Definitions for Bitcoin
bit·coin

WikipediaRate this definition:0.0 / 0 votes

1. Bitcoin

   Bitcoin (abbreviation: BTC or XBT; sign: ₿) is a protocol which implements a highly available, public, and decentralized ledger. In order to update the ledger, a user must prove they control an entry in the ledger. The protocol specifies that the entry indicates an amount of a token, bitcoin with a minuscule b. The user can update the ledger, assigning some of their bitcoin to another entry in the ledger. Because the token has characteristics of money, it can be thought of as a digital currency.Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009, when its implementation was released as open-source software.: ch. 1  The word "bitcoin" was defined in a white paper published on October 31, 2008. It is a compound of the words bit and coin.Bitcoin is legal in seven of the top ten world economies by GDP in 2022. The Library of Congress reports that, as of November 2021, nine countries have fully banned bitcoin use, while a further forty-two have implicitly banned it. A few governments have used bitcoin in some capacity. El Salvador has adopted Bitcoin as legal tender, although use by merchants remains low. Ukraine has accepted cryptocurrency donations to fund the resistance to the 2022 Russian invasion. Iran has used bitcoin to bypass sanctions. In the United States, there is "no intention" to ban Bitcoin.Bitcoin has been described as an economic bubble by at least eight recipients of the Nobel Memorial Prize in Economic Sciences.The environmental impact of bitcoin is worth noting. Its proof-of-work algorithm for bitcoin mining is designed to be computationally difficult, which requires the consumption of increasing quantities of electricity, the generation of which has contributed to climate change. According to the University of Cambridge, bitcoin has emitted an estimated 200 million metric tonnes of carbon dioxide since its launch, or about 0.04% of all carbon dioxide released since 2009.Bitcoin miners have an economic incentive to use the cheapest forms of energy. Renewable energy is the cheapest form of energy over time, so it is in a Bitcoin miner's economic interest to use the cheaper renewable energy when possible. For instance, the UNESCO World Heritage Site, Virunga National Park, in eastern Congo, Africa pays for its operations, using a profitable Bitcoin mining operation powered by the Park's hydroelectric plant. Oil and gas giant Exxon mines Bitcoin using the natural gas flared by oil mining operations to generate their electricity. Mining Bitcoin this way makes use of an otherwise "monumental waste of a valuable natural resource". Still other miners reduce their overall energy bill by using the heat generated by their computers to heat their homes, or hot tubs.

WikidataRate this definition:0.0 / 0 votes

1. 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 2008 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 2012, The Economist reasoned that Bitcoin has been popular because of "its role in dodgy online markets," and in 2013 the FBI shut down one such service, Silk Road, which specialized in illegal drugs. However, Bitcoins are increasingly used as payment for legitimate products and services, and merchants have an incentive to accept the currency because transaction fees are lower than the 2 to 3% typically imposed by credit card processors. Notable vendors include WordPress, OkCupid, Reddit, and Chinese Internet giant Baidu.

How to pronounce Bitcoin?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say Bitcoin in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of Bitcoin in Chaldean Numerology is: 5

2. Pythagorean Numerology

   The numerical value of Bitcoin in Pythagorean Numerology is: 9

Examples of Bitcoin in a Sentence

1. Mike Hearn:

   If we thought it might be the end of bitcoin, we wouldn't do it.

2. Ankur Nandwani:

   Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin, in the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world.

3. William Hinman:

   Putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions, and, as with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value.

4. Michael Sonnenshein:

   The idea of blockchain and bitcoin are completely inseparable, the blockchain is only as secure and as powerful as it is because there is this constant movement of tokens (bitcoins) on the blockchain.

5. Anthony Scaramucci:

   This is digital gold and it is easier to transfer. We love the scarcity of bitcoin.

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Bitcoin
2. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=Bitcoin