Techies are like superheroes to me. They have special powers and speak a foreign language. Computer gurus are not actually geeks, but gods of the information age, and I feel inferior in their presence, like I need to kneel and bow or something. Tech-savvy individuals possess a powerful and intimate knowledge of the cyber-universe, and although I can’t prove it, I think many of them make love to their computers at night.
I’m an elementary teacher by day, and a Bitcoin enthusiast by night—after the kids are asleep of course. I’m comfortable teaching a room full of 8-year olds hands-on strategies for solving math problems, but when I first entered the mysterious realm of Bitcoin, it was more like high school calculus. I was lost most of the time, but what I did understand was actually pretty cool. To know about the prices of bitcoin, bitcoin-cash, Ethereum, Ripple and other coins you can check coin markets anytime and analyze real time market of digital currencies.
The following little glossary is for people like me with zero technical computer knowledge (I think I Googled megabyte once) and are brand new to Bitcoin.
10 Terms for Bitcoin Beginners:
- Crytpocurrency: a term for a digital currency like Bitcoin, based on cryptography, which means communication and transactions occur based on computer science and mathematical theory.
- P2P: stands for peer-to-peer, the network structure of Bitcoin where individuals share the workload of monitoring, confirming, and recording Bitcoin transactions.
- Wallet: the place your Bitcoins are stored, either on a personal computer, secured website, or mobile device. You can have many Bitcoin wallets and all are compatible.
- Mining: the process where computer software, or sophisticated hardware, solves mathematical problems in an effort to discover or mint new Bitcoins. They are released in blocks, approximately every 10 minutes somewhere in the world.
- Blockchain: the entire database of Bitcoin transactions, which is essentially public knowledge. I have it on my Kindle for when I’m really bored.
- BTC: the short form for Bitcoin currency, like CAD, USD, or EUR.
- Satoshi: the pseudonym of the alleged inventor of Bitcoin, Satoshi Nakamoto. A satoshi is also the smallest fractional unit of Bitcoin, 0.00000001 BTC (eight decimal places).
- Bitcoiner: any Bitcoin user or fan. I have no idea who, ahem, coined the term.
- ASIC: a top brand of Bitcoin mining equipment, which stands for Application Specific Integrated Circuit.
- Difficulty: the Bitcoin difficulty level refers to how challenging it is to mine new blocks of Bitcoins, which is currently at 26,162,876. That’s a really big number and I have no clue what it actually means.
Do any of my technologically literate comrades have other basic Bitcoin terms to add?