From the rapidly rising and falling values of Bitcoin to high-profile heists like the hacking of Binance, the world of cryptocurrencies is often in the headlines. The world's biggest crypto exchange said hackers had gained access to $6.3bn (£4.7bn) worth of digital assets, and while it has frozen about half, many remained in the hands of the thieves. These stories are full of specialist language that people outside the industry struggle to understand.
So if you're unsure what the blockchain or a crypto echange or even a cryptocurrency itself are, here are some key terms and what they mean. While many may struggle with the finer points of crypto, pretty much everyone has heard of its most famous product: Bitcoin. Bitcoin is a cryptocurrency, which is to say a type of digital currency.
Unlike traditional currencies, Bitcoin is not controlled by centralised financial institutions. This makes it popular for people who think decentralisation can bring financial freedom, but it also makes it extremely volatile with it rising and falling in value at the whim of Bitcoin buyers and sellers. Donald Trump has pledged to make the US the "crypto capital of the world" - backtracking on his previous claim that Bitcoin was a "scam".
Its price topped a much-awaited threshold of $100,000 in December 2024, then rose to $120,000 in July 2025 as US politicians prepared to debate bills to regulate digital assets. In October 2025, Bitcoin hit an all-time high of around $126,000, buoyed by a continued wave of institutional investment and positive market sentiment. But it has been known to plummet in value just as quickly as it spikes.
In early February 2026, its price dipped below $65,000 to effectively wipe out gains achieved under President Trump. Against the backdrop of these frequent price fluctuations, speculation continues about the true identity of Bitcoin's mysterious inventor known only as Satoshi Nakamoto. Brit says he is not elusive Bitcoin creator named by New York Times Seven wild moments from the turbulent story of Bitcoin Blockchain is the technology underpinning all cryptocurrencies, and many related products like non-fungible tokens (NFTs).
In essence, it is a virtual spreadsheet on which all the buying and selling of crypto is recorded. They are arranged in blocks linked together in a giant chain - hence the name. Every cryptocurrency transaction is individually recorded onto the blockchain by a huge network of volunteers verifying its authenticity by using computer programmes.
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