If you’re new to cryptocurrency, you may come across unfamiliar terms. This glossary is designed to help you quickly understand the most common concepts you’ll see while buying, selling, or transferring crypto through Paybis or other platforms.
Cryptocurrency (Crypto)
A type of digital currency that uses cryptography for security. Cryptocurrencies operate on decentralized networks, meaning no single institution (like a bank) controls them.
Blockchain
A decentralized digital ledger where crypto transactions are recorded. Each “block” stores a group of transactions, and these blocks link together to form a chain.
Wallet
A digital tool (app, hardware device, or browser extension) used to store, send, and receive crypto.
Custodial wallet: A third party (such as an exchange) holds your funds.
Non-custodial wallet: You control your own private keys and funds.
Public Address
A unique string of letters and numbers used to receive cryptocurrency—similar to your bank account number. Always double-check the address before sending.
Private Key / Seed Phrase
A private code that lets you access and control your crypto. Never share it with anyone—anyone who has it can take your funds.
Transaction Hash (TXID)
A unique identifier for each crypto transaction. It allows you to track progress or confirm that a transfer was completed on the blockchain.
Network Fee (Gas Fee)
A small fee paid to process a transaction on the blockchain. Fees vary depending on network load and type of cryptocurrency.
Confirmation
The blockchain’s way of verifying a transaction. Some networks require multiple confirmations before a transaction is considered final.
Exchange
A platform where you can buy, sell, or swap cryptocurrencies using fiat currency (like USD or EUR) or other crypto.
Stablecoin
A cryptocurrency whose value is pegged to a stable asset (such as USD). Examples include USDT and USDC.
Volatility
The degree to which the price of a cryptocurrency can quickly rise or fall. Crypto is known for higher volatility compared to traditional assets.
Fiat
Traditional government-issued money such as USD, EUR, GBP, etc.
On-Chain vs. Off-Chain
On-chain: Transactions recorded directly on the blockchain.
Off-chain: Transactions processed outside the blockchain (for example, internal transfers on an exchange).
KYC (Know Your Customer)
A verification process required by financial service providers, including Paybis, to confirm a user’s identity and comply with regulations.
HODL
A slang term meaning “hold”—to keep your crypto long-term instead of selling quickly.
Altcoin
Any cryptocurrency other than Bitcoin. Examples include Ethereum, Litecoin, Solana, etc.
NFT (Non-Fungible Token)
A unique digital asset stored on a blockchain that represents ownership of something—often digital art or collectibles.
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