Enrich your dictionary with important cryptocurrency terms.
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This is the offline storage of cryptocurrencies in a wallet. This is the offline storage of cryptocurrencies in a wallet. Examples are paper wallets or hardware wallets such as the Trezor. In their case, there is no threat of a hacker attack and stored funds are considered safe.
Refers to an asset offered as a guarantee to repay a loan. For a loan made on the DeFi credit platform, the collateral as a token must be locked. The security is returned after the loan is repaid. If the loan is not repaid, the collateral remains locked on the platform.
A correction defines the decrease in price that usually happens after reaching the All Time High, or a longer-term rise in the value of a cryptocurrency.
A cryptocurrency is a decentralized digital currency that cannot be controlled or manipulated, and the value of which is not controlled by any central authority (as with FIAT currencies issued by central banks). New cryptocurrencies are added every day. Check out their current ranking at www.coinmarketcap.com
An address that represents something like an account number in the standard world. A cryptocurrency address is the address of your wallet to which you can send cryptocurrencies. Every cryptocurrency always has a separate address. So for example you can't send Litecoin to your wallet's bitcoin address.
Cryptocurrency ATM is a self-service device to quickly buy or sell cryptocurrencies. There are two-way or one-way cryptocurrency ATMs. They're often located in shopping centres and busy places in cities. Cryptocurrency ATMs usually have higher fees than exchanges. Globally, there are over 34,000 cryptocurrency ATMs. Find their exact location at https://coinatmradar.com.
A cryptocurrency exchange is a website or mobile application where it is possible to exchange individual cryptocurrencies for money or another cryptocurrency. Some exchanges also accept money for deposits and withdrawals, but most exchanges only accept cryptocurrencies for deposits and withdrawals.
To use cryptocurrencies in everyday life, a cryptocurrency wallet is a must. This can be hardware, software, or paper. Each wallet has its own address under which we can picture the account number. Every wallet needs to be properly set up, backed up, and secured to ensure funds are not stolen and can be restored in the event of loss.