Will
@williamgl
Let’s create a foundational glossary for our cryptocurrency universe. Please point out any new terms you might discover in my compilation. We’ll begin with…
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Will
@williamgl
1. Address: A string of characters that represents a destination for a cryptocurrency payment. Similar to an email address, but for crypto transactions.
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Will
@williamgl
2. Altcoin: Any cryptocurrency other than Bitcoin. Examples include Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).
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Will
@williamgl
3. Blockchain: A decentralized digital ledger that records all cryptocurrency transactions across a network of computers.
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Will
@williamgl
4. Consensus Algorithm: A protocol used to achieve agreement on a single data value or a single state of the network among distributed processes or systems. Examples include Proof of Work (PoW) and Proof of Stake (PoS).
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Will
@williamgl
5. Decentralized Finance (DeFi): Financial services and applications built on blockchain technology that operate without traditional intermediaries like banks.
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Will
@williamgl
6. Digital Wallet: A software application or hardware device that stores private keys and allows users to send, receive, and manage their cryptocurrencies.
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Will
@williamgl
7. Fiat: Traditional government-issued currency, such as the US Dollar (USD), Euro (EUR), or Yen (JPY).
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