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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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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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Fiat

Fiat

Paper currency printed and backed by a world government

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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
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
Mining

Mining

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

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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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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
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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