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How Many Blockchain, Bitcoin, and Cryptocurrency Terminologies do You Know?

How Many Blockchain, Bitcoin, and Cryptocurrency Terminologies do You Know?

It’s no big secret that the world of blockchain-based cryptocurrencies is expanding remarkably.

CryptoCurrency South Africa

The industry is still in its cradle, but it’ll revolutionize the way we transact in the future. Here’s a list of the most popular cryptocurrency lingos that anyone will probably meet out there while trading and finding the best Bitcoin mining hardware.

Bitcoin – with a capitalized B, it stands for the technology, the community, the protocol and software of Bitcoin.

Bitcoin – it merely describes the unit of currency. It’s what you mine using the best Bitcoin mining hardware.

Altcoins – refers to all the other cryptocurrencies apart from Bitcoin – Ethereum, Litecoin, Dash, Monero, Bitcoin Cash, etc.

Bit – a subunit of a bitcoin. One bitcoin has a million bits.

Satoshi – the smallest unit of Bitcoin equal to 0.00000001 bitcoin and named after Satoshi Nakamoto.

XBT or BTC – abbreviations of bitcoin.

Confirmation – the act of confirming a bitcoin transaction validity, done by miners, every 10 minutes after a block has been mined.

MiningMining crypto currency is process of computer hardware running complex mathematical calculations that confirm transactions and enhance the security of the Bitcoin network. Miners who us best Bitcoin mining hardware.

Recovery phrase or seed keywords – random 12, 18 and 24 words used to derive many pairs of private and public keys.

Cryptography – a branch of mathematics and computer science that gave birth to cryptocurrencies.

Private keys – secret alphanumeric password or number used to send and spend crypto currencies.

Public key or Bitcoin address – the alphanumeric address that receives the coins.

Bitcoin wallet – physical or software “purse” that will be used to hold and store the coins and public and private keys.

Transaction ID – an alphanumeric string that has details of a transfer, including the amount sent, the sending/receiving address and the date of transfer.

Blockchain – a universal public ledger of all bitcoin transactions to date.

HD wallet – a wallet that generates a hierarchical, tree-like structure of several public and private keys right from the root seed key.

Hardware wallet – a unique device that store public and private keys.

Transaction fee – what bitcoin user pays before a transaction is completed.

ICO – Initial Coin Offering

FUD – fear, uncertainty, and doubt.

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