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Bitcoin Network

Bitcoin Network

Collection of nodes running the open source Bitcoin software. See nodes.

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Block

Block

Group of transactions verified and sent out to the network every 10 minutes. See Mining.

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Block Subsidy

Block Subsidy

The portion of the block reward that is new bitcoin released to the set of miners verifying that block. See Halving.

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Blockchain

Blockchain

If Bitcoin was a car, Blockchain would be the transmission. The blockchain is the literal chain of blocks of every Bitcoin transaction that has ever happened.

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Circular Economy

Circular Economy

A Bitcoin Circular Economy is the end game, its where everyone who wishes to participate is able to earn, save, and spend Bitcoin without having to use the legacy financial system and government controlled currency.

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Coinjoin

Coinjoin

Development on Bitcoin is always improving and changing in multiple directions all the time. Coinjoin is a software concept that allows users to gain more privacy while sending Bitcoin by breaking deterministic links in between transactions that can be used to determine how much Bitcoin you have and where you are sending it. Several Coinjoin implementations exist, the three most notable are Samourai Whirlpool, Wasabi Mixer, and JoinMarket. For further reading we would direct you to SamouraiWallet.com and OXT.me

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Cryptography

Cryptography

One of the central mathematical and scientific areas of study that led to Bitcoin being created. Still very important work being done in terms of encrypted communication channels and encrypted data storage options.

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Custody

Custody

This is an overarching term for how assets are held, it is used in the legacy financial world and in the Bitcoin system. A custodian is an entity that holds Bitcoin on behalf of users. There are two ways to hold Bitcoin, custodial and non-custodial. Both types of custody have pros and cons.

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Difficulty Adjustment

Difficulty Adjustment

Every two weeks the network has a difficulty adjustment on how much hashrate is required to secure each new block of transactions. The purpose of the adjustment is to keep the blocks being released roughly every 10 minutes.

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Digital Scarcity

Digital Scarcity

Generic term used to describe the Bitcoin characteristics of being digital and having a finite amount set in the code.

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Fiat

Fiat

Paper currency printed and backed by a world government

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Fork

Fork

A hard fork occurs when two sets of Bitcoin developers and users decide to change the rules by which they run the Bitcoin software making the two sets of nodes incompatible with each other. A soft fork is most often an upgrade to the Bitcoin software that a majority of users agreed to and makes an improvement in some way. The main difference between a soft fork and a hard fork is that a soft fork still works with the rules of Bitcoin and still works with backwards compatibility for all users running any kind of Bitcoin node.

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Fungible

Fungible

This is an economics term that explains one of the required characteristics of money which is that it must be easily divisible and any equal unit must be easily exchangeable for another unit. An example would be all $1 bills are created equal, a merchant will accept any of them, and 100 $1 bills make up 1 $100 bill. Bitcoin is fungible because 1 Bitcoin can be broken down into 100,000,000 Sats and all sats are created equal.

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Hal Finney

Hal Finney

Hal Finney was an early Bitcoin developer and innovator

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Halving

Halving

The event every 210,000 blocks (roughly four years) when the block subsidy of new bitcoin released in each block gets cut in half.

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Hashrate

Hashrate

Measurement of how fast a bitcoin miner or group of miners is working. See Mining.

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Hodl

Hodl

The hodl meme was born out of the ____ cycle. Literally translated it means Hold On for Deal Life and is the battle cry of bitcoiners everywhere. Hodl and Hold on interchangeable because it means to hold onto your sats and not sell no matter how rocky the volatility gets.

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History
KYC

KYC

Abbreviation for know your customer, this is a generic term applied to a wide ranging amount of banking laws that harm privacy

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Lightning Network

Lightning Network

Lightning is a way to send bitcoin back and forth instantly. Think of the lightning layer as your checking account while the base layer is your savings account.

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Technology
Mempool

Mempool

This is the holding tank for all unconfirmed Bitcoin transactions, they are waiting in line to be mined based on the mining fee they chose to pay

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Mining

Mining

Mining is the process of specialized computers verifying all the transactions on the Bitcoin base layer.

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Moon

Moon

See you there!

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Node

Node

Dedicated personal computer for keeping a copy of the Bitcoin ledger. When paired with your own wallet, a node allows users to verify their own transactions without relying on a third party.

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Number Go Up

Number Go Up

Probably the most famous Bitcoin meme to date. Number go up is the central driving point of the whole movement, as the legacy financial world continues to crack under the pressure of a changing world, the Bitcoin price will continue to go up.

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Off Chain

Off Chain

Refers to Bitcoin transactions that happen on another layer or somewhere else besides the base layer of Bitcoin

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On Chain

On Chain

Referring to transactions that happen on the base layer of Bitcoin

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Opt Out

Opt Out

Opt Out is common language used to describe the mindset of a significant amount of Bitcoiners that are looking to exit and opt out of the current political drama that plagues our world. Bitcoin is a tool for freedom that operates on its own in a brand new paradigm.

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Orange Coin Good

Orange Coin Good

Three words, that's all you need to know

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P2P

P2P

Abbreviation for peer to peer

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Permissionless

Permissionless

Term used to describe Bitcoin's nature of having no central authority

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Pre-Coiner

Pre-Coiner

Pre-coiners are individuals who most likely know a bitcoiner and are slowly learning more about bitcoin but don’t own any bitcoin yet themselves. Great examples of pre coiners are friends, family members, co-workers who have all heard of Bitcoin but aren’t exactly sure where to start.

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Price/Exchange Rate

Price/Exchange Rate

Most often referring to the current exchange rate between USD and 1 Bitcoin.

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Satoshi Nakamoto

Satoshi Nakamoto

Cypherpunk and pseudonymous creator of Bitcoin

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Sats

Sats

One Bitcoin is divided into 100,000,000 satoshis commonly abbreviated to sats. Sats are the base unit of Bitcoin.

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Currency
Sidechain

Sidechain

Generic term used for a variety of scaling ideas that will allow more Bitcoin transactions to happen in multiple different ways.

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Sound Money

Sound Money

Generic term used to describe Bitcoin's characteristic of having a total supply cap. This is in contrast to government currencies that the supply cap is always changing at the whims of politicians.

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Stack Sats

Stack Sats

"Stay Humble, Stack Sats." - Matt Odell Don't focus solely on the exchange rate of your Bitcoin for dollars, focus on growing your stack of sats. Sats are the standard. Sats are the base unit of Bitcoin.

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Stock To Flow

Stock To Flow

Model for attempting to guess the future exchange rate of Bitcoin and US Dollars. Popularized by anonymous macro investment analyst "Plan B" and builds on the work of Saifedean Ammous in his book The Bitcoin Standard.

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Transaction Fee

Transaction Fee

A Bitcoin transaction fee, sometimes abbreviated to tx fee, is the cost of moving a utxo from one Bitcoin address to another Bitcoin address. The recipient of this fee are the computers that are securing the network, this process is referred to as mining. The user has the ability to set a low fee or a high fee or anywhere in between based on how quickly they need the funds to settle in their next destination.

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UTXO

UTXO

Abbreviation of unspent transaction output. Think of this as a piece of money.

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Wallet

Wallet

Software that allows you to send and receive UTXO's. See UTXO.

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Whitepaper

Whitepaper

Formal name for the way that the idea for Bitcoin was laid out in a research paper format. Written by Satoshi Nakamoto and sent to a Cypherpunk mailing list for comments.

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