The Education Network

At My First Bitcoin, we believe in the power of communities and collaboration to bring Bitcoin education to every corner of the world. That's why we have created the My First Bitcoin Education Network, an innovative initiative that seeks to decentralize education and empower local communities. As of April 2026, it consists of 80 communities from over 40 countries.

Let's hear their stories and learn how this Bitcoin Diploma has changed communities from all over the world!

Case Study: Bitcoin Indonesia

Since 2023, Bitcoin Indonesia has been quietly transforming its country. Co-founder Diana explains more about the impact of independent Bitcoin education in Asia.

In September 2023, we hosted the first Bitcoin Indonesia Conference. When the last guest left and the chairs were stacked, we looked around and realized: nothing tangible remained. No lasting presence, no ongoing education. So a few of us, local Bitcoiners and friends, decided that we wanted a conference every day. That’s how Bitcoin Indonesia was born.

By May 2024, we opened a physical hub: the Bitcoin House Bali. It’s where we started to orange-pill our local community. About half a year later, we connected with the My First Bitcoin team when the curriculum was translated by another community member. At first, we were skeptical, and thought that we could build a better program on our own: the Diploma was too long. Now, we believe that the Bitcoin Diploma is a shortcut in Bitcoin Education. It was rocket fuel. Besides benefiting from the curriculum, the teacher training program with a Full Node and also the Online School for digital classes have been very useful! We joined the Node Network, and the rest is history.

We’ve now graduated over 200 students across Bali, Bandung, and Surabaya, and hope to expand to Jakarta, Karawang, two local universities and many other places soon. And the graduates are not just “students.” Some of them run their own business and it has proven very easy to onboard students after doing in-person classes. A scooter mechanic now accepts Bitcoin, and a family business down the street too that sells Jamu, a Balinese herbal drink. Furthermore, graduates host their own cohorts or return as guest lecturers.

We’ve made the curriculum our own: translated it to Bahasa, added stories about the collapse of the local currency, the Rupiah, and explained satoshis through durian economics. The Rupiah is not divisible into cents or pennies, so we compare Bitcoin with a durian: as one fruit, with many pods and seeds in it. At the end of the cohorts, we celebrate every graduation as something special: with certificates, speeches, balloons, medals, and barbecues. Because when someone chooses to spend 10 weeks learning about financial freedom, that deserves to be rewarded.

Our classes are diverse: from 15-year-olds to elders, from tech-savvy investors to people who have never owned a laptop in their life. Some students had wanted to commit suicide because of shitcoin scams, and after joining the program they became part of our team and are spreading the word. Or others lost all their money in banking scams. They are now part of the closed loop circular economy. It’s been remarkable to see how students, who grew up in a communist country without critical thinking, start talking to each other about what they’re learning for the first time – instead of only reading aloud what’s written in the books.

It’s the first time in my life I feel that my work is making a real impact! It keeps me getting up every day. You can see the spark in their eyes, you can see they are hopeful again for a better future.

My biggest take-away to share with other educators is to make the lessons fun, and spark their curiosity. Just start simple, don’t make it too complex. Show why Bitcoin matters to your students individually, and speak from the heart. And before teaching online cohorts, definitely do an in-person cohort. I grew so much from teaching it offline first!

We always say that the My First Bitcoin program is so much better than you might think. We were very skeptical in the beginning and thought we’d never do it. It turned out to be one of the best decisions for the project.

Case Study: The Core

What began as a simple WhatsApp group in Kenya has transformed into a global Bitcoin education movement, impacting over 300 lives across continents. Bitcoin education initiative The Core has been proven a life changer. Founder Felix Mukungu shares his journey.

