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What Does Btc Mean Bitcoin

Still Don't Get Bitcoin? Here's An Explanation For Five-year-olds

Still Don't Get Bitcoin? Here's An Explanation For Five-year-olds

If you still cant figure out what the heck a bitcoin is, this simple explanation for a five-year-old may help you ... Were sitting on a park bench. Its a great day.I have one apple with me, I give it to you. You now have one apple and I have zero.That was simple, right? My apple was physically put into your hand.You know it happened. I was there, you were there you touched it. We didnt need athird personthere to help us make the transfer. We didnt need to pull in Uncle Tommy (whos a famous judge) to sit with us on the bench and confirm that the apple went from me to you. The apples yours! Icantgive you another apple because I dont have any left. I cant control it anymore. The apple left my possession completely. You have full control over that apple now. You can give it to your friend if you want, and then that friend can give it to his friend, and so on. So thats what an in-person exchange looks like. I guess its really the same, whether Im giving you a banana, a book, a quarter, or adollar bill Now, let's say I have onedigitalapple. Here, Ill give you mydigitalapple. Ah! Now it gets interesting. How do you knowthatdigital apple which used to be mine, is now yours, and only yours? Think about it for a second.Its more complicated, right? How do you know that I didnt send that apple to Uncle Tommy as an email attachment first? Or your friend Joe? Or my friend Lisa too? Maybe I made a couple of copies of that digital apple on my computer. Maybe I put it up on the internet and one million people downloaded it. As you see, this digital exchange is a bit of a problem.Sendingdigitalapples doesnt look like sendingphysicalapples. Some brainy computer scientists actually have a name for this problem: its called the double-spending problem . But dont worry about it. All you need Continue reading >>

What Is Bitcoin (btc)? - Definition From Techopedia

What Is Bitcoin (btc)? - Definition From Techopedia

Definition - What does Bitcoin (BTC) mean? Bitcoin is a digital cryptocurrency made up of processed data blocks used for online and brick-and-mortar purchases. Because bitcoins are limited and their value is determined by market forces, bitcoins are also traded like stocks on various exchanges. Relatively new and experimental, bitcoin is described as the first decentralized digital currency. Bitcoins are generated after a block of data is processed, creating a block of transactional data in the bitcoin network. This is accomplished through a bitcoin mining client, although this function is no longer adequately performed via a regular central processing unit (CPU). The forecasted number of produced bitcoins is 21 million with an expected completion date of 2040. Bitcoins may be purchased or sold over the bitcoin network and are considered secure because during each transfer, each bitcoin must be cryptographically signed. A bitcoin user is required to employ a public key, private key and bitcoin address for each transaction that occurs as a peer-to-peer transfer. The bitcoin concept was invented by Satoshi Nakamoto, although virtually nothing is known about him. In 2010, Nakamoto withdrew from the Bitcoin Project. Continue reading >>

What Is Bitcoin? - Coindesk

What Is Bitcoin? - Coindesk

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. It’s the first example of a growing category of money known as cryptocurrency. What makes it different from normal currencies? Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money. A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees. No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency. Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘ mined’ , using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network. So you can’t churn out unlimited bitcoins? That’s right. The bitcoin protocol – the rules that make bitcoin work Continue reading >>

Bitcoin - Wikipedia

Bitcoin - Wikipedia

Unspent outputs of transactions denominated in any multiple of satoshis [3] :ch. 5 12.5 bitcoins per block (approximately every ten minutes) until mid 2020, [7] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued. ^ The symbol was encoded in Unicode version 10.0 at position U+20BF ₿ BITCOIN SIGN in the Currency Symbols block in June 2017. [2] Bitcoin is a worldwide cryptocurrency and digital payment system [8] :3 called the first decentralized digital currency , as the system works without a central repository or single administrator. [8] :1 [9] It was invented by an unknown person or group of people under the name Satoshi Nakamoto [10] and released as open-source software in 2009. [11] The system is peer-to-peer , and transactions take place between users directly, without an intermediary. [8] :4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain . Bitcoins are created as a reward for a process known as mining . They can be exchanged for other currencies, [12] products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. [13] Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. [14] The word bitcoin first occurred and was defined in the white paper [15] that was published on 31 October 2008. [16] It is a compound of the words bit and coin . [17] The white paper frequently uses the shorter coin. [15] There is no uniform convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to Continue reading >>

