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B

Bait and Switch Scams

A scam to mislead buyers, whereby a seller advertises an appealing but ingenuine offer to sell a financial product or service that the seller does not actually intend to sell. Instead, the seller offers a sub-par, defective, or unwanted product or service. For crypto, this might be most relevant to non-fungible tokens.

Blockchain

A type of distributed ledger which records transaction information in ‘blocks’, distributed amongst a network of nodes that work together to reach consensus on updates to the shared ledger, creating an auditable ‘chain’ of transactions.

Burning

Sending cryptoassets to a wallet that has no access key, for the purpose of taking them permanently out of circulation.


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