Cryptocurrencies Overview

A series of vocabulary flashcards summarizing key concepts related to cryptocurrencies and their implications in economics.

Cryptocurrency

A decentralized digital currency that relies on blockchain technology for security and operates independently of a central authority.

Bitcoin

The first and most well-known cryptocurrency, introduced in 2009 as a decentralized digital currency.

Cold Storage Wallet

A type of cryptocurrency wallet that is not connected to the internet, used to protect funds from hacking and theft.

Mining

The process of validating transactions and adding them to a blockchain, often involving the generation of new cryptocurrency units.

Quadriga

A Canadian cryptocurrency exchange established by Gerald Cotton, which became famous due to controversy and losses after his death.

Dark Net

A part of the internet that is not indexed by search engines, often associated with illegal activities, including the trade of stolen and counterfeit goods.

Seismic Shift

A fundamental change or transformation in the structure or functioning of a system, in this context referring to the impact of cryptocurrencies on monetary exchange.

Mining Costs

The expenses incurred in the process of mining cryptocurrencies, which can vary significantly by location.