23 most important buzzwords in Bitcoin world
- Cryptocurrency: A digital currency that relies on cryptography to validate and secure transactions. There are different types of cryptocurrencies. Bitcoin and ethereum are among the best known.
- Bitcoin: A digital, or crypto, currency that enables payment in a decentralized peer-to-peer (P2P) network not governed by any central authority or middleman.
- Blockchain: Also known as distributed ledger technology (DLT), it is a shared record of information that is maintained and updated by a network of computers rather than a central authority.
- Distributed Ledger Technology: A term often used interchangeably with “blockchain,” although technically blockchain describes the public ledger powering bitcoin.
- Mining: The process through which transactions are verified and added to the blockchain and new bitcoins are created.
- Miners: Term used to describe the devices or the people that own the devices that validate bitcoin transactions. They get rewarded for the computing power consumed during mining with the bitcoins created in the process.
- Public Ledger: A distributed ledger that is open to everyone on the internet. Bitcoin’s blockchain is a public ledger.
- Permissioned Ledger:A distributed ledger that needs permission to access. It is maintained only by a limited number of parties. This is the kind of blockchain tech that large corporations, such as banks may use due to data privacy needs.
- Double Spend: A successful bitcoin transaction that is sent to two different recipients simultaneously. It’s essentially as if the same dollar bill could be spent twice. Bitcoin’s blockchain is the system that should prevent this from happening.
- Altcoin: An alternative cryptocurrency to Bitcoin.
- Ethereum: Ethereum is Bitcoin's top rival. Both the blockchains differ primarily in purpose and capability. While Bitcoin blockchain is used to track ownership of digital currency Bitcoin, Ethereum blockchain can be used to build apps.
- Hard Fork: When a blockchain splits into two ledgers creating a new digital currency.
- Bitcoin Cash: An alt-coin clone of bitcoin that was created in August 2017 when a group of Chinese miners initiated a fork of bitcoin’s blockchain.
- Genesis Block: The first block in a new blockchain.
- Hash Rate: The speed of a bitcoin transaction.
- Smart Contracts: Software that runs on blockchain technology and can automatically enforce the terms of an agreement. A “smart bond,” for example, would automatically make interest payments to investors.
- ICO: Initial Coin Offering, or a token sale. This is the process or event in which funds are raised for a new cryptocurrency venture and contributors receive tokens in return.
- Distributed Application: Software that runs on multiple computers on a given network at the same time.
- Oracles: A data feed, usually a third party service, that provides information for use in smart contracts.
- Nodes: Connection points for the transmission of data.
- Digital Wallet: Software that allows users to make electronic payments, purchases and store their cryptocurrencies online.
- Private Keys: A form of cryptography that allows users to access their cryptocurrency and is an essential part of its security.
- Hardware Security Modules (HSM): It is a device that secures data such as digital private keys in a very secure fashion.
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