Cryptocurrency is a general name referring to all encrypted decentralized digital currencies like Bitcoin.
Cryptocurrency uses cryptography to create coins and secure transactions. Typically cryptocurrencies are open source with pubic, but encrypted, ledgers of all transactions based on blockchain technology.
There are a number of cryptocurrencies traded on cryptocurrency exchanges, and the growing popularity of cryptocurrency means that despite volatile prices, market caps and values are growing every year.
Popular cryptocurrencies include the original Bitcoin, Ethereum’s Ether, and Litecoin.
Cryptocurrency is legal and taxable in the US, but it isn’t legal tender (you can’t pay your taxes in Bitcoin, it is considered investment property). With that said, due to its infancy and history so far, cryptocurrencies should be invested in and used with their historical volatility in mind.
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TIP: If you are new to cryptocurrency, check out our guide to cryptocurrency for beginners.
Liquid, a Bitcoin sidechain by Blockstream, is a solution for large players like exchanges to quickly tokenize and transfer assets between each other. This helps provide “liquidity” to exchanges/brokers/trading desks/etc.
In cryptocurrency, confirmations are a measure of how many blocks have passed since a transaction was added to a coin’s blockchain.
In cryptocurrency a DEX is a Decentralized peer-to-peer Exchange. It is an exchange run by code. It usually exists as a decentralized application (DApp). It is a place where people can trade cryptocurrencies directly without a middleman.
XRapid is a liquidity solution for banks that uses Ripple’s XRP as a bridge currency and is being developed by the company Ripple. According to Ripple, XRapid eliminates delays in global payments while also dramatically lowering their cost, thus making cross-boarder payments instant and inexpensive.
Here is a simple explanation of Bitcoin: Bitcoin is digital money on the internet. It works like online banking without a bank.
The term “HODL” is a misspelling of “hold” that comes from a December 2013 BitcoinTalk forum post called “I AM HODLING.”
If you use any cryptocurrency exchange, you’ll want to use some form of two-factor authentication to secure your account.
Fungible tokens, like ERC-20 tokens, are interchangeable, divisible, and identical tokens that are useful as monies. Meanwhile, non-fungible tokens, like ERC-721 tokens, are not interchangeable, unique, and not divisible that are useful as collectables.
A DApp, or Decentralized Application, is a software program that allows users to interact with a network like the Ethereum network.
Cardano is an open sourced multi-layered blockchain-based computing platform developed by IOHK that can be used for both financial transactions and distributed computing. Cardano’s native cryptocurrency token is ADA and its platform can be used to create and run smart contracts, DApps, and more.
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