Crypto Basics, in Plain Language
19words you'll meet holding your own crypto. Each one in a sentence you can repeat, a little more if you want it, and where it shows up in the THAT app.
Cryptocurrencyalso: crypto
Money that lives on a blockchain instead of in a bank, so it can move between people directly.
Bitcoin was the first; THAT is one built for paying in shops. There is no bank in the middle to approve, delay or reverse a payment, which is what makes it fast and final.
In THAT: Everything in your THAT wallet is cryptocurrency: THAT itself, and any other tokens you hold.
Blockchain
A shared ledger, kept by thousands of computers at once, that records who holds what.
Nobody owns it, so nobody can quietly edit it. When you pay, the network checks the transaction and adds it to the ledger, and from then on it is part of the record.
In THAT: Your balance isn't stored on your phone; the phone just holds the keys to an entry on the blockchain. That is why a lost phone doesn't mean lost crypto.
Wallet
An app that holds the keys to your crypto and lets you send, receive and spend it.
The crypto itself stays on the blockchain. The wallet proves you're allowed to move it, by signing transactions with a secret key that never leaves your device.
In THAT: The Wallet tab. You can keep more than one wallet in the app, say one for spending and one for savings.
Set up your walletSelf-custodyalso: non-custodial
Holding your own keys, so no company can freeze, move or lose your crypto.
The opposite is custodial: an exchange holds the keys and you hold an account with them. Self-custody means nobody can lock you out, and also that nobody can reset your access if you lose your recovery phrase.
In THAT: THAT is self-custody. Your keys are created on your phone and never sent to us.
Custodial vs non-custodialWallet addressalso: public address
The long code, starting with 0x, that people send crypto to; like an account number.
It is safe to share, print and put on a QR code. Nobody can take anything with it. An EVM address is the same on Ethereum, Polygon and every other EVM network.
In THAT: Receive shows yours as text and as a QR code; the last four characters are on your wallet card.
Recovery phrasealso: seed phrase
The 24 words that can recreate your wallet, and everything in it, on any phone.
Anyone who has them has your crypto, from anywhere, so they go on paper and nowhere else. They are typed exactly once: into the THAT app, if you ever restore on a new phone.
In THAT: Shown once when you create a wallet, and again under Wallet settings. THAT never asks for it, and neither does anyone genuine.
Keep it safePrivate key
The secret number that signs your transactions; your recovery phrase is a readable form of it.
Every address has one. Signing proves the transaction came from the key's owner without revealing the key. Like the phrase, it is never shared.
In THAT: Kept encrypted on your phone. Face ID / PIN for Sensitive Actions adds a check before it is used.
Networkalso: chain
A particular blockchain, such as Ethereum or Polygon, that a transaction happens on.
Tokens live on a network, and a transfer stays on the network it was sent on. Sending to the right address on the wrong network is the classic way to lose funds.
In THAT: THAT lives on Ethereum and Polygon, at the same address on both. The wallet shows every network at once; All Networks at the top filters it.
Gasalso: network fee
The small fee a network charges to process a transaction.
It pays the computers that keep the ledger. It varies with how busy the network is, and it is charged in the network's own coin.
In THAT: THAT sponsors the gas on your transactions, so payments, swaps and transfers in the app don't ask you for it.
Token
A unit of value issued on a blockchain, such as THAT or USDC.
A network has one native coin, and can carry many tokens on top. THAT is an ERC-20 token, the standard kind on Ethereum and Polygon, with a fixed maximum supply.
In THAT: Your tokens are listed under your wallet card, each with a small badge for its network.
Stablecoin
A token designed to stay worth one unit of a currency, usually the US dollar.
USDC is the common one. Useful for holding value without price swings, and for moving dollars between platforms. It is still crypto: it lives at your address, on a network.
In THAT: Swap can move between THAT and stablecoins inside the app.
Transactionalso: confirmation
A transfer recorded on the blockchain; once confirmed, it can't be reversed by anyone.
That finality is the point, and the responsibility: check the address and the amount before you confirm. A transaction ID (hash) lets anyone look it up on a block explorer.
In THAT: Activity lists yours. Pay a business and the payment confirms in seconds.
Smart contract
A program on the blockchain that runs exactly as written, with no company operating it.
Tokens, swaps and bridges are smart contracts. Trust moves from an institution to code anyone can read, which is good when the code is sound and audited.
In THAT: THAT's rewards and its bridge run as smart contracts; the token itself is one.
DeFialso: decentralised finance
Financial services, such as swapping and lending, built from smart contracts instead of institutions.
You use them from your own wallet, without an account. The freedom cuts both ways: there is no help desk, and “guaranteed” returns are the oldest scam in it.
In THAT: Swap and Bridge are DeFi under the hood, wrapped so you don't have to think about it.
The scams to knowExchange
A business where you trade dollars for crypto, which holds your crypto for you until you withdraw it.
Convenient for buying; custodial while it holds your balance. Australian exchanges must verify your identity. Withdrawing to your own wallet makes the crypto yours.
In THAT: Buy in the app uses Banxa; CoinStash is an exchange that lists THAT.
Buy THAT, step by stepSwap
Exchanging one token for another directly from your wallet.
A smart contract does the trade, at a rate it shows you first. No account, no deposit, no withdrawal; the new token lands at your address.
In THAT: The Swap button on the Wallet tab. THAT covers the gas.
What is a cross-chain swap?Bridge
Moving a token from one network to another.
The token is locked on one side and released on the other. It takes a few minutes and has a fee, so it's for moving holdings, not everyday payments.
In THAT: Bridge, under More, moves THAT between Ethereum and Polygon.
The THAT bridgeQR payment
Paying by scanning a code that holds the business's address, so you never type one.
The code carries where the money goes; you confirm the amount. It removes the two ways people get payments wrong: a mistyped address and the wrong network.
In THAT: Scan in the app, or tap a business in the directory. The payment goes wallet to wallet in seconds.
How to pay with THATTHATBACKalso: THAT Rewards
The share of a payment that comes back to you as THAT when you pay a listed business.
Businesses set their rate; it shows on their listing. Rewards build a tier, from Bronze upwards, that your wallet card takes its colour from.
In THAT: The THAT Rewards card on the Wallet tab shows your balance and your progress to the next tier.
Now Put It to Work
The wallet guide walks you through every one of these on the real app, in about ten minutes.