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Bitcoin Cryptocurrency dictionary
We presents You our Bitcoin and cryptocurreincy dictionary
THIS ARTICLE
For Basic Users
Bitcoin cryptocurrency dictionary
  • Address - also known as your Bitcoin private key, is a sequence of small and capital letters and numbers (between 26 and 35 alphanumeric characters) that is used to send and receive bitcoins. Bitcoin address may also be presented in a QR Code version. It must be said that one Bitcoin user may use more than one Bitcoin address, as usually every transaction, a new address is generated.
  • Altcoin - is an alternative cryptocurrency that is based on the Bitcoin system in other word is an abbreviation of “Bitcoin alternative,”. There are many available altcoins that vary in popularity and type. The examples include the most popular as Dash (DASH), Monero (XMR), Litecoin (LTC), Bitcoin Cash (BCH or BCC) and many more. Namecoin (NMC) was the first created altcoin.
  • AML - is an abbreviation for Anti Money Laundering. It is a security method used by many websites. The process of AML is often required when registering at sportbooks who offer bitcoin as one of the payment methods.
  • ASIC - Application Specific Integrated Circuit, is a special chip used to mine Bitcoin. 
  • Bitcoin (BTC) - is a cryptocurrency created by an individual or group of people under alias Satoshi Nakamoto. At the moment, Bitcoin is the most popular cryptocurrency in the world. Satoshi set the maximum number of bitcoins to be 21 million, therefore securing its deflationary currency status. Bitcoin gives you anonymity and there are almost no cost of transactions, such as transfer of funds to and from the sportsbook. If you want to know more about Bitcoin read this article.
  • Bitcoin faucet - is a reward system in which people are awarded Bitcoin (mostly Satoshi) for completing certain tasks, such as visiting a website, clicking on the link or playing a browser-game. The purpose of Bitcoin faucets is to promote the Bitcoin, create traffic for websites and get revenue from advertisement. The amounts of bitcoins that can be acquired through Bitcoin faucets are usually very small, nonetheless, many people use them as they get you free money afterall and they are a good way of getting familiar with the Bitcoin and e-wallets.
  • Bitcoin ATM - is an cash machine that enables to deposit or withdraw Bitcoin in the form of regular, fiat currency.
  • Block - is a public record of Bitcoin transaction. All Bitcoin transactions are grouped into blocks that serve as public ledgers for Bitcoin users.
  • Block chain - is a public record of all Bitcoin transactions. The block chain is a system of blocks that is supervised by miners. Every Bitcoin transaction is publicly visible in the block chain.
  • Cold wallet - also known as cold storage or offline wallet, is an Bitcoin e-wallet that is not connected to the Internet. Cold Wallets are mostly used as safe storage places for larger amounts of bitcoins.
  • Confirmation - every Bitcoin transaction must be confirmed by adding it into the block chain. Then, miners confirm the transaction and if it has more than 51% or approval it is considered valid. It is said that six confirmations make a transaction definitely valid.
  • Cryptocurrency - is a digital currency created with the use of cryptography. Bitcoin is considered the first and most popular cryptocurrency in the world. Other cryptocurrencies created after Bitcoin, often using it as a template, are called altcoins.
  • Cryptography - is a field of science that is a branch of mathematics, concerned with study of ciphers and encryptions such as cryptocurrencies as well as their influence on the world. It deals both with creating and solving encrypted codes for various purposes such as data protection.
  • Deflation - is the opposite process to the inflation.
  • Encryption - is hiding the content of a message with the use of cryptography. Encryption allows to encode something that would be visible only for the intended recipient that can decode it in some way. Encryption is a crucial part of Bitcoin as a digital cryptocurrency, helping in securing the system and protecting its users.
  • Escrow - when two sides give their Bitcoin addresses, and thus their bitcoins, to a third, outside person that will keep them for the time of the transaction.
  • E-wallet - is a type of storage method for Bitcoin users. Read this article if you want to know more about Bitcoin wallets.
