Glossary

Mario Draghi's 26 July 2012 pledge that the ECB would preserve the euro; effectively made the ECB a lender of last resort to governments.

A majority-hashpower attack on transaction history: an attacker may build a competing valid chain to reverse recent confirmations or exclude selected transactions from its own blocks. Hashpower cannot make independently validating nodes accept blocks that violate their chosen consensus rules. The cost and feasibility of buying, renting or coercing hashpower depend on a dated market and threat model. Bitcoin Developer Guide, “Proof Of Work”.

Gold eroded from rock and deposited in river gravel as dust, flakes and nuggets; gathered by panning or washing. An important source in several early assemblages and later gold rushes; exact archaeological provenance varies by site.

the set of plausible alternatives an observer cannot distinguish under a stated model. A pool balance is not an anonymity-set population count.

Application-specific integrated circuit; a purpose-built chip used for Bitcoin mining. A manufacturer's market share needs a dated shipment, installed-fleet or hashrate denominator.

A test of a metal's purity. Ancient methods: touchstone streak, density; medieval and modern: fire assay (cupellation), acid test, X-ray fluorescence.

Roman gold coin, ~8 g, regularized by Julius Caesar; 1 aureus = 25 silver denarii.

assets held against a promise. Always specify redemption rights, reserve quality, custody, and coverage.

Imposing losses on a failing bank's creditors and large depositors rather than on taxpayers; first used in Cyprus (2013), written into EU law in 2014.

Successive international bank-capital standards from the Basel Committee: 8% of risk-weighted assets (1988); model-based risk weights (2004); higher capital plus leverage, liquidity and stable-funding ratios (2010–19).

an asset whose practical transfer or control depends on possession or control of the relevant instrument or keys. Legal ownership can still be disputed.

Western European name for the Byzantine gold solidus/nomisma.

A legal monetary arrangement that assigns a fixed mint or payment ratio to gold and silver. The legal ratio can diverge from the market bullion ratio; rules differ by jurisdiction.

Bitcoin Improvement Proposal: a published specification or discussion, not automatically an activated consensus rule. BIP-360 is a draft soft-fork specification and BIP-361 a draft informational migration proposal; neither sets a binding Bitcoin quantum deadline. BIP-360; BIP-361.

A term used for different arrangements: Bitcoin as base money and unit of account in an economy; a specified national currency redeemable in Bitcoin; or Bitcoin held as a floating reserve or private asset beside another unit. Supply, credit, redemption and elasticity questions depend on which arrangement is meant (file 07).

A proposed shift toward Bitcoin as a country's widely used money or unit of account. El Salvador's 2021 mandatory-acceptance law was a narrower experiment alongside the U.S. dollar, not full Bitcoinisation; its 2025 amendment made private acceptance voluntary while retaining “curso legal” wording.

Newly issuable coins in a valid block reward, separate from transaction fees. Under the present 210,000-block halving rule, the maximum subsidy is 3.125 BTC for heights 840,000–1,049,999 and 1.5625 BTC from height 1,050,000. A subsidy halving does not by itself halve total miner income or its dollar value. Bitcoin Developer Guide, “Block Chain”; Bitcoin protocol reference, “Serialized Blocks”.

Tradable bonds, partly collateralised by US Treasuries, issued in 1989–94 to replace defaulted Latin American bank loans; origin of the emerging-market bond market.

Term (Dooley, Folkerts-Landau, Garber, 2003) for the post-1990s arrangement in which Asian exporters peg cheaply to the dollar, accumulate reserves and lend them back to the US.

Post-war adjustable-par-value arrangement in which the US dollar's official gold-conversion price was $35 per fine ounce for foreign monetary authorities, while other participating currencies commonly used adjustable dollar pegs. IMF, Financial Organization and Operations, sixth ed., ch. III p. 91; IMF history, ch. 25.

a defined aggregate including selected monetary liabilities such as deposits. Definitions depend on the system being measured.

Gold or silver in bulk form (bars, ingots) valued by weight and purity rather than as coin.

January 1980 US declaration that outside control of the Persian Gulf would be repelled by force; basis of the US military presence in the Gulf.

An ETF process in which authorised participants exchange cash rather than bitcoin for fund shares. Shares represent an interest in the trust's net assets, not one coin each; the trust's filed holdings and liabilities, rather than the creation method alone, establish its asset position. iShares Bitcoin Trust ETF Form 10-Q.

