Bitcoin network

bitcoin miningminingBitcoin protocolminersBitcoinbitcoin addressbitcoin minerBitcoin P2P networkdifficultyhash rate
The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol.wikipedia
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Bitcoin

bitcoinsbitcoin walletBitcoin blockchain
Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software.
If the private key is lost, the bitcoin network will not recognize any other evidence of ownership; the coins are then unusable, and effectively lost.

Application-specific integrated circuit

ASICASICsapplication specific integrated circuit
An "arms race" has been observed through the various hashing technologies that have been used to mine bitcoins: basic CPUs, high-end GPUs common in many gaming computers, FPGA s and ASICs all have been used, each reducing the profitability of the less-specialized technology.
For example, a chip designed to run in a digital voice recorder or a high-efficiency bitcoin miner is an ASIC.

Blockchain

Blockchainsblockchain technologyblock
Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining.
For example, the bitcoin network and Ethereum network are both based on blockchain.

Mining pool

miners pool resourcesmining operationpool
Computing power is often bundled together or "pooled" to reduce variance in miner income.
Mining in pools began when the difficulty for mining increased to the point where it could take centuries for slower miners to generate a block.

Silk Road (marketplace)

Silk RoadThe Silk RoadSilk Road drug website
A CMU researcher estimated that in 2012, 4.5% to 9% of all transactions on all exchanges in the world were for drug trades on a single dark web drugs market, Silk Road.
On 13 February 2014, Defcon announced that Silk Road 2.0's escrow accounts had been compromised through a vulnerability in Bitcoin protocol called "transaction malleability".

Peer-to-peer

P2Ppeer to peerpeer-to-peer network
The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol.

Payment system

payment networkpayment systemspayments system
The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol.

Cryptographic protocol

protocolsecurity protocolprotocols
The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol.

Cryptocurrency wallet

Blockchain Asset Walletone hot and one coldstorage
Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software.

Database

database management systemdatabasesdatabase systems
Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining.

Satoshi Nakamoto

Dorian NakamotoSatoshiSatoshi Nakomoto
Satoshi Nakamoto, the designer of bitcoin claimed that design and coding of bitcoin began in 2007.

Open-source software

open sourceopen-sourceopen source software
The project was released in 2009 as open source software.

Ad hoc

ad-hocadhocAd hoc query
An ad hoc decentralized network of volunteers is sufficient.

Best-effort delivery

best effortbest-effortbest effort delivery
Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will.

Digital signature

digital signaturesdigitally signeddigitally sign
A bitcoin is defined by a sequence of digitally signed transactions that began with the bitcoin's creation, as a block reward.

Cheque

Checkingcheckchecks
The owner of a bitcoin transfers it by digitally signing it over to the next owner using a bitcoin transaction, much like endorsing a traditional bank check.

Chargeback fraud

friendly fraudchargebackfraud management
Unlike traditional check endorsements, bitcoin transactions are irreversible, which eliminates risk of chargeback fraud.

Proof-of-work system

proof-of-workproof of workreusable proof of work
Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining.

Watt

kWMWmegawatt
A data center in China, planned mostly for bitcoin mining, is expected to require up to 135 megawatts of power.

SHA-2

SHA-256sha256Secure Hash Algorithm 2
The mining process involves identifying a block that, when hashed twice with SHA-256, yields a number smaller than the given difficulty target.

Cryptographic nonce

noncenoncesauthentication nonce
For the bitcoin timestamp network, a valid proof of work is found by incrementing a nonce until a value is found that gives the block's hash the required number of leading zero bits.

Hash function

hashhashinghashes
Once the hashing has produced a valid result, the block cannot be changed without redoing the work.

Arms race

armaments competitionarmaments racearms build-up
An "arms race" has been observed through the various hashing technologies that have been used to mine bitcoins: basic CPUs, high-end GPUs common in many gaming computers, FPGA s and ASICs all have been used, each reducing the profitability of the less-specialized technology.

Central processing unit

CPUprocessorprocessors
An "arms race" has been observed through the various hashing technologies that have been used to mine bitcoins: basic CPUs, high-end GPUs common in many gaming computers, FPGA s and ASICs all have been used, each reducing the profitability of the less-specialized technology.