  • Exchange - is a type of website or a service that enables to change your fiat currency money into Bitcoin and the other way around. Some sportsbooks automatically convert your bitcoins into a regular currency, for example $ dollars.
  • Fiat currency - is a traditional currency used by countries and organisations such as Euro in European Union or American Dollar in the U.S.
  • Hash - is a unique mathematical process that serves as an identifier of a Bitcoin transaction that Bitcoin miners perform on blocks to make the network more secure.
  • Hot wallet - also known as online e-wallet is a Bitcoin wallet which is operated through a device with Internet connection. Either a phone, a tablet or a computer, Hot Wallet is the most popular type of a Bitcoin wallet as it is easily accessible, quick and very handy. From the other hand, it is more prone to hacker attacks.
  • KYC - is an abbreviation for Know Your Customer, is both the process of identifying as well as verifying your customer used by some Bitcoin websites along with the AML. KYC is used to prevent any dangerous individuals to gain access to Bitcoin and block chain.  
  • Miner - is a person that ‘mines’ Bitcoins. Miner can either act alone or gather in a pool. Miners help Bitcoin system to work properly - ensuring its stability and integrity. They do that by overseeing the block chain and every Bitcoin transaction.
  • Mining - Is an activity of performing certain tasks in order to receive Bitcoin as a reward. A miner solves special mathematical cryptographic equations with the use of highly-advanced computers with ASIC chips. This helps the block chain to work properly and ensures the integrity of the Bitcoin system.
  • Mining reward - also known as block reward, are the bitcoins that miners get for their work.
  • Multi-signature address - also known as multisig, is a type of a security measurement that is also used in Bitcoin transactions. Multi-signature address requires more than one private key authorization, for example 2 out of 2 or 2 out of 3.
  • Multi-signature transactions - are transactions with the use of Multi-signature address.
  • Node - is a computer with internet connection that is using Bitcoin client software.
  • Paper wallet - is the most basic type of Bitcoin wallet. It is a kind of Cold Wallet in which Bitcoin users store their Bitcoin address. In most cases, the Bitcoin address is written on a piece of paper, but Paper Wallets come in many forms. Some Bitcoin users even tattoo their Bitcoin address on themselves in order to remember it.
  • Pool - is a group of miners that work together in order to mine a block and afterwards split the block chain reward among themselves.
  • P2P - Peer to Peer is a type of system in which you can directly share data or make transactions between two sides using the network, instead of going through some sort of central authority.
  • QR Code - is a technology which enables to put data, in the form of barcodes, on the products. Special devices can then scan those barcodes and make the data visible for the operator. QR Codes are used in various sectors of life and nowadays can be found everywhere around us, also when it comes to Bitcoin where QR Code is often used as a way of encrypting our Bitcoin address.
  • Satoshi Nakamoto - is the creator or creators of the Bitcoin. Despite many investigations and theories, till this day Satoshi stays anonymous and nobody knows who he or they are. At some point Satoshi mined over a million bitcoins and after some time he completely disappeared.
  • Satoshi - is the smallest Bitcoin denomination unit that was named after the creator of the Bitcoin. One Satoshi is 0.00000001 BTC. Satoshi was created to be the smallest Bitcoin sub-unit and to be used by the programmers and miners of the Bitcoin blockchain. Read this article if you want to know more about Bitcoin units and denomination.
  • SPV - The Simplified Payment Verification is a verification process used by some Bitcoin e-wallets that enables the user verifying his bitcoin transactions without downloading the whole Bitcoin block chain, just the headers.
  • TOR - is an identity-concealing software that also enables the user to access websites not listed by web browsers such as google.
    Volatility - are the changes in price of a certain currency or asset, such as Bitcoin. Bitcoin volatility tends to be quite unstable and its price fluctuates very often. It is caused by Bitcoin’s relatively young age, as the older the currency get, the more stable it becomes.