What is the meaning of 'pick and shovel' in the context of cryptocurrency?

1 answers

• Nov 29, 2021 · 3 years ago
  When it comes to cryptocurrency, 'pick and shovel' refers to the fundamental tools and services that support the ecosystem. These tools include cryptocurrency exchanges, wallets, and mining hardware. Just like during the gold rush, where those who sold pickaxes and shovels were essential for prospectors, in the cryptocurrency world, companies that provide these tools play a crucial role. They enable users to trade cryptocurrencies, store their digital assets securely, and participate in the mining process. By offering these services, companies can generate revenue and profit from the growing interest in cryptocurrencies. So, 'pick and shovel' in the context of cryptocurrency signifies the underlying infrastructure and services that are necessary for the industry's functioning and success.
  800400