Bitcoin Currency
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A Bitcoin Currency is a decentralized cryptocurrency composed of bitcoin units and managed by the Bitcoin Network System.
- Context:
- It can typically facilitate Peer-to-Peer Transactions through bitcoin cryptographic verification.
- It can typically maintain Bitcoin Transaction Records through bitcoin blockchain ledger.
- It can typically control Bitcoin Supply through bitcoin mining protocol.
- It can typically verify Bitcoin Ownership through bitcoin private key cryptography.
- It can typically protect against Double-Spending Problems through bitcoin consensus mechanism.
- ...
- It can often involve a Bitcoin Payment Processor, such as Coinbase Bitcoin Service or BitPay Bitcoin Service.
- It can often involve a Bitcoin Exchange, such as Bitstamp Bitcoin Exchange.
- It can often involve a Bitcoin Wallet Service, such as Wallabit Bitcoin Wallet.
- It can often function as a Digital Currency for bitcoin online payments.
- It can often be used for Financial Speculation due to bitcoin price volatility.
- ...
- It can range from being a Low-Adoption Bitcoin Currency to being a High-Adoption Bitcoin Currency, depending on its bitcoin merchant acceptance level.
- It can range from being a Low-Value Bitcoin Currency to being a High-Value Bitcoin Currency, depending on its bitcoin market capitalization.
- It can range from being a Restricted Bitcoin Currency to being an Unrestricted Bitcoin Currency, depending on its bitcoin regulatory environment.
- ...
- It can integrate with Traditional Payment Systems through bitcoin payment gateways.
- It can support Bitcoin Mining Operations for bitcoin transaction verification.
- It can connect to Digital Wallet Applications for bitcoin storage.
- ...
- Examples:
- Bitcoin Currency Lifecycles, such as:
- Bitcoin Currency Regional Implementations, such as:
- ...
- Counter-Examples:
- Ethereum Currency, which uses ether cryptocurrency units instead of bitcoin units and has smart contract capability.
- Fiat Digital Currency, which lacks bitcoin decentralized issuance and is controlled by central banking authority.
- PayPal Service, which relies on centralized payment processing rather than bitcoin peer-to-peer verification.
- See: Crypto Currency, Digital Currency, Bitcoin Network System, Blockchain Ledger Database System, Peer-to-Peer Payment System, Electronic Cash, Cryptographic Token, Decentralized Digital Currency.
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.