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Glossary & Definitions
Last updated: 2026-09-07
Here we collect simple explanations of common words and terms you’ll come across in the team and in cryptocurrency generally. The list will grow over time.
1 Basic concepts
Blockchain. A digital, shared ledger where transactions are stored in “blocks” linked together in a chain. The information is hard to alter after the fact because it’s spread across many computers instead of sitting on a central server.
Cryptocurrency. A digital asset that uses cryptography and a blockchain to function as a means of payment or store of value, without a bank or authority acting as a central intermediary.
Token. A digital asset created and managed on top of an existing blockchain (as opposed to a standalone cryptocurrency like Bitcoin or Ethereum).
Node. A computer connected to a blockchain’s network that helps verify and relay transactions. Different projects have different requirements and roles for their nodes.
2 Wallets and security
Wallet. A tool (app, browser extension or physical device) for storing, sending and receiving cryptocurrency. The wallet doesn’t store the funds themselves, but the keys that give access to them on the blockchain.
Private key. A secret code that gives full control over a wallet. It should never be shared with anyone.
Recovery phrase / seed phrase. A sequence of 12–24 words that acts as a master key to a wallet. Anyone who has your seed phrase can access your funds — store it offline and never share it with anyone, not even support.
Public address. The wallet’s “account number” — safe to share with others in order to receive cryptocurrency, unlike the private key.
Hot wallet / cold wallet. A hot wallet is connected to the internet (e.g. an app) — convenient but more exposed. A cold wallet (e.g. a hardware wallet) is kept offline and is considered safer for larger amounts.
3 Trading and exchanges
Exchange. A service where you can buy, sell or swap cryptocurrency, either for regular currency (e.g. SEK) or for other cryptocurrencies.
KYC (Know Your Customer). The identity verification (e.g. with a passport or driver’s licence) that most exchanges require before you can trade, required by anti-money-laundering law.
CEX / DEX. A CEX (centralized exchange) is run by a company acting as an intermediary. A DEX (decentralized exchange) lets users trade directly with each other via smart contracts, without an intermediary.
Gas fee. The fee paid for a transaction to be processed and confirmed on a blockchain. The fee varies depending on network load.
4 Other terms
Smart contract. A program that runs on a blockchain and automatically carries out an agreement once certain conditions are met, without needing an intermediary.
Staking. Locking up cryptocurrency to help secure a network, often in exchange for a reward. Terms vary widely between projects.
Volatility. How much and how quickly the price of an asset swings. Cryptocurrency is generally more volatile than many traditional assets.
Whitepaper. A document in which a crypto project describes its technology, purpose and how it’s intended to work.
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