NB: Disclaimer "This is not financial advice. Please consult your financial advisor to associate the risks involved"
This article is an overview of the commonly used terms in the crypto world.
The Satoshi Prayer (it is just for fun but also for learning purposes) can be deciphered with the glossary below. Enjoy =_=
Satoshi: The smallest divisible unit of one bitcoin. There are 100 million Satoshis (8 decimal places) in one bitcoin. One Satoshi = 0.0000001 bitcoins.
Satoshi Nakamoto: Author of the Bitcoin Whitepaper, published in 2008. Nakamoto is considered the founder and creator of Bitcoin.
Blockchain: The decentralized, public ledger of each and every Bitcoin transaction that has ever occurred. As blocks are verified by miners, they are added to the chain of previous blocks, hence the name.
Node: A special participant on the Bitcoin network. Nodes hold a copy of the blockchain ledger and relay new transactions to other nodes.
Moon: It is used to express the value of bitcoin skyrocketing (going up a lot in value).
For example - "The price of bitcoin isn't going to $5k or even $100k, it's going to the moon!"
Hash: A mathematical process miners use on blocks to secure the network and maintain network security. “Hash”
also refers to the unique identifier of a Bitcoin transaction.
Encryption/Encrypt: The Bitcoin network uses cryptography to secure wallets so that only those in control of the private key associated with that wallet may access it to send Bitcoin from that address.
DDoS: A distributed denial-of-service (DDoS) attack is an attack in which multiple compromised computer systems attack a target, such as a server, website or other network resources, and cause a denial of service for users of the targeted resource. The flood of incoming messages, connection requests or malformed packets to the target system forces it to slow down or even crash and shut down, thereby denying service to legitimate users or systems.
Regulation: Financial regulations are imposed by governments on businesses and financial institutions in order to manage a nation's financial system. These regulations are sometimes harmful to the end users of the financial system - regular people - and are most of the times introduced without regard to that fact. Bitcoin is not governed by any central authority and is free from such influences.
Fiat currency: is legal tender whose value is backed by the government that issued it. The U.S. dollar is fiat money, as are the euro and many other major world currencies. This approach differs from money whose value is underpinned by some physical good such as gold or silver, called commodity money.
Ledger: A list of IDs, transactions, time-stamps, balances, and other data related to a financial account. The Bitcoin blockchain is unique ledger in that it is distributed, decentralized, and public.
Processing Power: can also be called Bitcoin mining -the process of generating new units of the currency by confirming bitcoin transactions on an online ledger called the blockchain—requires computing power, which is used to solve the complex mathematical puzzles used in the mining process.
Wattage: Electricity consumption to mine cryptocurrencies.
