Big-Kid Words

Grown-ups use some fancy words when they talk about Bitcoin. Here they are, said in easy ones. You already learned most of these!

• Bitcoin (₿)
  Money that lives on the internet, with no bank in charge.
• Blockchain
  The giant shared notebook that thousands of computers keep at once, so no one can cheat.
• Wallet
  The app that holds your Bitcoin and your keys.
• Address
  Your mailbox. A string of letters and numbers you share so people can send you Bitcoin. Safe to share.
• Private key / Seed phrase
  Your 12 or 24 secret words. The ONE key to your money. Never share, never lose.
• Exchange
  The swap-shop app where you trade dollars for Bitcoin.
• Satoshi (sat)
  The tiniest slice of a Bitcoin. Like a penny is a tiny slice of a dollar.
• Miner
  A computer that checks payments and writes the next notebook page, earning a little Bitcoin for the work.
• Confirmation
  One double-check of your payment. A few of them, and it is final.
• Fee
  The small tip you pay the miners to carry your payment.
• Cold wallet
  A wallet kept OFF the internet (on a little device or paper). Safest for big amounts.
• Hot wallet
  A wallet on your phone or online. Handy for small, everyday amounts.
• Volatile
  A fancy word for "the price jumps up and down a lot." Bitcoin does this, so only use money you can afford to risk.
• HODL
  A funny misspelling of "hold." It means buy and keep it for a long time instead of selling fast.