bitcoin

name

1. (uncountable)A decentralized cryptocurrency using blockchain technology.

   “We do not accept bitcoin at this store.”

   “Bitcoin: A Peer-to-Peer Electronic Cash System [title] […] What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. […] In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.”

   “[A] man named Satoshi Nakamoto posted a research paper to an obscure cryptography listserv describing his design for a new digital currency that he called bitcoin.”

   “[Bitcoins] do not depend on the state banks, but are created through mining. Mining is also called as hashing. It is a process of solving complex math problems using those computers which run bitcoin software.”

   “Other e-commerce sites that accept bitcoin are: Bitcoinshop.us which offers products like watches and air conditioners and ships to people within the United States; […] Travel booking websites also start to accept bitcoin sales on flights, hotel bookings to at least 200,000 hotels and railway Amtrak through their platforms.”

noun

1. (countable)A unit of the bitcoin (proper noun proper noun sense 1) cryptocurrency.

   “This item costs one bitcoin.”

   “The value of fiat money is determined by legal means (legal tender laws). In other words, fiat money is anything the government says in money. For instance, if the government says an IOU or a bitcoin is money, then it is money. The major currencies of the contemporary world are fiat money.”

   “Users willing to devote CPU power to running a special piece of software would be called miners and would form a network to maintain the block chain collectively. […] The first miner to solve each puzzle would be awarded 50 new bitcoins, and the associated block of transactions would be added to the chain. […] [Satoshi] Nakamoto himself mined the first 50 bitcoins—which came to be called the genesis block—on January 3, 2009.”

   “Each time you succeed in creating a hash, you are rewarded with 25 bitcoins, the block chain is updated and all the users on the network are notified. This serves as an incentive to keep mining the bitcoins and keep the bitcoin transactions working.”

   “They buy bitcoins at a lower price then sell them at a higher value.”

2. (alt-of)Alternative letter-case form of bitcoin.
3. (alt-of)Alternative letter-case form of bitcoin.