FAQ's

BITCOIN TERMS YOU HEAR ABOUT

Bitcoin Address- Your Bicoin address is similar to sending an email, or having a physical address. Your address is the only thing you will need to receive money. A different address should be used per transaction.

Bit- A bit is a common unit of Bitcoin. 1,000,000 bits equal 1 Bitcoin. This unit is excellent for pricing, goods, or services.

Bitcoin- A common term used for the entire network/coins. "I sent some Bitcoin today".

Block- A block is referred to as a public record of Bitcoin transactions.

Block Chain- A public record of Bitcoin transactions in chronological order.

Confirmation- Confirmations expotentially decrease the risk of a reversed transaction.

Hash Rate- Measuring unit of processing power of the Bitcoin network. 10 TH/s, could make up to 10 trillion calculations per second.

Mining- Computer hardware will do Mathematical calculations for the Bitcoin network to confirm transactions.

P2P- Peer-to-peer system allowing each individual to interact directly with one another. 

Wallet- A wallet is the equivalent of a physical wallet. A wallet is a safe secure place to store your Bitcoins. Wallets allow you to send/receive Bitcoins.