Bitcoin Futures, Explained

Bitcoin Futures, Explained

The what, where and why of Bitcoin futures. The what, where and why of Bitcoin futures. Bitcoin,Bitcoin Price,Investments,Tradings,Banned Bitcoin,Bitcoin Exchanges,OKCoin Futures are an agreement to buy or sell an asset on a specific future date at a specific price. Once the futures contract has been entered, both parties have to buy and sell at the agreed-upon price, irrespective of what the actual market price is at the contract execution date. The goal is not necessarily profit maximization. Its a risk management tool, often used in financial markets to hedge against the risk of changing prices of assets that are bought and sold on a regular basis. Futures are also used in portfolios to balance out price fluctuations on investments, where the underlying asset is particularly volatile. These contracts are negotiated and traded on a futures exchange which acts as the intermediary. There are two positions you can take on a futures contract: long or short. If you take a long position, you agree to buy an asset in the future at a specific price when the contract expires. When you take a short position, you agree to sell an asset at a set price when the contract expires. A good way to explain this is using the example of an airline who wants to hedge against the rising price of fuel by entering into a futures contract. Say jet fuel trades at $2 per gallon. An airline expecting the price of oil to rise, buys a three-month futures contract for 1,000 gallons at current prices. The contract is, therefore, worth $2,000. If in three months, when the contract expires, the price of one gallon of jet fuels is $3, the airline saved $1,000. The supplier will happily enter into a futures contract in order to ensure a steady market for fuel, even when prices are high. And the same con Continue reading >>

Are The Bitcoin Symbols Xbt & Btc Different?

Are The Bitcoin Symbols Xbt & Btc Different?

Spoiler: No, XBT is not different from BTC. These two symbols are used synonymously to refer to Bitcoin . But I think only knowing the spoiler information is not enough, and it is my duty on CoinSutra to tell you everything important surrounding Bitcoin. So right now, we are going to talk about Bitcoins ticker symbol i.e. BTC (aka XBT). <br /> Can't load widget<br /> To answer this, lets remember that Bitcoin is not a sovereigncurrency, meaning it is not a national currency producedby any specific entity. It exists with no single point of origin. And being nationless and identity-lessis what makes it decentralized.This is what takes it out of the control of anyone. But this brings a few challenges One of those challenges is how and what to name it. Its just like having a type of food that goes by different names in different countries or different communities. This happens because there is no standard procedure for naming. Similarly, Bitcoin, being decentralized, is called by two different abbreviated names (i.e BTC and XBT) because there is no one in charge to set naming standards. But the interesting thing is that even the founder of Bitcoin ( Satoshi Nakamoto ) didnt give an abbreviation to Bitcoin. I believe he did this purposely so that the community could have full control over the coin. Also, Satoshi mentioned the word Bitcoin only twicein Bitcoins white paper. He did this because its not the name that matters but rather the overall concept. Bitcoin is called BTC because it makes logical sense the acronym follows the sound of the name. So this has been the prevailingBitcoin symbol. But now, some have also started using the symbol XBT. The popular ticker name BTC violates ISO 4217 , and as according to this standard, it goes against th Continue reading >>

What Is Bitcoin? - Cnnmoney

What Is Bitcoin? - Cnnmoney

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures. Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value. Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange. People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally. People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes. Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC. Wallet in cloud: Servers have been hacked. Companies have fled with clients’ Bitcoins. Wallet on computer: You can accidentally delete them. Viruses could destroy them. Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions Continue reading >>

Bitcoin

Bitcoin

Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies. Today's market cap for all bitcoin (abbreviated BTC or, less frequently, XBT) in circulation exceeds $7 billion. There are no physical bitcoins, only balances kept on a public ledger in the cloud, that along with all Bitcoin transactions is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite its not being legal tender , Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins . Bitcoin is a type of cryptocurrency : Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret, and only used to authorize Bitcoin transmissions. Style notes: According to the official Bitcoin Foundation, the word "Bitcoin" is capitalized in the context of referring to the entity or concept, whereas "bitcoin" is written in the lower case when referring to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins." Bitcoin is one of the first digital Continue reading >>

How Does Bitcoin Work?