It all started with an unfortunate experience: a crypto scam that ironically became my gateway to understanding Bitcoin. That experience showed me the technology was powerful, but I had been introduced to it all in a wrong way. At first, I wasn’t trying to build an education platform. I just wanted to understand everything, but all resources, articles, podcasts, and videos were fragmented. There was no structured path, no curriculum to guide people from the history of money to the future of Bitcoin. So I wrote my own: nine chapters with basic topics, sent over text in a WhatsApp group where anyone could ask questions. It was casual, but powerful. That’s how The Core began: from a desire to show people the right way.

Eventually, we moved to Google Classroom, hosting calls twice a week for a tight community of 10 students. Around that time, I also discovered My First Bitcoin through a Dutch Bitcoiner. Their curriculum was exactly what I had been searching for: organized, clear, and deeply aligned with my mission. I joined the Node Network in May 2023, and started teaching my first Bitcoin Diploma cohort. We had 30 subscribers and 12 graduates. Over time I got more and more help from guest teachers, for example Glenn from Bitcoin Ubuntu.

As an online platform, we found the Bitcoin Diploma and the Online School very useful. The Learning Management System (LMS) allows us to embed videos, slides, quizzes, assignments, and discussions. It’s a professional setup, and students take it seriously. They receive notifications as reminders to complete tasks. Besides that, the General Assemblies with other nodes have been very inspiring. You join and see what’s happening in other communities. You come out of these monthly meetings very motivated. The network of builders inspired to continue building.

Over 500 students have gone through our nine cohorts. We gift students sats, hand out certificates, and celebrate every step of the journey with our Bitcoin Pathfinders threads on X.

The Core has proven to be a foundation for other projects. From our very first cohort came Rikto Xonghoti in India, and since then more than 10 new projects have emerged, including Yes Bitcoin Haiti, Bitcoin School Kenya, and Kabul Bitcoin. In all cases: students turn into teachers! Some are starting circular economies like Bitcoin Githurai, supported by the very people who studied online with us.

Most students come from across Africa—Nigeria, Kenya, Ghana, Zambia, and more. Early cohorts were filled with tech-savvy learners, but now, the ripple effect is real. Graduates bring in their families, their friends, their neighbors. I’ve received messages from a daughter with her mother buying Bitcoin together. Or a story from an entire family who joined a cohort. The father who didn’t graduate at first, but he re-enrolled for the next cohort.

Our biggest highlight? A physical graduation, a side event during the African Bitcoin Conference, where the students met global Bitcoiners face-to-face. And receiving our first grant from the Human Rights Foundation was a big milestone too. What began as text messages via WhatsApp, has turned into a team of four who educate people from all over the continent in the right way.

My advice to anyone teaching the Bitcoin Diploma? Start simple. Choose a low time preference. Create proof-of-work. Build first, apply for funding later.

1. Why Use Bitcoin?

• “The Bullish Case for Bitcoin” by Vijay Boyapati: This article makes the case for why Bitcoin is a valuable asset and why it has the potential to become a dominant global currency. The author covers the technical and economic aspects of Bitcoin that make it a strong investment opportunity.
• “Why Bitcoin Matters” by Aleks Svetski (1 hour): This video covers the importance of Bitcoin as a decentralized digital asset and how it can impact the current financial system. The speaker explores the potential for Bitcoin to bring financial freedom to people around the world.
• “Why Bitcoin” by Wiz: This article provides an overview of the benefits of using Bitcoin as a currency and store of value. It highlights the decentralized nature of Bitcoin and how it allows for greater financial freedom and security.

2. What Is Bitcoin?

• “How Bitcoin Works under the Hood” by CuriousInventor: This video provides a detailed explanation of the technical aspects of Bitcoin and how it works.
• “What Is Bitcoin” by Greg Walker: This article provides a comprehensive explanation of what bitcoin is, including its history, technology, and how it differs from traditional currencies.
• “Bitcoin - The Genesis” by RT (30 minutes): This video covers the creation and early days of Bitcoin. It explores the motivations of the mysterious creator, Satoshi Nakamoto, and how the concept of Bitcoin evolved.

