Cryptocurrency Glossary
Explore key cryptocurrency, tax and investing terms and definitions
Memecoin
A cryptocurrency inspired by internet memes and viral trends, relying on community-driven hype. Popular examples include Dogecoin and Shiba Inu.
Merkle Tree
A Merkle Tree is a cryptographic structure that enables efficient and secure transaction verification in blockchains. Used in Bitcoin and Ethereum, it ensures data integrity, reduces storage requirements, and speeds up transaction proofs.
MetaMask
A secure crypto wallet and Web3 gateway, enabling users to manage Ethereum-based tokens and interact with decentralized applications (dApps).
Mining pool
A mining pool is a group of cryptocurrency miners who combine their computing power to increase the chances of successfully mining a block and share the rewards proportionally.
Minting
Minting is the process of creating new tokens or digital assets on a blockchain. Commonly used for cryptocurrencies and NFTs, it ensures ownership verification, scarcity, and decentralization, powering use cases from DeFi to digital art.
Mnemonic Phrase
A mnemonic phrase is a 12- to 24-word backup key that allows users to recover their crypto wallets. Used in non-custodial wallets like MetaMask and Ledger, it ensures complete access to funds—but if lost, recovery is impossible.
Mobile Wallet
A mobile wallet is a crypto wallet in a smartphone app, offering easy access to Bitcoin, Ethereum, and DeFi applications. While convenient, it requires strong security measures to prevent hacking or theft.
Network
A network connects devices to share data, resources, and services using physical or virtual links. From local setups like LANs to global systems like the internet, networks are essential for communication, commerce, and technology.
NFT
Non-Fungible Tokens are unique digital assets secured by blockchain technology, representing ownership or authenticity of items like art, music, and virtual real estate.
Node
A node in cryptocurrency is a computer or device that participates in a blockchain network by storing, validating, and relaying transactions.
Non-custodial
Non-custodial solutions in cryptocurrency give users full control of their private keys and funds, eliminating reliance on third parties. These wallets and services prioritize decentralization, security, and financial sovereignty but require users to manage their own security and recovery processes.
Nonce
A nonce in crypto is a one-time number used in blockchain mining or transactions to ensure uniqueness and security. It's essential for proof-of-work hashing and preventing double-spending.
Off the Chain
"Off the chain" is a crypto slang phrase used to describe something exciting, hyped, or impressive—from token prices to project buzz. It's informal and not to be confused with "off-chain".
On-Chain
On-chain refers to transactions and data recorded directly on a blockchain, ensuring security, transparency, and decentralization. Unlike off-chain transactions, on-chain activity is public, permanent, and requires network fees.
Open-source
Open-source refers to software or technology where the source code is freely accessible, modifiable, and shareable.