New to Bitcoin Gambling, but gambled before? You must be here to learn what some of the overwhelming yet technical sounding terms stand for in the Bitcoin Gaming world. We have assembled a simple, friendly Bitcoin Glossary for you to refer to when in need – without a doubt you will find this helpful at some point during your bitcoin gambling journey.
Let us know if you come across any terms that you are unfamiliar with, which aren’t currently included in our bitcoin glossary.
Address – a Bitcoin address is used to send and receive Bitcoin transactions. The address is made up of sequence of letters (upper and lower case) along with numbers, but can also be presented as a QR Code.
Altcoin – the name for cryptocurrencies that are alternatives to Bitcoin. An example of an altcoin is Ethereum.
Bitcoin – a decentralized, peer-to-peer (P2P) online currency with an open source software.
Bitcoin ATM – like a normal ATM, Bitcoin ATMs allow people to deposit or withdraw Bitcoins with cash.
Bitcoin Whitepaper – The original plan and protocol for Bitcoin, written by Satoshi Nakamoto in 2008 – it describes the original plan and protocol for Bitcoin.
Blockchain – this is a list of every block that has been mined since Bitcoin began. All Bitcoin transactions are displayed within the Blockchain in order to provide transparency for the currency.
BTC – the short name and acronym for Bitcoin, and also the unit for 1 Bitcoin.
Cold Storage – a security measure for Bitcoin that is disconnected from the internet. Could be a USB stick hardware or paper wallet.
Confirmation – hashing a Bitcoin transaction successfully and its being added into the Blockchain.
Cryptocurrency – a currency purely based on mathematics and cryptography.
Dogecoin – a cryptocurrency featuring a Shiba Inu dog from the popular “Doge” internet meme. This is one of the most popular altcoins.
Exchange – a resource for exchanging currencies. Bitcoin exchanges are used to convert fiat currencies into Bitcoin and vice versa, or to exchange Bitcoin with other altcoins.
Faucet – a resource that provides free Bitcoins, usually in the form of hourly or daily deposits of several Satoshis.
Fiat Currency – regular currencies such as Euros or Pounds that are given value based on people giving them a value.
Hash – hashing is an action of performing a hash function to output data. Used in order to confirm and process Bitcoin transactions.
Hashrate – the level of performance of mining computer hardware expressed in hashes/second.
Input – the input side of a given Bitcoin transaction is the side where the Bitcoin payment is coming from. Usually, this is expressed with a Bitcoin address.
Litecoin – another top altcoin.
mBTC – 1 thousandth of a Bitcoin (0.001 BTC)
Microtransaction – the ability to pay for things in very small sums thanks to the fact that Bitcoin may be extended to 8 decimal places. Microtransactions are especially important to Bitcoin casinos by providing players the ability to deposit and gamble fractions of Bitcoins.
Mining – the act of creating new Bitcoins using computer hardware.
Namecoin – an altcoin allowing people to use the currency to purchase domain names.
Node – a computer connected to the Bitcoin network in order to input and process transactions.
Output – the output side of a given Bitcoin transaction is the side where the Bitcoin payment is being sent to. Usually, this is expressed with a Bitcoin address.
Paper Wallet – paper versions of Bitcoins that are meant to be more secure due to being offline.
Pre-mining – mining of a cryptocurrency before it is actually public and live, generally performed by its creator.
Private Key – an alphanumeric string of characters that is meant to be kept private. This, in connection with the public key, is used for digital communication and completing Bitcoin transactions.
Public Key – used in connection with the private key, and also known as the Bitcoin address.
QR Code – like a barcode on products, the QR Code contains a pattern that is meant to be scanned by cameras and can be used to directly connect to a Bitcoin address.
Reward – when mining for new Bitcoins, the miner may claim new coins in a new block as a reward for helping to add new Bitcoins into circulation.
Satoshi – a Bitcoin “cent”, the smallest form of Bitcoins. One Bitcoin is equal to 1 million Satoshis.
Satoshi Nakamoto – the creator of Bitcoin and the author of the original Bitcoin whitepaper and code. His real identity is unknown to the world.
Signature – a series of bytes that is a digital signature to connect someone to their public key in performing Bitcoin transactions.
TOR – a program used by internet users for anonymity online.
Wallet – a method for storing Bitcoins, and is generally the first step for anyone looking to buy or own Bitcoins. There are various forms of wallets – online, offline (software), hardware and paper – with varying levels of security.