Wallet
By CoinGecko | Updated on Mar 03, 2020
Analogous to an online bank account or a email client software. Cryptocurrency wallets is an interface that lets users store, send and receive cryptocurrencies. There are 3 popular categories of wallets, "Custodial" - where private key security (and by proxy, the cryptocurrencies themselves) is handled by a third party, "Hot" - wallets that is meant for frequent use, and "Cold" - wallets that is meant for secure and long term storage.
Related Terms
YTD
Acronym for Year-to-date
Proof of Work (PoW)
A consensus algorithm in which a block is validated via mathematical hashing
Unspent Transaction Output
(abbv. "UTXO") Coins that are unspent in the wallet. UTXO virtually represents the cryptocurrency one own in the wallet.
Salt (cryptography)
In cryptography, a salt is the additional random input that is added to password or passphrase to make the password hash unique. It prevents from the hashed output password to be cracked so easily by the hacker.
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