Elite-BinoCrypto:Mining

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BIP

Bitcoin Improvement Proposal or BIP, is a technical design document providing information to the bitcoin community, or describing a new feature for bitcoin or its processes or environment which affect the Bitcoin protocol. New features, suggestions, and design changes to the protocol should be submitted as a BIP. The BIP author is responsible for building consensus within the community and documenting dissenting opinions.

COLD STORAGE

The term cold storage is a general term for different ways of securing your bitcoins offline (disconnected from the internet). This would be the opposite of a hot wallet or hosted wallet, which is connected to the web for day-to-day transactions. The purpose of using cold storage is to minimize the chances of your bitcoins being stolen from a malicious hacker and is commonly used for larger sums of bitcoins.

A BLOCK CHAIN

The Bitcoin blockchain is a public record of all Bitcoin transactions. You might also hear the term used as a “public ledger.” The blockchain shows every single record of bitcoin transactions in order, dating back to the very first one. The entire block chain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the blockchain online.

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