Understanding Cryptocurrency

These flashcards cover key terms and concepts related to cryptocurrency as outlined in the lecture notes.

Cryptocurrency

Digital money that uses special coding called cryptography.

Blockchain

A public digital ledger that records transactions securely and makes them hard to change.

Digital Wallets

Applications used to store cryptocurrency.

Examples of Cryptocurrency

Including Bitcoin, Ethereum, Bitcoin Cash, Ripple, and many others.

Use of Cryptocurrency

To send money directly, often with lower fees, and for shopping, investing, or contracts.

Challenges of Cryptocurrency

Volatile prices, risk of losing access, vulnerability to hacks, and regulatory uncertainty.

Traditional Investing

Includes investments like stocks and bonds that are regulated by governments.

Crypto Investing

Involves cryptocurrencies like Bitcoin and Ethereum, which are mostly unregulated.

Volatility

A characteristic of cryptocurrency prices that can swing dramatically.

Decentralized

A feature of cryptocurrencies which operate without a central authority.