This post is a continuation of yesterday's post you can find here:
General Cryptocurrency Terms for starters #1
WALLET - A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency like Bitcoin. When you create an account on any site or exchange you are generating a cryptographic set of numbers: your private key and your public key (address).
PUBLIC KEY - If you send your public key (address) to someone, they can send you coins or tokens.
PRIVATE KEY - If you send your private key to someone, they now have full control of your account.
SOFTWARE WALLET - Storage for crypto-currency that exists purely as software files on a computer.
HARDWARE WALLET - A device that can securely store crypto-currency. Hardware wallets are often regarded as the most secure way to hold crypto-currency.
ONLINE WALLET - Online (or cloud-based) wallets offer increased convenience – you can generally access your bitcoin from any device if you have the right passwords.
COLD STORAGE - The process of moving crypto-currency ‘offline’, as a way of safekeeping your crypto-currency from hacking.
QR CODE - QR (quick response) code is the type of matrix barcode originally designed for auto industry. Relatively recently, the system has become popular beyond the automotive industry due to its readability and high data storage capability. In order to read the QR code, you need to download one of many QR scanning apps available at the App store. Try to read my code and give me a follow.
GOOGLE AUTHENTICATOR - Google Authenticator is a multifactor app for mobile devices. It generates timed codes used during the 2-step verification process. To use Google Authenticator, install the Google Authenticator application on your mobile device. Google Authenticator provides an extra layer of security. Since the Google Authenticator app is not tied to your phone number.
EXCHANGE - Cryptocurrency exchanges are businesses that allow customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money, or different digital currencies.
Tomorrow's follow-up continues with new terms in the area of investment and investing in cryptocurrencies.