Topic: Bitcoin related words in simple terms (Read 367 times)

I know there have been a number of Bitcoin or cryptocurrency dictionaries created in the past. You might want to refer to them and compare definitions. Anyway, a few things that you might want to note.


Blockchains aren't necessarily decentralized. There are centralized blockchains, especially those which are owned by private companies.
 

Halving occurs every 210,000 blocks. However, it isn't the "amount of Bitcoin available in circulation" that is halved. What is halved is the block reward for mining.


In other words, anything other than Bitcoin is an altcoin. That includes all those Bitcoin forks.


Exchanges aren't simply "platform where Bitcoin transactions can be carried out." Exchanges are platforms where cryptocurrencies could be exchanged with one another or with fiat.

If a post should be pinned at the top of beginners and help board it shouldn’t be this thread cause you can easily search google and get the information there but post like Ratimov’s encyclopedia and other compilations that he has made should be the ones to be pinned because it has a lot of information that newbies can learn from.

Another thing, if a newbie is finding it difficult to get info from the forum then they should learn how to use the search button properly, there are ways to use the search options that gives you good results so they should learn it and enjoy their stay here.

Accuracy of terms in such threads is unknown. I am very doubtful that terms in this thread are explained correctly.

You can find those terms on Coinmarketcap, Coingecko and technical websites for Bitcoin learning like https://learnmeabitcoin.com/

I would prioritize to choose Coinmarketcap and Coingecko than reading threads wrote by newbies.

One more issue with those threads, they will be abandoned by authors after a while.

They might use the prior word but it doesn't have the same meaning and most of the people know that when talking about in that context so I don't think they would confuse those two words.You should know that lightning network is the term when we say about bitcoin related things and you would easily come to know about it when you type bitcoin with it on Google despite you are non native English speaking or not.

Other threads also exist but it's not pinned so how will a beginner see it and get acquainted with it. Threads like this should be pinned so that beginners will know it exist.

I will search from big websites to get meaning of glossary and terms.

Terminology
Bitcoin Glossary of Terms
Bitcoin Glossary
Cryptocurrency glossary
A to Z : Cryptocurrency glossary & terms

OP, I have seen a lot of topics based on the terminologies from the aspects of Bitcoin, Altcoin, General, and Crypto, and in Trading stock-based trading terminologies, most of them covered the terminologies Only but I had encountered only a few topics covering s descriptive content of that particular terminology to explain its position in a few words. But in beginners & help, there are already many topics just based on the terminologies still you've created a topic for that put effort into it, appreciated.

But for the rest, I think you should level up now learn something unique, and bring it here with your unique view to attract others' attention. Rest is OK. Enjoy for now. Read the feedback and adjust your content accordingly to improve the presentation your thoughts and ideas, a couple of other terminologies are mentioned by senior members and some raw facts are also there so don't forget to learn and ask if you want about them.

There are some references where you can check about these terms, like this Bitcoin glossary.

--> https://bitcoinmagazine.com/bitcoin-glossary

I don’t get the reason why you would get annoyed for such a thing as spelling mistake. This is a large forum that comprises of people from different languages and as such the non English speakers would definitely make mistakes like this. The two words might be different but clear when it used in this forum or related to bitcoin then you certainly should know what the writer means. So if it see any big thing about this

Making out time alone to do research and making this thread alone is enough to tell us the truth that OP is really trying his or her best to present something meaningful to the community to see because not every newbie would have  that time to want to engage themselves with such a task as this nature. OP has done well and should be applauded for this gesture of putting up with this task.

I love the list, despite that there have been some other threads like this, it doesn't matter as long as yours is unique.

One of the advantages of working on things like this is that you get to learn more about bitcoin while you are sharing your knowledge with others. I know that the list is more encompassing because there are more bitcoin related words than what you have compiled. I encourage you to add to it if you can.

I noticed that you didn't put any references to the compilation. You should consider doing so because that is what is expected and the right thing to do.

OP could you include this to your vocabulary.

People mistake lightning with lightening. The bolder is the right word to use for Bitcoin in Bitcoin lightning network, as in lightning network but reading through some post, it's annoying when people use the first one from the image which is wrong.

I think if there is will power to learn then results will definitely come out but if you are reluctant and always feeling like there is a short cut to everything you do in life then you would probably not excel even when it comes to the forum. For OP to what compiled such then he must be really aspiring learn.

This thread is actually very useful because most person here and not only newbie don't actually know the full details of some of the words given .

The number 47 and 48 you aren’t aware of is certainly not new to bitcoin and I know you might have seen it somewhere but you just can’t recall. They are bitcoin address formats which were first used before the new formats we have now and are still been used now

The number 47 which is the P2PKH is popular known as legacy address of the bitcoin, it was the first address type and it is started with 1. Base58 is used to encode them and are created by hashing a single public key.

number 48 is the P2SH which is also another version of bitcoin address format they are soft fork from the legacy address format but it’s hashing is a redeem script and not just single public key like the former. It starts its address format with 3 as prefix.

