Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Bitcoin
Bitcoin is a cryptocurrency with a decentrally organized booking system. Payments are processed via a network of equal computers (peer-to-peer) and are cryptographically legitimized (digital signature).
The Blockchain
In the blockchain of a decentralized database, all Bitcoin transactions are logged. Cryptographic techniques ensure that only the owner can make valid transactions. The only requirement for participation is a Bitcoin client (digital wallet) and an Internet connection. The wallet contains the cryptographic key to make transactions. The digital wallet should be protected from malware. Bitcoin can be exchanged for other means of payment on unregulated online exchanges.
Safety aspects
Because the private key is only accessible to the owner, Bitcoins are not protected against loss. The lost Bitcoins are therefore lost for the owner as well as for the entire network, unless the key is found again. The number of Bitcoins is limited to 21 million.