Okuzeka
Blockchain & Crypto vocabulary · Coins & Tokens

Bitcoin

Meaning in blockchain & crypto, with examples

/ˈbɪt.kɔɪn/nounCore term

In blockchain & crypto, Bitcoin means: The first cryptocurrency, launched in 2009 by an unknown person or group using the name Satoshi Nakamoto. It runs on its own proof-of-work blockchain and has a maximum supply of 21 million coins.

In Turkish: Bitcoin, BTC

How it is used

Used as the name of the network and protocol (the Bitcoin network) and of the coin itself (send 0.5 bitcoin). Its ticker is BTC. News reports often treat it as a benchmark for the whole market: Bitcoin dominance, the Bitcoin price, a Bitcoin ETF.

Example sentences

  1. The Bitcoin network adds a new block about every ten minutes.

  2. The customer sent 0.02 bitcoin to the wrong address.

Common collocations

  • Bitcoin network
  • Bitcoin price
  • Bitcoin address
  • Bitcoin mining
  • Bitcoin halving
  • cryptocurrencyDigital money that exists only on a blockchain and is protected by cryptography instead of being issued by a central bank. Bitcoin was the first one.
  • satoshiThe smallest unit of bitcoin, equal to one hundred millionth of a bitcoin (0.00000001 BTC). It is named after Satoshi Nakamoto, the creator of Bitcoin.
  • proof of workA consensus mechanism in which miners use computing power to solve a puzzle before they can add a block. It makes attacks very expensive but uses a lot of energy. Bitcoin uses it.
  • halvingA built-in event in Bitcoin's code that cuts the block reward for miners in half every 210,000 blocks, roughly every four years, slowing down the creation of new coins.
  • miningThe process in proof-of-work blockchains where computers compete to solve a difficult puzzle. The winner adds the next block and receives newly created coins and fees as a reward.

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