Glossary ​

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Bitcoin - The blockchain network

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bitcoin - The blockchain currency (BTC)

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Altcoin - Any coin other than bitcoin

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Block - A group of transactions in the Blockchain. Occurs every 10 mins on average.

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Block Reward - Amount of bitcoin a miner receives for a successful block validation.

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Blockchain - Chronological list of blocks containing data​

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Cold Storage - Keeping private keys offline on a physical device

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Cypherpunk - Advocate of cryptography and privacy through technology

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Decentralised - No central authority

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Double Spend - The potential for a user to try and spend the same bitcoin twice

Fiat - A government issued currency

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 Money - A unit of account that is also a store of value

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Halving - Once every 4 years bitcoin's new supply (inflation) rate halves 

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Hardware Wallet - A device that stores private keys offline

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Hash rate - Measurement of computer power used by the network

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HODL - Hold On for Dear Life 

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Inflation - The increase in supply of an asset

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Miner - People/ companies validating the network transactions, rewarded in Bitcoin only

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Node - A device that anyone can use to verify the network

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Open Source - Free for anybody to use and copy

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P2P (Peer-to-peer) - Users can interact without the need of a third party

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Protocol - A programmed set of rules

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Public Key - The address bitcoin can be sent to

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Private Key - The password needed to send bitcoin and prove ownership of bitcoin on the blockchain

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Satoshi - 1/100,000,000, of a Bitcoin

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Satoshi Nakamoto - Anonymous creator of Bitcoin

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Second Layer Solution - Infrastructure built on top of the original blockchain

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Store of Value - An asset that can hold value against depreciation

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Wallet - A place to store the private keys.  The bitcoin never leaves the blockchain

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