A digital central-bank liability. Retail access, privacy, remuneration and limits vary by project. The Sand Dollar and e-CNY are named arrangements; as of September 2026 the digital euro remains proposed, with possible 2029 issuance conditional on legislation and an ECB decision. ECB, project status.

El Salvador's government-backed Bitcoin wallet launched during the 2021 legal-tender experiment. Its user activity, incentive take-up and later ownership/operation require dated program and transaction records; the earlier bonus, user-share and 2026 privatisation claims are withheld here.

U.S. House-passed digital-asset market-structure bill, H.R. 3633. A Senate cloture step on the motion to proceed was scheduled to ripen on 15 September 2026 in a pre-vote Senate record; that record does not establish a vote outcome, passage or enactment. Senate floor activity, 8 August 2026; Senate Daily Press, 10 September schedule.

IMF's Currency Composition of Official Foreign Exchange Reserves database. Its denominator is foreign-exchange reserves and excludes monetary gold, SDRs and IMF reserve positions; the allocation method changed from 2025 Q3.

a cryptographic representation that binds to information while concealing it under the relevant assumptions.

Separate refined-gold and silver coin issues associated with Croesus of Lydia around the mid-sixth century BCE. Exact first-in-world status, issue dates and equivalences require an issue catalogue.

proposed hybrid-consensus work; no current-mainnet guarantee is assumed in this research.

The IMF's term in its October 2021 financial-stability report for crypto-asset and currency substitution in emerging-market and developing economies. The report discusses possible capital-flow, monetary and control risks; it does not establish that every instance reinforces dollarisation or evades controls. IMF, Global Financial Stability Report, October 2021, ch. 2.

A monetary regime in which the local currency is fully backed by and convertible into a foreign anchor currency at a fixed rate, with no independent monetary policy: Hong Kong (1983), Argentina (1991–2002), Estonia (1992–2011), Bulgaria (1997), Bosnia (1998).

revenues or assets are in a different unit from costs or obligations.

a liability of a service provider to the user, even if the interface displays a cryptocurrency balance.

A firm that safeguards keys or assets on behalf of another legal owner, such as an ETF trust. Assets it controls for clients are not necessarily its own beneficial holdings; custody concentration and ownership concentration are different measures.

Achaemenid Persian gold coin associated with Darius I; issue-specific weights and its circulation extent require a numismatic catalogue.

Reduction of the dollar's share in reserves, trade settlement or invoicing; in practice since 2022 mainly a shift of reserves into gold.

Reducing the metal weight or fineness of a coin while retaining its denomination. Price effects depend on issue, acceptance and other conditions.

A market label for positioning in assets such as gold or Bitcoin against perceived currency-value erosion. Whether either asset hedges a specified currency shock, or has higher beta, requires a defined period and matched returns.

Egyptian weight unit (~91 g) used to price goods in copper, silver or gold.

Irving Fisher's 1933 mechanism: falling prices raise the real burden of fixed nominal debts and may induce distress sales that put further pressure on prices. Applying it to a Bitcoin-denominated economy depends on its actual debt contracts, credit and monetary arrangement.

A protocol recalculation every 2,016 blocks, targeted at roughly two weeks for that block interval if hashrate is unchanged. Blocks can arrive faster or slower before and after an adjustment; a sudden miner loss need not cause exactly two weeks of delay. Bitcoin Developer Guide, “Proof Of Work”.

A separate U.S. federal executive-order account for eligible non-Bitcoin digital assets in Treasury possession, distinguished from the Strategic Bitcoin Reserve. A seizure or claim is not itself a verified present inventory. White House order, §§2–3.

Islamic gold coin of 4.25 g, from 696–697 CE; the word derives from the Roman denarius.

A country's adoption of the US dollar as its own currency (Panama, Ecuador 2000, El Salvador 2001, East Timor 2002).

Venetian gold coin of 3.5 g, struck unchanged from 1284 to 1797.

The capacity of a specified monetary aggregate to respond to demand. Bitcoin's base issuance schedule is not discretionary, but Bitcoin-denominated bank claims and credit could change. Emergency lending would depend on whether a redeemable issuer exists and how much redemption risk it can bear; a Bitcoin-only system would lack such an issuer. Weber, 2016, §3.

Gold–silver alloy, natural or manufactured. Early western Anatolian coins used electrum; their fineness varied by issue and needs assay evidence.

The European Monetary System's fixed-band system (1979–98); broke on Black Wednesday, 16 September 1992.

