ELI5 is an acronym that many will see in the cryptocurrency space as there are many complex and technical concepts that people want explained to them. Instead of keeping it technical, people prefer to have the concept explained to them like they are a five year old child.

The term ‘Explain like I am 5' is not one that is exclusive to cryptocurrency, but is used in many different instances where there are complex concepts to be understood. However, given the technical aspects of blockchain technology, which ties with specialized trading and monetary terms, ELI5 has become synonymous with the cryptocurrency space.

The origin of the phrase is said to go back to a famous Albert Einstein quote. He said: "If you can't explain it to a six-year-old, then you don't understand it yourself."

The cryptocurrency and blockchain space is a broad one, but also highly specialized. It contains aspects of cryptography, computing development, mathematics, and algorithms - and that is just the blockchain technology. When it comes to understanding Bitcoin, tokenomics, economics, trading and chart reading come into it.

However, because cryptocurrency is meant to be entirely inclusive, there are many people who want to use and understand crypto, but struggle with the niche terms and complexities. This is why there is often a cry for people to explain different aspects of the space to people like they are 5.

Many resources have taken to simplifying blockchain, Bitcoin, and other aspects to a point where it can be understood by someone as young as five by making it anecdotal, or comparing it to other familiar concepts.

For example, the distributed ledger can be explained like a balance book that everyone has a copy of, and because everyone has a copy, you can not simply cook the books to benefit you. This is far easier to understand than explaining Bitcoin nodes and cryptography that secures transactions.

Using ELI5 commonly in the cryptocurrency space nurtures a space of understanding and ease of use for a tool that is inherently complex, but applicable to everyone. By fostering this culture of understanding, crypto is more inviting and does not gate keep a technology that can have lasting implications as to how the world uses money.