When the word Bitcoin is mentioned it is sometimes accompanied with words like Blockchain, Hash Rate, Block, Wallet, Double spending and so on. Most times they just leave the average person confused, I have to admit it was hard for me in the beginning.
So here are a few terms you should add to your bitcoin vocabulary:
Address
Your Bitcoin Wallet address is similar to your email address, you need to provide this in order to receive Bitcoin.
Block
This is a record in the Block chain that contains and confirms transactions waiting to be processed. Every ten minutes a new block is added to the Blockchain through mining.
Block Chain
This is a public record of transaction arranged in chronological order. The Block chain usually contains transactions that have been confirmed.
Confirmation
A transaction that has been confirmed has been processed by a network and is not likely to get reversed.
Double spending
This occurs when a user tries to send bitcoins to two different users at the same time. The Bitcoin protocol has put measures in place to ensure that this does not happen.
Hash Rate
The hash rate is the amount of processing power of the Bitcoin network, its unit is the giga hash per second, Tera Hash per second. The more the hash rate the more the calculations that can be carried out per second.
Mining
Bitcoin mining involves using computer hardware to confirm transactions on the Bitcoin network and increase security. As a reward for mining Bitcoin Miners receive transaction fees for the transaction they confirm and they also receive newly created bitcoins.
Peer to peer
Peer to peer systems interact directly while excluding the middle man. Bitcoin supports peer to peer transfer that allows users to transfer Bitcoin to each other directly without going through a bank
Private Keys
Private keys are encrypted forms of data
Thanks for reading
Very basic but really important for all of the new people entering the crypto world each day. WE take for granted what we know while others are just learning.
Thanks, alot of people just enter the crypto world without any knowledge and end loosing money
thanks for information
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by 343290908940435466 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
did very well...now i know this bitcoin terms... thanks for sharing
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://bitcoin.org/en/vocabulary
i gave credit to my source