From Bitcoin to Binance: Crypto terms and what they mean
Summary
The article explains common cryptocurrency terms, including Bitcoin, blockchain, crypto exchanges and crypto wallets. It describes Bitcoin’s price swings, how blockchain transactions are verified, and the differences between online and offline crypto storage.Key Facts
- Bitcoin is a digital currency that is not controlled by a centralized financial institution.
- Bitcoin’s value can change sharply; the article says it reached about $126,000 in October 2025 and fell below $65,000 in early February 2026.
- A blockchain records cryptocurrency transactions in linked groups called blocks.
- Bitcoin mining is the process of verifying transactions and updating the blockchain; the first person to validate transactions can receive Bitcoin as a reward.
- A crypto exchange lets people buy, sell and trade digital currencies, often in exchange for traditional money and subject to fees.
- Hot wallets connect to the internet, while cold wallets store cryptocurrency offline on physical devices.
- The article says Binance, described as the world’s largest crypto exchange, reported hackers accessed $6.3 billion in digital assets and that it froze about half.
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