gaga as well. :p

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In the world of cryptocurrency, it all starts with 'Satoshi Nakamoto' - the most popular name, synonymous with Bitcoin. That would definitely be one of the most famous pseudonyms of this era! Satoshi itself is used to determine a unit of Bitcoin currency on the blockchain, as well as being used to calculate or measure the growth of any cryptocurrency.

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Pseudonymity in cryptocurrency is more than just presenting a false name that sounds catchier, or to even have multiple personalities; its function is to protect the identity of the user. This is one of the important features any blockchain technology should have. Investors and users alike would use this as a measuring stick of how successful or commonly used a cryptocurrency would be. It is also for the same functionality that has caused online black markets to flourish, namely Silk Road.

Let me leave you with how this word should be pronounced. Don't forget that it is a silent 'p'! ;)