3. Further Learning

• “The Bitcoin Standard” (1 hour 40 minutes): This audiobook explores the economic and historical context that led to the creation of Bitcoin. It covers the benefits of a decentralized currency and the potential for Bitcoin to become a global standard.
• “Intro to Bitcoin Austrian Thought” (1 hour): This audio lecture covers the Austrian School of economics and how it relates to the concept of Bitcoin. It provides an in-depth look at the economic principles behind Bitcoin and how it aligns with Austrian thought.
• “Bitcoin Babies” by Naomi Wambui - Twitter: @btcbabies - @ngachanaomi1 A free PDF resource that aims to empower mothers with essential knowledge encompassing nutrition, Bitcoin, and overall mental well-being.
• BTC Sessions: A Bitcoin-only education YouTube channel with useful tutorials and guides.

4. Courses

• Summer of Bitcoin: A global, online summer internship program focused on introducing university students to Bitcoin open-source development and design.
• Chaincode Labs: Online courses and a residency program which enables students to learn the skills necessary to work on Bitcoin protocol development.
• Saylor Academy: Free education across multiple disciplines:

5. Important Authors:

• Alex Gladstein: Check Your Financial Privilege
• Alex Swan: Grounded-Encounter Therapy: Perspectives, Characteristics, and Applications
• Amanda Cavaleri: Bitcoin and the American Dream: The New Monetary Technology Transcending Our Political Divide
• Anita Posch: Learn Bitcoin: Become Financially Sovereign
• Eric Yakes: The 7th Property: Bitcoin and the Monetary Revolution
• Jeff Booth: The Price of Tomorrow: Why Deflation is the Key to an Abundant Future
• Jimmy Song: The Little Bitcoin Book: Why Bitcoin Matters for Your Freedom, Finances, and Future
• Nik Bhatia: Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies
• Robert Breedlove: Thank God for Bitcoin: The Creation, Corruption, and Redemption of Money
• Lyn Alden: Broken Money

6. Cited Authors:

• Curious Inventor: https://www.youtube.com/@CuriousInventor
• Anil Patel: X: @anilsaidso

7. Other Resources:

• Bitcoin.org: The official website of the Bitcoin protocol.
• Bitcointalk.org: Bitcointalk is a forum where users can discuss Bitcoin-related topics, ask questions, and share information. It’s a great place to learn from other Bitcoin enthusiasts and experts.
• Bitcoincore.org: This is the original Bitcoin software and is still widely used by many users and developers. It provides a powerful set of tools for interacting with the Bitcoin network and building Bitcoin applications.
• Bitcoinwiki.org: This is a community-driven resource that provides a comprehensive guide to everything related to Bitcoin. It covers everything, from the technical aspects of Bitcoin to its history and use cases.
• Bitcoinmagazine.com: This is an online publication that covers news and insights related to Bitcoin and other cryptocurrencies. It provides a great way to stay up-to-date with the latest developments in the Bitcoin ecosystem.
• Bitcoin.Design: An open-source repository of bitcoin-related design files for illustrations, websites, templates, and icons.
• Yzer: Simple, mobile, Bitcoin education. Learn about Bitcoin, finance, economics, and earn Sats.
• NOSTR: Social media where you actually own your data.
• Simple X: A private, decentralized application protocol.
• Set up a Bitcoin Node: Raspberry Pi DIY by Keith Mukai
• How to select a Bitcoin wallet: Use your newly gained knowledge to select the right wallet for you.
• BitcoinIcons.com: A collection of free Bitcoin icons.
• Bitcoin For Local Business: A set of flyers to help you share the value of Bitcoin with your favorite local businesses.
• Mempool.Space: An open source Mempool project which also features Lightning Network data and graphs.

