Simple meaning of bitcoin

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This means a bitcoin cheater needs to outpace all the other bitcoin miners to change the bitcoin history. This makes the bitcoin blockchain very safe to use. When miners mine a block of bitcoin, they receive a reward. This reward gets cut in half every , blocks, which occurs roughly once every 4 years. It was halved to 25 BTC on November 28th, , and to As of May 11th, , the block reward has been 6.

A popular image associated with Bitcoin is a QR code. QR codes are a group of black and white boxes that are similar to barcodes. Barcodes are a row of lines, and QR codes are a grid of squares. Bitcoin uses QR codes because they can store more information in a small space, and a camera such as a smartphone can read them. The two QR codes on the Bitcoin note are the public and private addresses, and can be scanned with a number of online tools.

Everyone in the Bitcoin network is considered a peer, and all addresses are created equal. All transactions can take place solely from peer to peer, but a number of sites exist to make these transactions simpler. These sites are called exchanges. Exchanges provide tools for dealing in Bitcoin. Some allow the purchase of Bitcoin from external accounts, and others allow trading with other cryptography-based currencies like Bitcoin.

Most exchanges also provide a basic "wallet" service. Wallets provide a handy way to keep track of all of a user's public and private addresses. Because addresses are pseudo a anonymous , anyone can have as many addresses as they want. A wallet holds all of this information in a convenient place, just like a real wallet would. A backup of a wallet prevents 'losing' the bitcoins.

Bitcoin adoption and use continues to grow a lot every year. Since , Bitcoin has gained the attention of the mainstream media; one way is the WannaCry ransomware created in May Specifically, the survey found that 9. Bitcoin remains by far the most popular choice, followed by Ethereum and Litecoin. As of , El Salvador is the first country in the world to adopt the Bitcoin as a legal tender.

Bitcoin has often been criticized for its unstable price, its network's high electricity consumption, and for its high transaction fees. Additionally, it has been criticized for having characteristics in common with Ponzi and pyramid schemes. From Simple English Wikipedia, the free encyclopedia. Issuance will permanently halt c. Unicode Consortium. Archived from the original on 20 June Retrieved 20 June Daily Tech. Archived from the original on 20 January Retrieved 30 September Retrieved 14 September Archived PDF from the original on 20 March Retrieved 28 April Archived from the original on 1 July April O'Reilly Media.

ISBN Financial Crimes Enforcement Network. Archived PDF from the original on 9 October Retrieved 1 June January New York: St. Martin's Press. Archived from the original on 2 January Retrieved 28 December The New Yorker. Archived from the original on 27 July Retrieved 22 December Standards vary, but there seems to be a consensus forming around Bitcoin, capitalized, for the system, the software, and the network it runs on, and bitcoin, lowercase, for the currency itself.

The Orthography of the Cryptography". Archived from the original on 19 April Retrieved 21 April Lingua Franca blog. The Chronicle of Higher Education chronicle. Archived from the original on 16 April Retrieved 19 April The Economist.

The Economist Newspaper Limited. His stated goal was to create "a new electronic cash system" that was "completely decentralized with no server or central authority. Check out the New Yorker's great profile of Nakamoto from Simply put, bitcoin is a digital currency. No bills to print or coins to mint. It's decentralized -- there's no government, institution like a bank or other authority that controls it.

Owners are anonymous; instead of using names, tax IDs or social security numbers, bitcoin connects buyers and sellers through encryption keys. And it isn't issued from the top down like traditional currency; rather, bitcoin is "mined" by powerful computers connected to the internet. A person or group, or company mines bitcoin by doing a combination of advanced math and record-keeping.

Here's how it works. When someone sends a bitcoin to someone else, the network records that transaction, and all the other transactions made over a certain period of time, in a "block. These blocks are known, collectively, as the "blockchain," an eternal, openly accessible record of all the transactions that have ever been made. Read: Blockchain explained -- it builds trust when you need it most.

Using specialized software and increasingly powerful and energy-intensive hardware, miners convert these blocks into sequences of code, known as a "hash. It's like a multitude of chefs feverishly racing to prepare a new, extremely complicated dish -- and only the first one to serve up a perfect version of it ends up getting paid.

When a new hash is generated, it's placed at the end of the blockchain, which is then publicly updated and propagated. For their trouble, the miner currently gets Note that the amount of awarded bitcoins decreases over time. Ultimately, the value of a bitcoin is determined by what people will pay for it. In this way, there's a similarity to how stocks are priced. The protocol established by Satoshi Nakamoto dictates that only 21 million bitcoins can ever be mined -- almost 19 million have been mined so far -- so there is a limited supply, like with gold and other precious metals, but no real intrinsic value.

