Below are some technical terms which are related to the bitcoin currency. Blockchain Glossary
- Digital asset: Any resource that exists digitally and that someone can own, or that represents content that someone can own and, therefore, has associated a right to its use. Being treated as a property, it can be sold, bought or licensed. For example, graphic files, logos, video or sound files, web pages, electronic documents, cryptocurrencies
- Airdrop: Method used by different projects for the free distribution of tokens to a series of wallets.
- Algorithm : A set of previously written, well defined, ordered and finite rules or instructions that allow an activity to be carried out by means of successive steps that do not raise doubts about who should do the activity. Given an initial state and an input, following the successive steps, a final state is reached and a solution is obtained.
- Altcoin: Simplified construction of the words “alternative” and “coin”. It could be translated as “alternative currency”.
- Height of the block (Block Height) : Number of blocks mined after the genesis block.
- ASIC: Acronym for “Application Specific Integrated Circuit “. Chips developed specifically to fulfill a specific function. In the case of Bitcoin, they are designed to process SHA-256 (to mine) hash issues in order to earn new bitcoins.
- ATH: Acronym for All Time High. Historical maximum of a price.
- Bear Market or Bearish (Bear): Expectation of decreasing prices in a market.
- Bitcoin / bitcoin: Bitcoin is generally used to refer to the network or protocol, and bitcoin (lowercase) to refer to monetary units. Bitcoin is characterized by being decentralized, it is not backed by any government or central bank, it relies on blockchain technology and its open source community.
- Bitcoin Cash: It arises on August 1, 2017 as a result of the division of the Bitcoin community around the debate on scalability. From block 478,558 the new currency is created that adopts the name of Bitcoin Cash. From this hard fork of the Bitcoin chain, the new chain began to create blocks of 8 Mb in size instead of the 1Mb of Bitcoin. Bitcoin Future is expected to be bright in the coming year. As different types of online software makes it easy to use this currency.
- Blockchain: Distributed transactional database, made up of blockchains designed to avoid modification once a data has been published. This is accomplished using peer-to-peer (P2P) networks, with consensus generated through a proof-of-work (PoW) algorithm and linking blocks cryptographically with a reliable timestamp
- Private or permission blockchain: One in which the consultation, validation, and participation process are limited to a few nodes. Both blockchain data access and transaction submission to be included are limited to a predefined list of nodes or entities.
- Blockchain public or without permission (permission less): One in which there are no restrictions either to read the data from the blockchain or to validate transactions to be included in the blockchain. They are easy to get in and out of, they are transparent, and they are built to operate in an environment without trust.
- Blockchain Tamper Evident: Blockchain in which any modification is evident and visible to the entire network once it has been made. Which means that a Blockchain Tamper Evident can be altered, although said alteration will be visible to all network participants?
- Blockchain Tamper Proof (tamper-proof): Blockchain with a very high level of security since nothing can be modified (or it is highly unlikely that someone has access to the resources necessary to do so). Therefore, a Blockchain Tamper Proof like that of Bitcoin today is immutable.
- Genesis block: Refers to the first block that makes up a blockchain or blockchain. In the case of Bitcoin, the first public blockchain dates from January 3, 2009.
- Bull market or Bullish (Toro): Expectation of price increases in a market. It is new term in the market of bitcoin but get value in small interval of time.
- Public and private key: A private key and a public key are mathematically related, in fact, the public key is derived from the private key.
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