Here are 10 commonly used cryptocurrency terms:
- Blockchain – A decentralized digital ledger that records transactions on multiple computers in a secure and transparent way.
- Cryptocurrency – A digital or virtual currency that uses cryptography for security and operates independently of a central bank.
- Wallet – A software program that stores private and public keys and allows users to send, receive, and manage their cryptocurrency.
- Mining – The process of verifying transactions on a blockchain network and adding them to the public ledger.
- Exchange – A platform where users can buy, sell, and trade cryptocurrencies.
- Altcoin – Any cryptocurrency other than Bitcoin.
- Token – A digital asset that represents ownership or access rights to a particular product or service.
- ICO – Initial Coin Offering, a fundraising method used by cryptocurrency startups to sell their tokens to investors.
- HODL – A slang term for holding onto cryptocurrency rather than selling it.
- FOMO – Fear of Missing Out, a feeling of anxiety that someone else may be making a profit on a cryptocurrency investment while you are not.