Basic Terminology Used in #Crypto | Crypto Adnan | #Short

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Here are some of the basic terminologies used in crypto…🔐

Blockchain: A blockchain is a type of database in which a cryptocurrency’s digital transaction records are stored in groups or blocks.

New blocks are continually created as extensions of the previous block, forming a chain.

These blockchains build upon themselves within the database, storing an ever-increasing amount of data about the transactions for a specific cryptocurrency.

Decentralized: In the context of cryptocurrency, the term decentralized means the currency isn’t backed by a central bank or other financial institution.

Bitcoin: The first cryptocurrency, and still the most popular today.

Altcoins: Any cryptocurrency that is not Bitcoin. Some popular altcoins today include Ethereum, Dogecoin, and Ripple. These altcoins have different features and purposes.

Exchange: A marketplace where you can buy and sell cryptocurrency.

Wallet: A place to store your cryptocurrency holdings. Many exchanges offer digital wallets

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