Cryptocurrencies, also known as digital currencies, have gained global prominence. These electronic forms of money use cryptographic proofs to validate transactions, eliminating the need for trust between parties. Unlike traditional financial institutions, cryptocurrencies operate in a decentralized environment, relying on blockchain technology to ensure secure and transparent transactions.
Here’s a brief overview of key cryptocurrency terms in English:
Address: Similar to an IBAN for bank accounts, an address represents the destination for sending or receiving cryptocurrencies. It consists of a combination of numbers and letters.
Airdrop: A marketing campaign where a cryptocurrency creator rapidly distributes their product to a targeted population.
Algorithm: A set of encoded instructions implemented through software to produce desired outcomes.
All-time high (ATH): Refers to the highest price ever reached by a cryptocurrency.
All-time low (ATL): Denotes the lowest price a cryptocurrency can reach.
In summary, cryptocurrencies offer greater financial control, facilitate money transfers, and involve fewer costs compared to traditional methods. They are highly secure, difficult to counterfeit, and operate independently of intermediaries like banks or credit card companies
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