ASIC miner Hardware housing Application Specific Integrated Circuit chips and used to mine for bitcoins. Such devices may connect directly to a computer or to a network with use of an ethernet cable or wireless link
Bit A common unit used to designate a single sub unit of a bitcoin. 1,000,000 bits is equivalent to 1 bitcoin.
Block A block is a UNDER ARMOUR TYE DYE Cover Samsung Galaxy S10 Plus permanent record of data stored in the blockchain, acting like a page or ledger. Each block contains and confirms pending transactions. Roughly every 10 minutes, on average, a new block along with the transactions it contains is added to the blockchain MLB NEW YORK YANKEES Cover Samsung Galaxy S10 Plus through mining.
Blockchain A transparent public record of every bitcoin transaction in JURASSIC PARK Cover iPhone 7 cover chronological order that is shared by every bitcoin participant. The blockchain verifies the authenticity and permanence of all Bitcoin transactions and prevents double spending.
BTC The official abbreviated form of the word ‘bitcoin’.
Cryptocurrency A form of non tangible currency that is produced by mathematical problem solving based on cryptology.
Cryptography A LUKE KUECHLY CAROLINA PANTHERS Cover iPhone 7 cover branch of mathematics utilized by cryptocurrencies SUPER HOUSTON ASTROS MLB 2 Cover iPhone 7 cover MARIO 2 Cover Samsung Galaxy S10 Plus that employs mathematical proofs in order to allow high levels of security. In the case of Bitcoin, cryptography ensures that others are unable to spend funds from another user wallet RICK AND MORTY VS DUNGEONS DRAGONS Cover Samsung Galaxy S10 Plus or to corrupt the blockchain.
DDoS Abbreviated form of Distributed CLUB LEON FOOTBALL 2 Cover Samsung Galaxy S10 Plus Denial of Service. A DDoS attack utilizes many computers under the control of an attacker to deplete the resources of a primary target. In the past, some Bitcoin exchanges have come under DDoS attacks.
Double spending The act of spending the same bitcoins twice. The blockchain CHUCKY DOLL WITH KNIFE 2 Cover Samsung Galaxy S10 Plus and bitcoin mining exist in order confirm all transactions and thus to prevent such fraud. Nevertheless users HOT COACH MICKEY COUPLE Cover Samsung Galaxy S10 Plus accepting zero confirmation transactions remain vulnerable to double spending.
Exchange A central platform for exchanging different forms of currencies and assets. Typically, bitcoin exchanges are used to exchange cryptocurrency for traditional monetary units.
Fiat currency A currency with no intrinsic value but deemed to have worth because a government has declared it CAN AM X TEAM Cover Samsung Galaxy S10 Plus to be so. The word ‘Fiat’ comes from Latin, meaning ‘Let it be done’. to impose regulations on exchanges trading in bitcoin.
Fork Achange of the Bitcoin protocol that is not backwards compatible. A blockchain fork occurs when nodes running the new version of the protocol create a separate blockchain incompatible with the older software.
Genesis block The original block in the blockchain.
Hash An algorithm that takes a variable amount of data and converts it into a FLORIDA STATE FSU FOOTBALL 4 Cover iPhone 7 cover shorter, fixed length and fixed piece of data.
Hash rate The number of hashes a bitcoin miner can perform in a set period of time (usually a second).
KYC Know Your Client, or Know Your Customer. KYC guidelines mandate that financial institutions must vet potential clients to ensure that they are legitimate and can verify their identities.
Liquidity The market’s ability to buy and/or sell an asset combined with the extent to which pricing remains relatively stable and consistent between transactions.
mBTC A bitcoin metric of 1 thousandth of AVENGERS MARVEL LOGO Cover HARLEY DAVIDSON SHINE LOGO Cover iPhone 7 cover Samsung Galaxy S10 Plus a bitcoin (0.001 BTC).
Mining The process of generating VERA BRADLEY 6 Cover Samsung Galaxy S10 Plus new bitcoins TAZMANIA LOONEY TUNES CARTOON Cover Samsung Galaxy S10 Plus through the mathematical process of solving cryptographic problems using computing hardware.
Multisig A contracted DEPORTIVO TOLUCA FUTBOL CLUB Cover Samsung Galaxy S10 Plus term for Multi signature addresses which allow multiple users to partially seed an address with a public key. The ability to OAKLAND RAIDERS BLACK ONE NATION Cover Samsung Galaxy S10 Plus access funds from such an address requires multiple signers to access the GOTHIC TINKERBELL DISNEY Cover iPhone 7 cover account. As a result, multisig addresses are much more resilient to theft. (See An Introduction to MultiSig Wallets)
Node Refers to a computer running a full client blockchain. It serves to share blocks and transactions across the network using the client to client infrastructure.
P2P Peer to peer (P2P) refers to direct, decentralized cryptocurrency interactions between two parties or more. No bank or other financial LINKIN PARK HYBRID THEORY Cover Samsung Galaxy S10 Plus institution is required as a third party.
Paper wallet A hard copy containing bitcoin wallet information such as bitcoin addresses and their corresponding private keys. Paper wallets are often used to store bitcoins securely in a non software capacity. (See An Introduction to Paper Wallets)
Private key GIVENCHY Cover Samsung Galaxy S10 Plus A cryptographic signature that allows the user to access and move bitcoins from a specific wallet…