securities that can be traded as a single stock on a traditional or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-exchange/">crypto exchange platform</strong></a>. The assets contained in the basket can be <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrencies, bonds, commodities, and stocks, to name a few.</p>\n<p>ETFs are similar to mutual funds since they <strong>allow investors to diversify their returns and include several asset classes combined</strong>. However, unlike ETFs, mutual funds can only be traded once a day, during the closing hours of the market.</p>\n<p>The prices of ETFs tend to fluctuate throughout the day with each sale. Investors trade ETFs as means to diversify their <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-portfolio/">portfolios, since the assets in the basket may be invested in several different sectors. 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Investing","slug":"trading-and-investing","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-trading.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-trading-101.jpg","rating":80,"sections":[{"slug":"where-to-trade-crypto","title":"Where Can You Trade 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One?","featured_image_id":11310,"status":"published","chapter_id":7,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/ico-vs-ido","featured_image":{"id":11310,"uuid":"315e8a2b-93a1-4870-be48-a2a09d801663","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/ico-vs-ido-featured-image.jpg","path":"crypto/storage/optimized/ico-vs-ido-featured-image.jpg","original_path":"crypto/storage/original/ico-vs-ido-featured-image.jpg","name":"ico-vs-ido-featured-image.jpg","original_name":"ico-vs-ido-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"64.39KB"},"youtube_video":null},{"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","featured_image_id":11359,"status":"published","chapter_id":7,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-an-airdrop","featured_image":{"id":11359,"uuid":"7b43c968-1275-4d3e-acb1-1707a43a4014","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","path":"crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","original_path":"crypto/storage/original/what-is-an-airdrop-featured-image.jpg","name":"what-is-an-airdrop-featured-image.jpg","original_name":"what-is-an-airdrop-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"66.05KB"},"youtube_video":null},{"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":6,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-arbitrage-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","featured_image_id":11394,"status":"published","chapter_id":7,"language":"en","order":7,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-fud","featured_image":{"id":11394,"uuid":"defd32c5-d3e1-4e66-9f58-e2ee316bad3a","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-fud-featured-image.jpg","path":"crypto/storage/optimized/what-is-fud-featured-image.jpg","original_path":"crypto/storage/original/what-is-fud-featured-image.jpg","name":"what-is-fud-featured-image.jpg","original_name":"what-is-fud-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"65.30KB"},"youtube_video":null},{"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":8,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/investing-in-cryptocurrency","featured_image":null,"youtube_video":null},{"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Analysis","slug":"crypto-analysis","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-analysis.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-analysis-101.jpg","rating":100,"sections":[{"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-bullish-and-bearish","featured_image":null,"youtube_video":null},{"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":332,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Exchange?","slug":"what-is-exchange","section":"E","keyword":"Exchange","status":"published","definition":"A cryptocurrency exchange is a virtual marketplace that lets customers trade cryptocurrencies as well as assets for other cryptocurrencies or fiat money.","content":"<p>A cryptocurrency exchange is essential as a delegate <strong>between the seller and the buyer.</strong></p>\n<p>The two types of exchanges are - <strong>centralized and decentralized</strong>. A centralized exchange, for instance, is the most popular way to trade cryptocurrencies. Some of the biggest centralized exchanges include <strong><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/coinbase/" target=\"_blank\" rel=\"nofollow noindex noopener\">Coinbase</a>, <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\">Kraken</a>, and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/binance/">Binance.

/n

It entails the exchange functioning as a facilitator to assist the parties' transactions.</p>\n<p>A decentralized exchange, on the other hand, allows peer-to-peer cryptocurrency trading and is managed without the need for a central government. <strong><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/uniswap/" target=\"_blank\" rel=\"nofollow noindex noopener\">Uniswap</a> and ApolloX DEX</strong> are a few examples. The decentralized exchange has a few benefits such as anonymity, vast variety, and reduced risks of hacking. Also, the <strong>volatility</strong> levels will be lower if there is more volume on an exchange.</p>\n<p>Furthermore, cryptocurrency exchanges have skyrocketed in popularity and influenced the rise of digital currencies, in general.</p>\n<p>Overall, exchanges act as <strong>middlemen,</strong> accepting payment via credit cards or other kinds of electronic payment in return for cryptocurrencies. Likewise, the exchange frequently charges a fee for this service. Digital assets can be instantly transferred to a consumer's <strong>digital <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">wallet.

