Beginner Bitcoin Dictionary!

It’s here to stay, you’re learning about its functionalities, but some of this jargon is flying over your head. No worries, Sovereign Living is honoring Bitcoin all week with educational videos and posts. Today we’ll share with you some common words, abbreviations and get you ready for the virtual currency future that lies ahead!

Here’s an intro to Bitcoin video that concisely explains the virtual currency:

And here are some words to know as you read and learn more about Bitcoin:

BTC – Stock ticker abbreviation for Bitcoin

Bitcoin ATM – The first automatic teller machine to exchange Bitcoins for Dollars (or Canadian Dollars). The first of its kind in North America is located in Vancouver, BC but was created in Las Vegas, NV.

BitPay – The leader in Bitcoin transactions.

Blockchain – Is one of the popular wallets used to store and transact Bitcoins.

Litecoin – Is the second most popular form of virtual currency. It’s main difference from Bitcoin is the faster mining and transaction time. Some skeptics are weary of its privacy protocols, alas it is the second most profitable virtual currency.

Miner – A person who solves the complicated algorithms and equations to surface more Bitcoins into circulation also refers to the computer that the individual uses.

MtGox – A popular trading site that many view to see the current price of Bitcoin vs. USD. It is recommended not to use MtGox within the US.

Private Key – This long code, made up of numbers and letters, is only seen by the owner of the Bitcoins within their wallet.

Public Key – This long code, made up of numbers and letters, is used for purchases from a wallet and is seen publicly by all parties involved with the transaction.

Satoshi Nakamoto – This pseudonym represents the creator of the Bitcoin system.

Wallet – A application to store your Bitcoins whether online on your phone or physically.

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