Talking in “bitcoin” lingo!

Often we hear so much jargon around a particular subject which keeps us guessing as to the meaning. Here is a list of words and meanings to enable you to understand and converse in “bitcoin” lingo! Educate yourself, it is free.

 

Address

A bitcoin address is used to receive and send transactions on the bitcoin network. It contains a string of alphanumeric characters, but can also be represented as a scannable QR code. A bitcoin address is also the public key in the pair of keys used by bitcoin holders to digitally sign transactions (see Public key).

Blockchain

The full list of blocks that have been mined since the beginning of the bitcoin cryptocurrency. The blockchain is designed so that each block contains a hash drawing on the blocks that came before it. This is designed to make it more tamper proof.

Exchange

A central resource for exchanging different forms of money and other assets. Bitcoin Exchanges are typically used to exchange the cryptocurrency for other, typically fiat, currencies.

Orphan block

A block which is not a part of the valid blockchain, but which was instead part of a fork that was discarded.

Ripple

A payment network that can be used to transfer any currency (including ad hoc currencies that have been created by users). The network consists of payment nodes and gateways operated by authorities. Payments are made using a series of IOUs, and the network is based on trust relationships.

Click on this link to see the full list compiled by CoinDesk – http://www.coindesk.com/information/bitcoin-glossary/
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