Glossary
Looking for a particular meaning of the word? See an array of Crypto terms being used in the metaverse here.
A-C
Asset
Any resource owned or controlled by a business or an economic entity.
Asymmetric cryptography
One of the cryptographic systems Bitcoin uses that involves both a private and public key.
Bad Actors
Troublemakers; people with bad intentions.
Bitcoin
A peer-to-peer, decentralized cryptocurrency, which enables users to send value from one another without the need of intermediaries.
Bitcoin Miner
A computer running the Bitcoin client from any location which helps verify and record the transactions happening in the blockchain.
Bitcoin Wallet
A device or program used for storing bitcoin.
Block
A recording of the most recent transactions in the network.
Blockchain
Digital ledger that stores the transactions happening in the Bitcoin network in the form of blocks.
Block reward
The bitcoin a miner receives for successfully mining a block.
Borderless
Without boundaries, dividers, or limitations.
Centralized/ Centralization
The state of having a single authority or group in control; opposite of decentralized.
Cold Wallet
A type of crypto wallet that is not connected to the internet and usually requires a physical device to access.
Collision-resistant
Property describing where it’s highly unlikely to find two inputs with the same exact output.
Consensus system
Process in which how different computers reach an agreement.
Consistent
Acting or done in the same way over time; Also the property describing where output is always going to be in a fixed size.
Cost
The value of money used up to produce a good or service.
Counterfeit
To create a fraudulent imitation of a real object.
Crypto
Short for ‘cryptocurrency’.
Cryptocurrency
A type of digital currency based on cryptography, is peer-to-peer, and usually decentralized.
Cryptographic
Adjective form of cryptography.
Cryptography
The practice of techniques using mathematical concepts to secure information and communication in the presence of adversaries.
Currency
A medium of exchange.
D-F
Decentralized/ Decentralization
The state of having no single entity in control; opposite of centralized.
Decrypt
Action of taking unrecognizable data back into its original form.
Demand
The amount of purchased goods.
Denominations
Units classification for the stated or face value.
Derive / Derived
The action of basing something off something else.
Deterministic
Property describing where you will always get the same output for a certain input.
Digital Signatures
“Electronic fingerprints” to verify the authenticity of digital documents.
Durable
The state of being reusable over time.
Efficient
Achieving maximum productivity with minimum wasted effort or expense.
Encrypt
Action of converting a message into an unrecognizable form of data.
Ethereum
A decentralized, open-source blockchain with smart contract functionality. It is a different network from Bitcoin.
European Dollar (EUR)
The official currency of the European Union.
Exponentially
Rapid increase.
Function
An expression that defines the relationship between two sets of elements.
G-I
Genesis block
The first block ever created in Bitcoin’s blockchain.
Global Financial Crisis
The financial crisis of 2007–2008, which is considered the second-worst economic disaster next to the Great Depression. Financial institutions and US citizens incurred significant losses and went bankrupt.
Hack
To illegally access a network or system.
Hardware
Tools, machinery, and other durable equipment.
Hash
The cryptographic function used to help secure the blockchain. A special function where any length of data that is inputted will be computed with mathematics and given an output with a fixed length.
Halving/Bitcoin Halving
The process of dividing the block reward received by miners into two (2). This happens roughly every four years.
Hashing
Present tense of hash.
Hot Wallet
A type of crypto wallet that is connected to the internet and usually in the form of a browser extension or app.
Immutable
Unchanging over time or unable to be changed.
Incentivize/ing
Provide someone with a reward.
Inflation/ Inflation Rate
The rate of increase of prices in a certain period of time.
Intermediaries
A third-party moderator to facilitate an agreement.
Irreversible
Not able to be undone or altered.
J-L
Japanese Yen (JPY)
The official currency of Japan.
Layer 2 Solution
A network running on top of a base layer protocol like Bitcoin
Legal tender
Currency that must be accepted in a country when offered.
M-O
Mempool
Short for memory pool; a holding room for the pending transactions in the network.
Mined
A bitcoin block that was created through the act of mining as a reward.
Miner
Computers running the Bitcoin client which helps verify and record the transactions happening in the blockchain; Can also refer to the people managing the Bitcoin mining hardware.
Mining
The process of creating new bitcoin by solving complex puzzles.
Minted
The process by which new coins are created.
Modernization
The process of adapting something to modern needs or habits.
Money Supply
The amount of money in the economy.
NFT
Stands for Non-fungible Token, which is a crypto asset that is one of a kind, stored on the blockchain.
Nonce
Short for "number used once”.
P-R
Philippine Peso (PHP)
The official currency of the Republic of the Philippines.
Private Key
A private key is a string of random letters and numbers. This is equivalent to the password to your bank account. You should never share this with anyone.
Public Address
A public address is a string of random letters and numbers derived from the public key. A wallet's public address is similar to your bank account number wherein you give it when you want to receive bitcoin. It is safe to share with others.
Public Key
A public key is a string of letters and numbers derived from the private key. This public key is used to generate your wallet's public address. It is safe to share with others.
Profit
The amount gained after subtracting revenues to cost.
Profitable
The state of having profits.
Proof-of-Work
The consensus mechanism that Bitcoin uses where Bitcoin miners expend work and energy to secure the network.
Protocol
A communication protocol defines the rules and processes of a system. It allows transmissions of information between parties.
Pseudonym
An alias; a name that a person or a group of people use in place of their real name/s.
Purchasing Power
The capacity to purchase a number of goods and services with a unit of currency.
Remittances
A sum of money that is sent locally or internationally.
S-U
Safe Haven
A place where one is provided an opportunity to escape from harm or danger.
Satoshi Nakamoto
The anonymous inventor of Bitcoin.
Seed Phrase
A series of words generated by your cryptocurrency wallet that give you access to the crypto associated with that wallet.
Scarce/Scarcity
The state of being limited in supply.
Secure
Safe and protected against attacks.
Supply
The amount of produced goods.
Tamper/ing
To interfere or cause damage to something.
Target number
The criteria that Bitcoin miners must meet in order to validate a transaction.
Transparent
Being publicly open without secrets.
Trustless
The state of not requiring trust to function.
U.S. Dollar (USD)
The official currency of the United States of America.
Unbanked
Not served by any bank or financial institution.
Unpredictable
Not able to be predicted.
V-Z
Verifiable
Able to be checked or demonstrated to be true, accurate, or justified.
Volatile/ Volatility
Quickly changes in price within a given time; unpredictable.
Vulnerability
The state of being exposed to danger or an environment.
Wallet
Crypto wallet that stores cryptocurrencies.
Whitepaper
An informational document written to explain a product, solution, or service being offered.
0-9
51% Attack
When malicious miners control more than 50% of the Bitcoin mining network.
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