Module 1

• Course Introduction: Explore the course objectives and expectations for the Bitcoin Diploma.
• Class Discussion — Five Questions on Money: Engage in a reflective exercise by answering five key questions about money.
• Understanding Money
• Functions, Properties, and Types
• Class Discussion — Why We Need Money
• Psychology of Money

Module 2

• Introduction to Money's History and Evolution: Explore the history and evolution of money. Understand how ancient forms of trade led to the development of the currency we use today.
• Barter Game Activity: Engage in a hands-on barter game experience to grasp the challenges of direct exchange and appreciate the need for a more efficient system.
• Evolution of Currency: Explore the transition from ancient forms like shells and beads to the emergence of coinage and paper money. Follow the journey from paper to plastic, unraveling the evolution of currency throughout history.
• Digital Currency Revolution

Module 3

• Fiat Money Origins: Explore the origins of fiat money through a brief historical overview, understanding how it became a dominant form of currency.
• Fractional Reserve Banking Activity: Engage in the Fractional Reserve Banking activity to gain insights into how this system operates, highlighting its reliance on debt and the implications for the broader economy.
• The Fiat System: Grasp the fundamental aspects of the fiat system, including its nature as a monetary system by decree, the role of fractional reserve banking, and the key players controlling this system.
• Central Bank Digital Currencies (CBDCs): Explore the evolving landscape of Central Bank Digital Currencies (CBDCs) and their potential impact on the future of money.

Module 4

• Decreasing Purchasing Power: Understand the concept of monetary inflation and its impact on purchasing power. Engage in the Effects of Inflation: An Auction Activity to experience the effects firsthand.
• The Fiat System's Consequences Activity: Participate in the Consequences of the Fiat System activity, shedding light on the broader repercussions of the current monetary framework.
• Global Debt Burden and Social Inequality: Explore the dual impacts of the global debt burden and social inequality. Recognize the individual and societal consequences, emphasizing the loss of purchasing power and the widening wealth gap.
• The Cypherpunks and Decentralization: Learn the Cypherpunks' story and their motivation for seeking a decentralized currency. Differentiate between centralized and decentralized systems, gaining insights from a brief history of digital currencies.

Module 5

• Satoshi Nakamoto and the Creation of Bitcoin: Explore the mysterious figure of Satoshi Nakamoto and the origin story of Bitcoin, understanding the initial motivations behind its development.
• Class Activity — Consensus Building: Engage in the Consensus Building in a Peer-to-Peer Network activity to gain practical insights into how consensus is achieved within the Bitcoin network.
• Bitcoin as Sound Digital Money: Examine Bitcoin's role as sound digital money, discussing its evolution, functions, and properties, and participate in a class discussion on whether Bitcoin qualifies as sound money.
• How Bitcoin Works: A look into the mechanics of Bitcoin, including the Nakamoto Consensus Mechanism. Identify the key players in the Bitcoin network, such as miners, nodes, users, developers, and projects, and grasp the collaborative dynamics between them.
• Embracing Personal Responsibility: Emphasize the concept of personal responsibility in the context of Bitcoin, encouraging an understanding of individual roles and accountability within the decentralized ecosystem.

Module 6

• Acquiring Bitcoin: Explore methods like peer-to-peer transactions and exchanges, discussing privacy concerns related to KYC processes.
• Peer-to-Peer Transactions: Engage in decentralized transactions to experience the core principles of Bitcoin exchanges.
• Setting Up a Bitcoin Wallet: Learn the essential steps to download, create keys, and back up a Bitcoin wallet for secure transactions.
• Bitcoin Wallet Types: Differentiate between open source, closed source, custodial, and noncustodial wallets, understanding the role of keys in security.

Module 7

• Introduction to Lightning Network: Recognize the evolution of Bitcoin through technologies like the Lightning Network, enhancing its capabilities.
• Setting Up a Lightning Wallet: Learn the essential steps to set up a Bitcoin Lightning wallet, facilitating faster and more scalable transactions.
• Hands-On Activity: Engage in a practical Lightning wallet relay race, promoting a dynamic understanding of Lightning Network transactions.
• Lightning Wallet Types: Differentiate between open source, closed source, custodial, and noncustodial Lightning wallets for varied user preferences.
• Lightning Transactions: Explore the process of sending and receiving Lightning transactions, emphasizing the speed and efficiency of the Lightning Network.