The new address formats which are used mostly now is the P2WPKH which is mostly known as the native segwit address (Bech32), from its name it uses the Bech32 encoding. It starts it address with bc1q and are longer than the other two formats explained above. They came as result of a soft fork on the bitcoin blockchain to help create space on the block for more transactions by separating the witness data from it and as such also reduces the transaction fee to pay for transaction compared to the other above formats.

The other one is the Pay -2- taproot addresses which is the newest type of bitcoin address formats it also uses Bech32 encoding but the transaction witness stores the signature not the script sig like in P2WPKH. It starts with a prefix of bc1p and provides more privacy than the later. It is still very new and not all wallets supports it


They are still wallets that support even the older bitcoins but the most widely use is the segwit address (bc1q)

I think OP did well to have come up with this. This shows that OP is really focused on learning more about Bitcoin and having the right knowledge of what he in or she is going into.  These are the signs that shows how beginners are eagerly ready to learn new things when ever they encounter such. Although there are threads that possibly have this content which OP did not really do search for here but I believe OP was doing as a newbie and for other newbies to see as well because the time and commitment OP must have devoted in doing this is not what to he waits when there are similar posts of this nature on this platform. Well what OP did is one of the attributes of newbies so I would commend OP for giving it a try putting the this thread up.

You can include BIP39 passphrase.

If you do not want it to be confusing, there are two types of wallets: online/hot and offline/cold wallet. It is online wallets that are less safe and secure while cold wallets are safer and more secure.

Types of online wallets: web, mobile and desktop wallets
Types of offline wallets: paper wallet, hardware wallet and wallet on airgapped device.

To be more accurate, halving occur in every 210000 blocks which is approximately every 4 years.

I appreciate your contribution, but I must point out your errors.

The amount available in circulation is not halved. Instead, the production is halved. The amount of bitcoins in circulation increases every block until it reaches approximately 21 million.

An exchange is a place to buy and sell bitcoins. Trades on an exchange are not recorded in the block chain. Bitcoin transactions occur over the Bitcoin network and are recorded in the block chain.

A wallet typically has a nearly unlimited supply of addresses, so the term "wallet address" is a misnomer. Furthermore, it is a mistake to consider an address as like a bank account number or a routing number because it is typically only used once. It is more like an invoice number.

A hash is the result of a specific mathematical process applied to data. It has many uses in Bitcoin and in cryptography in general.

A transaction is confirmed when it is included in a block. Multiple confirmations occur when additional blocks are added to the block chain because each block confirms the blocks that precede it.

More precisely, in a pump-and-dump, the scammer buys a worthless asset and then promotes the asset by making fraudulent claims (the "pump"). Then, the scammer sells the asset as the price rises (the "dump"). The victims of the fraud are left holding the asset as it returns to being worthless again.

More importantly, fungibility is a property that describes how one bitcoin is indistinguishable from any other.

Cryptography is a technology that provides capabilities such as security, privacy, and authentication.

Market cap is the total value of the bitcoins in circulation.

Great effort OP, even though people have created so many topics related to this before, this will serve as a reminder because most of our newbies are finding it difficult to use the forum search button, and as a result of that, they may find it difficult to locate such threads quickly because these acronyms are confusing sometimes, even if you are not new to them, and for beginners that are just coming into bitcoin and cryptocurrency, it is very important for them to know the meaning of them so that they can learn fast.

A great advice from a good adviser. I really like the way you treat newbies and I hope you will do that forever. Op do make a good effort if he really did and searched all these by himself like not ok help from some AI content writer. Because that will not be tolerated. Some terms are new to me and I really like to learn new terms you op have done a good thing by adding a little explanation with these words. Because recently, there was a newbie in the trading discussion, you did not insert a description with the words or terms he wrote there then after some time I think on-demand he inserted some of the explanation with the terms.

Yeah, you are right, but I think there is no way to declare that either OP has copied the data from somewhere or not, because what if he has learned it from the time of him since he is in crypto? Or who knows if he just read some articles comprised of these types of terms and took ideas from there and also wrote from there. But in his own words. Then he should have inserted the source link.

You have compiled a good set of words that commonly used in BTC sphere. But the point 47, 48, are not used that much, even I was not aware of them before and I came to know them here by your post. I think they are some technical terms used in the architecture of BTC blockchain. If yes, then I hope there must be other lot of terms used in that section that could be wrote here. Besides it, Your post was very informative and despite the fact that there are numerous threads already been made on this thing but all the time I came to know about new terms. But unfortunately, I can not remember all these words. But sometimes, few words came to my mind during a discussion then I don't hesitate to name them.

Another confession I wanted to make here, That I have used these terms and other terms which I have learnt from topics like these, to show myself as the most knowledgeable person of BTC among my friends. But sometimes, I got caught but I don't mind that because in friends we used to do that. But this fun must not be go beyond limits that it could hurt someone's reputation or money.