What is a memo in crypto?

A Memo in crypto is a bit like your Bank account number, and the receiving address is a bit like your bank’s sort code or branch number. It allows for services to correctly direct funds to your account. Why do Memos exist? On the whole, Memos exist only with cryptocurrencies which have a minimum initial balance requirement to set up a wallet.

What is crypto mining?

In short, crypto mining is how new units of cryptocurrency ---usually called coins---are created. As you can imagine, this type of mining doesn't involve callused hands gripping pickaxe handles. Instead, it's computer processors that do all the hard work, chipping away at complex math problems.

What is crypto & how does it work?

Crypto are digital assets —they have no tangible form. Cryptocurrencies exist and operate on a public ledger called a blockchain, which records all crypto transactions. Blockchain encryption is designed to make all transactions immutable and secure from tampering, counterfeit, and other forms of fraudulent transactions.

How do you use a'memor' / 'tag' when sending cryptocurrency?

When you’re given a Memo (or Tag), you have to include that string of numbers/letters when sending cryptocurrency to the destination wallet address. I’m now going to be explaining to you exactly how you use Memos when sending to a crypto exchange or private wallet.