Bitcoin Words and Their Meaning in Detail

Bitcoin is very popular Internet currency. Mostly at present time all new generation internet users know about bitcoin. At present bitcoin have very higher value. Bitcoin only used on internet for online transaction. We don't use them like physical currency.

Today in this post I share with you those words which are commonly used in bitcoin field. All these words are used during bitcoin trade.

For example if a student get admission in school then with admission of the students also related to other terms like fees, unform, book, etc. Similar is in the field of bitcoin.

Following are the World used in Bitcoin Field.

1. Bitcoin Address.

Bitcoin address is similar like your other address. Address play very important role in bitcoin trade. This address is used when we send bitcoin to other person. Every wallet and account have their unique address.

2. BTC Term.

BTC is the short form of bitcoin. We used it to represent bitcoin in short form. This also know as bitcoin code.

3. Satoshi Term.

Satoshi is the value of bitcoin. 1 bitcoin is equal to 100,000,000. We mostly buy Satoshi instead of bitcoin because bitcoin value is very high. In general satoshi is the parts of bitcoin.

4. Block Term.

This term is used at time of bitcoin transaction. All the transactions are recorded in the form of block.

5. Blockchain Term.

This term is used for the record of blocks. When many blocks creates then they come under the term of blockchain. For own easiness we also called them chain of blocks.

6. Conformation Term.

In bitcoin we don't use term confirm or confirmation. For every successful transaction of bitcoin the term which is used here is Conformation.

7. Cryptography Term.

Cryptography is the conversation of easy text code to strong code which nobody can solve or open except whom created them. This provide high security to our data. So in Bitcoin this is used so that nobody can hack our bitcoin wallet.

8. Double Spend Term.

Double Spend Term used when one person send same bitcoin at same time to different persons. This term comes under fraud.

9. What is Hash Rate Term.

Hash rate term used in Bitcoin for measuring the power of bitcoin network. If network' s power reach at the position of 10Th/s then its mean in one second ten trillion calculation is occurring.

10. What is Mining in Bitcoin.

For Mining we mostly used hardware. In actually mining is the process of solving of block codes. This is like puzzle game. We can solve them mathematically. If we solve the block puzzle then we get rewards mostly in the form of Satoshi.

11. P2P Term in Bitcoin.

We also call them person to person. With person to person mean no any government organisation is involved during your bitcoin transaction. This is transaction between two person on internet via wallets in the form of bitcoin.

12. Private Key.

This is known as secret code of wallet. Each and every wallet have their own bitcoin code. This is used to bitcoin transaction.

13. Wallet.

This is like our pocket wallet. As we keep money inside our pocket wallet. Similar we used wallets in crypto currency for storing and keeping bitcoins.

Final Words

So these are the important words which we used in Bitcoin Field. I hope now you understand them very well. This information help you in bitcoin trade. Also help in understanding all bitcoin field. I you have any question regarding this post please comment below. And also I miss any word please tell me in below comment box.