Crypto Glossary

Cryptocurrency Glossary

Funshell's glossary of common cryptocurrency terms — BTC, ETH, TRX, USDT, OTC, KYC, AML, cold wallets and more.

BTC (Bitcoin): The world's first decentralized cryptocurrency, created by Satoshi Nakamoto in 2009.; Example: Funshell offers instant BTC-to-HKD cash exchange.
ETH (Ethereum): The native token of the Ethereum blockchain, supporting smart contracts and decentralized applications.; Example: The Ethereum network powers DeFi, NFTs and more.
USDT (Tether): A US-dollar-pegged stablecoin (1:1) that runs on TRC20 (TRON) and ERC20 (Ethereum), among others.; Example: USDT is one of the most traded stablecoins in the Hong Kong OTC market.
USDC (USD Coin): A US-dollar stablecoin issued by Circle, regulated in the US and known for high transparency.; Example: Funshell supports direct USDC-to-HKD cash exchange.
OTC (Over-the-Counter): Cryptocurrency trades executed directly between buyer and seller, off an exchange order book.; Example: As an OTC shop, Funshell provides face-to-face cash trades.
KYC (Know Your Customer): A process for verifying identity and related information according to the service, payment method, transaction circumstances and risk assessment.; Example: The store explains the identity or transaction information needed before proceeding.
AML (Anti-Money Laundering): Laws and procedures to prevent illicit funds from being laundered through the financial system.; Example: A transaction may require more information or be refused after a risk assessment.
Cold Wallet (Hardware Wallet): A physical device that stores cryptocurrency private keys offline, isolated from the internet for higher security.; Example: Cold wallets are recommended for long-term storage of large crypto holdings.
Hot Wallet: A cryptocurrency wallet connected to the internet (e.g. MetaMask, Trust Wallet) — convenient for daily use but less secure.; Example: Hot wallets are best suited for small, frequent transactions.
TRX Energy: A TRON network resource used to execute smart contracts; holding or renting TRX energy reduces USDT transfer fees.; Example: Funshell offers TRX energy rental to cut down USDT (TRC20) transfer costs.
Money Changer / OTC Shop: A physical retail outlet offering currency exchange. In Hong Kong, a crypto OTC shop trades cash directly for cryptocurrency.; Example: Funshell provides in-store crypto OTC service in Causeway Bay, Mong Kok and Tsim Sha Tsui.
Public / Private Key: Core cryptography concepts: the public key is your receiving address (shareable); the private key controls your assets (must stay secret).; Example: Provide your public key (wallet address) to Funshell staff to receive crypto.
Gas Fee: The fee paid to execute a transaction on Ethereum and similar blockchains, denominated in the network's native token.; Example: Ethereum gas fees fluctuate in real time based on network congestion.
Seed Phrase: A 12- or 24-word recovery phrase used to back up and restore a cryptocurrency wallet — must be stored securely offline.; Example: Your seed phrase is the master password to your wallet — never screenshot it or send it online.