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Bitcoin
A monetary system utilising a novel technology called blockchain. Bitcoin also refers to the cryptocurrency unit (small 'b') supported by the Bitcoin blockchain. Bitcoin's blockchain is maintained by a distributed network with no controlling central authority. It ensures accuracy of user balances (the 'double spend problem) through a process called Proof of Work (PoW). PoW incentivises network Nodes - called miners - to issue new bitcoin and validate transactions, in return for committing computing power to secure the blockchain. The idea for Bitcoin was published in October 2008 under the pseudonym Satoshi Nakamoto; the true identity of its creator is unknown.
Bitcoin ABC
Bitcoin ABC was the new name given to Bitcoin Cash when it forked in 2018 to also create Bitcoin SV. Bitcoin Cash was itself a fork (spin-off) of Bitcoin. The ABC refers to Adjustable Block Size, given the fork centred around how to handle block size.
Bitcoin ATM
An ATM (Automated Telling Machine) where you can buy Bitcoin using a credit/debit card. Funds can be sent to an account or dispensed as a QR code (effectively a paper wallet). Some Bitcoin ATMs allow you to scan a Bitcoin private address - as a QR code - and convert to Fiat for withdrawal.
Bitcoin Cash
The most significant Bitcoin hard fork, created in 2017 as part of the disagreement over whether to increase block size. Bitcoin Cash was itself forked in late 2018 to create Bitcoin SV.
Bitcoin Dominance
Refers to the market capitalisation of Bitcoin in proportion to the whole of the cryptocurrency economy as measured by the sum of market capitalisation of listed coins on an aggregator such as Coinmarketcap.
Bitcoin Maximalism
The term given to a belief that Bitcoin is the only cryptocurrency with real value and that, through further development, will provide all the required functions of hard digital money leaving no need for alternatives.
Bitcoin SV
A hard fork of Bitcoin Cash, created in late 2018 by a team led by Craig Wright, implementing a significantly larger block size (128mb). Bitcoin SV stands form, Bitcoin Satoshi’s Vision and purports to represent the true intention of Bitcoin's creator.
Block
The term used to describe the way transactional information is organised within a blockchain - such as Bitcoin - grouped in so-called blocks, each referencing the previous to create a continuing chain of self-referential information. A block will usually be of fixed size, for the Bitcoin blockchain this is currently 1mb.
Block Explorer
A free online tool that enables you to explore the contents of a blockchain by entering an address, transaction id or block reference. Bitcoin’s open source nature enables complete transparency and data exploration. An example explorer for the Bitcoin blockchain is https://www.blockchain.com/explorer.
Block Height
A numerical reference term describing a block’s sequential position within a blockchain. The first block (Genesis Block) is numbered zero, so the total height, or length of the blockchain, is the total number of blocks minus one.
Block Reward
The reward given to a Miner for successfully mining a block, containing a subsidy and fees for transactions contained within the block. For Bitcoin the subsidy halves every four year and is currently set at 6.25 BTC.
Block Weight
A unit of measurement used to compare the sizes of different blockchain transactions. Weight measurements are relative to the maximum size of a block. As of 2016, each weight unit for Bitcoin represents 1 / 4,000,000 of a block. Also, see Blockchain.
Blockchain
The name given to a decentralised system for storing data across a peer-to-peer network, without a central authority, the first example being Bitcoin.
Bollinger Band
A technical analysis trading techniqie developed by John Bollinger. Bollinger Bands track price averages and volatility and display these in one graph. Traders use them to assess if a security is either overbought or oversold by the market. Also see Relative Strength Index.
Bounty Campaign
A reward scheme often used by ICOs or other crypto projects to attract users, gain feedback and promote the project to wider audiences. See this article on earning crypto from Bounty Campaigns.
Break Even Point (BEP)
In investing, the breakeven point is achieved when the market price of an asset, or portfolio of assets, is the same as the trade entry price (or aggregate prices) accounting for any transaction fees.
Brokers
Connect buyers with sellers to exchange cryptocurrency, charging a few for their service.
BTC
Trading abbreviation for Bitcoin. All traded cryptocurrencies have a three letter price ticker to make it more convenient to display on a trading screen or price tracker.
BTFD
Abbreviation for ‘Buy the fucking dip’ often used by Bitcoin advocates who see a fall in price as temporary, and a good opportunity to increase their exposure with the expectation of longterm appreciation.
Bull Market
The term given to a prolonged period of positive sentiment and rising prices in an asset market e.g Bitcoin is experiencing a bull market. This was the case for Bitcoin from April 2017 until January 2018. Can also be used as an adjective to describe sentiment e.g ‘The outlook for Ethereum’s price is bullish’. The opposite is Bear Market.
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