Definition of Bitcoin:
Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger than everyone has transparent access to, 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 it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.
Created in 2009, it is a digital currency that is completely decentralized. Facilitates payments by using peer-to-peer technology and can be used on the internet or in brick and mortar stores. It is considered a type of crypto-currency because it uses cryptography for security, making it extremely difficult to counterfeit.
A type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
How to use Bitcoin in a sentence?
- Unlike fiat currency, Bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger system known as a blockchain.
- Bitcoin has become a hot commodity among speculators.
- Bitcoin's history as a store of value has been turbulent; the cryptocurrency skyrocketed up to roughly $20,000 per coin in 2017, but as of two years later, is currency trading for less than half of that.
- As the earliest cryptocurrency to meet widespread popularity and success, Bitcoin has inspired a host of other projects in the blockchain space.
- Launched in 2009, Bitcoin is the world's largest cryptocurrency by market cap.
Meaning of Bitcoin & Bitcoin Definition