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Bitcoin glossary

Bitcoin Glossary

Altcoin

Altcoin refers to any digital currency that has a smaller market capitalisation than bitcoin. The current main altcoins include Dogecoin, darkcoin and litecoin – but this list is constantly changing.

ASIC

ASIC stands for application specific integrated circuit, which is a specialised silicon chip that performs just one task. In the digital currency space, these chips process SHA-256 in order to mine bitcoins and validate transactions

ASIC Miner

An ASIC Miner is the hardware that houses the chip of the same name. You put them into your Internet connection via a modem or wireless mode bitcoin’s independent of your desktop computer.

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