Bitcoin Glossary
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Learn some of the common bitcoin related terms below!
- Address
- A unique string of letters and numbers that represents a specific location on the blockchain where a user's digital currency is stored.
- Altcoin
- Any digital currency other than Bitcoin, such as Ethereum, Litecoin, and so on.
- AML (Anti-Money Laundering)
- A set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate.
- Bitcoin
- A decentralized digital currency that allows for peer-to-peer transactions without the need for a central authority.
- Blockchain
- A decentralized, digital ledger that records all Bitcoin transactions. It is maintained by a network of computers that work together to validate and record transactions.
- Bitcoin ATM (Automated Teller Machine)
- A physical machine that allows users to buy and sell Bitcoin with cash.
- Cold Wallet
- A type of digital wallet that is not connected to the internet, providing an additional layer of security for storing digital currencies.
- Confirmation
- The process of adding a transaction to the blockchain and ensuring that it is valid.
- Cryptocurrency
- A digital or virtual currency that uses cryptography for security.
- Cryptography
- The practice of secure communication, which is used to secure transactions on the blockchain.
- Decentralized
- A network or system that is not controlled by a single central authority.
- Digital Wallet
- A software application that allows users to store, send, and receive digital currencies, such as Bitcoin.
- Distributed ledger
- A digital ledger that is stored and maintained by a network of computers.
- Exchange
- A platform that allows users to buy and sell cryptocurrencies.
- Fiat Currency
- Government-issued currency, such as the dollar, Euro, etc.
- Hard fork
- A change to the blockchain protocol that creates a permanent divergence from the previous version of the blockchain.
- Hardware wallet
- A type of cold storage wallet that is stored on a physical device, such as a USB drive.
- Hash
- A mathematical function that takes an input and produces a fixed-size output, used in the process of mining and validation of transactions on the blockchain.
- Hot Wallet
- A type of digital wallet that is connected to the internet, making it more convenient for day-to-day transactions but also increasing the risk of hacking or cyber attacks.
- KYC (Know Your Customer)
- A process by which a business verifies the identity of its clients and assesses potential risks of illegal intentions for the business relationship.
- Mining
- The process of using computer power to validate and record Bitcoin transactions on the blockchain.
- Paper wallet
- A type of cold storage wallet that is printed on paper and can be used to store private keys.
- Public Key
- A unique code that allows users to receive Bitcoin or other digital currencies. It is often represented as a string of letters and numbers.
- Private Key
- A secret code that allows users to access and spend their Bitcoin or other digital currencies. It should be kept secure and private.
- Satoshi
- The smallest unit of a Bitcoin, equivalent to 0.00000001 BTC.
- Soft fork
- A change to the blockchain protocol that is backward-compatible with the previous version of the blockchain.
- Transaction Fee
- A fee charged by miners for processing transactions and securing the blockchain.
- Wallet software
- A software application that allows users to store, send, and receive digital currencies, such as Bitcoin.
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