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| ASIC | short form for ‘application specific integrated circuit’. often compared to gpus, asics are specially made for mining and may offer significant power savings. |
| BITCOIN (UNIT OF CURRENCY) | cryptographic hashes produce a fixed-size and unique hash value from variable-size transaction input. the sha-256 computational algorithm is an example of a cryptographic hash. |
| PEER TO PEER | an acronym for bitcoin. a single unit of the bitcoin currency. |
| CRYPTOGRAPHIC HASH FUNCTION | sha-256 is a cryptographic algorithm used by cryptocurrencies such as bitcoin. however, it uses a lot of computing power and processing time, forcing miners to form mining pools to capture gains. |
| WIRE TRANSFER | electronically transferring money from one person to another. commonly used to send and retrieve fiat currency from bitcoin exchanges |
| DAO | mining is the act of validating blockchain transactions. the necessity of validation warrants an incentive for the miners, usually in the form of coins. in this cryptocurrency boom, mining can be a lucrative business when done properly. by choosing the most efficient and suitable hardware and mining target, mining can produce a stable form of passive income. |
| SHA-256 | a hard fork of bitcoin led by bitcoin mining pool viabtc that supports ‘big blocks’ of up to 8mb and removes segwit. it’s launch date was 1 st august 2017 to coincide with the bip148 segwit signaling activation. |
| BITCOIN CASH (BCH) | decentralised autonomous organizations can be thought of as corporations that run without any human intervention and surrender all forms of control to an incorruptible set of business rules. a theoretical company that could exist in the cloud and carry out business according to preset algorithms, needing no human management. also known as “dacs” |
| BTC | 100,000,000 satoshis. a unit of the decentralized, digital currency which can be traded for goods and services. bitcoin also functions as a reserve currency for the altcoin ecosystem. |
| MINING | peer to peer (p2p) refers to the decentralized interactions between two parties or more in a highly-interconnected network. participants of a p2p network deal directly with each other through a single mediation point. |
| |  |
| ASIC | short form for ‘application specific integrated circuit’. often compared to gpus, asics are specially made for mining and may offer significant power savings. |
| BITCOIN (UNIT OF CURRENCY) | 100,000,000 satoshis. a unit of the decentralized, digital currency which can be traded for goods and services. bitcoin also functions as a reserve currency for the altcoin ecosystem. |
| PEER TO PEER | peer to peer (p2p) refers to the decentralized interactions between two parties or more in a highly-interconnected network. participants of a p2p network deal directly with each other through a single mediation point. |
| CRYPTOGRAPHIC HASH FUNCTION | cryptographic hashes produce a fixed-size and unique hash value from variable-size transaction input. the sha-256 computational algorithm is an example of a cryptographic hash. |
| WIRE TRANSFER | electronically transferring money from one person to another. commonly used to send and retrieve fiat currency from bitcoin exchanges |
| DAO | decentralised autonomous organizations can be thought of as corporations that run without any human intervention and surrender all forms of control to an incorruptible set of business rules. a theoretical company that could exist in the cloud and carry out business according to preset algorithms, needing no human management. also known as “dacs” |
| SHA-256 | sha-256 is a cryptographic algorithm used by cryptocurrencies such as bitcoin. however, it uses a lot of computing power and processing time, forcing miners to form mining pools to capture gains. |
| BITCOIN CASH (BCH) | a hard fork of bitcoin led by bitcoin mining pool viabtc that supports ‘big blocks’ of up to 8mb and removes segwit. it’s launch date was 1 st august 2017 to coincide with the bip148 segwit signaling activation. |
| BTC | an acronym for bitcoin. a single unit of the bitcoin currency. |
| MINING | mining is the act of validating blockchain transactions. the necessity of validation warrants an incentive for the miners, usually in the form of coins. in this cryptocurrency boom, mining can be a lucrative business when done properly. by choosing the most efficient and suitable hardware and mining target, mining can produce a stable form of passive income. |
