A thread for asking and explanation of terms in bitcoin you don't understand.

[Troytech]

I've been thinking on making this thread for while now and I think everyone should support in any way they can, I have been really stuck in understand a lot of technical terms in bitcoin and I think a lot of newbies are having the same issues, so I'm making this thread as a question and answer for any term you dont understand yet in bitcoin expecially the technical term like ordinals and the rest of those mind blowing terms. Pls everyone should help out. I would explain a few technical terms I know and I'll ask my own question too to start up the thread.

So let's start and wish me good luck

Layer 2 solutions: this are simply a set of secondary protocols built on top a blockchain to solve a problem. Mostly scalability issues that result to low transaction speed, congestion etc. They are literally built to share the burdens of the first layer(L1 or original chain), let use this senerio to explain it. Let's say I'm an accountant and I have a lot of paper works on my table and I have such little time and space to finish them on time or even store them, so I employ an assistant that helps me do some of the assignments and then submit back to me for check up. So that's how a layer 2 solution works, they assistant the main chain and then still rely on the main chain as the final boss that issues commands and stores information. If I'm wrong please correct me.

Blockchain: is a shared, immutable ledger for recording transactions, tracking assets and building trust. This is the simplest way to explain it.

Lighting: Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants.

Everyone pls contribute, ask for terms you don't understand, can't wait to see those comments piling.

[1714833076]

1714833076

[OcTradism]

Just don't make this thread like an AMA (Ask Me Anything) because you and everyone can get many Cryptocurrency Terms from big sites.

Coinmarketcap Crypto Glossary: https://coinmarketcap.com/academy/glossary
Coingecko Glossary: https://www.coingecko.com/en/glossary
Coindesk Crypto Terms: https://www.coindesk.com/learn/glossary/

[Doan9269]

In addition to this, you can always make use of the forum search on anything you may want to ask or enquire about, virtually everything had already been discussed before now in one way or the other here, also making use of the google could also help, you're likely to see many other references that are linked to that same word or term as the case maybe, you can always make use of the above recommended links on that.

[Churchillvv]

This kind of threads have been created multiple times and I was one of the people who thought it never existed so I created almost same thread as yours.

Here is a list of threads that has been in existence I this forum that discusses Bitcoin and cryptocurrency terminologies.

• A-Z Mini Cryptocurrency Dictionary (by AdoboCandies)
• Ethos’ Alphabetical Guide to Cryptocurrency Definitions and Metrics (by bitmover)
• A few cryptocurrency abbreviation (by COOLCRYPTOVATOR)
• Definition of some short Abbreviations used on forum. Everyone should know; (by COOLCRYPTOVATOR)
• Crypto acronyms and their meanings for beginners (CHECK OUT) (by CryptoHeadlineNews)
• 🔥🔥🔥Blockchain entry series / 1：50 Blockchain Terms🔥🔥🔥 (by Dalong Wallet)
• READ THIS if you just landed here. (by fernandoaleixo)
• The beginners guide to Blockchain & Cryptocurrency (by mikeey89)
• A Reminder To Newbies! (by nakamura12)
• Important terms that are frequently confused. (by odolvlobo)
• Cryptocurrency Lingo/Slang (by theyoungmillionaire)
• Terminology (by yogi)

Note: this list was compiled by symmetric formally know as Ratimov

Another thing you should start considering is know how to make good use of search engines. Here is a list of threads where you can learn about search buttons.

• [Tips] Guide for forum search
• ★ A Complete Guideline to use forum search button properly ★
• [Guide] Searching effectively

[nakamura12]

This kind of threads have been created multiple times and I was one of the people who thought it never existed so I created almost same thread as yours.

It already explains that they didn't make their own research or wanted to spoon-fed them the knowledge about cryptocurrency instead of learning it by yourself like watching videos, reading articles and more before they ask someone when they have something find it hard to understand or came across a complicated information or topic for clarification and guidance. The forum clearly shows the search feature at the front page lr home page of this forum to search threads that they want to find.

