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Bitcoin Glossary

Thu 1st, Jan 1970, 12:00 am Education

Address
A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction.

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

Bitcoin
Bitcoin - with capitalization, is used when describing the concept of Bitcoin, or the entire network itself. e.g. "I was learning about the Bitcoin protocol today."
bitcoin - without capitalization, is used to describe bitcoins as a unit of account. e.g. "I sent ten bitcoins today."; it is also often abbreviated BTC or XBT.

Block Chain
The block chain is a public record of Bitcoin transactions in chronological order. The block chain is shared between all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending.

Block
A block is a record in the block chain that contains and confirms many waiting transactions. Roughly every 10 minutes, on average, a new block including transactions is appended to the block chain through mining.

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Start Hobby Mining Today

Thu 1st, Jan 1970, 12:00 am Education

NiceHash Mining software will allow you to rent out your computing power (on your PC or mining rig) to NiceHash hash power marketplace. Buyers on the marketplace rent your computing power and in return, you get paid in bitcoins. NHM includes 3rd party miners, thus we cannot guarantee for every line of code that goes out with the release.

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What is Bitcoin?

Thu 1st, Jan 1970, 12:00 am Education

Bitcoin (₿) is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network.[7] Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto.[10] The currency began use in 2009[11] when its implementation was released as open-source software.