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  • AML Anti-Money Laundering (AML) regulations and procedures are governmental requirements intended to stop criminals from disguising the origins of their funds. AML restrictions often apply to bitcoin exchanges and mandate the provision of personal identifying information from customers.
  • Atomic Swap A smart contract-enforced exchange of cryptocurrencies across different blockchains
  • Batching The practice of combining multiple bitcoin payments into a single transaction with multiple outputs, thus lowering the amount of data processed and the translation fees.
  • Bitcoin A type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
  • Bitcoin Network The Bitcoin network is the network of computers through which Bitcoin transactions are broadcasted and which maintains the public blockchain.
  • Block A block is an individual unit of a blockchain. Each block contains the hash of the previous block, confirmed transactions, and a number called a nonce. Someone creating a block must find a nonce such that the hash of the block is below a certain threshold (the target), which can only be done by trying out nonces one after the other until one that produces a desirable hash is found, and is harder the lower the target is. The reason why block creation is made deliberately difficult is to prevent someone from spending bitcoins and then creating and pushing his own blockchain that doesn’t contain the transaction that shows that the bitcoins are spent, effectively erasing that record and allowing him to spend them twice. When a valid block is created, it is distributed through the network and work on the next block starts.
  • Blockchain The blockchain is a public list of all blocks that have ever been mined, ensuring that everyone knows which bitcoins belong to whom. Many nodes on the network keep a copy of the blockchain.
  • BTM A BTM (or in other words - a Bitcoin automated teller machine) is an internet machine that allows people to buy Bitcoins with hard cash (fiat currency) or vice versa. 
  • Coinbase The first transaction in each Bitcoin block, which distributes the subsidy earned when a miner successfully validates it as well as the cumulative fees for all transactions included in the block. The coinbase transaction effectively creates new bitcoin.
  • Cryptocurrency A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.
  • DEX A cryptocurrency exchange where people can trade cryptocurrencies without a central company (exchange). These are usually run by a smart contract and can ensure that nobody besides yourself holds the private keys to the funds being traded.
  • DOA (Decentralized Autonomous Organization) An organization that is run automatically according to rules encoded as smart contracts and without the guidance of a single authority. Not to be confused with “The DAO,” (though this was a DAO) which was a venture capital fund that was hacked in 2016 for one-third of its funds, totaling about $50 million.
  • FIAT A fiat currency is a traditional currency like the U.S. dollar and the euro, which ultimately derives its value from its use being mandated by a government for payment of taxes and as legal tender.
  • Inflation In economic terms, inflation is a general increase in prices and decline in the purchasing power of money. In the cryptocurrency space, it is often also used to simply refer to an increase in the supply of a cryptocurrency.
  • Mining The process by which transactions are verified and added to a proof-of-work blockchain. This process of solving cryptographic problems using high-powered, specialized computing hardware also triggers the generation of cryptocurrencies.
  • NFT (Non-Fungible Token) A digital token that represents something unique and not interchangeable. NFTs are possible to establish on Bitcoin through Layer 2 platforms.
  • OPSEC (Operations Security) In the Bitcoin space, OPSEC generally refers to the importance of securing individual pieces of data that might be grouped together to reveal critical information about personal identity.
  • Private Key A private key in the context of Bitcoin is a key connected to an address (technically, the address is the hash of the public key corresponding to the private key) that is stored behind the scenes and allows you to send bitcoins that have been previously sent to that address. Note that because of the way the encryption algorithm that Bitcoin uses (ECDSA) works it is possible to generate the public key and the address from just the private key.
  • Virtual Currency Kiosk Kiosks allow exchange of virtual currencies for cash and are found in convenience stores and other locations.