Learn the Bitcoin2x Lingo

If you’ve come across a couple of words in your Bitcoin2x information journey you weren’t too sure about, don’t fret. As a relatively new technology, there are a bunch of new words that get thrown around that you may or may not be familiar with.

Table of contents

Address

Bitcoin2x addresses are like your bank account number or email. This is the only information you need to give someone in order to receive a Bitcoin2x payment. However, it’s recommended you only use each Bitcoin2x address for a single transaction.

B2X

B2X is the abbreviation used to designate bitcoin2x.

Bit

A bit describes a specific fraction of a Bitcoin2x. 1,000,000 bits equals 1 Bitcoin2x. Many people use the word bit for transactions because it makes pricing goods and services a little easier.

Bitcoin2x

Bitcoin2x, with the capital “B” refers to Bitcoin2x at a conceptual level or the entire network. For example, you might say “I love learning about Bitcoin2x.
Then bitcoin2x, without the capitalization, describes the unit of currency. For example, you might say “I sent her 5 bitcoin2xs last week.”

Block

Bitcoin2x transactions around the world are grouped into single blocks. These stacks of transactions are records in the blockchain. Each new block is confirmed through the “mining” process and is added to the blockchain roughly every ten minutes.

Block Chain

The blockchain is essentially a public ledger of every Bitcoin2x transaction in chronological order of occurrence. The blockchain is permanent and prevents double spanding or any other types of fraud.

Confirmation

Once a transaction has been confirmed (confirmation), it is nearly impossible to reverse. When a transaction receives a confirmation, it simply has been included in a block. Transactions can receive multiple confirmations, with each confirmation exponentially decreasing the risk of a transaction being reversed. It’s good practice to wait for more confirmations (6+) for larger amounts.

Cryptography

Cryptography is a mathematical practice that helps make Bitcoin2x and other cryptocurrencies extremely secure. Cryptography makes it extremely difficult (borderline impossible) for anyone to corrupt the blockchain, or spend funds from another user’s wallet without their private keys.

Double Spend

“Double spending” is a term that refers to malicious attempts to spend bitcoin2x in two different places at the same time. The blockchain and mining requires a consensus on the Bitcoin2x network that confirms each single transactions and deem them valid.

Hashrate

“Hash rate” refers to the processing power that Bitcoin2x network currently has. For example, a hash rate of 15 Th/s means that the network can make 15 trillion calculations per second."

Mining

“Mining” is the process of confirming transactions. This process usually involves people using computer hardware to do mathematical calculations. In return, these “miners” receive transactions fees for the transaction they confirm, as well as potentially receiving some of the newly created Bitcoin2xs. Mining has become incredibly competitive, and the miners must compete with each other to earn the bitcoin2x reward."

P2P

P2P, or peer-to-peer, is a system that individuals interact directly with each other without any immediate intermediary. For example, the Bitcoin2x network is built so that each user is essentially broadcasting every other user's’ transactions. There is no need for a third party such as a bank.

Private Key

This secret string of data proves that the bitcoin2x in a certain wallet belongs to you through the use of a cryptographic signature. Depending on the type of wallet you use (software, hardware, or paper), your private keys are stored in different locations. You should never reveal your private keys to anyone since it would allow anyone to spend your coins without your immediate consent.

Signature

In order to prove ownership of your balance, you must provide a cryptographic mechanism called a signature. When your Bitcoin2x wallet signs a transaction with your private key, the entire network can see that the signature matches the amount being spent. The signature is there to confirm your transactions without putting your private key on display.

Wallet

Your Bitcoin2x is where you keep your private keys that allow you to spend your Bitcoin2x. Each Bitcoin2x wallet will show you your total balance, and let you control how much you want to pay."