[Majestic-milf]

 It was nice of you to bring it up for the Op, @Churchliv. I just hope he reads it and understands that he doesn't need to open this thread when all these are already there to guide the lost newbie and those who still have difficulty in understanding some Bitcoin terms..
This is one the reasons I rarely bother to drop links for those newbies who create "I'm new here" threads because some of them rarely read it so it's pointless doing so.

[Darker45]

Don't make it a burden upon yourself to open a thread that becomes popular. It seems to me that many newbies and other low rank members are often thinking or looking for topics for a new thread that would somehow make themselves relevant. Don't oblige yourself of it because it isn't your obligation.

Here you are trying to start another crypto-related glossary. Not only has this already been created a number of times here, it is also much easier to search online. Besides, other resources online provide a definite and much clearer definition, something which doesn't end with "If I'm wrong please correct me."

[Yorubek]

I like the example you gave with layer 2. I have heard a lot about layer and 1 and 2 but could not grasp the concept so easily. I got some idea from your short words. After reading your thread here is a good idea about scalability and layer 2.  I am trying to learn more about. By scalability I mean that it refers to the ability of its' won Blockchain network upgradation. On the other hand, layer 2 is a special support for various tasks of layer 1, especially transaction speed and network congestion etc. which is better solved by layer 2. Please correct me if my understanding is wrong.

[Husires]

A Google search will give broader results and a better explanation because we will try to summarize the vocabulary of the term in simple words so that the content is readable, but sometimes simplicity leads to the term needing more research to understand it, especially for beginners. If you say to someone who does not know anything about Bitcoin that Lightning is a decentralized network used Functions of smart contracts in the blockchain You will need to explain what a decentralized network is, what smart contracts are, and why smart contracts cannot be applied to the Bitcoin network.
You can create a topic about new terms that have not been talked about.

[PrivacyG]

It is helpful to answer questions people have but a much more helpful approach would be providing the Forum a glossary of terms explained in a more childish way or providing a definition easily understandable even by the less knowledgeable or the more elderly.  The way you explained Layer 2 by comparing it to accountability is perfect.

[AakZaki]

Beginners really have to learn this forum search engine, because most beginners don't use it or they don't use it optimally enough.
The forum search engine is not perfect because there is no order by date or it does not specifically find the keywords you are looking for.
But with the help of Google it will be better. I usually use Google to search for any topic that includes the keyword bitcointalk so the search will focus on threads on this forum.

[Sandra_hakeem]

Beginners really have to learn this forum search engine, because most beginners don't use it or they don't use it optimally enough.

I was even about to say the same thing...TBH, I feel there are no outward topics about Bitcoin and the whole forum in general that hasn't been deliberated already in here... especially since this is a Bitcoin forum, a wholesome of prodigies were here before us all -- and at the time, they gave in everything they had before they left... So all you gotta do is try to match your topics to see if it's been discussed already.
you've been provided with several links to sites that could possibly be of good assistance... Use them.

Sandra 🧑‍🦰

[nakamura12]

Beginners really have to learn this forum search engine, because most beginners don't use it or they don't use it optimally enough.
The forum search engine is not perfect because there is no order by date or it does not specifically find the keywords you are looking for.
But with the help of Google it will be better. I usually use Google to search for any topic that includes the keyword bitcointalk so the search will focus on threads on this forum.

It shouldn't be just in the forum search engine but also other search engine like google when they want to find a topic. I have done the same before and also now if I want to search for a thread where I type the title if I remember the title and then add bitcointalk keyword at the end when I use google just as you have explained it because it will display it when you searched it and also about the forum search engine. As I explained in my post above that they aren't making research means they are lazy enough or simply didn't think about making a research.