Exchange-traded fund whose shares provide exposure to gold under its own holdings, custody and redemption rules. WGC reported 801 t of net additions to global gold ETF holdings in 2025.

A dollar deposit held in a bank outside the United States; the offshore dollar system centred on London that grew from the 1960s and recycled petrodollars.

sourced observation or document content, limited to what the source actually supports.

A spending public key already visible in an unspent output or revealed through address reuse or a prior spend. Such exposure could enable a long-exposure attack if a sufficiently capable quantum computer exists; counts depend on output-type and reuse assumptions, not merely the number of addresses. BIP-360, threat model.

Under U.S. FASB ASU 2023-08, an asset that meets the standard's crypto-asset criteria is measured at fair value each reporting period, with changes in net income. The update applies for fiscal years beginning after 15 December 2024, with early adoption permitted; it does not by itself establish why corporate treasuries adopted Bitcoin. FASB ASU 2023-08.

an observation that would contradict a hypothesis or materially weaken its stated conditions.

A state-issued currency or monetary unit without a fixed legal promise to redeem it for a specified commodity weight. Its use depends on law, tax obligations, payment systems and confidence; an issuer may still hold commodity reserves.

the confidence or guarantee, under stated assumptions, that settled history will not be replaced. Different consensus mechanisms provide different forms.

Purity of gold. 24 carat = pure (999+ fine); 22 carat = 916 fine (sovereigns, Indian jewellery); 18 carat = 750.

Florentine gold coin first issued in the mid-thirteenth century; it was an important later Western European gold issue, not the start of all regional gold coinage.

immediately redeemable liabilities can exceed immediately available settlement reserves.

a payment promise matched by reserves under specified custody and legal rules; it is not automatically immune to theft, fraud, or outages.

equivalence of units. Protocol treatment and actual commercial acceptance are related but different.

An enacted US federal law establishing a framework for specified payment stablecoins and permitted issuers, including reserve, reporting and redemption-policy requirements. Its operative timing depends on section 20 and implementing rules.

Gold-linked arrangements among participating economies, roughly 1871–1914, with fixed gold definitions and relatively stable exchange-rate parities. Coin and note redemption rights, restrictions and implementation varied by jurisdiction.

The US Treasury's facility for converting foreign official dollars into gold at $35/oz; closed by Nixon on 15 August 1971.

A gold-linked arrangement using claims on a reserve currency with its own official gold relationship. The legal right, holder and redemption chain differed across British India, interwar arrangements and Bretton Woods; the three were not one identical convertibility promise.

LBMA-standard bar of ~400 troy ounces (~12.4 kg), 995+ fine; the form in which central banks and bullion banks hold gold.

Market belief, from October 1987, that the Federal Reserve will cut rates and supply liquidity whenever asset prices fall sharply.

In a system that enforces a legal exchange ratio between coin types, a market mismatch can favour spending the legally overvalued type and hoarding, melting or exporting the undervalued type. Actual circulation depends on enforcement, costs and trade conditions.

Heuristics about currency choice under different monetary rules: an enforced exchange ratio may encourage spending the overvalued money and holding the undervalued one (Gresham); voluntary choice amid a failing currency can favour the stronger money (Thiers). Neither alone establishes why people did or did not use Bitcoin in El Salvador.

Cut pieces of silver objects used as money by weight in the Bronze and Iron Age Near East.

the proving technology used in the Orchard-protocol generation; see 02 for deployment context.

The programmed cut in the maximum Bitcoin block subsidy every 210,000 blocks. The next scheduled boundary under the present rule is height 1,050,000; its calendar date and effects on fees, price and hashrate are not fixed by the rule. Bitcoin protocol reference, “Serialized Blocks”.

An estimate of hashing attempts per second by miners, commonly expressed in exahashes (10¹⁸) or zettahashes (10²¹) per second. Whole-network hashrate is inferred from block production and difficulty rather than counted directly; a current value needs its date, averaging window and method.

Settlement risk in a foreign-exchange trade when one currency leg is paid before the other; named for the 1974 failure.

A proposed rapid shift toward Bitcoin as widely used money. It is a scenario, not a measured adoption law; its trigger and pace must be specified by the person using the term.

a testable proposed explanation or possible arrangement; the political-readiness system here is explicitly invented.

iShares Bitcoin Trust ETF, sponsored by a BlackRock affiliate. The trust reports bitcoin as its asset, a custodian holds it on the trust's behalf, and shareholders hold beneficial interests in the trust's net assets. These are not additive coin holdings. SEC-filed Form 10-Q.

