Cheat sheet: your first crypto glossary

Which language does the crypto world speak? If you’re new to crypto, stop worrying about strange words and complicated terms! Learn the essentials with NC Wallet.

Transactions, wallets, and blockchain

Altcoin

Any cryptocurrency other than Bitcoin.

Crypto address

A unique code to receive cryptocurrency. More about crypto addresses here.

Consensus mechanism

Method of confirming transactions on a blockchain. Different networks use various consensus mechanisms: Proof of Work (Bitcoin), Proof of Stake (Ethereum), Proof of History (Solana).

Fee/commission/gas

An amount you pay to blockchain to process your transaction. Learn about types of fees.

Mempool

A “waiting room” for unconfirmed transactions.

Native coin

The main digital currency of its own blockchain (like ETH for Ethereum). It’s used to pay fees, reward validators, and secure the network, unlike tokens that are built on top of a blockchain.

Blockchain

A network you use to make crypto transactions. For example, in NC Wallet, you can send USDT using 6 different blockchains. To learn how blockchain works, check this.

Stablecoin

A cryptocurrency tied to a stable asset, for example, the US Dollar or Euro. Learn more.

Token

Cryptocurrencies that are built on top of other networks: USDT, Litecoin, Doge, etc. Unlike native coins (e.g., Bitcoin, Ethereum), which have their own blockchains.

TXID (Transaction ID)

A unique string of characters that labels each transaction on the blockchain.

Market

ATH (All-Time High)

The highest price ever recorded for a cryptocurrency.

Bear market

A period of decreasing crypto prices.

Bull market

A period of generally increasing crypto prices.

Volatility

How much the price of crypto goes up and down. More about volatility.

Whale

Someone who owns a very large amount of a cryptocurrency.

In case you want to go further and learn crypto slang, check this out.