Bitcoin: meaning, definitions and examples
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bitcoin
[ ˈbɪtˌkoɪn ]
digital currency
Bitcoin is a decentralized digital currency that was introduced in 2009 by an anonymous entity known as Satoshi Nakamoto. It operates on a peer-to-peer network and allows for secure transactions without the need for intermediaries like banks. Transactions are recorded on a public ledger called the blockchain, which is maintained by a network of computers known as miners. Bitcoin has gained popularity as both a form of payment and a store of value, often referred to as 'digital gold.' Its limited supply, capped at 21 million coins, contributes to its value over time.
Synonyms
cryptocurrency, digital currency, virtual currency
Examples of usage
- I bought some bitcoin as an investment.
- Bitcoin is accepted by many online retailers.
- He transferred bitcoin to pay for his services.
- Investing in bitcoin can be very volatile.
- She keeps her bitcoin in a digital wallet.
Translations
Translations of the word "bitcoin" in other languages:
🇵🇹 bitcoin
🇮🇳 बिटकॉइन
🇩🇪 Bitcoin
🇮🇩 bitcoin
🇺🇦 біткоїн
🇵🇱 bitcoin
🇯🇵 ビットコイン
🇫🇷 bitcoin
🇪🇸 bitcoin
🇹🇷 bitcoin
🇰🇷 비트코인
🇸🇦 بتكوين
🇨🇿 bitcoin
🇸🇰 bitcoin
🇨🇳 比特币
🇸🇮 bitcoin
🇮🇸 bitcoin
🇰🇿 биткойн
🇬🇪 ბიტკოინი
🇦🇿 bitkoin
🇲🇽 bitcoin
Etymology
The term 'Bitcoin' was first introduced in a white paper published in 2008 by an individual or group using the pseudonym Satoshi Nakamoto. The first block of the Bitcoin blockchain, known as the Genesis Block, was mined in January 2009. Bitcoin was created as a response to the financial crisis of 2008 and aimed to provide an alternative to traditional financial systems. The word 'bit' references the binary system used in computing, while 'coin' relates to the idea of currency. Since its inception, Bitcoin has sparked the rise of thousands of alternative cryptocurrencies and has led to significant innovations in the fields of finance and technology, making it a pivotal development in the world of digital assets.