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Cold Storage

Cold storage is an offline wallet provided for storing cryptocurrencies. With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby, protecting the wallet from unauthorised access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to.

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Transaction Fee

This is also called miners’ fees, users of a cryptocurrency who send out coins on the cryptocurrency blockchain/network pay small amounts of their coins to miners whose work is to verify the authenticity of transactions on the network and are paid according to the size of value being sent.

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Transaction ID (TXID)

Every cryptocurrency transaction comes with a transaction ID the same way every bank transaction comes with a transaction ID. This ID is a unique string of letters & numbers that makes a transaction trackable on the blockchain of the cryptocurrency.

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