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What Does Btc Mean In Bitcoin?

Bitcoin Exchange

Bitcoin Exchange

A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins . A bitcoin currency exchange is an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency . The currency ticker used for bitcoin is either BTC or XBT. Bitcoin exchange platforms match buyers with sellers. Like a traditional stock exchange, traders can opt to buy and sell bitcoin by inputting either a market order or a limit order . When a market order is selected, the trader is authorizing the exchange to trade his coins for the best available price in the online marketplace. With a limit order set, the trader directs the exchange to trade coins for a price below the current ask or above the current bid , depending on whether s/he is buying or selling. For example, on a bitcoin exchange, three coin sellers are asking for BTC/USD 2265.75, BTC/USD 2269.55, and BTC/USD 2270.00. A trader who initiates a market order to buy bitcoins will have his order filled at the best ask price of $2265.75. If only five bitcoins are available for the best ask and 10 coins are available for $2269.55, and the trader wants to buy 10 at market, his order will be filled with 5 coins @ $2265.75 and the remaining 5 @ $2269.55. However, a trader who thinks that he can get bitcoins for a better price could set a limit order for, say, $2260.10. If a seller matches his/her ask price with this order or sets a price below this figure, the buyer will get filled. Online bitcoin marketplaces usually designate bitcoin participants as either makers or takers . When a buyer or seller places a limit order, the exchange places adds it to its order book until the price is matched by another trader on the opposite end of the transaction. When t Continue reading >>

How Does Bitcoin Mining Work?

How Does Bitcoin Mining Work?

By Euny Hong | Updated October 17, 2017 — 3:51 PM EDT Cryptocurrency mining is painstaking, expensive, and only sporadically rewarding. Nonetheless, mining has a magnetic draw for many investors interested in cryptocurrency. This may be because entrepreneurial types see mining as pennies from heaven, like California gold prospectors in 1848. And if you are technologically inclined, why not do it? Well, before you invest the time and equipment, read this explainer to see whether mining is really for you. We will focus primarily on Bitcoin. (Related: How Bitcoin Works  and our helpful infographic,  What is Bitcoin? ) By mining, you can earn cryptocurrency without having to put down money for it. That said, you certainly don't have to be a miner to own crypto.  You can also  buy crypto using fiat currency (USD, EUR, JPY, etc); you can trade it on an exchange like Bitstamp using other crypto (example: Using Ethereum or NEO to buy Bitcoin); you even can earn it by playing video games or by publishing blogposts on platforms that pay its users in crypto. An example of the latter is  Steemit , which is kind of like Medium except that users can reward bloggers by paying them in a proprietary cryptocurrency called Steem.  Steem can then be traded elsewhere for Bitcoin.  In addition to lining the pockets of miners, mining serves a second and vital purpose: It is the only way to release new cryptocurrency into circulation. In other words, miners are basically "minting" currency. For example, as of the time of writing this piece, there were about 16 million Bitcoin in circulation. Aside from the coins minted via the genesis block (the very first block created by Bitcoin founder Satoshi Nakamoto himself), every single one of those Bitcoin came into being because of min 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 >>

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 >>

What Does The Surge In Transaction Fees Mean For Bitcoin? | Bank Innovation | Bank Innovation

What Does The Surge In Transaction Fees Mean For Bitcoin? | Bank Innovation | Bank Innovation

What Does the Surge in Transaction Fees Mean for Bitcoin? Bitcoin has had a volatile December, from reaching an all-time high of over $19K to crashing down more than 30%. There is no dearth of reasons for why the price for cryptocurrency has been falling, from blaming the recent the hack of South Koreas cryptocurrency exchange Youbi last week, or simply an overall reluctance by many people and governments to accept the legitimacy of the cryptocurrency. Another reason, according to a report by Seeking Alpha, is the rising transaction fees associated with the cryptocurrency. The fees may send users scuttling to altcoins, the report argues. This report points to the fact that bitcoins transaction fees are 1,000 times more than other cryptocurrencies. Jonathan Cooper, author of the Seeking Alpha report stated: Transaction fees will continue to hinder Bitcoin adoption and provide a rough user experience for Bitcoin users. Specifically, Bitcoin costs far too much relative to other coins, even to the mostly identical Bitcoin Cash. Perhaps the most problematic element of bitcoins high transaction fees, as pointed in article, is that its not based on the transaction amount, as one might logically assume so, it doesnt matter if an investor is putting in $50, or $2 million. Bitcoins transaction fes is calculated based on the transaction in bytes, meaning the number of wallets used to make the transaction. This transaction fee was less than $1 in January this year. In December, the average cost per transaction was at least $33.30, according to Seeking Alpha. Thats a 3300% increase. Fellow Bitcoiners, are you ever going to realize how problematic these fees are getting? Avg fees now over $40 per tx. A year ago avg fee was $4. A year prior, $0.40. Growing faster than price, and expo 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 >>

