Definition
The waiting area for unconfirmed Bitcoin transactions. When you send Bitcoin, your transaction sits in the mempool until a miner includes it in a block.
Related Terms
Lightning Network
A second-layer payment protocol built on top of Bitcoin that enables fast, low-cost transactions through payment channels. Ideal for everyday purchases.
Mining
The process of using specialized hardware to solve mathematical puzzles, validate transactions, and add new blocks to the blockchain in exchange for Bitcoin rewards.
KYC (Know Your Customer)
Identity verification requirements imposed by exchanges and financial services. Typically involves providing government ID and personal information.
Multisig (Multi-Signature)
A security setup that requires multiple private keys to authorize a transaction. For example, a 2-of-3 multisig needs any 2 of 3 keys to spend Bitcoin.
Hot Wallet
A Bitcoin wallet that is connected to the internet. Convenient for frequent transactions but more vulnerable to hacking than cold storage.