How Does Bitcoin Work?

This is a question that often causes confusion. Here's a quick explanation! As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once. The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography . A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining . Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions Continue reading >>

Bitcoin: What Does Mining A Bitcoin Really Mean? | The Economic Times

Bitcoin: What Does Mining A Bitcoin Really Mean? | The Economic Times

ET Home Industry Banking/Finance Banking What does mining a bitcoin really mean? 2017 was the year when curiosity about the Bitcoin hit an all-time high, thanks largely to a dramatic surge in its value. Notwithstanding recent fluctuations in its price, interest remains strong in the original cryptocurrency, which was launched in 2009. One question everybody has is what is the process of 'mining' that creates new Bitcoins and how does the blockchain technology underpinning the cryptocurrency really work. Here's how... Continue reading >>

Bitcoin Cash Hits Coinbase, Causing A Dip In Btc Prices While Bch Prices Soar

Bitcoin Cash Hits Coinbase, Causing A Dip In Btc Prices While Bch Prices Soar

Bitcoin Cash Hits Coinbase, Causing A Dip In BTC Prices While BCH Prices Soar I cover the human side of VR/AR, Blockchain, AI, Startups, & Media. Opinions expressed by Forbes Contributors are their own. A picture shows the logo Bitcoin in the first Italian Bitcoin crypto currency shop 'Bitcoin Compro Euro' (meaning I Buy Euro), on December 11, 2017 in Rovereto, northern Italy. Bitcoin surged past $18,000 after making its debut on a major global exchange but was trading lower on December 11, 2017, highlighting the volatility of the controversial digital currency that has some investors excited but others nervous. / AFP PHOTO / PIERRE TEYSSOT (Photo credit should read PIERRE TEYSSOT/AFP/Getty Images) After months of rumors, it's official: Bitcoin Cash (BCH) is coming to Coinbase. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] A blog post on Tuesday has officially confirmed what many have been speculating for months:Bitcoin Casha fork of the Bitcoin blockchainis headedto popular cryptocurrency brokerageCoinbase, effective as soon as there is "sufficient liquidity" on GDAX . Users will be able to buy, sell, send, and receive Bitcoin Cash on the platform. This follows a recent surge in price in BCH. Following the announcement, Bitcoin plunged by 12 percent , dropping below $17K, while BCHjumped several hundred dollars,clearing the $3K mark. The current listed price on CoinMarketCap is $3,387.54 . In the post, Coinbase expressed their belief that customers should not be hurt by forks that occur outside their control, saying: Coinbase operates by the principle that our customers should benefit to the greatest extent possible from forks or other Continue reading >>

Vocabulary - Bitcoin

Vocabulary - Bitcoin

Bitcoin provides a new approach to payments and, as such, there are some new words that might become a part of your vocabulary. Don't worry, even the humble television created new words! Address Bit Bitcoin Block Block Chain BTC Confirmation Cryptography Double Spend Hash Rate Mining P2P Private Key Signature Wallet A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction. Bit is a common unit used to designate a sub-unit of a bitcoin - 1,000,000 bits is equal to 1 bitcoin (BTC or B). This unit is usually more convenient for pricing tips, goods and services. Bitcoin - with capitalization, is used when describing the concept of Bitcoin, or the entire network itself. e.g. "I was learning about the Bitcoin protocol today." bitcoin - without capitalization, is used to describe bitcoins as a unit of account. e.g. "I sent ten bitcoins today."; it is also often abbreviated BTC or XBT. A block is a record in the block chain that contains and confirms many waiting transactions. Roughly every 10 minutes, on average, a new block including transactions is appended to the block chain through mining . The block chain is a public record of Bitcoin transactions in chronological order. The block chain is shared between all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending . BTC is a common unit used to designate one bitcoin (B). Confirmation means that a transaction has been processed by the network and is highly unlikely to be reversed. Transactions receive a confirmation when they are included in a block and for each subsequent block. Even a Continue reading >>