Module 8

• The Bitcoin Ledger: Understand the concept of a decentralized ledger facilitated by nodes and miners, ensuring transparency and security.
• Public and Private Keys: Explore the significance of cryptographic security in Bitcoin transactions through public and private keys, along with an activity demonstrating SHA 256 hashing.
• The UTXO Model: Grasp the Unspent Transaction Output model as a fundamental aspect of Bitcoin's transaction process.

Module 9

• Bitcoin Nodes and Miners: Look into the roles of nodes and miners in maintaining the Bitcoin network, covering aspects like issuance, scarcity, halving, and difficulty.
• The Mempool: Explore the Bitcoin blockchain through the mempool and get hands-on experience through the mempool.space activity.
• How Bitcoin Transactions Work: Gain insight into the entire lifecycle of a Bitcoin transaction, involving the sender, recipient, nodes, miners, and the mempool.

Module 10

• Bitcoin's Future: Delve into the potential trajectory and future developments of Bitcoin as a revolutionary digital currency.
• Central Bank Digital Currencies: Compare Bitcoin's decentralized ethos to that of CBDCs to better understand Bitcoin's role in empowering humanity.
• Philosophical Underpinnings of Bitcoin: Explore the foundational philosophy behind Bitcoin, understanding how it emerged as a response to economic challenges, with a focus on its impact on financial freedom and how it differs from traditional currencies.
• Diploma Reflection

51% Attack: A type of attack on a blockchain network in which a single entity or group controls a majority of the network’s computing power, allowing them to manipulate transactions and potentially disrupt the network.

Atomic Swap: A peer-to-peer exchange of one cryptocurrency for another without the need for a centralized exchange or intermediary.

Auction: A process by which goods or assets are sold to the highest bidder.

Barter: The direct exchange of goods and services, without the use of intermediary goods, such as money.

Basket of Goods: A collection of goods or services used to measure changes in the cost of living.

Bitcoin: A decentralized protocol that allows people to send value to each other without intermediaries. The same name is used for the network of users and the currency native to the protocol.

Block Explorer: A tool used to view and explore the blockchain, allowing users to view individual blocks, transactions, and wallet addresses.

Block Reward: The amount of new bitcoin that are awarded to miners for adding a new block to the blockchain.

Blockchain: The public record of all Bitcoin transactions that have taken place, in the form of a chain of blocks.

Capital Controls: Restrictions on the movement of money across borders.

Central Bank: A government-owned institution that manages a country’s monetary policy.

Centralization: The concentration of power or control in a single entity.

Cold Storage: A method of storing bitcoin offline, away from the risk of hackers or other online threats.

Commodity Money: Objects used as a medium of exchange that are not anyone else's liability or IOUs, such as gold and silver.

Confirmation: The process of a Bitcoin transaction being added by a miner to the blockchain. Each new block mined adds a confirmation to that transaction, which becomes progressively harder (essentially impossible) to reverse.

Consensus Mechanism: A method used in blockchain technology to validate transactions and ensure the integrity of the blockchain.

Cryptographic Signature: A digital code generated using a private key to verify the authenticity and integrity of a message or piece of data and, in the case of Bitcoin, the ownership of a given UTXO.

Cryptography: A branch of mathematics that helps create secure systems.

Debasement: The reduction in the value of a currency, often by reducing the amount of precious metal in a coin.

Debt: Money that is owed to someone else.

Decentralization: The distribution of power and control across a network.

Decentralized Finance (DeFi): A movement within the cryptocurrency industry to create decentralized financial products and services that operate on a blockchain.

