Crypto Terms:
Letter M
What is Mnemonics?
Meaning:
Mnemonics -
are a type of memory device that with information retention and retrieve memories.
Let's find out Mnemonics meaning, definition in crypto, what is Mnemonics, and all other detailed facts.
Mnemonics can be rhymes, abbreviations, or songs.
From a cryptocurrency perspective, mnemonics are a bunch of words (typically above 12) that are created at the same time a new crypto wallet is created. The main goal is to make sure that if an event takes place where a password gets lost, the wallets can still be accessed.
In cryptocurrency, there are two sorts of mnemonics - mnemonic phrases and mnemonic passes. To mention a few acronyms, a mnemonic phrase is also known as a seed key, mnemonic seed, and recovery seed.
When a new crypto wallet is created, users are recommended to write down a mnemonic phrase (12, 18, or 24 syllables long) on a piece of paper and keep it somewhere secure. Therefore, this prevents users from being blocked out of their crypto wallets.
There are several apparent advantages to utilizing a mnemonic phrase, such as the enhanced protection of the crypto wallet that is automatically easier to keep.
Mnemonic passes also known as seed extensions or mnemonic extensions, are an additional security feature based on mnemonic phrases that serve as two-factor authentication for the crypto wallet.
However, it can get very complicated to retrieve information about a cryptocurrency wallet since it works in a decentralized and private manner. This is where mnemonics come in handy. They can be employed to retrieve information.
crypto wallet<\/strong><\/a> that is installed on a mobile device as an app <em>(available on Android and iOS devices). <\/em>It stores <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-private-key-secret-key/">private keys<\/strong><\/a> that give access to a user’s payment data, including <strong>crypto<\/strong> and financial accounts. Apart from that, it also allows users to receive and transmit virtual currencies. The main advantages of mobile wallets are ease of use, easy accessibility, and <strong>quick transaction processing time<\/strong>.<\/p>\n<p>Therefore, if you have, let’s say, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum (ETH)<\/strong><\/a> in your mobile wallet, your private keys will allow you to access and send ETH to any address on the blockchain. A similar situation is with centralized mobile wallets that hold <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-fiat/">fiat money<\/strong><\/strong><\/a>, there’s just the difference that your funds are then held by a custodian or a bank rather than on a blockchain.<\/p>\n<p>To gain access, most traditional mobile wallets require a username and password combination. Besides, you’ll be provided with a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-seed-phrase/">seed phrase<\/strong><\/a> for instances when you forget the password of your crypto-based mobile <strong>wallet<\/strong> and you want to reset it. Abra, Jaxx Liberty, Exodus, <strong>Coinomi<\/strong>, Electrum, and Mycelium are some of the most popular crypto mobile wallets.<\/p>\n<p>Though note that mobile wallets are <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hot-wallet/">hot wallets<\/strong><\/a> because they work only when connected to the internet. This means that they are <strong>less secure<\/strong> than <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cold-wallet/">cold wallets<\/strong><\/a> that function without an internet connection.<\/p>\n<p>Keep in mind that you always have to consider security, seed phrase,<strong> storage options<\/strong>, supported assets, and ease of use when choosing a mobile wallet. Besides, you should always look for <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-two-factor-authentication-2fa/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>two-factor authentication<\/strong><\/a> for more advanced security.<\/p>","definition":"a mobile app that acts as a crypto wallet on a mobile device.","status":"published","meta_title":"What is Mobile Wallet? Definition & Meaning | Crypto Wiki","meta_description":"Mobile Wallet meaning: Mobile Wallet - a mobile app that acts as a crypto wallet on a mobile device.","meta_keywords":null}"