There are numerous mathematical and economic theories about why Nakamoto chose the number 21 million. This makes bitcoin different from stocks, which usually have some relationship to a company's actual or potential earnings.

Without a government or central authority at the helm controlling supply, "value" is totally open to interpretation. This process of "price discovery," the primary driver of volatility in bitcoin's price, also invites speculation don't mortgage your house to buy bitcoin and manipulation hence the well-documented talk of tulips and bubbles. Bitcoin has made Satoshi Nakamoto a billionaire many times over, at least on paper.

It's minted plenty of millionaires among the technological pioneers, investors and early bitcoin miners. If you're willing to assume the risk associated with owning bitcoin, there is an increasing number of digital currency exchanges like Coinbase and FTX where you can buy, sell and store bitcoins.

Getting started is as minimally complicated as setting up a Paypal account. With Coinbase, for example, you can use your bank or Paypal account to make a deposit into a virtual wallet, of which there are many to choose from. Once your account is funded, which usually takes a few days, you can then exchange traditional currency for bitcoin. Speaking of Paypal, a number of established money services now offer in-app bitcoin purchasing , which makes it quick and easy for beginners to get their toes wet.

It's also worth noting that some platforms charge considerably higher fees to make certain transactions, which can end up eroding your investment if you do a lot of trading. So you should read the terms carefully before buying to make sure you understand the limitations of service. While there are some places where you can spend bitcoin, many people just hang on to them, like you would with other long-term investments.

The price volatility of bitcoin makes it difficult to transact day-to-day purchases -- though a handful of crypto-powered debit and credit cards are beginning to change that. Short, qualified answer: Yes, for now, as long as -- like any currency -- you don't do illegal things with it. For instance, bitcoin was the sole currency accepted on Silk Road, the Dark Web marketplace for drugs and other illicit goods and services that was shuttered by the FBI in

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Save Article. Like Article. Last Updated : 11 Aug, Bitcoin is a cryptocurrency, which is a form of digital, private money that works independently of a bank or government. It is a digital token, or virtual currency, as well as the network on which such tokens can be stored and moved. On January 3, , the pseudonymous Nakamoto established Bitcoin with the help of members of a cryptography mailing list.

Basic Terms Encryption: Encrypting data means hiding it in such a way that if the user has a password or code, then only that data can be interpreted. Ciphering serves a similar role in cryptography. Cryptocurrency: Cryptocurrency is like physical money, is a medium of exchange, although a digital one. Wallet: A secure digital wallet used to store, send, and receive digital currencies is known as a crypto wallet. Blockchain: Blockchain is a public ledger that is distributed and decentralized.

The blockchain is a database that is validated by a large group of people rather than a single authority. Nodes: The machines that make up the blockchain network are known as nodes. They are in charge of preserving and disseminating updated copies of the transactions that are carried out in real-time. Private Key: A wallet essentially an address , and a private key are the two entities that are needed to complete a transaction.

A private key is a series of random digits that, unlike an address, must be kept private. Bid Price: The bid price is the price at which someone is attempting to sell an asset. Ask Price: The price at which people are attempting to purchase an asset.

Software: Bitcoin is, at its heart, a piece of software that defines what a bitcoin is and how it is transmitted. Checking of validity or who is allowed or not allowed to be within bitcoin etc. Type of the regulations of a legitimate bitcoin is established via it. Everything is run by software, which in this case is the bitcoin program.

The bitcoin program is always available 24 hours a day, seven days a week. Bitcoin regulates both the transfer of bitcoin between parties and the production of new bitcoin units using encryption. Bitcoin would not be conceivable without cryptography.

Cryptography is a mathematical approach that can only be solved by machines, not people. Cryptography is required to safeguard the data. Hardware: Cryptography demands a lot of hardware to run and solve. These example sentences are selected automatically from various online news sources to reflect current usage of the word 'Bitcoin.

Send us feedback. See more words from the same year. Accessed 14 Apr. Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free! Log in Sign Up. Bitcoin noun. Save Word. Definition of Bitcoin. Examples of Bitcoin in a Sentence Recent Examples on the Web The desk struck a relationship with Poloniex, its Boston neighbor, after Poloniex became one of the earliest exchanges to list Ether, the native coin of Ethereum, the biggest cryptocurrency network next to Bitcoin.

Dealoia, cleveland. First Known Use of Bitcoin , in the meaning defined above. Learn More About Bitcoin. Time Traveler for Bitcoin The first known use of Bitcoin was in See more words from the same year. From the Editors at Merriam-Webster. Statistics for Bitcoin Look-up Popularity.