VBit Crypto Mining Glossary


TRANSACTION – A transaction is when data representing value is sent to and from one Bitcoin address to another.

TRANSACTION FEES – These are fees that a sender attaches to a Bitcoin transaction. Miners are incentivized to add transactions with higher fees to their prospective blocks.

TOKEN – A token represents the digital identity for something that can be owned. The term is often used as a synonym for “cryptocurrency”, simply because cryptocurrencies can be viewed as tokenized data. The term can be also used to specifically refer to a digital asset that exists on a cryptocurrency’s blockchain.

TERAHASHES PER SECOND (THS/S) -This is a number that indicates the total hashes on the Bitcoin network per second.

TOTAL SUPPLY– This refers to the total amount of cryptocurrency that will ever be created in a crypto network. The total supply of Bitcoin is 21 million.

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