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>","level":"easy","meta_title":"What is Mnemonic Phrase? 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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 Taxes","featured_image_id":6526,"status":"published","chapter_id":7,"language":"en","order":11,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-crypto-taxes","featured_image":{"id":6526,"uuid":"1e44162c-ef1d-4010-81b4-9e8d1809aedf","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","path":"crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","original_path":"crypto/storage/media/how-to-avoid-crypto-taxes.jpg","name":"how-to-avoid-crypto-taxes.o.jpg","original_name":"how-to-avoid-crypto-taxes.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"99.10KB"},"youtube_video":null}]},{"id":8,"title":"Crypto 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 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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":553,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Money Transfer License (MTL)?","slug":"what-is-money-transfer-license-mtl","section":"M","keyword":"Money Transfer License (MTL)","status":"published","definition":"is a legal requirement for money transmitters so their activities can be considered legal.","content":"<p><strong>Money Transfer License (MTL), or a money transmitter license, is a type of license that legally allows money transmitters to provide financial services.</strong> It’s a legal requirement for every <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-money-transmitter/">
money transmitter</strong></a> business to hold an MTL. </p>\n<p>It’s important to note that federal and/or state laws determine which institution that provides money services requires obtaining a money transfer license. </p>\n<p>The term money transmitter also known as a money transfer service is used to describe an institution that receives and transfers funds on someone’s behalf both within and outside of the borders of the United States. This type of institution usually oversees and provides financial services such as:</p>\n<ul>\n<li><strong>Currency exchange services</strong> including fiat currencies and cryptocurrencies;</li>\n<li>Means to cash your checks;</li>\n<li>Issuing money orders or traveler’s cheques.</li>\n</ul>\n<p>Additionally, money transmitters are part of the money service business (MSB) group.</p>\n<p>If a financial institution is responsible for managing transactions related to money on someone’s behalf, then it must comply with the legal requirement of holding an MTL.</p>\n<p>In the US, federal and/or state laws determine which institution requires an MTL. It’s usually issued by the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-financial-crime-enforcement-network-fincen/">Financial Crimes Enforcement Network of the United States Department of Treasury (FinCEN)</strong></a>.</p>\n<p>The main objective of a money transfer license is the prevention of illegal activities such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-money-laundering/">money laundering</strong></a> and other financial crimes. </p>\n<p>In order to determine whether a money transfer license is required for your business, first, you need to find out if your company is legally considered a money service business (MSB). If you deal with transferring money from one place to another, chances are that your business falls under the money service business umbrella, and you should look into acquiring a money transfer license.</p>\n<p>When it comes to the crypto sector, the guidelines are not so clear as it depends on where the business is located at.</p>\n<p>In the US, only a few states exempt cryptocurrency companies from money transfer license requirements, and only a small number of countries around the world join this exemption as well.</p>\n<p>A cryptocurrency company can be considered a money service business if it offers services such as virtual currency exchange or transfer depending on the state the said company is operating in. If it’s established that the company is an MSB, it will most likely require a money transfer license. In order to find out more information, make sure to check out your state or country's laws. </p>","level":"medium","meta_title":"What is Money Transfer License (MTL)? Definition & Meaning | Crypto Wiki","meta_description":"Money Transfer License (MTL) meaning: Money Transfer License (MTL) - is a legal requirement for money transmitters so their activities can be considered legal.","meta_keywords":null,"language":"en","created_at":"2022-03-23T15:24:47.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-money-transfer-license-mtl"},"prevSection":{"id":551,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Mining Rig?","slug":"what-is-mining-rig","section":"M","keyword":"Mining Rig","status":"published","definition":"a term used to describe various types of equipment utilized for cryptocurrency mining.","content":"<p>Mining rig describes <strong>various types of equipment sets utilized for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency mining</strong>. There is <strong>no</strong> definitive approach for creating a mining rig. It could be a single computer at the back of someone’s apartment, or it could be a large-scale system of various hardware elements located in a warehouse. Either way, both of these equipment sets can be used for cryptocurrency <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining/">mining purposes.</p>\n<p>A mining rig’s elements are very similar to a regular computer: <strong>a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-central-processing-unit-cpu/">CPU, a motherboard, a lot of storage, RAM, and, of course, multiple graphic cards</strong>. There is a greater emphasis on graphic cards since they do most of the dirty work during the mining process.</p>\n<p>It’s important to note that every miner usually customizes each of these elements in order to increase their chances of success.</p>\n<p>Since <strong>more than one graphic card is needed for a mining rig</strong> that is able to successfully discover new blocks, there has been a clash between gaming enthusiasts and cryptocurrency followers. In response to this, many manufacturers whose primary targets are gamers have made their graphic cards an unappealing solution for mining.</p>\n<p>Considering how cryptocurrencies are growing in popularity, competitiveness is a natural successor of the increasing numbers of miners. As mining is becoming more competitive, it complicates the mining process and requires more advanced mining rigs. Moreover, these <strong>mining rigs need regular maintenance and upgrades</strong> in order to be as successful as possible.</p>\n<p> </p>","level":"easy","meta_title":"What is Mining Rig? Definition & Meaning | Crypto Wiki","meta_description":"Mining Rig meaning: Mining Rig - a term used to describe various types of equipment utilized for cryptocurrency mining.","meta_keywords":null,"language":"en","created_at":"2022-03-23T15:19:40.000000Z","updated_at":"2023-04-12T10:41:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-mining-rig"},"currentChapter":"M","currentSection":"what-is-mnemonic-phrase","chapterTitle":"M","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-mnemonic-phrase","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter M
What is Mnemonic Phrase?
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.
Let's find out Mnemonic Phrase meaning, definition in crypto,
what is Mnemonic Phrase,
and all other detailed facts.
A Mnemonic Phrase is a set of completely random 12 or 24 words presented in a specific order. It is a sort of memory aid that helps people recover vital information.
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 “My Very Excellent Mother Just Served Us Noodles”.
In the world of cryptocurrencies, a mnemonic phrase is defined as a set of random words used in a specific sequence that grants access to the holder's owned cryptocurrency assets.
Let’s have a look at how a mnemonic phrase could look like: car school horse potato notebook bottle stairs pink litter building loser tank.
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.
When you open an account with a crypto 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.
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.
