The following terms are frequently used in the virtual currency and blockchain technology industry, on various forums, and within many articles here on dinbits. This is a list and definition of them. 

There is some FinTech that does dribble in from time to time and some terms are frequent on the internet in general and in some cases terms have been coined (no pun intended) by others or have additional meaning. (See endnotes ) 




Ad or Advert – A trade advertisement to buy or sell Bitcoins

Address (See Wallet Address)

AltChain – A network of processors combined to create a multi-purpose ledger that rewards computing power suppliers with digital currency in the form of an AltCoin and generally work like, or direction cloned from, the Blockchain (See Bitcoin, Blockchain, AltCoin)

AltCoin –  Digital Currency based on, copied from, or similar to Bitcoin.

Assburger Syndrome   – When someone asks people for help and then doesn’t like the advice given. If that person ignores the help or responds by cursing and being stupid he/she has Assburger Syndrome.

ASIC – Application Specific Integrated Circuit. Microchips designed specifically for blockchain network calculations. Used in hardware called "miners".


BIP– BIP stands for Bitcoin Improvement Proposal and is a protocol design document for proposed changes to the bitcoin software. 

There are three types of BIP's, IBIPs, SBIPs, and PBIPs. 

  1. SBIP - Standard Bitcoin Improvement Proposal - Changes to the network protocol, block or transaction validation, or anything affecting interoperability.
  2. IBIP -  Informational BIPs - Design issues, general guidelines. 
  3. PBIP - Process BIPs - Describes or proposes a change in process.

BitCo  – A digital currency or blockchain based company, startup, or organization.

Bitcoin – A digital currency most notable due to its popularity and success, although it was not the first virtual currency

Bitcoin Improvement Proposal - See BIP

BitLicense – A nickname for the regulation at 23 NYCRR 200 in New York State

Bits – Slang for Bitcoin

Block  – A block chain implementation consists of two kinds of records: transactions and blocks. Transactions are the actual data to be stored in the block chain, and blocks record and confirm when and in what sequence transactions became journaled database.

block chain – A network of processors combined to create a multi-purpose permissionless public ledger that rewards computing power suppliers with a token of value (See Blockchain and AltChain). Also called a permissionless distributed database or permissionless distributed ledger.

blockchains – Slang for AltChains (See AltChain)

Blockchain – A network of processors combined to create a multi-purpose permissionless public ledger that rewards computing power suppliers with Bitcoin (See Bitcoin). Also called a permissionless distributed database or permissionless distributed ledger.

block chain – A network of processors combined to create a multi-purpose permissionless public ledger that rewards computing power suppliers with a token of value (See Blockchain and AltChain). Also called a permissionless distributed database or permissionless distributed ledger.

blockcoloredSomething, typically software, that is called a blockchain but lacks one or more aspects of blockchain technology such as tokenization, immutability, transparency, complete security, consensus, etc... In some cases blockcolored software is not blockchain technology based at all (ex: itBit's Bankchain).

blockcolored examples:
  • IBM/Hyperledger Fabric (Runs in IBM's cloud, no tokenization, nodes governed by paper contracts)
  • Eris Industries (No tokenization or incentive, requires paper agreements)
  • R3's Corda (No tokenization or incentive, requires paper agreements, build for private networks)
  • Ripple (private network)
  • Bankchain (virtually no blockchain technology at all)

BTC – Slang "ticker symbol" for Bitcoin


Chargebacker  – Someone that makes makes payment and then reverses payment after the transaction is finished. (also see charge back)

Charge back (chargeback) Generally with PayPal, Skrill, Credit or Debit cards when a previously authorized payment is reversed by claim of an unauthorized charge or product not received.

Note: This is an issue that bitcoin solves. Chargebacks are not possible with bitcoin transfers.

Cloudware – Software that runs in a third party server room facility instead of in-house or at a company facility. Typically referred to as the "cloud" environment, many service offerings (Quickbooks online for example) would be dubbed as cloudware.

Coin – Slang for Bitcoin

Coin Locker – When a buyer leads a seller to place digital currency into escrow or opens a trade in a P2P marketplace which automatically places coins in escrow and then vanishes, leaving coins locked until the 3rd party signature can release the coin back to the original owner.

Colored Coin - An asset represented on the Blockchain.

Cryptocurrency – Another name for digital currency or the more accepted virtual currency that is a form of currency produced and secured by cryptology.

Cryptography – A branch of mathematics .


DDoS – Distributed Denial of Service. Typically used to bombard a specific address in an effort to expose vulnerabilities of the service provided or cause service interruption.

Decentralized Autonomous Organization - An organization that exists only as shareholders without any central management.

DAO - See Decentralized Autonomous Organization.

Double Spend – There are two considerations and uses of the term. 

  1. The theoretical process of spending the same bitcoin more than once that may be possible if a single entity possesses over 51% of the network. However, although technically possible in theory, the likely hood of managing to execute a double spend without detection is astronomically slim as in as close to 0 as possible with current technology.
  2. The attempt of number 1 for various reasons from accidents to SPAM with no expectation of the transaction actually succeeding. This is used frequently to describe this occurrence but it is not really a "double spend" as in a bitcoin that was spent twice. 

Dumps – Slang for Bitcoin and credit card information used in credit card fraud


Escrow – When an impartial third party temporarily holds value or a valuable (such as cash, bitcoins, or property) until payment is verified and conditions of a sale are satisfied.

Ethereum – A smart contract network and altchain that executes decentralized applications with a token called Ether.

