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External wallet, Glossary
Updated over 5 months ago
  • Seed Phrase: This is a sequence of random words generated by your cryptocurrency wallet, serving as a recovery tool. In case you lose access to your wallet, the seed phrase allows you to regain entry and access your stored digital assets.

  • Transfer: This is a feature within your wallet that allows you to send tokens to another address. It can be used to withdraw tokens to an external account or transfer them to an internal wallet within the same platform.

  • Receive: This function generates a QR code that others can use to send tokens directly to your wallet, facilitating easy receipt of digital currencies.

  • Withdraw: This action involves moving digital assets out of your external wallet, potentially to convert them into fiat currency or transfer them to another digital wallet.

  • To Internal: This refers to transferring digital assets from your external wallet to an internal wallet, typically within the same platform or service, for further use or management.

  • Slippage Tolerance: This term denotes the allowable percentage rate deviation during a transaction. If the price fluctuation exceeds this set tolerance level, the transaction will be automatically cancelled to protect against unfavorable market movements. For example, if you aim to buy BNB for $300, but the price drops to $296 while confirming, and your slippage tolerance is set at 1%, any transaction priced below $297 or above $303 will be halted automatically.

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