Bitcoin Terminology (A to Z): All Bitcoin Terms and Glossary
Bitcoin Terms and Terminology
Find all the terms and glossary in this Bitcoin tutorial, along with their meanings:
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Bit
A smaller unit used to define the Bitcoin value.
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Bitcoin
Protocol of the first blockchain-based digital currency.
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Blockchain
The globally distributed ledger accounting for ownership of every digital coin that users have.
The act of processing the Bitcoin transaction as well as adding new blocks to the blockchain.
A software tool used to send and receive transactions.
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Block Reward
New coins are received by nodes for the successful mining of a block.
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Node
Computer enforcing the rules of protocol and can contribute blocks and share data on blockchain networks.
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Block Size Cap
The highest number of transactions that can fit in one block
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Digital Currency
Digitized money is used for making or receiving payments on the blockchain.
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Digital Currency Exchange
A marketplace to buy or sell digital currencies or assets.
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Enterprise Blockchain
Also known as a private blockchain, this network utilizes blockchain technology but the distribution of coins occurs in the way an entity wants.
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Fork
Split in the blockchain caused by the nodes that disagree on the rules of a blockchain.
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Hash Rate
Amount of computing power used by miners blockchain validation.
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Miner
Person, company, or a group processing the transactions and building blocks.
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Network Confirmation
Verification is needed before a transaction is considered finalized which is done after the network agrees on settlement of the respective block.
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Private Key
Cryptographically generated series of numbers and letters allowing the creation of wallet addresses and broadcasting transactions.
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Public Key
Cryptographically generated series of numbers and letters allowing the users to receive transactions.
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Protocol
Rules of the network that cannot be changed.
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Satoshi Nakamoto
A pseudonym used for Bitcoin’s inventor.
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Smart Contract
A program that executes transactions on the basis of the “if-this-then-that” rule.
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Ticker Symbol
A symbol that signifies each digital currency.
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Token
A digital currency type that resides on blockchain and represents assets or utility but does not have its own unique blockchain.
Test your knowledge with a quick quiz!
Computer enforcing the rules of protocol and can contribute blocks and share data on blockchain networks.
Select the correct answer