What is a 51% attack? An attack in which malicious actors gain control over 51 percent of nodes in a network. In Bitcoin, Proof-of-Work (PoW) has been the main method of securing against double-spend attacks. A 51% attack on PoW means that malicious actors controlling more than 50% of the network’s mining hash can use…
Read moreWhat is an altcoin? The word “altcoin” is an abbreviation of “Bitcoin alternative,” and thus describes every single cryptocurrency except for Bitcoin. Altcoins are referred to as Bitcoin alternatives because – at least to some extent – most altcoins hope to either replace or improve upon at least one Bitcoin component. Popular altcoins include Litecoin,…
Read moreWhat is an ASIC? Short for Application-Specific Integrated Circuit, an ASIC is a dedicated piece of hardware used for, in this context, crypto-currency mining. ASICs are designed with a singular purpose in mind: to mine a certain crypto currency using that currency’s specific algorithm. Each crypto currency has its own algorithm through which it enforces…
Read moreWhat is an atomic swap? An atomic swap is the exchange of one type of cryptocurrency for another—like bitcoin swapped for ethereum—without the supervision of a trusted third party. A relatively new notion, cross-chain atomic swapping looks to change the way users transact with one another. In order to prevent one user withholding their agreed…
Read moreBase crypto is used when comparing different assets. It would be the acceptable point of reference for comparing exchange rates. A base currency (a transaction currency) is the first currency that appears in a currency pair quotation.
Read moreBasel Committee on Banking Supervision (BCBS) is a committee formed in 1974 by central bank governors to develop banking regulations standards and enhance the quality of banking supervision around the world. The original committee was comprised of the 10 countries (G-10) and has since been expanded several times. Currently, the BCBS has 45 members from…
Read moreWhat is BEP? BEP is short for Binance Chain Evolution Proposal. In short, BEP is a list of token management rules and pre-defined criteria to help launch on-chain assets on Binance Chain. Projects use this BEP to transition their tokens from their original mainnet to the Binance Chain. Often, this is done to take advantage…
Read moreBitcoin is a digital currency (also called crypto-currency) that is not backed by any country’s central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment. Bitcoin-to- Bitcoin transactions are made by digitally exchanging anonymous, heavily encrypted hash codes across a peer-to- peer (P2P) network. The P2P…
Read moreA bitcoin address is a cryptographic key that “owns” bitcoins. This address is used to uniquely identify bitcoins. The person or persons who know the corresponding private key can send those bitcoins to any other address. The cryptographic keys that control an address are typically stored on a user’s computer or mobile device in a…
Read moreWhat is a Bitcoin ATM? A business that operates physical kiosks that allow a person to purchase bitcoin by using cash or a debit card. Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of bitcoin as well as the sale of bitcoin for cash. In some cases, Bitcoin ATM providers require users to…
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