Glossary for newbies
Fear, Uncertainty, and Doubt. FUD is a term for an emotion that causes investors to doubt their Bitcoin investments.
Segwit means that more transactions can fit in blocks, which speeds up the blockchain.
It refers to the smallest fraction of a bitcoin that can be sent when an on-chain transaction is made, which is approximately equal to 0.00000001 of a bitcoin.
A block is a group of data that are stored together on the blockchain. Small pieces of data are bundled together in a blockchain, which is made up of blocks.
Blockchain is a ledger that records transactions of cryptocurrencies and tracks assets through the process of blocks. It is shared by all, and cannot be changed.
A cold wallet is a physical device like a USB drive that stores crypto offline and helps protect it from hacking and theft.
A software-based cryptocurrency wallet that is connected to the internet. It can be accessed from your computer or phone. It is more susceptible to cybersecurity attacks than cold wallets.
Non-fungible tokens are a type of token that represents ownership of digital items. It is a type of digital file that is not interchangeable.
A public wallet key is a unique number used for sending and receiving money. Your wallet’s address is like a bank account number and you can share it with people.
A private key is an encrypted code that allows direct access to your cryptocurrency like a bank account password. It must not be shared with others.