International Emergency Economic Powers Act (1977), the US statute used for most sanctions and, in 2025, for tariffs; the Supreme Court ruled in February 2026 that it does not authorise tariffs.

fabricated numbers used to demonstrate a mechanism.

A country can have at most two of: a fixed exchange rate, free capital movement, and independent monetary policy.

linking an obligation to a price index, currency, or other reference; the reference then performs part of the measuring function.

reasoning from observations and assumptions.

increase in a specified price index over a stated period. Growth in coin supply is a different measure.

A monetary-policy framework with an announced numerical inflation objective. New Zealand adopted one in 1990; target levels, measures and institutional rules vary, and many countries use other frameworks. IMF, adoption table.

the pool introduced with NU6.3; its migration and recoverability properties require precise qualifications.

IMF agreement of January 1976, implemented through the Second Amendment in force April 1978. Members could choose exchange-rate arrangements other than a gold peg; the amendment removed gold from IMF par values and SDR valuation, abolished its official price and obligatory gold payments to the IMF, but did not end official gold reserves. IMF Annual Report 1978, “Gold”.

An alternative Bitcoin full-node software distribution with policy settings that may differ from Bitcoin Core. Software policy, consensus validity and observed node-installation share are different questions.

London Bullion Market Association; sets the twice-daily benchmark gold price and bar standards.

A legal status for discharging specified monetary debts. Its effects, exceptions and scope depend on jurisdiction; it does not itself require every seller to accept the currency before a sale.

an emergency liquidity provider. Under a native-ZEC standard its own available base assets and borrowing capacity are finite.

A Bitcoin payment-channel network in which participants commit funds to channels and can route payments through peers. Public channel capacity is a visible liquidity measure, not a measure of payment volume or custodial-app use; the earlier dated capacity and issuer-integration claims require separate records.

ability to obtain or deliver a needed asset promptly without intolerable loss.

Gold within quartz veins in rock, requiring mining and crushing.

Outputs whose spending keys are irrecoverable, a status generally not observable from the chain alone. Long inactivity, including coins attributed to early miners, is not proof of loss. Provably unspendable outputs are a narrower, separately measurable category. Bitcoin Core, gettxoutsetinfo.

February 1987 G6 agreement to stabilise the dollar after the Plaza-induced fall.

funding can be withdrawn or falls due before the corresponding assets generate cash.

something accepted in payment.

The EU's Markets in Crypto-Assets regulation. Titles III–IV apply from 30 June 2024 and most provisions from 30 December 2024; Article 143 permits qualifying existing crypto-asset service providers to continue until 1 July 2026 or an earlier authorisation decision, while Member States may shorten or omit that transition. These dates do not verify a named provider's present authorisation. Regulation (EU) 2023/1114, arts. 143 and 149.

Weight of ~4.25 g used for gold in the Islamic and West African trade; equal to the dinar.

A treasury-company valuation ratio comparing a specified measure of the company's market value with a specified measure of its Bitcoin holdings' value. Debt, cash, other assets and the share-count convention affect the ratio; the earlier Strategy levels and causal financing conclusion need matched dated filings and prices.

Mughal gold coin of ~11 g.

foundational money used for settlement in a specified regime; native ZEC in the hypothetical ZEC standard.

the cryptocurrency governed by Zcash's consensus rules; distinguish it from a custodian's promise or a wrapped claim.

matching revenues and expenses in the same unit or with offsetting sensitivities.

Policy rates below zero, charged on bank reserves; ECB 2014–22, Japan 2016–24, Switzerland, Denmark, Sweden.

The 15 August 1971 package: gold-convertibility suspension, 10% import surcharge, wage-price freeze.

A computer participating in the Bitcoin network. A fully validating node checks received blocks and transactions against its chosen rules; miners propose blocks, while network adoption of rules depends on participants' software and incentives. “Reachable node” counts cover an observable subset and need a date and measurement method. Bitcoin Developer Guide, “Introduction” and “Consensus Rule Changes”.

proposed Network Sustainability Mechanism; changes funding and issuance handling, not a consumer-price stabilisation rule.

information used to prevent a shielded note from being spent again without publicly exposing the note's ordinary transaction history.

A transaction output type that carries arbitrary data; the subject of the 2025–26 Core-versus-Knots dispute.

the cryptographic protocol and a particular pool using it are not identical concepts. Ironwood also uses the Orchard protocol with its applicable rules.

