Bitcoin Vocabulary | kabobconnection

Bitcoin Vocabulary

Bitcoin Vocabulary

Decentralized — In a decentralized system, the users are linked to each other via →P2P. Anyone can join a decentralized network, it is difficult to take offline and – in the best case – almost impossible to hack. Decentralized autonomous organization — A decentralised autonomous organisation is an organisation which is regulated by →Smart contracts. The hack of the Smart Contracts of the first decentralized autonomous organization  ́The DAO ”.

An Air Gap is a security measure to ensure that a computer or group of computers is isolated from a network of unsecured computers such as the internet or a local area network. Part of the Output part of the PaymentDetails part of a payment protocol where receivers can specify the amount of satoshis they want paid to a particular pubkey script. The ECDSA function used to create a public key from a private key. Operation codes from the Bitcoin Script language which push data or perform functions within a pubkey script or signature script. A tree constructed by hashing paired data (the leaves), then pairing and hashing the results until a single hash remains, the merkle root.

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  • Until today it is not known which person or which collective is behind the nickname Satoshi Nakamoto.
  • Faucet — A crypto-currency faucet issues →Coins for free (until the faucet is empty).
  • E.g. “I sent ten bitcoins today.”; it is also often abbreviated BTC or XBT.
  • Gas limit is the maximum number of Gwei that you want to spend on the transaction.
  • Bitcoin and all other cryptocurrencies are often called digital assets.
  • Batching is the process of grouping multiple transactions together.

Masternode — Master nodes are a special type of →Full nodes. However, in order to operate a master node, certain conditions must be met. The Ethereum Blockchain hosts many →dApps and →Smart contracts. →Smart Contracts must be written on the Ethereum Blockchain in the programming language →Solidity. However, the →Casper update will cause an →Hardfork of the Ethereum network and then make Ethereum a →POS block chain.

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The term given to all cryptocurrencies developed after Bitcoin. Combining the words ‘alternative’ and ‘coin’, altcoins are alternative cryptocurrencies to Bitcoin — each with its own use, purpose and market. So, with the hope of helping to ‘decrypt’ the cryptocurrency world and its language, here we explain some common concepts, terminology and jargon.

Off-Chain refers to any type of transaction that takes place off of the blockchain. A Lightning wallet is a specific type of bitcoin wallet that uses the Lightning Network to facilitate near-instantaneous peer-to-peer payments at a lower cost than on-chain transactions. Lightning wallets can be run on a mobile device or a desktop computer. A Bitcoin Wallet is software that is specifically designed for sending, receiving, and holding bitcoin. There are multiple kinds of bitcoin wallets but the 3 most common types are mobile wallets, desktop wallets, and hardware wallets.

Replace By Fee

A value related to a public key which could only have reasonably been created by someone who has the private key that created that public key. Used in Bitcoin to authorize spending satoshis previously sent to a public key. Decentralised

Most cryptocurrencies are by very nature, decentralised. They are not governed or maintained by a central authority, but are jointly maintained by all their participants.

Bitcoin Vocabulary

A participant in a p2p network which connects to as many other nodes as possible. Nodes whose IP addresses are included in the Bitcoin client for use during a new installation when the normal bootstrapping process through IRC wasn’t possible. Digital currency units generated and used within the Bitcoin system. Common abbreviations include BTC, XBT or lowercase bitcoin when referring to units of the currency. All KYC exchanges are legally required to collect your personal info. Bitcoin exchanges are not zero knowledge because they are legally required to collect an array of your personal information.

Market Maker, Market Taker

A web wallet is an online wallet that stores your bitcoin on the cloud or under the custody of a third party custodian such as a bitcoin exchange. Sats, short for Satoshi, are the smallest unit of bitcoin. Outputs are generated from inputs in every standard bitcoin transaction and are generated from the coinbase transaction when newly mined coins are generated.

Bitcoin Vocabulary

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