Welcome to Brave New Coin’s Bitcoin 101. Sections 1-6 will cover the essential things you need to know about Bitcoin. To testnet bitcoin faucet bot experienced readers, welcome back.

Sections 7-10 contain some more advanced ideas and fun trivia. Read up, get to know Bitcoin better, and discover how cryptocurrency could change the world. Bitcoin network’s hash rate means the attacker can out-compute everyone else who is mining. This is where bitcoins are sent to in a transaction. Addresses can come in qr codes and various other forms. A method of distributing cryptocurrency amongst a population, first attempted with Auroracoin in early 2014.

A process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer. An Altcoin is the name given to all the cryptocurrencies that are based on the Bitcoin protocol. They are attempts to improve upon Bitcoin by tweaking parameters such as confirmation time, total coin supply, and mining algorithm. Anti-Money Laundering laws are a series of regulations designed to prevent money being converted from criminal activity to what appear to be legitimate assets. A wealthy individual who provides startup businesses with capital in exchange for debt or equity in the business. The generation of risk free profits by trading between markets which have different prices for the same asset.

An Application-Specific-Intergrated-Circuit is a customised microchip usually used to perform a narrow set of tasks. For Bitcoin, they process the SHA 256 algorithm in order to mine bitcoins. Base58 encodes binary data into text and is used to encode Bitcoin addresses. Bitcoin can refer to the protocol, network or the unit of currency.

The decentralised, peer-to-peer network which maintains the blockchain. This is what processes all Bitcoin transactions. A unit of the decentralised, digital currency which can be traded for goods and services. Bitcoin also functions as a reserve currency for the altcoin ecosystem.

An online library of javascript code used for Bitcoin development, particularly web wallets. Bitcoin QT is an open source software client used by your computer. It contains a copy of the blockchain and once installed it turns your computer into a node in the Bitcoin Network. This is used because it gives greater weight to bitcoins that have not been spent for a long time, and better represents the level of economic activity taking place with bitcoin than total transaction volume per day. A transparent, public ledger shared by all nodes participating in the Bitcoin network. It can be accessed and scrutinised at anytime by anyone. Each block represents some or all of the most recent bitcoin transactions that have not yet been recorded in any previous blocks.

The halving of the bitcoin reward that miners receive for mining a block. Contains information about a block, such as the hash of the previous block header, its version number, the current target, a timestamp, and a nonce. The bitcoin rewarded to a miner for solving a block. Brave New coin’s BPI is calculated by converting each Market Weighted Average from its market currency to USD and then taking the weighted average across all the markets based on the total volume traded in each. Software programs that operate on trading platforms, executing buy and sell orders with pre-programmed trading instructions. A bitcoin wallet which uses a long string of words to secure its coins.