Wallet– the place where you actually hold you Bitcoin or crypto assets.
Address– the alpha numeric destination of your wallet on the blockchain. They are super long. Each wallet has a send and receive address.
Private Key– data which proves your right to spend Bitcoins or assets from a specific wallet. This is accomplished through a cryptographic signature. This is the single most important part of your wallet to keep private because they are the mechanism that allows you to spend your Bitcoin.
Signature– mathematical proof that allows someone to prove ownership.
Block Chain– The block chain is a public record of Bitcoin or crypto asset transactions in chronological order. The blockchain is shared between all crypto users. It is used to verify the permanent transactions carried out and to prevent double spending.
Block– is a record in the blockchain that contains and confirms waiting transactions.
Confirmation– A transaction has been processed by the network and is highly unlikely to be reversed. It is common practice to wait until six confirmations for larger transactions.
Cryptography– a part of math that lets us create proofs that provide high levels of security. It can also be used to encrypt “stuff,” so that it cannot be used without a password.
HODL– Hold on for dear life. Slang for holding and not selling.
FOMO– Fear of missing out. Buying Bitcoin, or another asset because it’s gaining popularity, or you feel like you might miss out on financial gain.
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