Bitcoin


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Bitcoin:

see virtual currencyvirtual currency,
a means of payment that is electronically created and stored, more specifically an unregulated electronic medium of exchange that operates like a currency but is created and controlled by computer software; also called digital currency.
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Bitcoin

A peer-to-peer digital currency and electronic payment system introduced by an anonymous person with the alias Satoshi Nakamoto in January 2009. Although many merchants on both the Web and dark Web accept bitcoins as payment, many people buy and hold for investment, and its value has skyrocketed since inception. Naysayers claim Bitcoin is a Ponzi scheme, but proponents predict one coin will be worth $500,000 in the future. Bitcoin has also spawned hundreds of other digital currencies (for a complete list, visit www.coinmarketcap.com). See dark Web.

Bitcoin Spelling
In this encyclopedia, the Bitcoin system and related components are spelled with a capital "B," but the coins are spelled with a lower case "b" (bitcoins). This is not official and both cases are used interchangeably.

A Distributed Accounting System
There is no central Bitcoin repository. It is a "decentralized virtual currency" that is not controlled by any government. Also known as a "cryptocurrency," transactions are encrypted to keep the identities of the parties anonymous. However, the transaction itself is visible because it is published in a constantly expanding public ledger known as the "blockchain," which is duplicated in thousands of Bitcoin nodes (computers) throughout the Internet. Anyone is able to see the transfer of bitcoins starting with the first ever transaction, but the from: and to: parties are anonymous. See cryptocurrency, public key cryptography and blockchain.

Built-in Trust
Due to its blockchain architecture, Bitcoin transactions cannot be altered or reversed, and this results in a system that is trustworthy. As a result, hundreds of cryptocurrencies as well as other kinds of blockchain-based transactions are emerging worldwide. They are especially popular in countries that have little faith in their government. See Ethereum.

Anyone Can Buy, Transfer and Sell Bitcoins
Users access their bitcoins from a digital wallet they manage in their computer, mobile device or through an online service. The wallet is used to pay for merchandise or transfer bitcoins to another party. Once a wallet is established, coins are bought with and sold for dollars, Euros and other national currencies at an online exchange or physical ATM, both of which take a commission (see Bitcoin wallet, Bitcoin exchange and Bitcoin ATM).

Public Key Cryptography
Bitcoin is known as a cryptocurrency because it uses public key cryptography, which is an encryption method that comprises a pair of keys, one public and one private. A Bitcoin transaction uses the private key of the sending account to authorize the release of the bitcoins and the public key of the receiving account. See public key cryptography.

Extremely Volatile
The value of a bitcoin fluctuates on various cryptocurrency exchanges like a share of stock with huge volatility. For example, on January 1, 2013, one bitcoin was worth USD $13. By the end of 2015, it was $422 but closed at $19,497 on December 16, 2017. By the end of 2018, a down year for most cryptocurrencies, bitcoins dropped more than 80%. However, by the end of 2019, bitcoins were in the USD $7,000 range.

Bitcoin Split
In 2017, Bitcoin split into three versions, and the original Bitcoin was enhanced for performance (see Bitcoin Cash, Bitcoin Gold and SegWit).

Bitcoins Are Mined!
The strangest thing about bitcoins is the way they come into existence. Bitcoin "miners" compete with each other to update the blockchain with new transactions, and they are rewarded with bitcoins that are created "out of the blue" for their own account. For details, see Bitcoin mining.

Traction - Then Hacking
In late 2010, Bitcoin was becoming popular in the open source and underground communities. By mid-2011, there was an attack on the Japan-based Mt. Gox exchange, and a hacker extracted 25,000 bitcoins worth nearly $500,000. In early 2014, Mt. Gox filed for bankruptcy, because it was revealed that the exchange concealed the loss of hundreds of thousands of bitcoins.

Who Is Satoshi Nakamoto?
Nakamoto's true identity was never disclosed; however, articles attributed to him are written in flawless English. Australian computer scientist Craig Wright claimed to be him, but that was disputed. Although he denies it, cryptography pioneer Nick Szabo, who designed a decentralized digital currency in the late 1990s, has been hailed as Nakamoto (NS initials possibly reversed??). To commemorate the developer, fractions of bitcoins are called "Satoshis." One Satoshi is equal to 0.00000001 Bitcoin.

Government Printing vs. Bitcoin Generation
When people argue that bitcoins are no less valid than the U.S. dollar, there is a distinction. Bitcoins have nothing to back them up but the faith of the people using them. Although the same might be said of U.S. currency, the United States has the IRS and other federal agencies to ensure that people pay taxes. Nevertheless, proponents claim that Bitcoin and other blockchain-based platforms are going to revolutionize all kinds of transactions worldwide.

In 2013, Germany recognized Bitcoin as a financial instrument, and the U.S. Department of Justice said Bitcoin was a valid means of exchange even though members of Congress had previously tried to invalidate them. Senior officials in both the Bank of Canada and Bank of England have proposed the possibility of a blockchain-based digital currency for their respective countries. For more information, visit www.bitcoin.org, www.bitcoincharts.com, www.blockchain.info and http://en.bitcoin.it. See BIP, Bitcoin transaction, Bitcoin mining, blockchain, Ethereum, stablecoin, Silk Road, Web payment service and digital wallet.
References in periodicals archive ?
With the slowdown in world economic growth, the Bitcoin Miner industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Bitcoin Miner market size to maintain the average annual growth rate of XXX from XXX million $ in 2014 to XXX million $ in 2018, Report analysts believe that in the next few years, Bitcoin Miner market size will be further expanded, we expect that by 2023, The market size of the Bitcoin Miner will reach (2023 Market size XXXX) million $.
Bitcoin Association is the global industry organization for the business of Bitcoin.
Bitcoin ATMs are crucial for the acceptance and adoption of Bitcoin due to its vital connection between underbanked communities and the crypto world.
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One reason bitcoin has become so popular: users can send and receive cash without ever using any personally identifiable information.
New and existing members to the casinos that make a Bitcoin deposit will enjoy a range of promotions.
Companies who will use bitcoins for trading will have to abide by similar rules created by Satoshi Nakamoto, but they could add other rules too.
BONUS: Between May 28 and 11 Jun HKT, as long as you haven't completed a gift card trade before, you can receive a $5 bonus after you buy bitcoin with a gift card on CoinCola OTC bitcoin marketplace.
To learn more about Bitcoin Oil and the proposed fork, please review our next press releases as well as our forthcoming white paper which is expected to be released within the first quarter of 2019.
Even worse, you can attack Bitcoin in order to sabotage and destroy it -- perhaps so that your own cryptocurrency or fiat currency can gain popularity in its stead.
He said to pay for products via bitcoins several options exist, customer can choose to have a bitcoin cash wallet ndash an app that lets you receive, hold, and spend bitcoin cash, a good example is the BitPay bitcoin wallet app.
Released in 2009, Bitcoin is a payment system and digital cash designed to be secure and often anonymous.