Bitcoin defined

The complete list of Bitcoin terms and what they mean

Photo by Patrick Tomasso on Unsplash

Reading about a subject without knowing the meaning of every technical term becomes real frustrating real fast.

We all need easy-to-understand but accurate definitions.

So here’s my attempt:

bitcoin — the currency

1. Satoshi/Sat = 100,000,000 of them make one bitcoin. They are the cent to the € and the penny to the $. It’s the smallest unit of bitcoin.
   (0,00000001 BTC)
2. Finney = 0.00000010 BTC or 10 satoshis. It’s the second smallest unit and named after Hal Finney. A developer of Bitcoin’s early days and the first person to receive a Bitcoin transaction from Satoshi Nakamoto.
3. Micro-Bit = 0.00000100 BTC or 100 satoshis
4. Milli-Bit = 0.00001000 BTC or 1000 satoshis
5. BTC = official ticker symbol for bitcoin on exchanges and charts. Anything that has to do with trading and investing.

Bitcoin — the network

1. Blockchain/Timechain = The list of all transactions since the network’s inception in 2009. It is literally a chain of blocks.
2. Block = A data construct that contains a number of transactions limited by the block space of 1 MB…