Terms, Definitions and Jargon

I will use this space to write some (hopefully) plain English definitions of common terms related to cryptocurrency and I will keep updating this post so please bookmark it if you find it useful.


Airdrop

A time-limited promotion where cryptocurrency coins or tokens are given away in return for doing small tasks, like promoting the currency on social media, downloading software, referring friends etc.


Cryptocurrency

A purely digital currency that is secured by cryptography.


Exchange

An exchange is a website or application (app) that allows you to exchange one cryptocurrency for another kind of cryptocurrency. There are lots of different ones around that cater for various products, some are really large financially but only offer changes in a handful of major currencies whereas others may include lots of smaller currencies or tokens for exchange. When choosing an exchange you need to consider fees for exchange and for transferring in/out.


A list of exchanges that I have used can be found here:  to be updated soon


Faucet

A website or app that dispenses a small amount of cryptocurrency at set intervals. The coin from faucets is usually for free but often as part of a larger website that offers other rewards for completing tasks like completing surveys, watching videos, downloading software, playing games etc.  


Wallet 

A piece of software or an app, either on a computer or mobile device, used to securely hold your cryptocurrency.



...more soon


Thanks

Crypto Cardigan


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