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Terms starting with W

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Wallet

also called crypto wallet
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The app or device where your keys live, and the thing you tap to send, receive or spend. It does not actually store coins. What it stores is the proof that the coins recorded on the ledger belong to you.

What you already know this as

Your banking app. The money is not inside the phone, the phone is how you prove you are allowed to move it.

Wallet address

also called receiving address, public address
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The long string of letters and numbers people send funds to. It is public and safe to share, but it is unforgiving. Send to the wrong one and there is no recall.

What you already know this as

An account number, or a UPI ID. The difference is that a wrong bank transfer can sometimes be clawed back, and a wrong wallet transfer cannot.

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Code behind a fake mint, airdrop or support page that gets you to sign one transaction handing over your tokens. You approve it yourself, which is why nothing looks broken afterwards.

What you already know this as

Authorising a direct debit you did not read, in favour of someone who wrote it specifically to empty the account.

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Payments built into WeChat, China's main messaging app. Like Alipay it is QR first, accepted almost everywhere domestically, and still awkward for many foreign cards.

What you already know this as

The same idea as Alipay, attached to a social network instead of a marketplace.

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A direct bank-to-bank transfer, usually same day and usually irreversible once sent. The fast expensive option next to a batch transfer.

What you already know this as

The same thing, and its irreversibility is the closest ordinary banking comes to how a blockchain transfer behaves.

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A token on one blockchain that stands in for an asset held on another, so something can be used where it does not natively exist. Its value rests entirely on whoever is holding the real asset.

What you already know this as

A depositary receipt. You hold a claim that trades locally while the actual share sits with a custodian abroad.

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