From Bitcoin to Binance: Crypto terms and what they mean
Source: BBC ·
The Binance hack has thrust cryptocurrencies back into headlines - but what are they and how do they work?
From the source
From the rapidly rising and falling values of Bitcoin to high-profile heists like the hacking of Binance , the world of cryptocurrencies is often in the headlines. The world's biggest crypto exchange said hackers had gained access to $6.3bn (£4.7bn) worth of digital assets, and while it has frozen about half, many remained in the hands of the thieves. These stories are full of specialist language that people outside the industry struggle to understand. So if you're unsure what the blockchain or a crypto echange or even a cryptocurrency itself are, here are some key terms and what they mean. While many may struggle with the finer points of crypto, pretty much everyone has heard of its most famous product: Bitcoin. But what actually is it? Bitcoin is a cryptocurrency, which is to say a type of digital currency. Unlike traditional currencies, Bitcoin is not controlled by centralised financial institutions. This makes it popular for people who think decentralisation can bring financial…