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Bitcoin - Wikipedia, the free encyclopedia
Bitcoin (sign: BTC) is a decentralized digital currency[8][9] based on an open-source,[10] peer-to-peer internet protocol. It was introduced by a pseudonymous developer named Satoshi Nakamoto in 2009.[11]
Internationally, bitcoins can be exchanged by personal computer directly through a wallet file or a website without an intermediate financial institution.[12] In trade, one bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal places.[4]
Bitcoin does not operate like typical currencies: it has no central bank and it solely relies on an internet-based peer-to-peer network. The money supply is automated, limited, divided and scheduled, and given to servers or "bitcoin miners" that verify bitcoin transactions and add them to a decentralized and archived transaction log every 10 minutes. The log is authenticated by ECDSA digital signatures and verified by the intense process of bruteforcing SHA256 hash functions of varying difficulty by competing "bitcoin miners." Transaction fees may apply to new transactions depending on the strain put on the network's resources. Each 10-minute portion or "block" of the transaction log has an assigned money supply. The amount per block depends on how long the network has been running. Currently, 25 bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140.[1][11]
Bitcoin is the most widely used alternative currency.[3][13] As of March 2013, the monetary base of bitcoin is valued at over $800 million USD.[14][15] The large fluctuation in the dollar value of a bitcoin has evoked criticism of bitcoin's economic suitability as a currency.[16]
Digital 'bitcoin' currency surpasses 20 national currencies in value | Fox News
More than $1 billion dollars worth of a digital currency known as "bitcoins" now circulate on the web an amount that exceeds the value of the entire currency stock of small countries like Liberia (which uses Liberian dollars), Bhutan (which uses the Ngultrum), and 18 other countries.
So what is a bitcoin, and why would anyone use it?
Unlike traditional currency, bitcoins are not issued by a government or even a private company. Instead, the currency is run by computer code that distributes new bitcoins at a set rate to people who devote web servers to keep the code running. The bitcoins are then bought and sold for regular U.S. dollars online.
Bitcoin is in high demand right now -- each bitcoin currently sells for more than $90 U.S. dollars -- which bitcoin insiders say is because of world events that have shaken confidence in government-issued currencies.
Because of what's going on in Cyprus and Europe, people are trying to pull their money out of banks there, Tony Gallippi, the CEO BitPay.com, which enables businesses to easily accept bitcoins as payment, told FoxNews.com.
In Cyprus, the government is considering taking a percentage of all citizens bank accounts to solve its fiscal woes. That has led Cypriots -- and other Europeans worried about the same thing happening to them -- to take their money out of banks.
So they buy gold, they put it under the mattress, or they buy bitcoin, Gallippi said.
Bitcoin demand has also increased, Gallippi says, because last week U.S. regulators issued the first official guidelines for private digital currencies. Prior to the regulations, the legal status of the currencies was in doubt.
Video for thos enot wanting to read so much
Bitcoin: the fastest growing currency in the world - video | Technology | guardian.co.uk
Prices seem steady so far
Bitcoin Charts
https://btc-e.com/
Bitcoin (sign: BTC) is a decentralized digital currency[8][9] based on an open-source,[10] peer-to-peer internet protocol. It was introduced by a pseudonymous developer named Satoshi Nakamoto in 2009.[11]
Internationally, bitcoins can be exchanged by personal computer directly through a wallet file or a website without an intermediate financial institution.[12] In trade, one bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal places.[4]
Bitcoin does not operate like typical currencies: it has no central bank and it solely relies on an internet-based peer-to-peer network. The money supply is automated, limited, divided and scheduled, and given to servers or "bitcoin miners" that verify bitcoin transactions and add them to a decentralized and archived transaction log every 10 minutes. The log is authenticated by ECDSA digital signatures and verified by the intense process of bruteforcing SHA256 hash functions of varying difficulty by competing "bitcoin miners." Transaction fees may apply to new transactions depending on the strain put on the network's resources. Each 10-minute portion or "block" of the transaction log has an assigned money supply. The amount per block depends on how long the network has been running. Currently, 25 bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140.[1][11]
Bitcoin is the most widely used alternative currency.[3][13] As of March 2013, the monetary base of bitcoin is valued at over $800 million USD.[14][15] The large fluctuation in the dollar value of a bitcoin has evoked criticism of bitcoin's economic suitability as a currency.[16]
Digital 'bitcoin' currency surpasses 20 national currencies in value | Fox News
More than $1 billion dollars worth of a digital currency known as "bitcoins" now circulate on the web an amount that exceeds the value of the entire currency stock of small countries like Liberia (which uses Liberian dollars), Bhutan (which uses the Ngultrum), and 18 other countries.
So what is a bitcoin, and why would anyone use it?
Unlike traditional currency, bitcoins are not issued by a government or even a private company. Instead, the currency is run by computer code that distributes new bitcoins at a set rate to people who devote web servers to keep the code running. The bitcoins are then bought and sold for regular U.S. dollars online.
Bitcoin is in high demand right now -- each bitcoin currently sells for more than $90 U.S. dollars -- which bitcoin insiders say is because of world events that have shaken confidence in government-issued currencies.
Because of what's going on in Cyprus and Europe, people are trying to pull their money out of banks there, Tony Gallippi, the CEO BitPay.com, which enables businesses to easily accept bitcoins as payment, told FoxNews.com.
In Cyprus, the government is considering taking a percentage of all citizens bank accounts to solve its fiscal woes. That has led Cypriots -- and other Europeans worried about the same thing happening to them -- to take their money out of banks.
So they buy gold, they put it under the mattress, or they buy bitcoin, Gallippi said.
Bitcoin demand has also increased, Gallippi says, because last week U.S. regulators issued the first official guidelines for private digital currencies. Prior to the regulations, the legal status of the currencies was in doubt.
Video for thos enot wanting to read so much
Bitcoin: the fastest growing currency in the world - video | Technology | guardian.co.uk
Prices seem steady so far
Bitcoin Charts
https://btc-e.com/
