Topic: Bitcoin dictionary (Read 164 times)

maybe you should leave these things to be on the resources such as wikis, etc instead of trying to define them yourself and make a topic about it. in the first lines you already have multiple mistakes and they don't stop there. for example:

you don't keep your bitcoins offline you keep your keys offline.
and the example is better be a paper wallet rather than a USB.

that is the definition of a fully confirmed and irreversible transaction not the definition of "confirmation". confirmation means the transaction is included in a block.

i don't know if you are translating things or just write based on your own understanding but this is completely wrong. Cryptography has nothing to do with "a method transmitting data"!

No need for another post of this type. There are already many, like for example these:

https://bitcointalksearch.org/topic/must-know-technical-terms-in-bitcoinblockchain-for-newbies-4593038
https://bitcointalksearch.org/topic/bitcoin-vocabulary-2244227
https://bitcointalksearch.org/topic/some-common-vocabulary-for-beginners-in-cryptocurrency-3356527

Also, a great collection of crypto related terms can be found here:

https://www.cryptowisser.com/cryptocurrency-glossary/

Sharing my bitcoin dictionary.

Cold Storage - Keeping a reserve of Bitcoins offline (such as on a USB).

Confirmation - A Bitcoin transaction is considered confirmed when it reaches a certain amount of blocks deep.

Crypto - Short for cryptography, it means hidden or kept secret.

Cryptocurrency - A digital or virtual currency that uses cryptography for security.

Cryptography - A method of storing and transmitting data in a specific form so that only those for whom it's intended can read and process it.

Decentralized Exchange - An exchange market that does not rely on a third party service to hold the customer's funds.

Digital Currency - Digital currency is an asset represented in digital form and having some monetary characteristics. They represent electronic money (e-money).

Ethereum - A public blockchain-based software platform that enables developers to build and deploy decentralized applications.

Fiat - A currency that a government has declared as legal tender but is not backed by a physical commodity.

Fork (Hard Fork and Soft Fork) - The result when a blockchain diverges into two potential paths. A hard fork involves more radical and permanent changes while a soft fork is a temporary split in the blockchain that is backwards compatible.

HD Wallet - Improves privacy by being able to generate new bitcoin addresses whenever you send and receive funds.

Keys (Private, Public) - A secret number that allows Bitcoins to be spent. A public key is 256 bits long and is used to ensure you are the owner of an address that can receive funds. A public key is also derived from the private key.

Miner Fees - Transaction fee that is received by the bitcoin miner.

Miners - A bitcoin miner is a computer specifically designed to record to Bitcoins ledger of past transactions.

Mining (Mining Pools) - A way for Bitcoin miners to pool their resources together and share their hashing power while splitting the reward equally according to the amount of shares they contributed to solving a block.

P2P (Person to Person) - A user's ability to directly exchange data or take part in digital asset transfers with other users without having to go through an exchange or central authority.

Payment Protocol - The transfer of value from one individual to another in a specific process or sequence of messages that must take place in a particular order.

Private Key - A private key is a secret number that allows Bitcoins to be spent, every Bitcoin wallet contains one or more private keys.
.

Satoshi - The name used by the unknown person(s) who designed and created Bitcoin. They also devised the first blockchain database. Further a denomination equal to 1/100th of a Bitcoin.

SEC - The US Securities and Exchange Commission (SEC) is a government entity for protecting investors; maintaining fair, orderly, and efficient markets; as well as facilitating capital formation.

SegWit (Short for Segregated Witness) - SegWit is the process which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions.

SegWit2x - One of the proposals for boosting Bitcoin's transaction capacity, it seeks to upgrade Bitcoin by enacting Segwit and set a timeline for increasing the network's block size to 2MB.

Signature - A Bitcoin signature allows you to show that you know the private key connected to a public one without having to reveal the private key.

Transaction - An agreement between a buyer and a seller to exhange goods, services or financial instruments.

Virtual currency - A virtual currency is a digital representation of value, not issued by a central bank, credit institution or e-money institution which can be used as an alternative to money.

Wallet - A wallet is a software program where Bitcoins are stored.