[letteredhub]

Op it is apparent that your objective for creating this thread is for a good purpose however you're coming too late, before you several similar threads as this has existed in the forum which is why you should make it a necessity for you to making use of the forum search button to know if a topic that you have build interest to create is in the forum already or not so it doesn't look like you wasted effort at the end by creating a replica. This is a similar thread among many others that other users have already brought to your knowledge A simple bitcoin Q/A. Learn new and interesting stuff about bitcoin.

[Kingbtc2]

This kind of threads have been created multiple times and I was one of the people who thought it never existed so I created almost same thread as yours.

Here is a list of threads that has been in existence I this forum that discusses Bitcoin and cryptocurrency terminologies.

• A-Z Mini Cryptocurrency Dictionary (by AdoboCandies)
• Ethos’ Alphabetical Guide to Cryptocurrency Definitions and Metrics (by bitmover)
• A few cryptocurrency abbreviation (by COOLCRYPTOVATOR)
• Definition of some short Abbreviations used on forum. Everyone should know; (by COOLCRYPTOVATOR)
• Crypto acronyms and their meanings for beginners (CHECK OUT) (by CryptoHeadlineNews)
• 🔥🔥🔥Blockchain entry series / 1：50 Blockchain Terms🔥🔥🔥 (by Dalong Wallet)
• READ THIS if you just landed here. (by fernandoaleixo)
• The beginners guide to Blockchain & Cryptocurrency (by mikeey89)
• A Reminder To Newbies! (by nakamura12)
• Important terms that are frequently confused. (by odolvlobo)
• Cryptocurrency Lingo/Slang (by theyoungmillionaire)
• Terminology (by yogi)

Note: this list was compiled by symmetric formally know as Ratimov

Another thing you should start considering is know how to make good use of search engines. Here is a list of threads where you can learn about search buttons.

• [Tips] Guide for forum search
• ★ A Complete Guideline to use forum search button properly ★
• [Guide] Searching effectively

Thanks for this list, a complete encyclopedia, so any newbie can choose to click any of the links and immerse themselves in learning about the terminologies of cryptocurrency, it is not easy to understand everything at once, it is to take the learning one step at a time. The study and understanding of Bitcoin and everything that concerns cryptocurrency is a very big task because it is very vast, but newbies should not be discouraged because the experienced and knowledgeable members were once newbies in cryptocurrency. Another reason why it is important to continuously be researching about the crypto space is because there is too much scams in it, someone can easily be scammed in any areas of ignorance, so learning and researching should be a continuous process in the crypto space.

[AakZaki]

It shouldn't be just in the forum search engine but also other search engine like google when they want to find a topic. I have done the same before and also now if I want to search for a thread where I type the title if I remember the title and then add bitcointalk keyword at the end when I use google just as you have explained it because it will display it when you searched it and also about the forum search engine. As I explained in my post above that they aren't making research means they are lazy enough or simply didn't think about making a research.

Optimizing with the Google search engine is very effective, because the forum search engine is not effective enough because it does not provide appropriate results. Using the Google search engine by adding special keywords is also called Google Dork which is designed to find topics with certain keywords.

[uchegod-21]

This is a very nice thread but I doubt the maintainability of the thread. The thread will obviously be derailed after the first few pages.  

Layer 2 solutions: this are simply a set of secondary protocols built on top a blockchain to solve a problem. Mostly scalability issues that result to low transaction speed, congestion etc. They are literally built to share the burdens of the first layer(L1 or original chain), let use this senerio to explain it. Let's say I'm an accountant and I have a lot of paper works on my table and I have such little time and space to finish them on time or even store them, so I employ an assistant that helps me do some of the assignments and then submit back to me for check up. So that's how a layer 2 solution works, they assistant the main chain and then still rely on the main chain as the final boss that issues commands and stores information. If I'm wrong please correct me.

Fine explanation with a layman analogy to enable anyone understand it.

Lighting: Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants.

Why didn't you mention here that it is a layer 2 solution. Since you have discussed the layer 2 above, this was supposed to be a synchrony to it. Recently, the importance of LN is seen by this time that the network congestion is persisting.