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Crypto Jargon Buster

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1Crypto Jargon Buster Empty Crypto Jargon Buster Thu Nov 16, 2017 12:37 am



51% attack      
This occurs when more than half the computing power on a digital currency network is run by a single miner, which theoretically makes them the main controller and authority of that network.

The alternatives and rivals to Bitcoin are collectively known as Altcoins.

Bitcoin Whitepaper
Written by Satoshi Nakamoto in 2008, the famous document explains the Bitcoin concept and protocol. The Bitcoin code was released the following year.

Block reward
The recompense a miner receives when they have successfully hashed a transaction block. It can be a mixture of coins and transaction fees.

This is where a number of coins are given away for free to generate interest and build initial momentum in a cryptocurrency mining community.

Fiat currency
Currency that a government has declared to be legal tender, but it is not backed by a physical commodity.

The emergence or creation of a new version of a particular blockchain. It typically happens when one set of miners begins hashing a different set of transaction blocks from another.

Genesis block
If you know your biblical readings you’ll get know why this is the term for the very first block in the block chain.

Basically, this is where new Bitcoins are generated, which happens as crypto problems are solved.

Satoshi Nakamoto
The inventor of the Bitcoin concept and protocol. Some believe it is a group of people rather than one individual. The term ‘Satoshi’ refers to the smallest subdivision of a Bitcoin currently available (0.00000001 BTC).

Silk Road
The controversial underground online marketplace, which has been often linked to cryptocurrencies in the past, was shut down by the FBI in 2013.

Virgin Bitcoin      
Bitcoins purchased as a reward for mining a block. These have not yet been spent anywhere.

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