Similar to traditional currencies, like the dollar, pound or euro, there are many types of digital currencies. Other popular ones include Ethereum and Dogecoin. 

The UK government is considering introducing a national cryptocurrency or "digital pound", the economic secretary to the Treasury has told MPs.

The UK was committed to becoming a world crypto hub, Andrew Griffith said. And the government was "a long way down the road... to establish a regime for the wholesale use, for payment purposes, of stablecoins".

Stablecoins are designed to have a predictable value linked to traditional currencies or assets such as gold.

If you're hearing about cryptocurrency for the first time or are simply in need of a refresher, here are a few key terms and what they mean…

Cryptocurrency

Cryptocurrency is the term used for digital currencies like Bitcoin that exist on the blockchain.

Bitcoin

Bitcoin is a type of digital currency (cryptocurrency). Unlike traditional currencies, though, Bitcoin is not backed or controlled by centralised financial institutions. Instead, it is decentralised. This makes it popular for people who think decentralisation can bring financial freedom, but it also makes it extremely volatile - rising and falling in value at the whim of Bitcoin buyers and sellers.

Blockchain

Blockchain is the technology underpinning all cryptocurrencies, and many other products like NFTs (Non Fungible Tokens). All of the buying, selling and trading of cryptocurrencies is recorded onto this virtual spreadsheet, which is arranged in blocks linked together in a giant chain.

Every cryptocurrency transaction is individually recorded onto the blockchain by a huge network of volunteers verifying its authenticity by using computer programmes. Since the blockchain is decentralised, it's not stored on one machine or network or owned by one company. The information is accessible to everyone.

Crypto Exchange

A crypto exchange is the digital platform where investors can buy, sell and trade cryptocurrencies. Similar to traditional investing, a crypto exchange acts as a brokerage where people can transfer traditional money, like pounds or dollars, from their banks into cryptocurrencies like Bitcoin or Ethereum. Most transactions are accompanied by fees.

Crypto Wallet

A crypto wallet is a place where investors hold their cryptocurrency. It stores the virtual assets much like a traditional wallet holds cash. There are two types, a hot wallet and a cold wallet.

Hot wallets are connected to the internet, and thus more accessible for quick transfers and easy access. Cold wallets are physical devices like specially designed USBs that store crypto offline typically for safer and longer term storage.

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