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15 Common Cryptocurrency Terms



Feb 10, 2023

Explanation of 15 common cryptocurrency terms.

  1. Cryptocurrency: A digital or virtual currency that uses cryptography for security and operates independently of a central bank.

  2. Blockchain: A decentralized, public ledger that records all transactions on a network.

  3. Bitcoin: The first decentralized cryptocurrency, which was created in 2009.

  4. Ethereum: An open-source blockchain platform that enables the creation of decentralized applications and smart contracts.

  5. Token: A unit of value that represents an asset on a blockchain network, such as a cryptocurrency.

  6. Altcoin: Any cryptocurrency that is not Bitcoin.

  7. Mining: The process of solving complex mathematical problems in order to validate transactions and add new blocks to a blockchain.

  8. Wallet: A digital storage place for cryptocurrencies.

  9. Public Key: A unique address that allows for the receiving of cryptocurrencies.

  10. Private Key: A secret code that allows for the control and transfer of cryptocurrencies.

  11. Decentralized: A network that operates independently and is not controlled by a central authority.

  12. Centralized: A network that is controlled by a central authority, such as a bank or government.

  13. Distributed: A network that is spread across multiple computers or nodes.

  14. Smart Contract: A self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.

  15. Initial Coin Offering (ICO): A fundraising method used by blockchain companies to raise capital by selling their own cryptocurrency tokens to investors.

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