","level":"easy","meta_title":"What is Exchange? Definition & Meaning | Crypto Wiki","meta_description":"Exchange meaning: Exchange - A cryptocurrency exchange is a virtual marketplace that lets customers trade cryptocurrencies as well as assets for other cryptocurrencies or fiat money.","meta_keywords":null,"language":"en","created_at":"2022-03-14T14:36:23.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-exchange"},"prevSection":{"id":330,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Ethash?","slug":"what-is-ethash","section":"E","keyword":"Ethash","status":"published","definition":"Proof-of-Work (PoW) mining method used in the Ethereum ecosystem.","content":"<p><strong>Ethash</strong> is the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a> consensus algorithm used to mine Ethereum&rsquo;s native cryptocurrency, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ether/">Ether. It is used to <strong>adjust the difficulty of the</strong> <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining/">mining process</strong></a>.</p>\n<p>Ethereum is a blockchain-based, open-technology platform that offers many opportunities for decentralization and <strong>digital development</strong>. Using <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>, developers can create <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications (DApps)</strong></a>. Ether, the native cryptocurrency on the Ethereum blockchain, can be used for various transactions.</p>\n<p><strong>Proof-of-Work mining</strong> that Ethereum 1.0 uses occurs by taking data from a block header, using it as an input, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hash/">hashing it via the <strong>cryptographic method</strong>. The outcome is a fixed-length output that determines the hash value. Once the data is submitted to initiate the process, Ether miners use new sequence numbers to hash different variants of the input data.</p>\n<p>Ethash provides <strong>improvements on the prior version of Proof-of-Work mining</strong>, <a href=https://www.bitdegree.org/"https://eth.wiki/concepts/dagger-hashimoto/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Dagger-Hashimoto</strong></a>, which required higher computational costs. Instead, Ethash uses a vast and expanding dataset that is compact enough for the <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/Video_random_access_memory/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong><strong>VRAM</strong></strong></a> of a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-graphical-processing-unit-gpu/">GPU.

/n

The hash value produced via Ethash must be below the provided threshold, which determines the difficulty. The Ethereum network regularly adjusts the threshold to be more or less difficult. This manages the <strong>mining pace</strong> &ndash; if the mining pace rises, the difficulty level is automatically increased and the threshold along with the number of valid hashes is lowered.</p>\n<p>Similarly, if the <strong>mining pace slows down</strong>, the network increases the threshold. This leads to a higher number of discoverable valid hash values.</p>\n<p>Ethash can help determine how many computing resources a miner requires to locate the sequence number, or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-nonce/">nonce, which makes it possible to propose new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">blocks to be added to the chain. On average, a new block is generated every 12 seconds.</p>\n<p>Miners often adjust the memory clock frequency of the GPU. This helps them <strong>yield more Ethash hash rates</strong>. This process produces more heat and requires higher electrical resources. Therefore, miners may rely on manually managing power control or setting their fans to higher speeds.</p>\n<p>Those involved in Ether mining may <strong>build custom PCs containing six or more powerful GPUs</strong>. This helps achieve cost-effective mining. The strategy of using custom-built PCs is often employed by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-farm/">crypto mining farms</strong></a>.</p>\n<p>The <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block-reward/">rewards for a successfully discovered block that can be added to the chain are:</p>\n<ul>\n<li>A <strong>static block reward</strong> (3 ETH);</li>\n<li>The <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-gas-price/">gas fees</strong></a> of the mining process are covered by the execution of all transactions recorded in the block;</li>\n<li>Additional rewards for including <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-stale-block/">stale blocks</strong></a>, or uncles, in the block.</li>\n</ul>\n<p>Ethash is designed to be <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-asic-resistant/">ASIC-resistant, thus making the overall process of mining Ether fairer. &nbsp;It is expected that Ethereum 2.0 will move from Proof-of-Work to the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)</strong></strong></a> consensus algorithm, taking the Ethash mechanism out of commission.</p>","level":"medium","meta_title":"What is Ethash? Definition & Meaning | Crypto Wiki","meta_description":"Ethash meaning: Ethash - Proof-of-Work (PoW) mining method used in the Ethereum ecosystem.","meta_keywords":null,"language":"en","created_at":"2022-03-14T14:26:43.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-ethash"},"currentChapter":"E","currentSection":"what-is-exchange-traded-fund-etf","chapterTitle":"E","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-exchange-traded-fund-etf","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Handbook Cover Page
Crypto Terms: Letter E

What is Exchange Traded Fund (ETF)?

Exchange Traded Fund (ETF) MEANING:
Exchange Traded Fund (ETF) - a security that is used to track basket assets, which can be traded as a single stock.
Medium
2 minutes

Let's find out Exchange Traded Fund (ETF) meaning, definition in crypto, what is Exchange Traded Fund (ETF), and all other detailed facts.

Exchange-traded fund (ETF) refers to a basket of securities that can be traded as a single stock on a traditional or crypto exchange platform. The assets contained in the basket can be cryptocurrencies, bonds, commodities, and stocks, to name a few.

ETFs are similar to mutual funds since they allow investors to diversify their returns and include several asset classes combined. However, unlike ETFs, mutual funds can only be traded once a day, during the closing hours of the market.

The prices of ETFs tend to fluctuate throughout the day with each sale. Investors trade ETFs as means to diversify their portfolios, since the assets in the basket may be invested in several different sectors. However, in some cases, an ETF may be invested in only one sector.

ETFs are used to track the performance of single market indexes like S&P 500 or FTSE 100. SPDR S&P 500 ETF Trust (SPY) is used to track the S&P 500 index, while the iShares Russell 2000 (IWM) tracks the small-cap index of Russell 2000.

The costs of exchange-traded funds are considered to be low, particularly with regards to passively managed ETFs that track the performance of an index. Some ETFs may be managed actively. In this case, portfolio managers take the role of ETF management and make investment decisions that may not be based on the performance of the underlying index.

There are two key tax advantages of opting for an exchange-traded fund instead of mutual funds. For starters, the capital gains tax only applies when the ETF is sold. Unlike with ETFs, the capital gains tax of mutual funds changes throughout the entire period while the investor holds the portfolio, known as the investment horizon.

ETF investors are also able to take part in short selling. During this trading process, they can sell stocks that they do not own and buy them back later, when the price of the security is lower.
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