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 >>

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? 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 >>

What Is Bitcoin Cash? Bitcoin.com

What Is Bitcoin Cash? Bitcoin.com

Bitcoin cash as a payment network. Bitcoin as a settlement layer. Its argued that bitcoin cash is more suited as a payment network, similar to Visa or PayPal. When you add to this bitcoin cashs advantages as a cryptocurrency, you get something truly remarkable. Compared to bitcoin, the BCH network can process many more transactions per second and has faster confirmation times. Bitcoin cash can be used for higher-volume transactions such as retail payments made by millions of consumers around the world. Thats why proponents wanted an increase of the block size limit to 8 MB to improve scalability. Bitcoin, on the other hand, can be viewed more as a settlement layer in which high-dollar, smaller-volume transactions can be sent locally or across borders. These payments are not subject to the examination of banks, taxing authorities and other regulatory bodies. But because of bitcoins 1 MB block size limit, users are facing longer processing times and higher fees. If youre sending $50,000 or even millions of U.S. dollars worth of bitcoin through its network, it still competes favorably against traditional wire transfers and other methods (like Western Union). Disadvantages of traditional wire payments: Requires multiple identifications or government approval Bitcoin cash as alternative to paper cash Bitcoin and bitcoin cash attracted much media coverage throughout 2017 because of large increases to BTC and BCH market capitalization. Despite the favorable publicity, traditionalists question why bitcoin cash has value in the way that fiat currencies do, such as the U.S. dollar or Japanese Yen. Both the dollar and yen are widely considered stores of value and acceptable mediums of exchange. But even these global reserve currencies have been floating currencies for no more tha Continue reading >>

What Is Bitcoin? - Definition From Whatis.com

What Is Bitcoin? - Definition From Whatis.com

virtual agent (intelligent virtual agent or virtual rep) 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 >>

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 >>

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 >>

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 >>

What Is Bitcoin2x And What Does It Mean For You?

What Is Bitcoin2x And What Does It Mean For You?

What is Bitcoin2X and what does it mean for you? If youve been following Bitcoin for any length of time, youll notice that one of the major discussions in the marketplace is all about forks hard forks, soft forks, etc. The recent hard fork for Bitcoin Cash , the Bitcoin Gold hard fork, and now, the coming hard fork for Bitcoin2X, all of which seem mysterious. What will happen if I already own Bitcoin? Which side should I support? Dont worry, Ive put together all the relevant information in this post to help you navigate the change. Well, theres not really an simple answer to that at least not as simple as youd think. Bitcoin is built on a blockchain system . This means that transactions using Bitcoin are processed by being placed in blocks and then added to the chain. Each block contains just 1MB of information, which limits the amount of transactions that can be placed on each block. The debate regarding Bitcoin2X started when Bitcoin became more popular. The problem with 1MB blocks is that they dont scale well that is, you cant get any more transactions per block than you already have. Hence, the scaling debate. The scaling debate ended with the signing of a famous document called the New York Agreement (NYA), which made provision for a first SegWit solution and then a following SegWit2X solution . The first solution came in mid-August with a SegWit soft fork . SegWit stands for Segregated Witness, or dividing the transaction from the witness of the transaction. This solution helped immensely, since by dividing the transaction into two pieces, more transactions could fit within each block. The proposed second solution, SegWit2X, was to take effect at block 494,784 on or around November 17. This solution would double the size of each transaction block to 2MB, meaning Continue reading >>

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