Bitcoin Terms Beginning with I

Bitcoin’s blockchain is *append-only*, meaning that once a block is embedded in the chain, it is practically infeasible to remove or alter it. This makes Bitcoin’s history immutable.

An index is a measurement of the price of multiple assets simultaneously. The S&P 500 is a commonly referenced index for large U.S. equities.

Inflation is a general increase in the price of goods and services in an economy over time. Inflation is primarily due to a constant increase in the monetary base by the local government or central bank.

Initial Block Download or IBD is the process of building the full Bitcoin blockchain from scratch. When a new node is set up and joins the network, it connects to other nodes and asks them for blocks.

An interest rate is the amount a lender charges a borrower. This rate is expressed as a percentage of the loan amount per an amount of time.