:prev-section="{"id":548,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Mnemonic","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-10-04T13:11:02.000000Z","slug":"what-is-mnemonic-phrase","title":"What is Mnemonic Phrase?","section":"M","keyword":"Mnemonic Phrase","content":"<p><strong>A Mnemonic Phrase is a set of completely random 12 or 24 words presented in a specific order<\/strong>. It is a sort of memory aid that helps people recover vital information.<\/p>\n<p>For example, primary schools use mnemonic practices to teach the order of the planets closest to the sun - MVEMJSUN. In this case, each letter represents a planet starting with Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranus, and Neptune. This set of letters can be used to create a phrase that’s easy to remember. A common example of this phrase is <em>“My Very Excellent Mother Just Served Us Noodles”<\/em>.<\/p>\n<p><strong>In the world of cryptocurrencies<\/strong>, <strong>a mnemonic phrase<\/strong> is defined as <strong>a set of random words used in a specific sequence that grants access to the holder's owned <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrency assets<\/strong>.<\/p>\n<p>Let’s have a look at how a mnemonic phrase could look like: <strong>car school horse potato notebook bottle stairs pink litter building loser tank<\/strong>.<\/p>\n<p>It’s a set of 12 completely random words that have no correlation. In order to gain access to a system, the user will have to say or type these words in the exact same sequence that they’re presented here. <\/p>\n<p>When you open an account with a crypto <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">wallet provider, you’re usually provided with a mnemonic phrase. Companies highly encourage their users to write down this phrase anywhere else that’s not in the virtual space such as on a piece of paper.<\/p>\n<p>It’s vital to keep the mnemonic phrase safe in case of loss, theft, or damage. Their purpose is to give you another chance to retrieve your digital assets before they’re lost forever.<\/p>","definition":"A Mnemonic Phrase, or Seed Phrase, is a set of words presented in a specific order which grants access to owned cryptocurrency assets.","status":"published","meta_title":"What is Mnemonic Phrase? Definition & Meaning | Crypto Wiki","meta_description":"Mnemonic Phrase meaning: Mnemonic Phrase - A Mnemonic Phrase, or Seed Phrase, is a set of words presented in a specific order which grants access to owned cryptocurrency assets.","meta_keywords":null}"
:model="{"id":499,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Mnemonics","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-10-04T13:15:48.000000Z","slug":"what-is-mnemonics","title":"What is Mnemonics?","section":"M","keyword":"Mnemonics","content":"<p>Mnemonics can be rhymes, abbreviations, or songs.<\/p>\n<p>From a cryptocurrency perspective, mnemonics are <strong>a bunch of words<\/strong> (typically above 12) that are created at the same time a new <strong>crypto <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">wallet is created. The main goal is to make sure that if an event takes place where a password gets lost, the wallets can still be accessed.<\/p>\n<p>In cryptocurrency, there are two sorts of mnemonics - <strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mnemonic-phrase/">mnemonic phrases<\/a> and mnemonic passes<\/strong>. To mention a few acronyms, a mnemonic phrase is also known as <strong>a seed key, mnemonic seed, and recovery seed.<\/strong><\/p>\n<p>When a new crypto wallet is created, users are recommended to write down a mnemonic phrase (12, 18, or 24 syllables long) on a piece of paper and keep it somewhere secure. Therefore, this prevents users from being blocked out of their crypto wallets.<\/p>\n<p>There are several apparent advantages to utilizing a mnemonic phrase, such as the <strong>enhanced protection of the crypto wallet that is automatically easier to keep<\/strong>.<\/p>\n<p>Mnemonic passes also known as seed extensions or mnemonic extensions, are an additional security feature based on mnemonic phrases that serve as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-two-factor-authentication-2fa/">two-factor authentication<\/strong><\/a> for the crypto wallet.<\/p>\n<p>However, it can get very complicated to retrieve information about a cryptocurrency wallet since it works in a decentralized and private manner. This is where mnemonics come in handy. They can be employed to retrieve information.<\/p>","definition":"are a type of memory device that with information retention and retrieve memories.","status":"published","meta_title":"What is Mnemonics? Definition & Meaning | Crypto Wiki","meta_description":"Mnemonics meaning: Mnemonics - are a type of memory device that with information retention and retrieve memories.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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current-chapter="M"
current-section="what-is-mnemonics">
