Bitcoin Currency
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A Bitcoin Currency is a crypto-currency composed of bitcoins (managed by the Bitcoin system).
- Context:
- It can involve a Bitcoin Payment Processor, such as coinbase or bitpay.
- It can involve a Bitcoin Exchange, such as Bitstamp.
- It can involve a Bitcoin Wallet Service, such as wallabit.
- …
- Counter-Example(s):
- See: PayPal Service.
References
2017
- http://medium.com/metacurrency-project/cryptocurrencies-are-dead-d4223154d783
- QUOTE: In Bitcoin what exists are transactions organized into blocks linked in a chain. The first transaction in each block gets to create new coins (cryptographic tokens). The other transactions spend a coin by signing (with a private key) the previous transaction to a new owner (using their public key as their address/identity). There are also nodes with which you send and receive transactions.
2014
- (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/bitcoin Retrieved:2014-2-1.
- Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi Nakamoto. It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money. Conventionally "Bitcoin" capitalized refers to the technology and network whereas lowercase "bitcoins" refers to the currency itself. Bitcoins are created by a process called mining, in which participants verify and record payments in exchange for transaction fees and newly minted bitcoins. Users send and receive bitcoins using wallet software on a personal computer, mobile device, or a web application. Bitcoins can be obtained by mining or in exchange for products, services, or other currencies.[1] Bitcoin has been a subject of scrutiny due to ties with illicit activity. In 2013, the FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered Bitcoin-friendly compared to other governments, however.[2] In China, new rules restrict bitcoin exchange for local currency,[3] and the European Banking Authority has warned that Bitcoin lacks consumer protections. Bitcoins can be stolen, and chargebacks are impossible. [4] Commercial use of Bitcoin, illicit or otherwise, is currently small compared to its use by speculators, which has fueled price volatility.[5] Bitcoin as a form of payment for products and services has seen growth, however, and merchants have an incentive to accept the currency because transaction fees are lower than the 2–3% typically imposed by credit card processors. [6]
- ↑ Template:Cite news
- ↑ Peterson, Andrea (January 27, 2014). "This map shows which countries are friendly to Bitcoin". The Switch. The Washington Post. http://www.washingtonpost.com/blogs/the-switch/wp/2014/01/27/this-map-shows-which-countries-are-friendly-to-bitcoin/. Retrieved 28 January 2014.
- ↑ Kelion, Leo (18 December 2013). "Bitcoin sinks after China restricts yuan exchanges". bbc.com. BBC. http://www.bbc.co.uk/news/technology-25428866. Retrieved 20 December 2013.
- ↑ For theft, see *For lack of chargebacks, see
- ↑ Grocer, Stephen (Jul 2, 2013). "Beware the Risks of the Bitcoin: Winklevii Outline the Downside". Moneybeat. The Wall Street Journal. http://blogs.wsj.com/moneybeat/2013/07/02/beware-the-risks-of-the-bitcoin-winklevii-outline-the-downside/. Retrieved 21 October 2013.
- ↑ For growth in merchant numbers, see * For cheap payment processing costs, see
2008
- (Nakamoto, 2008) ⇒ Satoshi Nakamoto. (2008). “Bitcoin: A Peer-to-peer Electronic Cash System.” In: Consulted Journal, 1.
- QUOTE: A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.