What Are the Cryptocurrency Best 7 Terms You Should Know in 2021?

Blockchain: A blockchain is a type of database in which a cryptocurrency’s digital transaction records are stored in groups, or blocks. New blocks are continually created as extensions of the previous block, forming a chain. These blockchains build upon themselves within the database, storing an ever-increasing amount of data about the transactions for a specific cryptocurrency.

Decentralized: In the context of cryptocurrency, the term decentralized means the currency isn’t backed by a central bank or other financial institution.

Distributed ledger technology (DLT): A decentralized digital record. Unlike typical databases, there’s no central authority; the record is stored across multiple locations simultaneously and once a transaction is recorded it’s permanent. Blockchain is a type of DLT, but the technology can serve a number of purposes beyond cryptocurrency trade.

Bitcoin: The first cryptocurrency, and still the most popular today.

Altcoins: Any cryptocurrency that is not Bitcoin. Some popular altcoins today include Ethereum, Dogecoin, and Litcoin. These altcoins each have different features and purposes.

Exchange: A marketplace where you can buy and sell cryptocurrency.

Wallet: A place to store your crypto currency holdings. Many exchanges offer digital wallets.
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