Bitcoin for Beginners
Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.It is a decentralized digital currency without a central bank or single administrator that can be sent from user to Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. Bitcoin has been praised and criticized. Critics noted its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.
Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.It is a decentralized digital currency without a central bank or single administrator that can be sent from user to Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. Bitcoin has been praised and criticized. Critics noted its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
REFERENCES
UoA – Unit of Account,
https://www.google.com/search?
rlz=1C1NDCM_enPH833PH834&sxsrf=ALeKk01
mTVVJ_bhOsiFS0UDbYchYBDg_qQ%3A1602
600223031&ei=H72FX4HAAdWWr7wPj7WtkA
w&q=Unit+of+Account+definition+in+blockchai
n&oq=Unit+of+Account+definition+in+blockchai
n&gs_lcp=CgZwc3ktYWIQA1AAWABg9AFoA
HAAeACAAQCIAQCSAQCYAQCqAQdnd3Mtd
2l6&sclient=psyab&ved=0ahUKEwjBy4qI57HsAhVVy4sBHY9a
C8IQ4dUDCA0&uact=5
UTC - Coordinated Universal Time,
https://en.wikipedia.org/wiki/Coordinated_
Universal_Time#:~:text=Coordinated%20Univ
ersal%20Time%20(or%20UTC,Greenwich%20
Mean%20Time%20(GMT).
WP – Whitepaper,
https://www.investopedia.com/terms/b/bit
coin.asp
YTD - Year to Date,
https://www.investopedia.com/terms/b/bit
coin.asp
2FA – Two Factor Authentication,
https://www.investopedia.com/terms/t/two
factor-authentication-
2fa.asphttps://www.investopedia.com/terms
/m/macd.asp
Addy - Address
https://en.bitcoin.it/wiki/Address#:~:text=A%
20Bitcoin%20address%2C%20or%20simply,de
stination%20for%20a%20bitcoin%20payment.&
text=It%20is%20also%20possible%20to,exchan
ge%20or%20online%20wallet%20service.
API - Application Programming Interface,
https://www.investopedia.com/terms/a/app
lication-programming-interface.asp
ASIC – Application Specific Integrated
Circuit,
https://en.bitcoin.it/wiki/ASIC
BFA - Brute Force Attack,
https://en.wikipedia.org/wiki/Bruteforce_attack
Bech32 - Bitcoin address format (also
known as bc1 addresses),
https://en.bitcoinwiki.org/wiki/Bitcoin_addre
ss
CPU – Central Processing Unit,
https://www.investopedia.com/tech/gpucryptocurrencymining/#:~:text=GPU%20vs.-,CPU,software%2
0installed%20on%20the%20computer.
BFT – Byzantine Fault Tolerance,
https://en.wikipedia.org/wiki/Byzantine_fault
DAG – Directed Acyclic Graph,
https://academy.binance.com/en/articles/w
hat-is-a-directed-acyclic-graph-dag-incryptocurrency
DAPP or dApp – Decentralized Application,
https://www.investopedia.com/terms/d/de
centralized-applicationsdapps.asp#:~:text=Decentralized%20applicatio
ns%20(dApps)%20are%20digital,control%20of
%20a%20single%20authority.
DDoS – Distributed Denial of Service,
https://www.cloudflare.com/learning/ddos/
what-is-a-ddos-attack/
DEVCON - Developers,
Conferencehttps://tmt.knect365.com/iotworld/developer-conference/
Page 71
Change language