Bitcoin is a cryptocurrency created in 2009 by an unknown person (or people) using the alias Satoshi Nakamoto. Unlike traditional currencies such as the US dollar, bitcoin isn’t controlled by a bank or government. Bitcoin is by far the most valuable and popular cryptocurrency in use today.
A blockchain is a digital ledger and the key technology underpinning most cryptocurrencies, non-fungible tokens (more on those later) and other unique digital items.
Blockchain can be used to store all kinds of information, but so far its most common use is in recording cryptocurrency transactions. Once a transaction is made, it’s entered on this public ledger, which is managed by a global peer-to-peer network — millions of computers, in bitcoin’s case.
Buy the f****ing dip (BTFD)
A rally cry for crypto bulls that urges investors to buy coins when prices drop.
An all-digital money system made up of “coins” or “tokens” that are controlled by a decentralized ledger.
Tesla CEO whose tweets have been known to spark rallies in cryptocurrencies such as bitcoin and dogecoin.
FUD (“fear, uncertainty, doubt”)
In crypto parlance, FUD refers to negative information that weighs on an asset’s value.
Depending on whom you ask, this is either a typo that stuck or an abbreviation of “hold on for dear life.” Bitcoin bulls often tweet “HODL” as a reaction to FUD.
The complicated process by which new bitcoins are entered into circulation. Mining is not for amateur enthusiasts: It requires high-powered computers that solve complex mathematical puzzles to create a new “block” on the blockchain.
The mining process eats up a lot of computing power and electricity, which has led to concerns about bitcoin’s environmental impact.
The pseudonym that refers to the person (or people) who invented bitcoin. Their real identity remains unknown.
Satoshis, aka “Sats”
The smallest unit of bitcoin ever recorded on the blockchain, equal to one one-millionth of a bitcoin.