Crypto Wiki — Cryptocurrency, Blockchain, Bitcoin and Key Terms

Cryptocurrency is a digital asset that can be transferred through a blockchain or another distributed network. Instead of relying on a physical coin or banknote, ownership and transfers are represented through cryptographic records maintained by the network.

Different cryptocurrencies can have very different purposes and network rules. Bitcoin is primarily its own blockchain asset, while assets such as USDT can exist on several networks. When exchanging crypto, both the asset and the network can therefore matter.

A blockchain is a distributed record of transactions grouped into blocks and linked in sequence. Network participants follow a common set of rules for validating new activity and maintaining the history of the ledger.

For an exchange user, the blockchain determines how an asset is sent, how addresses work, which fees apply and when a transaction receives confirmations. Bitcoin and Ethereum use separate blockchains, so exchanging BTC for ETH is not the same as sending Bitcoin directly to an Ethereum address.

Bitcoin (BTC)

Bitcoin is a cryptocurrency launched as a peer-to-peer electronic value-transfer system and uses BTC as its native asset. BTC transactions are recorded on the Bitcoin blockchain and validated according to the rules of the Bitcoin network.

On Swap-BTC.io, Bitcoin is the core source asset. You can review dedicated routes such as BTC to USDT, BTC to XMR, BTC to ETH and BTC to USDC before creating an exchange.

Altcoin is a broad term commonly used for cryptocurrencies other than Bitcoin. The category includes independent blockchain coins as well as many assets with functions that differ significantly from BTC.

Calling an asset an altcoin does not describe its network, risk or technical behavior. Before exchanging BTC for another cryptocurrency, check the exact destination asset and the blockchain on which the payout will be received.

A stablecoin is a crypto asset designed to track a reference value, commonly a fiat currency such as the US dollar. USDT and USDC are widely recognized examples of dollar-referenced stablecoins.

A stablecoin ticker alone does not always identify the blockchain used for a transfer. If a stablecoin is supported on several networks, the payout network selected for an exchange must be compatible with the receiving wallet.

USDT (Tether)

USDT, commonly called Tether, is a stablecoin designed to track the value of the US dollar. It is used across multiple blockchain networks, which means the same USDT ticker can appear with different network-specific transfer options.

When using the BTC to USDT exchange, check the USDT payout network shown for the order before entering or confirming the receiving wallet. The destination must support that exact network.

USDC

USDC is a dollar-referenced stablecoin used on multiple blockchain networks. It is a cryptocurrency token rather than a bank-account USD balance, so BTC to USDC and BTC to USD are different transaction intents.

The BTC to USDC route converts Bitcoin into USD Coin on a supported payout network. The receiving wallet should support the selected USDC network before the exchange is funded.

Ethereum (ETH)

Ethereum is a blockchain platform that supports its native asset ETH as well as smart contracts and tokens. ETH is used for value transfer and for paying network execution costs on Ethereum.

Bitcoin and Ethereum are independent networks. A BTC to ETH exchange accepts Bitcoin through the BTC side of the order and sends ETH to the specified Ethereum destination after the conversion; it is not a direct BTC transfer to an Ethereum address.

Monero (XMR)

Monero is a cryptocurrency and blockchain designed with privacy-oriented transaction features. XMR is the native asset of the Monero network and uses its own address and transaction system.

Exchanging BTC to XMR moves value between two separate blockchain ecosystems. Bitcoin is sent on the Bitcoin side of the exchange, while the resulting XMR is paid to a compatible Monero wallet.

A crypto wallet is software or hardware used to manage blockchain addresses and the credentials that control crypto assets. A wallet does not literally store blockchain coins inside the application; it provides a way to interact with assets recorded on their networks.

When creating an exchange, the destination wallet is where the converted asset should be received. The wallet must support both the cryptocurrency and, where applicable, the exact network selected for the payout.

A public address is an identifier used to receive cryptocurrency on a blockchain. It can generally be shared for receiving funds, although transactions associated with addresses on public blockchains may be visible through blockchain explorers.

Addresses are network-specific. Before submitting a destination address for an exchange, verify that it belongs to the intended cryptocurrency and supported payout network rather than relying only on a similar-looking format.

A private key is secret cryptographic information that can authorize control over assets associated with a blockchain address. Anyone who obtains the relevant private key may be able to sign transactions from that wallet.

A private key is not needed to receive an exchange payout and should not be provided in an ordinary support request. Swap-BTC.io order support should rely on transaction and order information rather than wallet-control credentials.

A seed phrase, also called a recovery phrase, is a sequence of words used by many wallets to restore access to wallet keys. It can provide control over the assets managed by the wallet and must therefore be kept private.

A seed phrase is different from a public wallet address, transaction hash or exchange order identifier. Never include a seed phrase when entering a payout address or when contacting support about an exchange.

A cryptocurrency transaction is a network instruction that transfers or otherwise changes blockchain-recorded value. Once broadcast, the transaction is validated according to the rules of the relevant blockchain.

In a crypto exchange, more than one blockchain transaction can be involved. For example, BTC can be sent as the deposit transaction and another asset can later be sent as the payout transaction after the exchange is processed.

A block is a data structure used by a blockchain to record a group of validated transactions and related information. New blocks extend the chain according to the consensus rules of the network.

For users, blocks are closely connected with confirmations. After a Bitcoin transaction is included in a block, later blocks increase the number of confirmations associated with that transaction.

