Note: The availability and features of the app might differ from country to country. Kindly check with the app to see what's available in your region.
Here are some buzzwords that can help you become more knowledgeable about crypto, diving both smoothly and deeply.
Assets are things that you own that can make you money in the future. Examples of assets include stocks, bonds, and crypto. All assets can earn you money, but it may take some time.
Altcoins are any coins other than Bitcoin. While Bitcoin is the most popular crypto coin, there are many others available. Some notable altcoins include Ethereum, Dai, and Dogecoin.
Bitcoin (BTC) has shown itself to be a valuable long-term asset and is one of the market leaders. In 2021, its price reached an all-time high of over €55,000. Bitcoin is comparable in value to gold, top stocks, and diamonds.
Fun fact: The first-ever purchase made using Bitcoin was for two pizzas in 2010, which cost 10,000 BTC. This is now the most expensive pizza in history! May 22 is now celebrated worldwide as Bitcoin Pizza Day.
Blockchain, in basic terms, is the technology that makes crypto transactions secure. All sensitive information about crypto payments is stored on many independent computers, making it impossible to fake evidence of sending crypto. There are no names or intermediaries involved, only complete transparency of where your money is.
Crypto is a new type of valuable digital money. It makes online transactions very secure using blockchain technology, and it's not controlled by a central bank or government.
Ethereum (Ether, ETC) is the second largest crypto after Bitcoin. It is also a software platform based on the blockchain network. Ethereum is often considered as the next step for the internet — Web 3.0 with decentralized (read: independent) apps (DApps), finance (DeFi), and exchanges (DEXs). It seems like the future is here.
Fiat money is money issued by the government, such as euros, dollars, or any national money. Central banks use fiat money to control the economy of the country because the amount of money printed affects the economy. This is one of the reasons why crypto has been developed.
Mining is the process of earning crypto. Many computers work together to solve complex equations and add records to the blockchain. A few years ago, it was possible to mine at home, but not anymore. Nowadays, you need powerful computers, a lot of electricity, and money to create new coins.
Stablecoins are crypto whose value is fixed to another asset, such as the US dollar, gold, or other commodities. The value remains stable, which helps to minimize price fluctuations and volatility. Popular stablecoins include Tether (USDT), USD Coin (USDC), and Dai (DAI), which are all similar to the US dollar.
Volatility refers to sudden changes in the market that can cause sharp increases or decreases in crypto prices. While this can make crypto potentially highly profitable and exciting, it also makes it risky.