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This quick glossary contains many of the terms used in relation to bitcoin. These terms are used throughout the book, so bookmark this for a quick reference and clarification.
address::
((("bitcoin address")))
((("address", see="bitcoin address")))
((("public key", see="bitcoin address")))
A bitcoin address looks like +1DSrfJdB2AnWaFNgSbv3MZC2m74996JafV+. It consists of a string of letters and numbers starting with a "1" (number one). Just like you ask others to send an email to your email address, you would ask others to send you bitcoin to your bitcoin address.
A bitcoin address looks like +1DSrfJdB2AnWaFNgSbv3MZC2m74996JafV+. It consists of a string of letters and numbers starting with a "1" (number one). Just like you ask others to send an email to your email address, you would ask others to send you bitcoin to your bitcoin address.((("bitcoin address")))((("address", see="bitcoin address")))((("public key", see="bitcoin address")))
bip::
((("bip")))
Bitcoin Improvement Proposals. A set of proposals that members of the bitcoin community have submitted to improve bitcoin. For example, BIP0021 is a proposal to improve the bitcoin URI scheme.
Bitcoin Improvement Proposals. A set of proposals that members of the bitcoin community have submitted to improve bitcoin. For example, BIP0021 is a proposal to improve the bitcoin URI scheme.((("bip")))
bitcoin::
((("bitcoin")))
The name of the currency unit (the coin), the network, and the software.
The name of the currency unit (the coin), the network, and the software.((("bitcoin")))
block::
((("block")))
A grouping of transactions, marked with a timestamp, and a fingerprint of the previous block. The block header is hashed to find a Proof-Of-Work, thereby validating the transactions. Valid blocks are added to the main blockchain by network consensus.
A grouping of transactions, marked with a timestamp, and a fingerprint of the previous block. The block header is hashed to find a Proof-Of-Work, thereby validating the transactions. Valid blocks are added to the main blockchain by network consensus.((("block")))
blockchain::
((("blockchain")))
A list of validated blocks, each linking to its predecessor all the way to the genesis block.
A list of validated blocks, each linking to its predecessor all the way to the genesis block.((("blockchain")))
confirmations::
((("confirmations")))
Once a transaction is included in a block, it has "one confirmation." As soon as _another_ block is mined on the same blockchain, the transaction has two confirmations, etc. Six or more confirmations is considered sufficient proof that a transaction cannot be reversed.
Once a transaction is included in a block, it has "one confirmation." As soon as _another_ block is mined on the same blockchain, the transaction has two confirmations, etc. Six or more confirmations is considered sufficient proof that a transaction cannot be reversed.((("confirmations")))
difficulty::
((("difficulty")))
A network-wide setting that controls how much computation is required to find a Proof-Of-Work.
A network-wide setting that controls how much computation is required to find a Proof-Of-Work.((("difficulty")))
difficulty target::
((("target difficulty")))
A difficulty at which all the computation in the network will find blocks approximately every 10 minutes.
A difficulty at which all the computation in the network will find blocks approximately every 10 minutes.((("target difficulty")))
difficulty re-targeting::
((("difficulty re-targeting")))
A network-wide recalculation of the difficulty that occurs once every 2,106 blocks and considers the hashing power of the previous 2,106 blocks.
A network-wide recalculation of the difficulty that occurs once every 2,106 blocks and considers the hashing power of the previous 2,106 blocks.((("difficulty re-targeting")))
fees::
((("fees")))
The sender of a transaction often includes a fee to the network for processing the requested transaction. Most transactions require a minimum fee of 0.5mBTC.
The sender of a transaction often includes a fee to the network for processing the requested transaction. Most transactions require a minimum fee of 0.5mBTC.((("fees")))
hash::
((("hash")))
A digital fingerprint of some binary input.
A digital fingerprint of some binary input.((("hash")))
genesis block::
((("genesis block")))
The first block in the blockchain, used to initialize the crypto-currency.
The first block in the blockchain, used to initialize the crypto-currency.((("genesis block")))
miner::
((("miner")))
A network node that finds valid Proof-Of-Work for new blocks, by repeated hashing.
A network node that finds valid Proof-Of-Work for new blocks, by repeated hashing.((("miner")))
network::
((("network")))
A peer-to-peer network that propagates transactions and blocks to every bitcoin node on the network.
A peer-to-peer network that propagates transactions and blocks to every bitcoin node on the network.((("network")))
Proof-Of-Work::
((("proof-of-work")))
A piece of data that requires significant computation to find. In bitcoin, miners must find a numeric solution to the SHA256 algorithm that meets a network-wide target, the difficulty target.
A piece of data that requires significant computation to find. In bitcoin, miners must find a numeric solution to the SHA256 algorithm that meets a network-wide target, the difficulty target. ((("proof-of-work")))
reward::
((("reward")))
An amount included in each new block as a reward by the network to the miner who found the Proof-Of-Work solution. It is currently 25BTC per block.
An amount included in each new block as a reward by the network to the miner who found the Proof-Of-Work solution. It is currently 25BTC per block.((("reward")))
secret key (aka private key)::
((("secret key")))
((("private key", see="secret key")))
The secret number that unlocks bitcoins sent to the corresponding address. A secret key looks like +5J76sF8L5jTtzE96r66Sf8cka9y44wdpJjMwCxR3tzLh3ibVPxh+.
The secret number that unlocks bitcoins sent to the corresponding address. A secret key looks like +5J76sF8L5jTtzE96r66Sf8cka9y44wdpJjMwCxR3tzLh3ibVPxh+.((("secret key")))((("private key", see="secret key")))
transaction::
((("transaction")))
In simple terms, a transfer of bitcoins from one address to another. More precisely, a transaction is a signed data structure expressing a transfer of value. Transactions are transmitted over the bitcoin network, collected by miners, and included into blocks, made permanent on the blockchain.
In simple terms, a transfer of bitcoins from one address to another. More precisely, a transaction is a signed data structure expressing a transfer of value. Transactions are transmitted over the bitcoin network, collected by miners, and included into blocks, made permanent on the blockchain.((("transaction")))
wallet::
((("wallet")))
Software that holds all your bitcoin addresses and secret keys. Use it to send, receive, and store your bitcoin.
Software that holds all your bitcoin addresses and secret keys. Use it to send, receive, and store your bitcoin.((("wallet")))