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National Seminar Bitcoin Glossary: 2018 Annual National Seminar 2018 NATIONAL SEMINAR US SENTENCING COMMISSION Address - A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction. Typically consists of between 26 and 35 alphanumeric characters. Altcoin - A form of cryptocurrency that has the same decentralized, peer-to-peer principles as bitcoin, but which uses its own blockchain and has its own rules of operation. Altcoin is the term used to describe those digital currencies that do not have as big a market capitalization or do not have the recognition of the current incumbent cryptocurrencies such as bitcoin, litecoin and dogecoin. ASIC - ASIC stands for application specific integrated circuit, which is a specialized silicon chip that performs just one task. In the digital currency space, these chips process SHA-256 in order to mine bitcoin and validate transactions. ASIC Miner - An ASIC Miner is the hardware that houses the chip of the same name. You put them into your Internet connection via a modem or wireless mode. Bitcoin is independent of your desktop computer. Bit - Bit is a common unit used to designate a sub-unit of a bitcoin - 1,000,000 bits is equal to 1 bitcoin (BTC or ). This unit is usually more convenient for pricing, tips, goods and services. Bitcoin / BTC (shorthand) - A form of digital currency created in 2009, that is created and distributed on a peer-to-peer basis. It has no central bank - transactions are conducted directly between individuals. Bitcoin is the most popular kind of cryptocurrency. Bitcoin Index - The live bitcoin news bitcoin index is a weighted average index that shows the value of one bitcoin versus one single unit of currency of each of the majors in the Forex space – EUR, USD, JPY, GBP and AUD. Bitcoin Whitepaper - Written by Satoshi Nakamoto in 2008, it describes the original plan and protocol for Bitcoin. BitPay - BitPay is a payment processing company and software that allows merchants such as eBay, Amazon and other online shopping channels to accept bitcoin as payment for its goods and services. Block - A block is a record in the block chain that contains and confirms many waiting transactions. Roughly every 10 minutes, on average, a new block including transactions is appended to the block chain through mining. Block Reward - This term refers to the “reward” that the Miner receives for successfully hashing a transaction block. Blockchain - A digital file distributed to everyone participating in a crypto- currency network. The blockchain acts as a kind of general ledger, keeping track of all the transactions that happen in the network. Everyone can look at the blockchain to see what transactions have happened on the network, and the blockchain is sealed using cryptography so that no one can tamper with it. Cold Storage – A security measure for Bitcoin that is disconnected from the internet. Could be a paper wallet [see below], USB stick or hardware wallet. Confirmation - Confirmation means that a transaction has been processed by the network and is highly unlikely to be reversed. Transactions receive a confirmation when they are included in a block and for each subsequent block. Even a single confirmation can be considered secure for low value transactions, although for larger amounts like $1,000 US, it makes sense to wait for 6 confirmations or more. Each confirmation exponentially decreases the risk of a reversed transaction. Cryptocurrency - The broad name for digital currencies that use blockchain technology to work on a peer-to-peer basis. Cryptocurrencies don't need a bank to carry out transactions between individuals. The nature of the blockchain means that individuals can transact between each other, even if they don't trust each other. The cryptocurrency network keeps track of all the transactions and ensures that no one tries to renege on a transaction. Cryptography - Cryptography is the branch of mathematics that lets us create mathematical proofs that provide high levels of security. Online commerce and banking already uses cryptography. In the case of Bitcoin, cryptography is used to make it impossible for anybody to spend funds from another user's wallet or to corrupt the block chain. It can also be used to encrypt a wallet, so that it cannot be used without a password. Dogecoin - An altcoin first started as a joke in late 2013. Dogecoin, which features a Japanese fighting dog as its mascot, gained a broad international following and quickly grew to have a multi-million dollar market capitalization. Double Spend - If a malicious user tries to spend their bitcoins with two different recipients at the same time, this is double spending. Bitcoin mining and the block chain are there to create a consensus on the network about which of the two transactions will confirm and be considered valid. Exchange - An exchange is exactly how it sounds, somewhere where account holders can exchange one digital currency for another or a Fiat currency for a digital currency. Faucet - When an individual or team of individuals develop a digital currency, they may pre-mine a certain amount before release and give these pre-mined coins away. This is called a faucet. FIAT - A Fiat currency is a traditional paperback currency that is regulated by an organization such as the central bank. Examples include the Euro, the US dollar and the Australian dollar.PDF Image | Bitcoin: A Peer-to-Peer Electronic Cash System
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