Crypto basics
New to crypto? Start here.
Simple answers to the questions everyone has at the beginning. No jargon, we promise.
What is a crypto wallet?
A crypto wallet is an app that lets you hold, send and receive cryptocurrency. It doesn’t actually store coins: your coins live on the blockchain. The wallet holds the keys that let you move them.
With a self-custody wallet like SwiftAza, those keys are kept on your own device, so you’re in full control. With an exchange account, the company holds the keys for you.
What does “self-custody” or “non-custodial” mean?
It means you hold your own keys. No company can freeze your wallet, block a payment, or lose your coins in a hack of their servers.
The trade-off is responsibility: if you lose your recovery phrase, nobody can restore your wallet for you.
What is a recovery phrase (seed phrase)?
It’s a list of 12 or 24 ordinary words created with your wallet. Those words can rebuild your whole wallet on any device, in SwiftAza or other wallets.
Write them on paper, in order, and keep them somewhere safe and private. Never screenshot them, email them, or type them into a website you don’t trust.
What is a wallet address?
An address is like an account number for receiving crypto. It’s safe to share. Each network has its own format: Bitcoin addresses often start with bc1, Ethereum and BNB addresses start with 0x, and Dogecoin addresses start with D.
What is a network, and why does it matter?
Each coin runs on a blockchain network, such as Bitcoin, Ethereum, BNB Chain or Solana. When you send, the receiver must be on the same network. Sending to an address on the wrong network can lose the funds, so always check.
What are network fees (gas)?
Every blockchain charges a small fee to process a transaction. The fee goes to the network, not to SwiftAza. Fees rise when a network is busy. SwiftAza shows the estimated fee before you approve.
What is DeFi?
DeFi (decentralized finance) means financial tools that run on blockchains as code, called smart contracts, instead of being run by a bank or company. Decentralized exchanges let you trade coins directly from your wallet, without an account.
How does a swap work?
A swap trades one coin for another, for example ETH for USDT. SwiftAza asks decentralized exchanges for the best route, shows you how much you’ll receive and the fees (the network fee and SwiftAza’s fee of up to 0.5%), and you approve it. The trade happens on the blockchain, straight from your wallet.
What is slippage?
Prices can move in the seconds between your quote and the trade. Slippage is how much lower the result is allowed to be. SwiftAza sets a small limit (0.5%), and if the price moves more than that, the swap won’t go through.
What is a stablecoin like USDT?
A stablecoin is a cryptocurrency designed to stay at the same value as a normal currency, usually $1. People use them to hold value without the big price swings of coins like Bitcoin.
What is KYC, and why doesn’t SwiftAza need it?
KYC (know your customer) means checking someone’s identity with documents. Companies that hold your money or handle card payments must do it. SwiftAza never holds your crypto and has no accounts, so there’s nothing to verify. Optional card purchases are handled by separate providers, who do their own checks.
How do I stay safe?
Keep your recovery phrase on paper and private. Double-check addresses before sending, starting with a small test amount if you’re unsure. Ignore messages offering free crypto or asking you to “verify” your wallet: these are scams. SwiftAza will never ask for your phrase.