Bitcoin Bitcoin is a distributed, peer-to-peer digital currency that functions without the intermediation of any central authority. The concept was introduced in a paper by a pseudonymous developer known as "Satoshi Nakamoto". Bitcoin has been called a cryptocurrency because it is decentralized and uses cryptography to control transactions and prevent double-spending, a problem for digital currencies. Once validated, every individual transaction is permanently recorded in a public ledger known as the blockchain.
Payment processing is done by a network of private computers often specially tailored to this task. The operators of these computers, known as "miners", are rewarded with transaction fees and newly minted Bitcoins. However, new Bitcoins are created at an ever-decreasing rate. In , The Economist reasoned that Bitcoin has been popular because of "its role in dodgy online markets," and in the FBI shut down one such service, Silk Road, which specialized in illegal drugs.
Notify me of new comments via email. Muhammad Abdullah. Like Reply Report 1 year ago. Short forms really need a directory like this one.
He was an engineer of the Global Bitcoin is the first decentralized cryptocurrency created. There is no central authority that controls Bitcoin. It uses blockchain technology to create secure digital currency transactions.
Instead of trusting a bank that an account has funds available to transfer, Bitcoin makes account information and transaction history public. This allows users to confirm the availability of funds before making a transaction.
This can make international transactions easier with bitcoin. The bitcoin network uses a peer-to-peer network. The ledger that tracks bitcoin transactions is distributed and anyone can obtain a copy.
Anyone can create a bitcoin account or bitcoin address. There is no approval process. Transactions are tied to this bitcoin address. The owner of the bitcoin address is not recorded in the transaction record. The owner is also not required to link real-world information to their account. This makes purchases with bitcoin private.
But bitcoin is not completely anonymous. If public information can link someone to their bitcoin address, then all their transaction can be linked back to them. Similarly, if a transaction can be traced back to an IP address, location information can be linked to a bitcoin address.
Don't keep it to yourself! Add it HERE! Still can't find the acronym definition you were looking for? Use our Power Search technology to look for more unique definitions from across the web! Search the web. Citation Use the citation options below to add these abbreviations to your bibliography. Powered by CITE. Quick and Advanced. Quality and Assurance. Queries and Answers.
Questions and Answers. Browse Abbreviations. Get instant explanation for any acronym or abbreviation that hits you anywhere on the web! Two clicks install ».
Download Close. Indeed, there was speculation that the "Bitcoin bubble" had burst when the price declined from its all-time high during the cryptocurrency rush in late and early There is already plenty of competition, and although Bitcoin has a huge lead over the hundreds of other digital currencies that have sprung up because of its brand recognition and venture capital money, a technological breakthrough in the form of a better virtual coin is always a threat.
Bitcoin's all-time high price, reached on Nov. In the years since Bitcoin launched, there have been numerous instances in which disagreements between factions of miners and developers prompted large-scale splits of the cryptocurrency community. In some of these cases, groups of Bitcoin users and miners have changed the protocol of the Bitcoin network itself. This process is known as "forking," and it usually results in the creation of a new type of Bitcoin with a new name.
This split can be a " hard fork ," in which a new coin shares transaction history with Bitcoin up until a decisive split point, at which point a new token is created. Examples of cryptocurrencies that have been created as a result of hard forks include Bitcoin Cash created in August , Bitcoin Gold created in October , and Bitcoin SV created in November A " soft fork " is a change to the protocol that is still compatible with the previous system rules.
For example, Bitcoin soft forks have added functionalities such as segregated witness SegWit. Its value is derived from several sources, including its relative scarcity, market demand, and marginal cost of production. Even though bitcoins are virtual and can't be touched, they are certainly real. Bitcoins have been around for more than a decade and the system has proved itself to be robust.
The computer code that runs the system, moreover, is open source and can be downloaded and analyzed by anybody for bugs or evidence of nefarious intent. Of course, fraudsters may attempt to swindle people out of their Bitcoin or hack sites such as crypto exchanges, but these are flaws in human behavior or third-party applications and not in Bitcoin itself. The maximum number of bitcoins that will ever be produced is 21 million, and the last bitcoin will be mined at some point around the year As of November , more than By convention, use a capital B when discussing the Bitcoin network, protocol, or system.
Use a small b when talking about individual bitcoins as a unit of value for example, I sent two bitcoins. There are several online exchanges that allow you to purchase Bitcoin. In addition, Bitcoin ATMs —internet-connected kiosks that can be used to buy bitcoins with credit card or cash—have been popping up around the world. Or, if you know a friend who owns some bitcoins, they may be willing to sell them to you directly without any exchange at all.
Satoshi Nakamoto. Bitcoin Project. Buy Bitcoin Worldwide. Internal Revenue Service. Securities and Exchange Commission. Consumer Financial Protection Bureau. The New York Times. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights.
Measure content performance. Develop and improve products. List of Partners vendors. Bitcoin Definition. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Bitcoin Basics. Bitcoin Mining. How to Store Bitcoin. Bitcoin Exchanges. Bitcoin Advantages and Disadvantages.
0コメント