COMMONLY USED CRYPTO ACRONYMS AND MEANING (Day 3)

... Cont'd

#2FA = Two-Factor Authentication.

It helps in adding an additional layer of security through a second verification step alongside the password for granting accessibility. E.g Phone number, Google authenticator, Binance authenticator...

#P2P = Peer-To-Peer.

Refers to interactions that do not involve any intermediaries between the parties involved in the interaction.

#KYC = Know Your Customer.

This refers to the procedures which businesses should follow during the verification of customer identity.

#PnD = Pump and Dump.

Happen when an individual or a group of individuals inflate the price of a crypto asset by buying more assets, thereby creating demand. The schemers then exchange their high-priced crypto assets for profits, leaving customers with worthless assets.