What is the best DeFi Crypto coin to invest in || A list of 10 popular DeFi Cryptos

The cryptocurrency market makes a shift from beer to bull in 2024, But If you are new to crypto space then you might be lost in a sea of unfamiliar terms.

Don’t let complex terms make your brain overwhelmed.

Here are 10 Most Important Cryptocurrency Terms Every new Investor Should Know in 2024

1. Blockchain

Blockchain provides a secure and reliable way to track and record transactions without the need for a central authority like a bank.

It's this innovation that Powers cryptocurrencies like Bitcoin and many other applications.

2. Bitcoin

Bitcoin is the World’s first cryptocurrency, launched in 2009, it's the OG of cryptocurrencies. It is a decentralized digital asset.

Bitcoin is Limited in Supply. You can send Bitcoin globally without any help from the Bank.

3. Altcoin

The Term altcoin refers to alternative cryptocurrency to Bitcoin. Every Altcoin has its Own purpose and Technology.

Here are some Top Altcoins in the Crypto market - Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Binance Coin , Cardano etc.

4. Crypto Exchange

Crypto exchanges are online crypto marketplaces where a user can buy, sell, and trade Bitcoin and other altcoins.

Just like traditional stock exchanges, Crypto exchanges provide a platform for participants to trade various cryptocurrencies, connecting buyers and sellers in a digital space

5. Wallet

Crypto wallets are secure digital apps that store your access keys to your cryptocurrency holdings.

These wallets also allow you to manage and spend your digital assets with ease.

Every crypto wallet contains a public key and a private key. 

6. Mining 

Cryptocurrencies like Bitcoin rely on a function called mining. It is the backbone of creating new Coins. 

Crypto mining utilizes powerful computers to solve complex problems and verify transactions.

And, for this, every miners, earning new crypto coins as a reward.

7. NFT

They're unique digital assets on the blockchain that prove ownership of digital art. Crypto NFTs are revolutionizing art collecting. 

Crypto NFTs aren't limited to visual art. Music tracks, Videos, or even eBooks can all be transformed into ownable assets through the power of NFTs.

8. GAS

Just like your cars need gas as a fuel to run, Sending crypto also requires a fee to execute your transaction. 

In Crypto, "Gas" refers to the fee paid to miners for validating your transaction on the blockchain.

9. Defi

Defi refers to Decentralized finance. 

It’s a revolutionary concept that disrupts traditional Financial institutions by offering financial services through Blockchain Technology. 

10. Hashrate 

Hashrate is the combined processing power used to validate Crypto transactions.

The higher the hashrate, the more computing power is required to secure the blockchain network.

By understanding these essential terms like blockchain, wallets, and altcoins, you're well-equipped to navigate the exciting yet complex landscape of digital assets.

Remember, this is just the first step on your journey to Invest in Crypto. Keep exploring, stay informed, and make sure to conduct your own research before making any investment decisions.