A shorthand for Bitcoin-denominated contractual or custodial claims whose amount, redemption terms or issuer holdings differ from self-custodied coins. An uncovered claim requires evidence of the issuer's assets and liabilities; an exchange failure or derivative position is not automatically proof of a specified reserve shortfall.

partially created Zcash transaction; intermediate representations may expose more information than the final transaction.

a commitment or mechanism aimed at a specified exchange value against another asset or unit.

Derivatives without a fixed expiry, with funding payments used to keep a contract price near a reference market. Settlement asset, offered leverage, price-discovery share and liquidation totals vary by venue and date; the former blanket figures are withheld.

Dollar receipts from oil exports, and sometimes the investment or lending of some of those receipts. The term does not imply a dollar-for-oil redemption right or that every oil sale uses dollars.

22 September 1985 G5 agreement to intervene jointly to lower the dollar.

G7/EU measure from December 2022 forbidding Western shipping and insurance services for Russian crude sold above $60 a barrel (lowered in 2025).

David Hume's model of adjustment under specie-linked trade: gold outflows could affect domestic money, prices and competitiveness. Credit, policy and other trade changes can interrupt or alter that sequence; it is a model, not a guaranteed historical outcome.

A report or demonstration about specified assets at a point in time, with scope set by its procedures. It is not automatically an audit and may fail to test liabilities, rights to assets or borrowed funds; read its actual scope before inferring solvency. PCAOB staff investor advisory.

Bitcoin's method of requiring miners to find a block-header hash below a target before proposing a block. It raises the work needed to rewrite transaction history; security also depends on validation and network behavior, while energy use needs a separate measured estimate. Bitcoin Developer Guide, “Proof Of Work”.

Central-bank asset purchases paid for with new reserve balances, usually intended to ease financial conditions. A purchase from a non-bank also creates a bank deposit at that step; the seller gives up an asset. Effects depend on the policy setting and are not equivalent to new government borrowing or a customer bank loan. Bank of England, 2014, Figure 3.

preparation for a possible future recovery process; it is not equivalent to full present post-quantum security.

changing the unit in which obligations are expressed. It does not repair an asset shortfall by itself.

External assets held by monetary authorities for balance-of-payments, intervention or related reserve purposes; holding gold does not by itself create a gold-redemption promise. A reserve currency is a currency widely held in foreign-exchange reserve portfolios.

Restrictions imposed by sanctioning jurisdictions in 2022 that immobilised Russian central-bank assets held within their reach. Immobilisation limits access to claims; it does not by itself transfer ownership of the underlying principal. Later official gold purchases cannot be assigned a universal reserve-freeze motive without country-level evidence. Council of the EU, 2024 immobilised-assets mechanism.

The 1992–93 period in which the fifteen ex-Soviet republics shared the ruble while each could create credit in it; ended by Russia in July 1993.

One hundred-millionth of a bitcoin, a smaller denomination of the asset. Its existence does not establish widespread use as an economic unit of account.

IMF synthetic reserve asset created 1969, valued against a basket of major currencies.

Provisions of US trade law: 122 (Trade Act 1974) allows a temporary 15% tariff for 150 days for balance-of-payments reasons; 232 (Trade Expansion Act 1962) allows tariffs on national-security grounds; 301 (Trade Act 1974) allows retaliation against unfair trade practices.

A shorthand for miner revenue from subsidy plus transaction fees over a stated period, usually expressed in BTC or converted to a fiat value at a dated exchange rate. It is not itself the cost of acquiring, operating or coercing attack hashpower. Bitcoin Developer Guide, “Block Chain”; Budish, NBER Working Paper 24717.

Named Bitcoin consensus-rule upgrades activated in 2017 and 2021. They are examples of rule changes, not an exhaustive count of every change since then.

The issuer's profit from creating money: the difference between a coin's face value and its metal cost, or the interest saved by issuing non-interest-bearing currency.

revealing chosen information to specified parties. It does not guarantee that previously revealed data can be revoked or that all undisclosed obligations are absent.

the asset used to discharge obligations between parties or institutions.

Mesopotamian weight (~8.3 g) and later coin; the basic silver unit of account of the ancient Near East.

a private spendable record in a Zcash shielded protocol.

Rapid liberalisation, stabilisation and privatisation applied in Bolivia (1985), Poland (1990) and Russia (1992).

December 1971 G10 realignment (dollar to $38/oz, wider bands) that collapsed in 1973.

