Bitcoin Glossary – Terminology and Definitions

It is a quick reference to the most important Bitcoin terminology. Please check any term to reveal the definition.

Bitcoin Glossary

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There are 6 names in this directory beginning with the letter B.
Bitcoin
The first global, decentralized currency.

Bits
A sub-unit of one bitcoin. There are 1,000,000 bits in one bitcoin.

Block
A collection of Bitcoin transactions that have occurred during a period of time (typically about 10 minutes). If the blockchain is thought of as a ledger book, a block is like one page from the book.

Block Reward
An amount of Bitcoin that miners earn upon creating a block (of pending transactions). The reward is equal to the sum of 1) the block subsidy (newly ‘minted’ satoshis) plus all transactions fees attached to transactions included in that block. The subsidy reward is halved every four years.

Blockchain
The authoritative record of every Bitcoin transaction that has ever occurred.

BTC
An abbreviation for the bitcoin currency.


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