Cryptocurrency Glossary

Funshell's glossary of common cryptocurrency terms — BTC, ETH, 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 regulatory requirement for financial institutions to verify customer identity. In Hong Kong, KYC is mandatory for transactions of HKD 120,000 or above.

Example: Bring a Hong Kong ID card to complete KYC for large transactions.

AML (Anti-Money Laundering)

Laws and procedures to prevent illicit funds from being laundered through the financial system.

Example: Funshell follows Hong Kong's AMLO (Anti-Money Laundering Ordinance).

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 is a Hong Kong crypto OTC shop with branches in Causeway Bay and Mong Kok.

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.