1972 European arrangement fixing EC currencies to each other within ±2.25%.

Constantine's gold coin of 4.5 g (72 to the Roman pound), 309/312 CE; stable for ~700 years.

assets are sufficient to meet liabilities under the applicable valuation and legal framework.

assurance that a proof system does not accept false statements except with the bounded probability allowed by its security model. Implementation bugs can undermine it.

British gold coin of 7.32 g fine gold (7.988 g at 22 carat), defined 1816–17; still struck.

A token designed to maintain a target value relative to a currency or other asset. Designs, reserves, holders’ rights and redemption mechanisms differ; the label alone does not establish one-for-one redemption for every holder.

Simultaneous high inflation and high unemployment, first observed in the 1970s.

Generic Greek/Lydian term for a standard coin, gold or silver.

Ratio of an estimated existing stock to new annual output. The result depends on the stock boundary and the period measured; it does not predict a price.

an asset held to carry purchasing power forward; the term does not guarantee stable value or positive returns.

Established by US executive order on 6 March 2025 for eligible Treasury-held bitcoin that has been finally forfeited and is not needed for other statutory purposes. A seizure or pending forfeiture complaint is not automatically part of the reserve; the order does not publish a reconciled balance. White House executive order.

A mining-pool protocol whose Job Declaration component can allow miner-side template/transaction selection under a compatible implementation; the basic Mining Protocol can also operate without that component. Support announcements do not establish actual network deployment or the share of blocks built with miner-selected templates. Stratum V2 protocol overview.

Standing agreements under which the Federal Reserve lends dollars to foreign central banks against their currencies; used at scale in 2008 and 2020.

Society for Worldwide Interbank Financial Telecommunication (1973), the bank messaging network; disconnection is a sanction (Iran 2012, Russia 2022).

A proposed perpetual small block subsidy to fund security after the halvings; would abandon the 21 million cap.

The May–June 2013 sell-off in bonds and emerging-market currencies when the Fed hinted it would slow QE.

Troubled Asset Relief Program, the $700 billion US bank-rescue fund of October 2008.

A pool or miner using a block template supplied by another operator. It differs from who contributes hashpower, who announces the block and who validates it; a share of templates needs block-level attribution rules and a dated sample.

Coin whose denomination exceeds its metal value. Issue limits, legal-tender limits and any exchange or redemption rights depend on the issuing law.

Fine-grained dark stone on which gold is rubbed; the colour of the streak, compared to reference needles, indicates purity. In use from the Lydian period.

A listed company for which holding Bitcoin is a material corporate financing or investment strategy. A company's coins, liabilities and corporate classification must be taken from dated filings; the former Strategy coin count and imitator total are withheld from this timeless definition.

A tension in the Bretton Woods dollar–gold arrangement: more foreign official dollar claims held as reserves could add international liquidity while straining confidence in official gold conversion. Extending the idea to another reserve arrangement is an interpretation, not an inevitable law.

31.1035 g; the unit in which gold is priced.

a parameter-generation process whose security depends on specified assumptions about participants and secret material. Its removal does not remove every other assumption.

public accounting and constraints on movement into and out of pools; it does not by itself reveal every hidden claim.

A unit used to state prices, wages, debts or taxes in a specified arrangement. It is distinct from what people hand over in payment and what they hold as an asset.

informal wording used in the request; this volume interprets it as a commonly used unit of account supported by payments, credit, budgets, and tax systems.

Unspent transaction output; bitcoin's ledger records coins as outputs, each traceable to the block that created it.

an accounting domain for a particular set of Zcash funds or transaction rules.

expenditure flow divided by a specified money stock over a defined period; not a permanently fixed physical property of a coin.

key material that provides specified observation capabilities without spending authority. Scope and guarantees depend on the protocol and type of key.

The Fed's 1979–82 shift to reserve targeting and 20% interest rates that ended the Great Inflation at the cost of a double recession.

John Williamson's 1989 list of ten market-oriented reforms pressed on debtor countries by the IMF, World Bank and US Treasury.

Physical coercion intended to obtain a holder's keys or force a transfer. Incident counts depend on reporting and verification criteria; the former 2025 total and France frequency are withheld.

a cryptographic method for establishing a statement's validity without revealing the protected information used to establish it, within a specified construction and security model.

Zcash Improvement Proposal. A document's header status does not alone prove a feature's deployment.

Zcash Shielded Asset, a development effort to support additional assets. A token denominated in dollars does not make ZEC the unit of account.