Bitcoin Glossary

Bitcoin Cash is changing the way people think about money. In order to help you learn about this revolutionary electronic cash system we have compiled a list of frequently used Bitcoin terms below. Note: the majority of these terms apply to both Bitcoin Cash (BCH) and Bitcoin (BTC). Read more about the differences between Bitcoin Cash and Bitcoin.

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Address: A string of letters and numbers that people use to send bitcoins to or from. A bitcoin address is shared from one user to another user so that they can send you Bitcoin. Likewise, if you want to send bitcoin to someone you will need their address (obtained from their wallet).

BCH: The most used and accepted abbreviation and exchange ticker symbol for the Bitcoin Cash digital currency.

BCC: A ticker symbol for Bitcoin Cash that was once used but no longer and is deprecated; used on some outdated Asian exchanges.

BTC: An abbreviation and exchange ticker symbol for the Bitcoin settlement system.

Bitcoin: An electronic peer-to-peer cash system. There are two main versions of Bitcoin: Bitcoin Cash (BCH) and Bitcoin (BTC). BCH is digital money and offers very quick transaction times with low fees. BTC is no longer useful as money because of extremely high fees and slow transaction times.

Block: A group of Bitcoin transactions that have taken place during a specific time period. The average is around 10 minutes. Miners process Bitcoin transactions, not one by one but in groups or "blocks".

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 decentralized, public ledger of each and every Bitcoin transaction that has ever occurred. As blocks are verified by miners, they are added to the chain of previous blocks, hence the name.

Centralized: A form of organization whereby a single party, group, authority is in control. These systems have single points of failure. VISA, Paypal, ApplePay are examples of centralized payment systems. Centralized organizations are contrasted by decentralized systems.

Coinbase: A unique type of Bitcoin transaction with no inputs that is created by miners after finding new blocks. This type of transaction is, in most cases, the first transaction within new a block. Coinbase transactions reward miners for their work.