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Bitcoin Terminology in English

比特币 2023年07月19日 21:08 130 合一信源

Bitcoin, a decentralized digital currency, has generated a vast and intricate vocabulary. Understanding the terminology is crucial for navigating the Bitcoin ecosystem and engaging in meaningful discussions about its technical, economic, and social aspects.

Key Components

- Blockchain: A distributed, immutable ledger that records all Bitcoin transactions.

- Blocks: Collections of verified Bitcoin transactions.

- Miners: Nodes responsible for validating transactions and adding blocks to the blockchain.

- Proof of Work: A cryptographic algorithm used by miners to secure the network and earn rewards.

- Wallet: A software or hardware device used to store and manage Bitcoin.

- Hash: A unique identifier for a block or transaction, calculated using a cryptographic function.

Transactions

- Address: A public identifier used to receive Bitcoin transactions.

- Transaction Fee: An optional amount paid to miners to incentivize faster processing of transactions.

- Confirmation: A verification of a transaction by multiple miners.

- Double-Spending: Attempting to spend the same Bitcoin multiple times.

- Mempool: A collection of unconfirmed transactions waiting to be processed by miners.

- UTXO (Unspent Transaction Output): A portion of Bitcoin remaining after a transaction.

Economics

- Satoshi (SATS): The smallest unit of Bitcoin, equal to 0.00000001 BTC.

- Halving: A periodic event that reduces the block reward earned by miners.

- Fiat Currency: A currency backed by a government or central bank.

- HODL: A term used to express the intention of holding Bitcoin long-term.

- Market Cap: The total value of all Bitcoin in circulation.

- Supply Limit: The maximum number of Bitcoin that can ever be created, capped at 21 million.

Protocols

- BIP (Bitcoin Improvement Proposal): A document outlining proposed changes to the Bitcoin protocol.

- BIP32: A standard for generating hierarchical deterministic wallets.

- BIP39: A standard for generating mnemonic recovery phrases for wallets.

- Lightning Network: A second-layer payment protocol that enables fast and low-fee Bitcoin transactions.

- Schnorr Signatures: A cryptographic technique that improves transaction efficiency.

- Taproot: A protocol upgrade that enhances the privacy and efficiency of Bitcoin transactions.

Other Terms

- Altcoin: A cryptocurrency other than Bitcoin.

- Bear Market: A period of falling Bitcoin prices.

- Centralization: The concentration of power or control in a small number of entities or individuals.

- Decentralized: A system or network that is not controlled by a single entity.

- Fork: A split in the blockchain that creates two separate versions of Bitcoin.

- Whale: An individual or entity that holds a large amount of Bitcoin.

Questions and Answers

Q1: What is the purpose of a Bitcoin wallet?

A1: To store and manage Bitcoin, including sending and receiving transactions.

Q2: What is the difference between an address and a hash?

A2: An address is a public identifier, while a hash is a unique identifier for a block or transaction.

Q3: What is the significance of the halving event?

A3: It reduces the block reward earned by miners, which affects the supply and demand dynamics of Bitcoin.

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