The Senti Pay wallet practices simplicity and for this reason we would like to make sure you are always on the same page as us. If you require any assistance please reach out to us using social media or our contact page, in the meantime here are some key terms to remember.
- PRIVATE KEY – This is the super-important string of numbers and letters you should not share with anyone. If someone is able to access your private key, you can lose your funds in a matter of seconds. This key is necessary to verify transactions when selling or withdrawing your crypto.
- PUBLIC KEY – A public key is a string of characters used to purchase cryptocurrency. If a content creator, for example, wants to receive cryptocurrency instead of fiat for his or her content, they can list their public key. Fans can easily send cryptocurrency using the content creator’s public key.
- SEED/ MNEMONIC PHRASE – The seed is the foundation of your wallet’s digital existence. A recovery seed is a series of twelve, sometimes sixteen words that can be used to access your wallet if something goes wrong and you lose it.
- NON-CUSTODIAL – Usually referring to the storage of keys, in relation to wallets or exchanges, a non-custodial setup is one in which private keys are held by the user directly.
- STABLECOIN – A cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency.
- PEGGED CURRENCY – A stablecoin is a currency whose value is pegged to a real-world asset, such as a fiat currency.