Cryptocurrency and Blockchain Dictionary

2 Factor Authentication (2FA)

2 Factor Authentication is a double layer security measure. Most crypto exchanges use it. In order to log in, you not only need to enter a password, but also a code that you receive from the Google authenticator for example.

Double Spending

With digital currency, there is a risk that the holder could make a copy of the digital token and send it to a merchant or another party while retaining the original.

Smart Contract

A smart contract is a computer program or a transaction protocol respectively, which is intended to automatically execute, control or document respectively legally relevant events and actions according to the terms of a contract, of an agreement or of a negotiation.

Blockchain

Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.

Airdrop

An airdrop is a way to distribute coins. End users can generally get coins for free or in exchange for a small task, such as subscribing to a newsletter, sending a tweet or inviting other people via a personal affiliate link.  

Bitcoin

Bitcoin is a digital or virtual cryptocurrency created in 2009 that uses peer-to-peer technology to facilitate instant payments.