How does 'pick and shovel' relate to the world of digital currencies?

3 answers

• IlTettaNov 22, 2021 · 4 years ago
  In the world of digital currencies, 'pick and shovel' refers to the tools and services that support the infrastructure of the cryptocurrency ecosystem. Just like during the gold rush, where those who sold mining equipment made more money than the miners themselves, in the digital currency world, companies that provide essential services like exchanges, wallets, and payment processors are often the ones that profit the most. 'Pick and shovel' represents the underlying infrastructure that enables the buying, selling, and storing of digital currencies.
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• Goldstein AhmedDec 18, 2021 · 4 years ago
  The phrase 'pick and shovel' in the context of digital currencies symbolizes the importance of the supporting services and tools that facilitate the functioning of the cryptocurrency market. These services include cryptocurrency exchanges, digital wallets, and payment processors, which are essential for individuals and businesses to participate in the digital currency ecosystem. Just like a gold miner needs a pick and shovel to extract gold, digital currency users rely on these tools and services to navigate and transact in the world of cryptocurrencies.
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• Savage ShapiroSep 07, 2024 · a year ago
  In the world of digital currencies, the phrase 'pick and shovel' refers to the infrastructure and support services that are necessary for the functioning of the cryptocurrency market. This includes cryptocurrency exchanges, digital wallets, and other platforms that enable users to buy, sell, and store digital currencies. The term highlights the importance of these tools and services, as they provide the necessary foundation for individuals and businesses to engage with digital currencies effectively. Without the 'pick and shovel' of the digital currency world, the ecosystem would not be able to thrive and grow.
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