Important Cryptocurrency Frequently Asked Questions are Answered | Cryptocurrency FAQs (October 2021 Edition)

Important Cryptocurrency Frequently Asked Questions (Cryptocurrency Faqs) are Answered

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What is Crypto all about ?

Crypto in short for cryptocurrency is money created by programmable code. With crypto, YOU ARE YOUR OWN BANK!

What is Crypto backed by ?

Cryptocurrencies aren’t backed by anything. This is why their prices cannot be controlled and manipulated by any government.

What is Crypto Banking ?

Similar to normal banking, crypto banking refers to the exchange of goods or services by cryptocurrencies.

What is Crypto Blockchain ?

Crypto blockchain is a publicly accessible transaction ledger of a particular cryptocurrency. Crypto blockchains are highly secure and unalterable.

What is Crypto Cold Storage ?

Crypto cold storage refers to the cryptocurrency wallet which is not connected to the internet. It stores your crypto funds offline and can be connected online for usage.

What is Crypto DeFi ?

Defi stands for Decentralized Finance. It is basically a censorship-resistant, smart contract-based cryptocurrency. There are hundreds of Defi currencies.

What is Crypto Credit Card ?

A Crypto credit card is just like a MasterCard or Visa but it is exclusive to cryptocurrencies. Some famous companies include TenX, Nexo, etc.

What is Crypto Debit Card ?

Crypto debit card is the same as any conventional debit card. These cards could provide more crypto adaptability to the masses.

What is Crypto Dollar ?

Crypto dollar means the unit value of a particular currency to the dollar.

For eg. 1 btc = $10,000 (approx.)

What is Crypto Exchange Platform ?

Crypto exchange platform is an online marketplace where you can buy many cryptocurrencies (such as Coinbase, Kraken, Binance, etc).

What is Crypto Farming ?

Crypto farming refers to the earning of interest on your cryptocurrency by investing it on cryptocurrency exchange platforms.

What is Crypto Finance ?

Crypto finance simply means financing your activities by cryptocurrency.

What is Crypto Faucet ?

Crypto faucets are the websites that let you earn in your desired cryptocurrencies by completing small tasks such as watching a video, completing a survey, etc. Also, keep in mind that earnings are on the low side.

What is Crypto Gas ?

Crypto gas is a fee used to confirm transactions on Ethereum and other Ethereum’s blockchain-based cryptocurrencies. It sounds confusing but it runs by itself and all you need to do is set the amount you will pay as a fee.

What is Crypto Halving ?

Crypto halving means that rewards for mining cryptocurrency are cut in half every four years. This halving increases the competition between the miners.

What is Crypto Hash ?

Crypto hash is a cryptographic mathematical algorithm used for the conversion of an input containing details like name, address, etc into the output of a fixed number of characters. It basically unlinks input and output.

What is Crypto Hash Rate ?

Crypto hash rate is the computational power required to mine a cryptocurrency. Higher the hash rate, the higher the mining.

What is Crypto Fork ?

Crypto fork refers to the up-gradation of a blockchain or the creation of a new one.

What is Crypto Hard Fork ?

A hard fork in a cryptocurrency blockchain will result in two networks. A hard fork is usually required for major improvements in a cryptocurrency. For example, Bitcoin was hard forked into Bitcoin Cash and Bitcoin SV.

What is Crypto Soft Fork ?

Crypto soft fork simply refers to the addition of new features, minor upgrades, bug fixes, etc. on a blockchain. Unlike hard fork, it does not result in the splitting of a blockchain.

What is Cryptojacking ?

Cryptojacking is the act of mining cryptocurrency by using someone else’s hardware.

What is Cryptojacking Attack ?

Cryptojacking attack also known as malicious crypto mining, refers to sending malware to someone’s computer and using their computational power to mine a cryptocurrency. It only mines as long as you are using a certain website or software.

What is Crypto Malware ?

Crypto malware is a program that discreetly mines a cryptocurrency in the background for as long as possible.

What is Crypto Ransomware ?

Crypto ransomware is a program that encrypts the files on a computer or smartphone and asks for a ransom in a cryptocurrency or threatens to share it in public or destroy it. It is usually sent via email.

What is Crypto Node ?

A node is hardware connected to the cryptocurrency’s blockchain network. Nodes validate the details of a transaction.

What is Crypto Shredding ?

Cryptocurrencies are encrypted and decrypted by keys. Crypto shredding is the process of destroying the keys required for the decryption of encrypted data.

What is Crypto Token ?

It is a tradable asset of a cryptocurrency. Crypto tokens of a cryptocurrency are usually given to early investors.

What is Crypto Voucher ?

Think of a crypto voucher as a gift card that can be redeemed and used to buy different types of cryptocurrencies.

What is Crypto Whale ?

A Crypto whale is someone who owns a large chunk of a particular cryptocurrency and any movement/statement from him can create an increase or decrease in price.

What is Crypto Yield Farming ?

Crypto yield farming is the process of earning fixed or variable interest on your cryptocurrency by investing it in an emerging currency.

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READ MORE:

What are Ethereum And Smart Contracts?

Monero: A Private And Secure Cryptocurrency

What are ICOs? Why Investors Love ICOs?

Bitcoin Price And Value Growth Story

How To Convert One Cryptocurrency To Another

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