Crypto For Beginners: Terms

Part 1 of 4 in our Crypto For Beginners series.

Never used crypto before? No problem! We’re here to break down everything you need to know to get started. Throughout our examples, we’ll be using “USDC Base”.

At a glance

Coin — the type of crypto, like a currency (USDC, BTC).
Network — the delivery method the coin travels on (Base, Polygon, Ethereum).
Address — where the crypto goes. Always copy and paste it.
Fee — a small cost to send, like postage.
Stablecoin — a coin designed to hold steady value. USDC tracks the US dollar.

Learning the terms

When someone says “USDC Base” or “USDC on the Base network“, there are two parts to the term. The first part is the coin and the second part is the network. We’ll go over both.

The coin

The coin is the actual type of crypto — in our example, USDC. There are many different coins, and the dollar value of most of them goes up and down over time.

Think of it like money: the coin is the currency type, the way cash comes in dollars, euros, or yen.

Stablecoins vs other cryptocurrencies

The dollar value of many coins can swing a lot — Bitcoin (BTC) is a well-known example, and you’ll often see coins like it described as “volatile”. That’s why we recommend using a stablecoin for payments and refunds.

A stablecoin is a coin linked to something steady — usually a regular currency — to keep its value consistent. USDC (short for “USD Coin”) is a stablecoin linked to the US dollar: $30 worth of USDC today will still be worth $30 tomorrow.

By contrast, $30 worth of Bitcoin today might be worth $27 or $33 tomorrow, because its value moves with demand. Nothing wrong with that — it’s just not what you want in the middle of a payment or a refund.

The network

The network is the way the crypto travels — in our example, Base. It’s simply the delivery route the coin takes from point A to point B.

Think of it like mail: the network is the postal carrier you pick to deliver a check — FedEx, USPS, or DHL.

Different networks have different processing times (most settle well within the day) and different sending costs. That sending cost is the fee — like the stamp on an envelope. There’s no way around it, but you can choose which stamp you prefer.

The address

The address is how the crypto knows where to go. It’s a long string of letters and numbers, and you should always copy and paste it rather than typing it by hand.

Think of it like mail: the address works just like the mailing address on an envelope.

An address is needed whenever funds are sent. You’ll receive an address from us when paying for an order, and we’ll need an address from you to send a refund.

Putting the terms together

Paying for an order: if we say “send 30 USDC Base to the following address”, that’s like saying “mail a $30 check via FedEx — here’s the envelope, already addressed”.

Receiving a refund: if we ask you for an address, that’s like handing us an envelope with your address on it so we can mail you the check. We’ll usually offer one coin on a choice of networks — for example “USDC Base, USDC Solana, or USDC Ethereum” — which is like asking: “We’re sending you dollars; would you like them delivered by FedEx, USPS, or DHL?”