bitcoin Unit
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A bitcoin Unit is a cryptocurrency unit of the Bitcoing currency (managed by a Bitcoin platform).
- Context:
- It can be bought by a Bitcoin Buyer from a Bitcoin Seller.
- It can be exchanged in a Bitcoin Transaction.
- It can (typically) be a member of the bitcoin Set.
- Example(s):
- On 2014-06-26 there were 12,959,500 of them. http://blockexplorer.com/q/totalbc
- Counter-Example(s):
- an Ethereum Currency.
- a peercoin.
- Gold Bullion, such as a US Eagle 1oz Gold Coin.
- a Fiat Currency, such as a US Dollar, Japanese Yen, ...
- See: Payment System, Digital Currency, Open-Source Software, Pseudonym, Satoshi Nakamoto.
References
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
2014
- https://en.bitcoin.it/wiki/FAQ#What_are_bitcoins.3F
- Bitcoins are the unit of currency of the Bitcoin system. A commonly used shorthand for this is “BTC” to refer to a price or amount (e.g. “100 BTC”).
There are such things as physical bitcoins, but ultimately, a bitcoin is just a number associated with a Bitcoin Address. A physical bitcoin is simply an object, such as a coin, with the number carefully embedded inside.
- Bitcoins are the unit of currency of the Bitcoin system. A commonly used shorthand for this is “BTC” to refer to a price or amount (e.g. “100 BTC”).
2008
- (Nakamoto, 2008) ⇒ Satoshi Nakamoto. (2008). “Bitcoin: A Peer-to-peer Electronic Cash System.” In: Consulted Journal, 1.
- QUOTE: ... We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership. The problem of course is the payee can't verify that one of the owners did not double-spend the coin. A common solution is to introduce a trusted central authority, or mint, that checks every transaction for double spending. After each transaction, the coin must be returned to the mint to issue a new coin, and only coins issued directly from the mint are trusted not to be double-spent. ...