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Glossary

Description of main conceptions, words, abbreviations

Definitions

  • Anti-money Laundering (AML)

    AML refers to laws and procedures intended to prevent people from disguising illegally obtained funds as legitimate income. Noones takes AML protocol seriously, and we abide by all laws, regulations, and procedures.

  • Bitcoin (BTC)

    Bitcoin is a digital currency in which encryption methods are used to regulate the generation of units and transfer of funds, operating independently of a central bank.

  • Bitcoin address types

    There are three bitcoin address formats currently in use:

    1. P2PKH addresses start  with the number 1.
      Example: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2.
    2. P2SH addresses start with the number 3.
      Example: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.
    3. Bech32 addresses also known as "bc1 addresses" start with bc1.
      Example: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq. 
    4. QR Codes can also be used as a wallet address.

    Noones allows withdrawals to P2PKH, P2SH, and Bech32 addresses.

     

  • Block chain, blockchain

     

    The Bitcoin blockchain is a public record of all Bitcoin transactions. You might also hear the term “public ledger” to describe it. The block chain 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 block chain online.

  • Coin locking

    Coin locking/coinlock is when a buyer uses the escrow to hold onto the seller's cryptocurrency without the intention to send payment and complete the trade. This is a common case of cryptocurrency fraud.

  • Confirmation

     

    Confirmation means that the transaction has been verified by the network and you receive this confirmation when sending out Bitcoin. Once a transaction is confirmed, it cannot be reversed or double spent.

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