|
Term |
Definition |
|---|---|
|
Bitcoin |
Digital currency/store of value/ledger and distributed network using blockchain for peer-to-peer digital transactions without intermediaries. |
|
Blockchain |
Public ledger recording all Bitcoin transactions chronologically in an immutable chain of ten-minute blocks Through “Proof of Work”. |
|
Mining |
Process of validating transactions and adding blocks to the blockchain, rewarded with new bitcoins. |
|
Wallet |
Software or hardware devices storing private keys to access and spend bitcoins which are addresses on the blockchain. |
|
Private Key |
Secret code proving bitcoin ownership held in a wallet, use to affix signature. |
|
Address |
String used to receive bitcoins, timestamped block location in alphanumerical format. |
|
Block |
Group of transactions added to the blockchain every 10 minutes. |
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Satoshi |
Also known as a “Sat”, One 100 millionth of a bitcoin or about .00117 cents today. Hodler slogan: “Stack Sats” |
|
Hash Rate |
Measure of Bitcoin network’s processing power as a result of the “Proof of Work” energy contest crucial to the power of the network, now 900 exahashes a second (900 quintillion!) |
|
Satoshi Nakamoto |
Anonymous inventor of Bitcoin in 2009. |
|
Altcoin |
Any cryptocurrency other than Bitcoin. |
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Halving |
Event reducing block reward size by half every four years, now 3.125 BTC. |
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Hodler |
“Hold On for Dear Lifer”, one who never sells their bitcoin. |