A confirmation indicates that a blockchain transaction has been included in the chain and has progressed according to the network's validation process. Services may wait for required confirmations before treating a deposit as ready for the next stage.

Swap-BTC.io service processing typically takes 8–17 minutes after the required confirmations. The time required to obtain those blockchain confirmations is separate and can vary with network conditions.

A hash is the output of a cryptographic function that converts data into a fixed-form value. Hashing is used throughout blockchain systems for linking data, verifying integrity and supporting consensus mechanisms.

A transaction hash, often called a transaction ID or TXID depending on the network, identifies a specific blockchain transaction. It is useful when checking whether a crypto transfer was broadcast and when discussing an existing order with support.

Mining is the process used by Proof-of-Work blockchains such as Bitcoin to compete for the right to add new blocks. Mining combines transaction validation with computational work required by the network's consensus rules.

For a Bitcoin sender, mining is part of the infrastructure behind block creation and confirmations. Users do not need to mine BTC in order to exchange it; they send a normal Bitcoin transaction and wait for the required network confirmations.

A miner is a participant in a Proof-of-Work network that uses computing resources to participate in block production. Successful miners can receive protocol-defined rewards and transaction fees according to the network rules.

Miners are not the same as crypto exchanges or wallets. They operate at the blockchain layer, while an exchange service handles the conversion between supported assets after the source transaction reaches the required state.

Proof of Work is a blockchain consensus mechanism in which participants perform computational work to compete in block production. Bitcoin uses Proof of Work to secure its transaction history and determine how new blocks are added.

PoW affects the network layer rather than the quoted crypto exchange rate itself. When BTC is sent for an exchange, the Bitcoin transaction must progress through Bitcoin's block and confirmation process before the service can process the deposit.

Proof of Stake is a family of consensus mechanisms in which validators participate in network security using staked assets rather than Bitcoin-style mining. Different PoS networks implement validator selection, rewards and finality in different ways.

The consensus mechanism matters because destination cryptocurrencies may operate on networks with rules different from Bitcoin. Users usually do not need to interact with staking simply to receive a normal exchange payout.

A network fee is a blockchain-level cost associated with submitting a transaction. Its calculation and behavior depend on the blockchain and current network conditions rather than on one universal crypto fee formula.

Network fees should be distinguished from the exchange service fee. Swap-BTC.io uses a project-specific service fee range of 0.27%–1.32%, while blockchain or network costs are separate where applicable.

Gas fee is a term commonly associated with the cost of executing transactions or smart-contract operations on networks such as Ethereum. The amount can depend on network demand and the computational resources required by the operation.

Bitcoin does not use Ethereum's gas model, even though Bitcoin transactions also have network fees. When moving between BTC and an Ethereum-based asset, the source and destination networks can therefore use different fee mechanisms.

A smart contract is program code deployed on a blockchain that executes according to defined rules when called through supported transactions. Smart contracts are widely used for tokens, decentralized applications and other blockchain functions.

Not every crypto transfer requires a user to interact directly with a smart contract. Bitcoin uses its own transaction model, while some destination assets may be represented by smart contracts on their respective networks.

A token is a crypto asset created on top of an existing blockchain or smart-contract platform rather than necessarily operating its own independent base blockchain. Many stablecoins and application assets are tokens.

Because a token can be issued on more than one network, the token name or ticker may not be enough to define a transfer. For USDT or USDC, verify the payout network as well as the asset before submitting the destination wallet.

A coin usually refers to the native asset of its own blockchain, such as BTC on Bitcoin or ETH on Ethereum. The distinction is useful when comparing native network assets with tokens issued on top of another blockchain.

In everyday crypto language, “coin” is also used loosely for many cryptocurrencies, so the technical distinction is not always preserved. For an exchange, the practical priority is to identify the exact asset and network required by the order.

A crypto exchange rate describes how much of one asset corresponds to another at a particular time. For BTC pairs, the rate determines the estimated amount of USDT, XMR, ETH, USDC or another supported asset received for a given Bitcoin amount.

Crypto rates change with market conditions, so a static value should not be treated as a permanent conversion. Swap-BTC.io provides current quote information through its exchange flow and supports fixed and floating rate modes where available.

Liquidity describes how readily an asset or trading route can support exchanges without excessive difficulty or price impact. In general, deeper available liquidity can make it easier to process conversions at prices close to the quoted market level.

Liquidity can differ by asset, route, amount and market conditions. It is one of the concepts that helps explain why an exchange quote can vary rather than remaining identical for every amount and every moment.

Slippage is the difference between an expected reference price and the price effectively achieved when a transaction or exchange is executed. It can occur when market prices move or available liquidity changes while an order is being processed.

Slippage is especially relevant to floating-rate exchanges because the final calculation can reflect market conditions during execution. A fixed-rate mode is designed around different quote conditions and, where available, can hold a quote for up to 11 minutes under the applicable order terms.

A crypto exchange is a service or mechanism used to convert one cryptocurrency into another or, in some cases, between crypto and fiat assets. Different exchange models can include account-based trading platforms, decentralized protocols and direct crypto-to-crypto exchange services.

Swap-BTC.io focuses on individual crypto-to-crypto Bitcoin exchanges with direct payout to the destination wallet entered for the order. Standard eligible swaps do not require conventional account registration; see How Swap-BTC.io Works for the complete order flow.