VBit Crypto Mining Glossary
BEARISH– This is sentiment that the price of an asset is soon to decline or remain low.
BITCOIN ATM (BTM) – An Automated Teller Machine (ATM) from which you can withdraw Bitcoin.
BITCOIN IMPROVEMENT PROPOSAL (BIP) – A BIP is a standard through which a member of the Bitcoin community proposes changes to the Bitcoin protocol, or in some cases a source for information for the Bitcoin community.
BLOCK – These are the constituent files of a blockchain. Each block carries a database with transaction data, a timestamp to prevent future alterations, and a unique hash to add it to the blockchain.
BLOCKCHAIN – The blockchain is a decentralized digital ledger that utilizes cryptography to continually add a growing number of data sets (blocks). It acts as the fundamental technology for decentralized cryptocurrencies.
BLOCK REWARD – Block rewards are an incentive for a miner who successfully adds the next block of transactions to the blockchain. This process creates new coins while ensuring miners have cause to keep verifying transactions.
BLOCK HEIGHT – This is the height between a given block on the blockchain and the genesis block. The genesis block has a height of zero.
BLOCK TIME – This is the average amount of time it will take for a miner to find the solution to a block hash.
BUBBLE – A bubble is a significant increase in the price of an asset (such as cryptocurrency) that does not reflect an increase in its true value, often on a belief that the asset’s price will continue to rise only to end with prices crashing.
BULLISH – Bullish sentiment refers to an expectation that the price of an asset is going to increase.
BUYING THE DIP – This is a phenomenon where investors buy an asset that has had a momentary dip in prices with the expectation that it will rise again soon.