Ether – A token used on the Ethereum network, but not considered a virtual currency. It is however traded as a commodity

ETH – Commonly used ticker symbol for Ether (See Ethereum, Ether)

Exchange – Used to describe an online virtual currency exchange in this industry which is similar to a commodities exchange .


FinCEN – United States: The Financial Crimes Enforcement Network

FinTech – Many consider this an oxymoron. However it is meant to refer to technology used in the financial services industry.

FloorIn mathematics, floor and ceiling functions map a real number to the largest previous or the smallest following integer, respectively. Specifically floor(x) = ⌊x⌋ is the largest integer less than or equal to x and ceiling(x) = ⌈x⌉ is the smallest integer greater than or equal to x.

In ordinary English this basically means the floor function is the lowest whole number of a decimal or fractional number.

Example: Written as  ⌊2.145⌋, the floor of 2.145 is 2.


GTFO  – “Get The Fuck Out” or "Get The Fuck Off", a response to scammers or people with below average intelligence when they try to cause drama or trouble


IBIP – Informational Bitcoin Improvement Proposal (See BIP). 

IRTP – Acronym for International Real Time Payments and is a proprietary system for 3rd party bank transfers developed by WB21 Inc. (United States) and used by WB21 Bank (WB21 ltd - United Kingdom) for transferring funds from WB21 accounts to other banks. 

IVTS –  An informal value transfer system (IVTS) is any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form. Informal value transfers generally take place outside of the conventional banking system through non-bank financial institutions or other business entities whose primary business activity may not be the transmission of money. The IVTS transactions occasionally interconnect with formal banking systems, such as through the use of bank accounts held by the IVTS operator.

IVTS transactions are considered money transmission in the United States and other countries.


Jack  – Someone whose response has nothing to do with the original trade or topic of discussion


LBC – An acronym for, because takes to much effort to say.

Localbitcoins – An online P2P bitcoin exchamge

Local – See LBC (committing the part about an acronym )


MG – MoneyGram

MIM – Man in the Middle scam. Instead of person A sending to person B. There's a secret person C involved who A thinks is B, and B thinks is A. C is generally up to questionable activity.


Newb – New trader or new to the Industry

NDC – as in -- News dot Dinbits dot Com --

Newb – New trader or new to the Industry

Nonce -  – This term is used to reference a "cryptography nonce". In cryptography, a nonce is an arbitrary number that may only be used once.

The bitcoin "nonce" is a 32-bit field in a block whose value is set so that the hash of the block will contain a run of zeros leaving the rest of the block fields untouched.

This is also known as "what the bitcoin miners are looking for. Any change in block data promotes a differently hashed block. By calculating billions of possible combinations until the the correct nonce is found (winning a block, and block reward), and what is considered the "proof of work".

Nonzi – A scheme that from the outside appears to be a Ponzi, but unlike a Ponzi scheme, where investors are paid with new investments, investors are not paid at all.

Noob – See Newb


P2P  Peer-to-peer. Applies to trading, mining, the Blockchain, etc..

PayPal – An online payment service that is easily reversed and often used by scammers due to it's ease of payment reversals.

Paxful – An online bitcoin exchange primarily used as a payment gateway (originally for Backpage).

Paxsos - itBit's twin sister who stole bankchain from the company before itBit stole the name from SAP.

Pre-mine - The practice of mining Altcoins or tokens prior to public release.

PreyPal – Slang for PayPal (See PayPal)

PBIP – Process Bitcoin Improvement Proposal (See BIP). 

Private blockhain – A privately owned and operated AltChain

Ponzi-Garza  – A cloud mining operation that runs as a Ponzi scheme, and may or may not try to introduce a world dominating coin that flops. Made famous by GAW Miners and Josh Garza.

Public Blockhain – The Blockchain (bitcoin blockchain)

Pump and Dump – The practice of building up an asset (pump), such as an Altcoin, with the only intention of selling off the assets (dump) before the asset loses all value.


SBIP – Standard Bitcoin Improvement Proposal (See BIP). 

SEPA – Single European Payment Area. 

Spacker  – It comes from the word spastic. It is a buyer who is freaking out, complaining, asking stupid questions and generally annoying or wasting time.

Scammer – A person who perpetrates a scam

Sidechain – An AltChain that uses the Blockchain or another AltChain and validates its information from other AltChains or sources.

Spammer – One who posts unsolicited information or repeatedly posts the same information more than once in a short amount of time

Spamvert – A post in a forum that is purely meant for advertising

Stat Padder – Person who opens a new account and increases their own statistics with fake account transaction.

STFU – "Shut The Fuck Up"

Stamp – Bitstamp, generally used to refer to international market price. Used as "5% over stamp"

SWIFT – Society for Worldwide Interbank Financial Telecommunication supplies secure messaging services and interface software to wholesale financial entities. In other words: international wires.


Wallet Address   A hash address generated by the network supporting that defines the ownership and location on the public ledger of a value of token (Bitcoin, Ether, etc...) or virtual currency. 

WU – Western Union

Windowlicker  – Someone who believes that because they can open a Coinbase account or find bitcoins, they can be a bitcoin seller. Unfortunately they have no idea what they are doing and will likely get scammed, in legal trouble, have their accounts closed or a combination of those.


XBT  – The closest thing to what could be an actual certified ISO code 

 dinbits origitnal
 There is an actually company called BitCo, but they are non-related and in the insurance industry.
 Courtesy 844BankBTC
Courtesy someone else

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