Frequent Ask Questions and Answers



Cryptocurrency

A digital currency for which encryption techniques are used to regulate its use and generate its release. Unlike fiat currency — like US dollars, euros and yen — cryptocurrency is not regulated or controlled by any government or agency.

Bitcoin.

A digital cryptocurrency using peer-to-peer technology for nearly instant payments. Bitcoin was invented by an unidentified programmer, or group of programmers, under the pseudonym Satoshi Nakamoto.

Bitcoin address

Also called a key, a string of alphanumeric characters used to receive bitcoin. Whereas public addresses typically begin with a 1 or 3, private addresses — or addresses that aren’t visible to all users — typically begin with a 5 or 6.

Bitcoin exchange

An online website or platform that allows users to buy and sell bitcoin for other currencies.

Blockchain

A public digital ledger in which the entire history of a cryptocurrency is recorded chronologically.

Block reward

The amount of cryptocurrency mined after a “miner” has succeeded in solving a hash.

Digital wallet

Sometimes called an e-wallet, an electronic system or app that securely stores personal information, payment details and passwords so that a consumer can make digital payments online or at retail stores that accept it.

Hash

A computational puzzle that a cryptocurrency “miner” must solve in order to add the next block on a blockchain.

Mining

A process by which a cryptocurrency is released into the world. “Miners” complete a computational puzzle to be rewarded with a block of currency along the public blockchain.

Node

 A computer connected to the bitcoin network.

Proof of Work

A hash — or computational puzzle to unlock a cryptocurrency — that is so difficult, it could only have been solved through significant work or power.

Proof of Stake

A system that replaces the concept of “mining” a cryptocurrency with a consensus algorithm, whereby miners put up a stake of their currency to verify a block of transactions.





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