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Know These Common Cryptocurrency Terms in 2021

Cryptocurrency is flourishing hitting new heights day in day out. Investors are taking advantage of price movements to bet big on their digital currencies. Have you noted that more companies are now accepting cryptocurrencies as a payment option? It is with no doubt that the virtual market will keep brimming in the anticipated future. Have you executed your crypto trades today?  You will notice that the market is full of buzz as business experts and academia are adopting this “newfound” digital market.

You will encounter new terms each day relating to the crypto market. Whether a layman or a pro in the cryptocurrency words, you may need to check the crypto vocabulary from time to time. If you want to understand the meaning of some of the terms, this article will address that to you. Read this detailed cryptocurrency glossary to have it easy in the crypto space. The following are some of the terms that crypto enthusiasts use in their day-to-day online trading undertakings:

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ATL – All Time Low

ATH – All-Time High

Mining – this means the process to get or create digital coins. You can mine cryptocurrencies by providing solutions to cryptographic equations using your laptop or PC.

Cold Wallet – also offline wallet, or hardware wallet, is a device used to store your digital coins offline. Being a cold wallet, it can operate without an internet connection. Hot Wallet, which means internet connection to access, is the opposite of the Cold Wallet.

Altcoin – also, alternative coin. You can use the term to refer to other digital coins apart from or alternative to Bitcoin. For instance, Dogecoin, Litecoin, Ethereum, and others are Bitcoin alternatives, therefore Altcoins.

Dead coin – this refers to digital currencies that do not exist in the market anymore. Cryptocurrencies might cease to exist due to several reasons.

Block – this is a folder used to store your transaction data. If you arrange the blocks in a rectilinear sequence, it results in a Blockchain.

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Gas – this is the fee needed to execute your contract or complete different transactions on the ETH Blockchain platform. If you want quicker transactions, set a higher gas.

Eino Kinnunen (Finland)

Eino is a new writer for Tokenhell, he resides in Espoo, Finland and he has been a crypto journalist for over 3 years for various cryptocurrency news agencies.

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