Crypto Terms:
Letter O
What is Online Storage?
Meaning:
Online Storage -
an internet-connected device or system that is used to store cryptocurrencies and the private keys for crypto accounts.
Let's find out Online Storage meaning, definition in crypto, what is Online Storage, and all other detailed facts.
Online storage (or online wallet) is a device that is constantly connected to the internet. It is used to store cryptocurrencies and private keys of crypto accounts. Online storage devices are convenient and easily accessible. However, this also means that they are easy to access by attackers, giving them the potential to steal vital and sensitive data.
Therefore, while online storage is really convenient, it is definitely less secure than offline (or cold) storage. With offline storage, data is stored on devices such as hardware wallets that aren't connected to the internet and thus can’t be hacked remotely.
Online storage devices, on the other hand, stay connected to the internet most of the time (not only when a transaction needs to be delivered to the network). This extends the time frame for attackers to get access. Though when a user turns off their internet connection or shuts the device down, online storage gets offline.
Luckily, encryption and other security techniques are used to secure internet storage devices and servers. This includes browser-based wallets (such as MetaMask), mobile-based wallets (such as Enjin and Trust Wallet), and PC/laptop-based wallets such as (Coinomi and Coinspot).
DeFi, and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-stablecoin/">stablecoins among many others.<\/p>","definition":"is a type of belief among developers where sharing information freely and openly is a way to benefit everyone\u2019s interests.","status":"published","meta_title":"What is Open Source? Definition & Meaning | Crypto Wiki","meta_description":"Open Source meaning: Open Source - is a type of belief among developers where sharing information freely and openly is a way to benefit everyone\u2019s interests.","meta_keywords":null}"
:prev-section="{"id":571,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Order_(exchange)#One_cancels_other_orders","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2024-01-02T08:45:47.000000Z","slug":"what-does-one-cancels-the-other-order-oco-mean","title":"What does One Cancels the Other Order (OCO) mean?","section":"O","keyword":"One Cancels the Other Order (OCO)","content":"<p>OCO is a scenario in which <strong>two crypto orders are placed at the same time<\/strong> with the condition that if one is approved, another will be canceled. Similar to <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-limit-order/">limit and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-stop-loss-order/">stop-loss orders, an OCO order is a sort of <strong>conditional order<\/strong>, in which sell or purchase actions are automatically carried out when a trading price threshold is met or surpassed.<\/p>\n<p>One order is immediately canceled when the stop or limit price is reached while the other order is fulfilled. Besides, on the majority of the trading platforms, several conditional orders can be placed.<\/p>\n<p>An OCO order enables traders to function efficiently in a dynamic market. They are able to be utilized to <strong>define a range that increases earnings while reducing losses<\/strong>. If a trader is attempting to trade <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin (BTC)<\/strong><\/a> during a particularly volatile period, they can place two orders, one to sell at an anticipated high price and one to reduce losses if the price falls below a specified threshold. <\/p>\n<p>For example, if Bitcoin is now priced at <strong>$18,000,<\/strong> a user can put a high sell order at $19,000 and a stop-loss order at <strong>$17,000<\/strong> if the market goes the other way. The same can be said for buy orders.<\/p>\n<p>However, users must acknowledge the fact that OCO orders need skillful implementation, as well as a very good knowledge of the trading techniques and the market overall.<\/p>\n<p>Another example would be if an <strong>investor owns 1,000 shares of a volatile stock trading at $10 per share<\/strong>. The investor believes that this stock will fluctuate in a broad range in the near future and has set a price objective of $13.<\/p>\n<p>Though, they do not wish to lose more than $2 per share in order to manage the risk. Therefore, the investor can execute an OCO order, which would include a stop-loss order to sell 1,000 shares at $8 and a simultaneous limit order to sell 1,000 shares at $13, whichever comes first.<\/p>\n<p>Note that an OCO usually has <strong>one stop-loss order and one limit order<\/strong>. Limit orders are utilized to purchase or sell shares of an asset when a particular limit is attained on the market. <\/p>\n<p>Stop orders are also used to <strong>set limitations, but in the other way<\/strong>. Their execution can be done in two ways – selling an asset if it begins to fall in order to stop losses, or purchasing an asset if it begins to rise in order to profit from a run.<\/p>","definition":"a situation in which two crypto orders are put in parallel, with the condition that if one is approved, the other is canceled.","status":"published","meta_title":"What does One Cancels the Other Order (OCO) mean? Definition & Meaning | Crypto Wiki","meta_description":"One Cancels the Other Order (OCO) meaning: One Cancels the Other Order (OCO) - a situation in which two crypto orders are put in parallel, with the condition that if one is approved, the other is canceled.","meta_keywords":null}"
:model="{"id":561,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Online_storage","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-10T10:42:51.000000Z","slug":"what-is-online-storage","title":"What is Online Storage?","section":"O","keyword":"Online Storage","content":"<p><strong>Online storage (or online wallet) is a device that is constantly connected to the internet.<\/strong> It is used to store cryptocurrencies and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-private-key-secret-key/">private keys<\/strong><\/a> of crypto accounts. Online storage devices are convenient and easily accessible. However, this also means that they are easy to access by attackers, giving them the potential to steal vital and sensitive data.<\/p>\n<p>Therefore, while online storage is really convenient, <strong>it is definitely less secure than<\/strong> <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-offline-storage/">offline (or cold) storage<\/strong><\/a>. With offline storage, data is stored on devices such as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a> that aren't connected to the internet and thus can’t be hacked remotely.<\/p>\n<p>Online storage devices, on the other hand, <strong>stay connected to the internet most of the time<\/strong> (not only when a transaction needs to be delivered to the network). This extends the time frame for attackers to get access. Though when a user turns off their internet connection or shuts the device down, online storage gets offline.<\/p>\n<p>Luckily, encryption and other security techniques are used to secure internet storage devices and servers. This includes <strong>browser-based wallets<\/strong> (such as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-metamask/">MetaMask), <strong>mobile-based wallets<\/strong> (such as Enjin and Trust Wallet), and <strong>PC\/laptop-based wallets<\/strong> such as (Coinomi and Coinspot).<\/p>","definition":"an internet-connected device or system that is used to store cryptocurrencies and the private keys for crypto accounts.","status":"published","meta_title":"What is Online Storage? Definition & Meaning | Crypto Wiki","meta_description":"Online Storage meaning: Online Storage - device or system that is connected to the internet and used for storing cryptocurrencies and private keys of crypto accounts.","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="O"
current-section="what-is-online-storage">
