Coinstore Exchange
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Coinstore Exchange

📚Coinstore Classroom: Crypto Trading 101 — Part 9🤓

Hello again Coin Collectors,

Carrying on from the previous part of Coinstore Classroom📒, on basic terms or phrases, we would like to share with you. We hope that through this corner, we are able to share with you some knowledge and tips 💡 on cryptocurrency! As such, we hope to be able to share and educate you on the basics and necessary information of cryptocurrency, so that you are able to make a more informed decision when trading crypto.

For this session of Coinstore Classroom, we will be sharing with you terms commonly used in crypto.

Here are the 3 terms or phrases we would like to share with you:

1. Cold Wallet
Cold storage is a way of holding cryptocurrency tokens offline.

By using cold storage, cryptocurrency investors aim to prevent hackers from being able to access their holdings via traditional means.

2. Hot Wallet:
A hot wallet is a tool that allows cryptocurrency users to store, send, and receive tokens.

Hot wallets are linked with public and private keys that help facilitate transactions and also act as a security measure.

Because hot wallets are connected to the internet, they tend to be somewhat more vulnerable to hacks and theft than cold storage methods.

3. Burning:
“Burning” a coin, in terms of cryptocurrency, refers to sending an otherwise usable token (or fraction thereof) to an unusable account.

The act of burning effectively removes tokens from the available supply, increasing its relative scarcity.

Here are another 3 basic terms for futures or trading in general we thought you should know before making trades in the cryptocurrency market! Stay tuned for part 10, to find learn more terms and phrases regarding cryptocurrency trading! 😉

About Coinstore

It’s never too late to start diving into the world of cryptocurrency. Whether you’re young or old, a pro or a newbie, Coinstore welcomes you to our arcade where we learn together… the fun way! We make cryptocurrencies available for everyone in a sleek, exciting and simple fashion, equipping you with experience and techniques to buy, sell and trade on the go.

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