Trustless
By CoinGecko | Updated on Mar 03, 2020
A defining aspect of cryptocurrencies is that is it now possible to complete a monetary transaction without need to assume trust in a third party. In traditional finance, a monetary transaction on the internet requires trust in a facilitator such as central banks, commecial banks, agents, or financial service provider without the universal access to audit their ability to faciliate the transaction. Sending money online is more akin to writing a cheque than paying in cash as the issue of decentralization without double spending remains unsolved until the emergence of bitcoin.
When a party makes a transaction with cryptocurrencies, they can verify publically and mathematically that a transaction has been completed. This is in contrast to taking the "transaction completed" notification from a facilitator at face value.
Related Terms
UTC Time
"Universal Time Coordinated", can be used interchangably with Greenwich Mean Time (GMT).
Initial Coin Offering (ICO)
Initial Coin Offering (ICO) is the equivalent of Initial Public Offering (IPO), where a company/cryptocurrency venture raises funds through crowd sales.
Faucet
A faucet usually represents a site or app where a user can navigate to for small rewards repeated over time.
Kimchi Premium
The kimchi premium is the price difference between South Korean exchanges and other global exchanges for bitcoin.
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