Here’s a simple glossary of a few terms that will pop up as you dive into the wonderful world of bitcoin…
Bitcoin – Bitcoin is a decentralized digital currency, which basically means it’s money that you can use all around the world for digital transactions. There are no actual coins or paper money or banks. It all operates on a peer-to-peer system. The abbreviation for bitcoin is BTC (similar to how the US Dollar’s is USD). It was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto.
Blockchain – A blockchain is a public ledger that records bitcoin transactions.
Cryptocurrency – A digital system of money that uses encryption methods to produce secure transactions.
Dogecoin -initially created as a “joke currency” dogecoin is a cryptocurrency which bears the image of the “Doge” internet memeShibu Shibu Inu dog. Since its creation in 2013 it has a capitalization of $340M (USD). Its abbreviation is DOGE.
Faucet – A faucet is a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website.
Litecoin – nearly identical to Bitcoin, Litecoin has some technical improvements over Bitcoin. Its abbreviation is LTC.
Satoshi – named after the creator of the bitcoin, Satoshi Nakamoto, it is equal to 0.00000001 bitcoin.