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Some Bitcoin Blue terms you may encounter

Bitcoin offers a new way to handle payments, and as a result, there are many new terms that may become part of your vocabulary. Don't worry! Even television, when it was invented, brought many terms with it!

ALL TOPICS

the address

Bit

Bitcoin Blue

Blockchain

The block

BTCBLUE

confirmation

Encryption

Double spending

the address

A Bitcoin Blue address is similar to your postal or email address. It’s the only piece of information you need to provide to someone to pay you using Bitcoin Blue. However, there’s an important difference: each Bitcoin Blue address can only be used once for a single transaction.

Bit

Bit is a common unit used to designate a sub-unit of a bitcoin blue – 1,000,000 bits is equal to 1 bitcoin (BTC). This unit is usually more convenient for pricing tips, goods and services.

 

Bitcoin Blue

Bitcoin Blue – Blue is used in capital letters to describe the Bitcoin Blue principle itself, or the Bitcoin Blue network itself. For example: “I was learning about the Bitcoin protocol today.”
Bitcoin – Without capital letters, it is used to describe Bitcoin Blue as a unit of account. For example: “Today I sent 10 bitcoins.” It is also often abbreviated to BTC or XBT.

Blockchain

The block chain is a public record of all Bitcoin transactions, ordered chronologically. The block chain is shared among all Bitcoin Blue users. It is used to ensure the continuity of Bitcoin transactions and to prevent double spending.

The block

A block is a record in the block chain containing a series of transactions that are being processed and confirmed. On average, about every 10 minutes, a new block containing a set of transactions is added to the block chain through mining.

BTCBLUE

BTC is the common unit of Bitcoin Blue. It can be used similarly to USD for the US dollar, replacing ₿ or $.

confirmation

Confirmation means that a transaction has been processed by the Bitcoin network and is largely irreversible. All transactions are confirmed after they are included in a block and by each subsequent block. Confirmation by one block can be considered secure for small-value transactions, but for larger transactions, such as $1,000 or more, it makes sense to wait for six or more confirmations. Each additional confirmation exponentially reduces the risk of a reversal.

Encryption

Cryptography is a branch of mathematics that allows us to create highly secure mathematical proofs. More precisely, cryptography is the science of encryption and decryption, and is simply referred to on this site as “cryptography.” E-commerce and banking systems already use cryptography. In the case of Bitcoin Blue, it is used to make it impossible for anyone to spend funds from another user’s wallet or attempt to sabotage the block chain. It can also be used to encrypt any wallet, so that it cannot be used without a password.

double spending

If a fraudulent user attempts to send their Bitcoin Blue to two recipients at the same time, this is called double spending. Mining and the block chain both exist to create consensus on which transactions will be confirmed and considered valid.

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