Search
Cryptocurrency: A digital or virtual currency that uses cryptography for security and operates independently of a central authority.
Blockchain: A decentralized digital ledger that records transactions across multiple computers, ensuring security and transparency.
Payment Gateway: A service that authorizes and processes payments for online businesses, enabling them to accept various payment methods, including cryptocurrencies.
Wallet: A digital tool that allows users to store, send, and receive cryptocurrencies.
API (Application Programming Interface): A set of protocols and tools for building software applications, allowing different systems to communicate and integrate seamlessly.
KYC (Know Your Customer): A regulatory process that requires businesses to verify the identity of their clients to prevent fraud, money laundering, and other illicit activities.
Know Your Business (KYB): Know Your Business (KYB) is a process that involves verifying the identity and legitimacy of a business to prevent fraud and ensure regulatory compliance.
Passcode: A security code used to authorize transactions and access digital wallets on mobile devices.
Smart Contract: A self-executing contract with the terms of the agreement directly written into code, running on a blockchain.
Multi-Factor Authentication (MFA): A security system that requires multiple forms of verification before granting access to a user's account or wallet.
Transaction Fees: Charges imposed by a payment gateway or blockchain network for processing a transaction.
AML (Anti-Money Laundering): Regulations and procedures designed to prevent criminals from using cryptocurrencies to disguise illegally obtained funds as legitimate income.
ECDSA (Elliptic Curve Digital Signature Algorithm): A cryptographic algorithm used to ensure the integrity and authenticity of digital transactions.
Token: A digital asset that represents ownership or a unit of value on a blockchain, often used within a specific project or ecosystem.
Decentralized: A system where control and decision-making are distributed across a network rather than being centralized in a single entity.
Integration: The process of incorporating a payment gateway into a business's existing systems, allowing for seamless cryptocurrency transactions.
Merchant Dashboard: An online interface where merchants can manage their payment processing activities, view transactions, and access account information.
Scalability: The ability of a blockchain network or payment system to handle an increasing volume of transactions efficiently.
Volatility: The degree of variation in the price of a cryptocurrency over time is often characterized by rapid and unpredictable changes, known as volatility.
Encryption: The process of converting data into a secure format that cannot be easily accessed by unauthorized users.
These terms provide a foundational understanding of the concepts and features associated with MaxelPay and cryptocurrency payment gateways.