Crypto Glossary
Important cryptocurrency terms to learn.
Wallet
A cryptocurrency wallet, in its most basic form, is an app or physical storage device that allows you to store and retrieve digital currency. You can store various cryptocurrencies in a wallet, so you’re not confined to only Bitcoin.
It’s vital to remember that whether you use an app or a physical wallet, the currency isn’t held there. Wallets, on the other hand, keep track of where your money is on the blockchain.
Wallets are divided into two types: hot and cold. By definition, a hot wallet is linked to the internet. A cold wallet, or one that isn’t linked to the internet, is the most secure way to store your cryptocurrency.
Physical wallets exist in a variety of shapes and sizes, but they are often custom-designed USB devices that store your money for later usage. Physical wallets offer the highest security against hackers.
Altcoin
This is a simple one to remember. Any digital money that isn’t Bitcoin is known as an altcoin. There are thousands of cryptocurrencies, and new ones are constantly being introduced.
The most popular cryptocurrencies are Bitcoin, Ethereum, Binance, Tether, and Solana.
HODL
This is a word you may come across on social networking. “HODL,” as it has come to be known among crypto fans, means “hang on for dear life.”
The concept is simple: if you believe a project or currency will increase its value, simply “hodl” during market downturns, i.e, don’t sell cryptocurrency, no matter what happens in the crypto markets.
About us:
NFT Labs is a web3 company exploring big ideas in community, utility and engagement to push the crypto, NFT and metaverse space forward. To learn how your organization can participate in the web3 revolution, write to us at hello@itsmyne.club.
We’re backed by leading blockchain institutions including Longhash Ventures, Antler, Oracles Investment Group, and Shima Capital among others. NFT Labs is also the issuer of the MYNE token ($MYNE), a BEP-20 utility token for Itsmyne and partner applications. MYNE serves as the gateway between traditional social media and blockchain-based social economies.
