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News Crypto Bitcoin provides a new way to pay and as such, there are some new words that can become a part of your vocabulary.




Address

A bitcoin address resembles an actual address or an email. This is the only information you need to provide to get paid with Bitcoin. An important difference, however, is that each address should only be used for a single transaction.


Bit

A bit is a common unit used to define a sub-unit of a bitcoin - 1,000,000 bits is equal to 1 bitcoin (BTC). This unit is usually more convenient for pricing tips, products and services.


Bitcoin

Bitcoin - Used to describe the concept of Bitcoin, including capitalization, or the entire network itself. Such as "I was learning about the Bitcoin protocol today."

Bitcoin - Used to describe Bitcoin as a unit of account, without capitalization. Such as "I sent ten bitcoins today."; This is often called BTC or XBT for short.


Blockchain

Blockchain is a universal record of bitcoin transactions in chronological order. Blockchain is shared among all Bitcoin users. It is used to verify the stability of bitcoin transactions and to prevent double spending.







Block

Blockchain is a record of blockchain that contains and confirms many pending transactions. Approximately every 10 minutes, a new block with transactions is added to the block chain through mining.


BTC

BTC is a common unit used to determine a bitcoin.


Confirmation

Confirmation means that a transaction has been processed by the network and it is very unlikely that it will be reversed. Transactions receive a confirmation when they are included in one block and for each subsequent block. Even a single confirmation may be considered safe for low-value transactions, although for large amounts such as $ 1000 USD, it makes sense to wait for 6 confirmations or more. Each confirmation rapidly reduces the risk of a reverse transaction.


Cryptography

Cryptography is a branch of mathematics that allows us to create mathematical proofs that provide a high level of security. Online commerce and banking already use cryptography. In the case of Bitcoin, cryptography is used to make it impossible for anyone to spend money from another user's wallet or corrupt the blockchain. It can also be used to encrypt a wallet, so it cannot be used without a password.







Double cost

If a malicious user tries to spend their bitcoin to two different recipients at the same time, it costs twice as much. There is a need to build a consensus in the network on which of the two transactions, Bitcoin Mining and Blockchain, will be confirmed and considered valid.


Hash rate

The hash rate is a unit of measure of the processing power of a bitcoin network. The Bitcoin network needs to perform intensive mathematical operations for security purposes. When the network reaches a hash rate of 10 Th / s, it means it can count to 10 trillion per second.


Mining

Bitcoin mining is the process by which computer hardware performs mathematical calculations to ensure transactions and increase security for the Bitcoin network. As a reward for their services, bitcoin miners can collect transaction fees for their confirmed transactions, including newly created bitcoins. Mining is a special and competitive market where prizes are distributed based on how much is counted. Not all bitcoin users do bitcoin mining and this is not an easy way to make money.





P2P

Peer-to-peer refers to systems that function as an organized entity, allowing each individual to communicate directly with others. In the case of Bitcoin, the network is designed in such a way that each user is transmitting transactions to other users. And, importantly, there is no need for a bank as a third party.


Personal key

A private key is confidential information that proves your right to spend bitcoin from a particular wallet through a cryptographic signature. If you use a software wallet, your private keys (s) are stored on your computer; If you use a web wallet, they are stored on some remote server. Private keys should never be disclosed as they allow you to spend bitcoin for their respective bitcoin wallets.


Signature

A cryptographic signature is a mathematical process that allows someone to prove ownership. In the case of Bitcoin, a Bitcoin wallet and its private key (s) are connected by some mathematical magic. When your bitcoin software signs a transaction with the appropriate private key, the entire network can see that the signature matches the bitcoin spent. However, the world has no way of guessing your personal key to stealing your hard-earned bitcoin.


Wallet

A bitcoin wallet is the equivalent of a physical wallet on a bitcoin network. The wallet actually contains your personal keys (s) that allow you to spend the bitcoins assigned to it in the blockchain. Each bitcoin wallet can show you the total balance of all bitcoins that control it and allow you to pay a certain amount to a certain person, just like a real wallet.


How does work Bitcoin ??


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