- AML (Anti-Money Laundering)
- ASIC
- Atomic swap
- Austrian School of Economics
- Batching
- Bitcoin Address
- Bitcoin Client
- Bitcoin Core
- Bitcoin Improvement Proposal (BIP)
- Bitcoin Network
- Block
- Block Header
- Block Height
- Block Reward
- Blockchain
- BTC
- Bubble
- Chain Reorganization
- Coinbase Transactions
- CoinJoin
- Confirmation
- Cryptocurrency Mixer
- Cryptography
- DAO (Decentralized Autonomous Organization)
- DCA (Dollar-Cost Averaging)
- DEX (Decentralized Exchange)
- Difficulty of Bitcoin
- Digital Signature
- Distributed Ledger
- Don’t Trust, Verify
- Double Spend
- Dust
- DYOR (Do Your Own Research)
- Encryption Algorithm
- Exchange
- Exchange Volume
- Extended Public Key (xPub)
- Fear of Missing Out (FOMO)
- Fiat
- Flippening
- FORK
- FUD
- Genesis Block
- Graphics Processing Unit (GPU)
- Halving
- Hard Fork
- Hash
- Hash Rate
- Hashing
- HODL
- Hyperbitcoinization
- Inflation
- Initial Block Download (IBD)
- Intrinsic Value
- Know your customer (KYC)
- Layer 2
- Light Client
- Lightning Network
- Margin Trading
- Market Depth
- Mempool
- Miner
- Mining
- Mining Pool
- Mt. Gox
- Multisignature
- NFT (Non-Fungible Token)
- Nocoiner
- Node
- Nonce
- Not Your Keys, Not Your Coins
- Off Chain
- On Chain
- Operations Security (OPSEC)
- Orphaned Block
- Payment Channel
- Peer-To-Peer (P2P)
- Precoiner
- Private Key
- Proof of Keys
- Proof of Work (PoW)
- Protocol
- Public Key
- Public Key Cryptography
- QR Code
- Recovery Seed Phrase
- Rekt
- Sat
- Satoshi Nakamoto
- Schnorr Signature
- Segregated Witness (SegWit)
- SHA-256
- Shitcoin
- Sidechain
- Signature
- Smart Contracts
- Soft Fork
- Testnet
- To The Moon
- Transaction
- Transaction Fee
- Unconfirmed Transaction
- Unspent Transaction Output (UTXO)
- UTXO Set
- Virgin Bitcoin
- Wallet
- XBT
- Zero Confirmation Transaction
- Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK)
“Don’t Trust, Verify” is an idiom that is used among investors and traders as a reminder that all data is subject to verification.
The digital coin system operates on fundamentally essential differences from the fiat one. The key points are that each market participant can use their digital assets and engage in various activities to make a profit under the conditions of complete confidentiality of personal data and anonymity. Another significant factor is the complete decentralization of all processes with open-source code, which ensures, on the one hand, transparency and, on the other, the possibility of fraud. That is why in cryptocurrencies, the basic principle is Don’t Trust, Verify. To ensure the appropriate level of reliability and security of the data and assets of each community member, the developers have provided multi-stage verification of each transaction.
According to the standard, the recipient cannot immediately use the funds after the payment is made. The principle of “Don't trust, verify” is revealed here as follows. To confirm the validity of each transaction, you must first receive 6 confirmations from miners. Verification is carried out by adding the transaction to a new block. The number of 6 confirmations is the generally accepted norm. In practice, individually, depending on the conditions of interaction between participants in the cryptocurrency system, requirements for only 3 confirmations can be set, or, conversely, the threshold increases to 60-100 confirmations.