Digital Asset: A digital representation of value that can be traded or used as a store of value, such as bitcoin.

Distributed Ledger: A database that is spread across a network of computers rather than being stored in a central location.

Double Coincidence of Wants: Inherent problem in the barter economy, which requires each party in an exchange to want what the other has to offer, in that specific amount.

Double Spend: Trying to fraudulently spend funds which have already been spent. Fixed through centralized and permissioned oversight in traditional banking, and through code in Bitcoin.

Dust Transaction: A transaction that sends a very small amount of bitcoin that is too small to be economically viable.

Exchange: A platform where users can buy, sell, and trade cryptocurrencies for other assets such as fiat currency or other cryptocurrencies.

Exchange Rate: The value of one currency in relation to another.

FOMO: Fear of missing out, a term used to describe the feeling of anxiety or regret that one may miss out on a profitable opportunity.

FUD: Fear, uncertainty, and doubt, a term used to describe negative rumors or information that can cause market panic or decline.

GDP: Gross domestic product, the total value of goods and services produced in a country in a given period of time.

Hard Fork: A non-backward compatible change to the Bitcoin protocol that creates a new set of rules requiring new consensus, and resulting in two separate blockchains.

Hardware Wallet: A physical device used for generating, storing, and managing private keys, providing enhanced security over software wallets.

Hash Function: A mathematical function that takes input data of any size and outputs a fixed-size string of characters, commonly used in cryptography and blockchain technology.

Hash Rate: A way to measure the processing power of the Bitcoin network.

HODL: A term used in the Bitcoin community to describe holding onto Bitcoin long-term, rather than selling or trading it.

Hot Wallet: A Bitcoin wallet that is connected to the internet, allowing for easy access to Bitcoin.

Imports: Goods and services produced in another country and sold in the domestic market.

Inflation: An increase in the general price level of goods and services in an economy due to the devaluation of the currency.

Layer-1 Protocol: The base layer of the Bitcoin protocol that handles the fundamental aspects of consensus, transaction validation, and data storage.

Layer-2 Protocol: A secondary layer built on top of the layer-1, often used to enhance scalability, speed, and functionality.

Ledger: A record of financial transactions.

Lightning Network: A layer-2 payment protocol for smaller transactions that enables faster and cheaper Bitcoin transactions by using off-chain channels.

Medium of Exchange: Objects widely accepted in exchange for goods and services.

Merkle Tree: A tree-like data structure used in the Bitcoin blockchain to efficiently verify the integrity of large sets of data.

Mining Pool: A group of miners who work together to increase their chances of finding new blocks and earning bitcoin.

Mining: The use of computing power to do mathematical calculations designed for confirming transactions and increasing the security of the Bitcoin network.

Monetary and Fiscal Policy: The policies of a central bank and government, respectively, that influence the money supply and interest rates in an economy.

Money: A generally accepted medium of exchange, serving also as a store of value and unit of account.

Money Supply: The total amount of money in circulation in an economy.

Multi-Signature (Multisig) Wallet: A wallet that requires multiple signatures or approvals before a transaction can be executed, providing additional security and control.

Node: A computer or device that stores an independent copy of the Bitcoin ledger and is connected to the Bitcoin network, participating in the verification and transmission of transactions.

Node Network: A network of connected computers or devices that support and maintain the Bitcoin network.

Nonce: A random number added to a block header to create a hash that meets the difficulty target.

Orphan Block: A block not included in the main chain of the blockchain due to being invalidated by a longer competing chain.

Paper Wallet: A printed copy of a user's private and public keys used for storing and managing Bitcoin offline.

Peer-to-Peer (P2P): Refers to any direct interaction between two parties, without the intervention of intermediaries or third parties.

Peg: A fixed exchange rate between two currencies where one is pegged to the value of another.

Private Key: A secret random string of numbers that allows a user to sign messages and transactions, thus proving a person's right to spend bitcoin from a given UTXO.

