This website and the information contained within should not be treated as investment advice or guidance. The website aims to provide an overview of a new technology. Any investments in speculative assets is done so at one's own risk.
Glossary
Bitcoin - The blockchain network
bitcoin - The blockchain currency (BTC)
Altcoin - Any coin other than bitcoin
Block - A group of transactions in the Blockchain. Occurs every 10 mins on average.
Block Reward - Amount of bitcoin a miner receives for a successful block validation.
Blockchain - Chronological list of blocks containing data
Cold Storage - Keeping private keys offline on a physical device
Cypherpunk - Advocate of cryptography and privacy through technology
Decentralised - No central authority
Double Spend - The potential for a user to try and spend the same bitcoin twice
Fiat - A government issued currency
Money - A unit of account that is also a store of value
Halving - Once every 4 years bitcoin's new supply (inflation) rate halves
Hardware Wallet - A device that stores private keys offline
Hash rate - Measurement of computer power used by the network
HODL - Hold On for Dear Life
Inflation - The increase in supply of an asset
Miner - People/ companies validating the network transactions, rewarded in Bitcoin only
Node - A device that anyone can use to verify the network
Open Source - Free for anybody to use and copy
P2P (Peer-to-peer) - Users can interact without the need of a third party
Protocol - A programmed set of rules
Public Key - The address bitcoin can be sent to
Private Key - The password needed to send bitcoin and prove ownership of bitcoin on the blockchain
Satoshi - 1/100,000,000, of a Bitcoin
Satoshi Nakamoto - Anonymous creator of Bitcoin
Second Layer Solution - Infrastructure built on top of the original blockchain
Store of Value - An asset that can hold value against depreciation
Wallet - A place to store the private keys. The bitcoin never leaves the blockchain
The root problem with conventional currency is all the trust that is required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currency is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.
- Satoshi Nakamoto
Bitcoin: Money for the people.
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