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.
The numerical value of Bitcoin in Chaldean Numerology is: 5
The numerical value of Bitcoin in Pythagorean Numerology is: 9
Sample Sentences & Example Usage
I hate hearing people who say they invested their life savings in bitcoin. Don't do that. And I have not done that personally, bitcoin is an experiment.
We decided to open first with the bitcoin and ether order book, we think there's great demand for that; there are a lot of people who own bitcoin, and they don't have a safe place to store them.
Politicians singularly fail to understand what (the digital economy) is all about. They latch onto trends and buzzwords, there still isn't a problem that bitcoin solves, other than buying drugs.
Bitcoin is still the only blockchain-enabled, cross-border large scale, provable application that's actually in production, bitcoin as a currency may not be as relevant as it was in many ways, but it actually is relevant as a proof case for the blockchain technology.
If I buy Bitcoin and transfer it to another person, the price is very likely to change overtime, so I could send $200 worth of Bitcoin to someone, but as the price fluctuates they actually only get say $150. Bitcoin is really only going to be a better deal for someone who really understands financial markets and watches the price constantly. Further solutions need to be developed for mainstream adoption and tangible financial benefits.
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Translations for Bitcoin
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