Proof of Work (PoW): A consensus mechanism that requires users to perform a certain amount of computational work to add blocks to the Bitcoin blokchain.

Public Address: A unique identifier derived from a user's private key through a mathematical process known as one-way function and used for receiving bitcoin.

Purchasing Power: The amount of goods and services a unit of currency can buy, reflecting that currency's value in terms of what it can purchase.

Recover (Seed) Phrase: A series of 12, 18, or 24 human-readable words derived from the users's non-human-readable private key that makes it easier to secure. It can be used to restore a Bitcoin wallet.

Reserve Ratio: The proportion of deposits that a bank must hold as reserves.

Restrictive Banking: Restrictions or limitations on banking services or access to banking services.

satoshi (sat): The smallest unit of Bitcoin, equal to 1/100,000,000 of a bitcoin. It is named after the creator of Bitcoin, Satoshi Nakamoto.

Satoshi Nakamoto: The pseudonym used by the anonymous creator(s) of Bitcoin.

Satoshis per Byte (sat/b): A unit used to measure the Bitcoin transaction fee paid per byte of transaction data.

SegWit (Segregated Witness): A Bitcoin protocol upgrade that changes the way data is stored on the blockchain, allowing for increased capacity and lower transaction fees.

Sidechain: A parallel blockchain connected to the main blockchain, allowing for the transfer of assets or information between the two chains.

Smart Contract: A self-executing contract with the terms of the agreement written into code.

Soft Fork: A backward-compatible change to the Bitcoin protocol that allows updated nodes to still interact with non-updated nodes, maintaining consensus.

Stablecoin: A type of cryptocurrency pegged to a fiat currency or other asset.

Store of value: An asset which does not depreciate with time, allowing to transfer value into the future (saving).

Supply and Demand: The economic principle that the price of goods or services is determined by the interaction of the quantity of the goods or services supplied and the quantity demanded.

Time Value of Money: The principle that money is worth more in the present than in the future.

Trading Pair: A set of two currencies or assets that can be traded against each other on exchange (e.g., BTC/USD).

Transaction Fee: A small amount of bitcoin paid by the sender of a transaction, incentivizing miners to include the transaction in a block and add it to the blockchain.

Transaction ID (TXID): A unique string of numbers and letters that shows the details of a Bitcoin transfer (such as the amount sent, the addresses of the sender and recipient, and the date of the transfer) on the Bitcoin blockchain.

Transaction: The transfer of bitcoin from one address to another on the Bitcoin network.

Trustless: A system or process that does not require trust in any third party or intermediary. instead relying on the security and transparency of the underlying technology.

Two-Factor Authentication (2FA): A security measure that requires two methods of authentication, (typically a password and a separate code or device) to access an account or complete a transaction.

Unbanked: Individuals or communities without access to traditional banking services.

Unit of Account: A standard unit of measurement used to express the value of goods and services.

Unspent Transaction Output: A given amount of bitcoin resulting from a previous transaction and owned by the recipient's private key, making it spendable by that user.

UTXO Set: The collection of all Bitcoin UTXOs available to spend by their owners through their private key.

Volatility: The degree of variation in the price of an asset over time.

Wallet Backup: A copy of the recovery phrase of a Bitcoin wallet, which can be used to restore access to the wallet in case the original is lost or stolen.

Wallet: A virtual container for bitcoin similar to a physical wallet made up of the user's private key and those UTXOs owned by that key.

Whale: An individual or organization that holds a significant amount of any given asset, and thus capable of influencing market prices through large trades.

White Hat Hacker: An ethical hacker who uses their skills to identify and fix vulnerabilities in computer systems and networks.

Whitepaper: A report that outlines a project's concept, goals, technology, and implementation details. In Bitcoin's case, it is the foundational document penned by Satoshi Nakamoto which made the protocol public for the first time.

XBT and BTC: Abbreviations for bitcoin.