What Is Bitcoin? Understanding Btc And Other Crypto-currencies

What Is Bitcoin? Understanding Btc And Other Crypto-currencies

What is Bitcoin? Understanding BTC and other crypto-currencies What is Bitcoin? Understanding BTC and other crypto-currencies Why good technology does not always mean success Bitcoin is essentially a digital currency - a form of money stored in an owner's online "virtual wallet", free from the control of governments or central banks. Bitcoin was released in 2009 by someone going by the pseudonym of Satoshi Nakamoto, who wanted a virtual currency that was unrestrained by regulation, he subsequently left the project. Cryptocurrency is therefore an attempt to replace money transactions with a digital medium of exchange using peer-to-peer networking. The first decentralized cryptocurrency, and still the most successful, is Bitcoin. If you just want to buy bitcoin instead, check out our guide here as well as a list of the best bitcoin exchanges . The idea is that you use cryptography to control the creation and transfer of money, rather than relying on central authorities. Since the success of Bitcoin, there have been over 3,000 other virtual currencies introduced with varying degrees of success and popularity such as Ethereum , Litecoin, Monero and Dash. There have even been crowdfunded cryptocurrencies such as Lisk. Many other cryptocurrencies have just died because of lack of interest, and the simple fact that no one used them. Non-Bitcoin cryptocurrencies are collectively known as altcoins and they are more or less based on the same idea of a decentralized digital medium for exchange. Their success depends on how much cash (the total value of transactions) they have sloshing about the peer-to-peer network (i.e. the virtual economy). Since Bitcoin is open source, anyone can develop their own cryptocurrency using the same technology. Bitcoins derive their value partly thr Continue reading >>

Understanding Bitcoin Price Charts

Understanding Bitcoin Price Charts

CoinDesk Launches 2017 Year in Review Opinion and Analysis Series Whether you already own bitcoin or plan to get some, sooner or later youll want to know how much the cryptocoins are worth when converted to your currency of choice . Later, you may want to know whether to hang onto your coins or to sell them hopefully making a little profit in the process. However, analyzing price charts and understanding trading terms from the financial world can be rather daunting, especially for the beginner. This guide serves as a useful primer of the basics. The best place to find out the latest price of bitcoin (currency symbol: BTC or XBT) is the exchange you bought them from ( Bitstamp , Bitfinex and BTC-e being the most popular exchanges at the moment), or Coindesks own Bitcoin Price Index . Knowing bitcoins current price is one thing, but pretty soon youll want to know where prices will go in the future. Forecasting price movements of anything traded at an exchange is a risky probabilities game nobody is right all the time. Many traders have lost lots of money, if not their life savings, into such attempts. The two main approaches to predicting price development are called fundamental analysis and technical analysis . While fundamental analysis examines the underlying forces of an economy, a company or a security, technical analysis attempts to forecast the direction of prices based on past market data, primarily historical prices and volumes found on price charts. To perform technical analysis on bitcoin price and volume history, youll need bitcoin price charts that display data in a more readable manner than just plain number tables. Good places to start are the charts on Coindesks Bitcoin Price Index . The most basic type of price chart displays prices as a line: Closing pr Continue reading >>

What Is Bitcoin? - Definition From Whatis.com

What Is Bitcoin? - Definition From Whatis.com

SAP FICO (SAP Finance and SAP Controlling) Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country's central bank or government.Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment. Bitcoin-to-Bitcoin transactions are made by digitally exchanging anonymous, heavily encrypted hash codes across a peer-to-peer ( P2P ) network. The P2P network monitors and verifies the transfer of Bitcoins between users. Each user's Bitcoins are stored in a program called a digital wallet , which also holds each address the user sends and receives Bitcoins from, as well as a private key known only to the user. The Bitcoin network is designed to mathematically generate no more than 21 million Bitcoins and the network is set up to regulate itself to deal with inflation.Bitcoins can be spent by initiating a transfer request from a Bitcoin address in the customer's wallet to a Bitcoin address in the vendor's wallet. As of this writing, one Bitcoin (also called a BTC) is worth $104 -- but just as with stocks, the value of Bitcoins can fluctuate quickly. In the United States, Bitcoins are controversial because they can be used to anonymously transfer illicit funds or hide unreported income from the Internal Revenue Service (IRS). Bitcoin policy now requires transactions that involve traditional, government-backed currencies to be attached to an identity. This CNN video provides an overview of Bitcoin: Continue reading >>

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