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Crypto Bits

The Pocket Glossary

One crypto word a day, explained in under a hundred plain words.

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Word of the day1
today's word halv·ing (HAV-ing) noun

A scheduled cut, by half, in the new bitcoin paid to the miners who add each block. It comes about every four years, every 210,000 blocks, and it is written into the code.

The date of the next halving depends on how fast blocks arrive, not on a calendar.

this definition: 33 words
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Fig. 1. New bitcoin per block, halved four times so far. This is not a chart of price.
block · gas2

block(blok) nounA batch of transactions added to a network's shared record. Each block points back to the one before it, which is where the word blockchain comes from.Her transfer went through in the next block.

fork(fork) nounA change to a network's rules. If everyone upgrades, the network carries on as one. If some refuse, it can split into two networks with a shared past.The developers scheduled the fork for March.

Fig. 2. A fork. Two networks, one shared past.

gas(gas) nounThe fee paid to a network to process a transaction or run a piece of code. Harder work takes more gas, and a busy network charges more for each unit.The transfer failed, but the gas was still spent, because the network had done the work.

hash · wallet3

hash(hash) nounA short fingerprint made from any piece of data. Change one letter of the data and the whole fingerprint changes, which makes tampering easy to spot.The two files had the same hash, so they were the same file.

seed phrase(SEED frayz) nounA list of 12 or 24 ordinary words that can rebuild a wallet on a new device.Anyone who has the words has the wallet. Never type them into a website or show them to anyone.She wrote her seed phrase on paper and locked it away.

wal·let(WOL-it) nounSoftware or a small device that holds the keys to your coins. The coins stay on the network; the wallet holds the proof that they are yours.He lost the phone, not the money, because he could restore the wallet.

How to read an entry4
wal·let(WOL-it)nounthe headwordhow to say itwhat kind of word

This week's words

  • Monday block
  • Tuesday fork
  • Wednesday gas
  • Thursday halving
  • Friday hash
A note to the reader5

This little book explains words. It does not say what to buy, what to sell or what anything will be worth. A paid mention would be labeled as paid.

Not financial advice. Entries are written to show the format, in plain English, not as legal or technical standards.

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