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Strategies & Market Trends : Currents of Currency

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From: Ahda

4/10/2013 12:48:10 PM

of 594

Bitcoin

From Wikipedia, the free encyclopedia

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BitcoinISO 4217 code Central bankDate of introductionUser(s)InflationSubunitSymbol

A digital bitcoin wallet

Not designated. Not recognized as a currency by SIX Interbank Clearing.

The majority of the bitcoin peer-to-peer network regulates transactions and balances. [1] [2]

3 January 2009

Source

Bitcoin Genesis Block

International

Limited release

Source

Total BTC in Circulation

Method

The rate of inflation will be halved every 4 years until there are 21 million BTC [3]

.001

mBTC

.000001

µBTC

.00000001

satoshi [4]

BTC,

, [5] ?, [6] ? [7] [8]

A common bitcoin logo.

The price for BTC/USD on the Mt.Gox exchange

Bitcoin (sign: BTC) is a decentralized [9] digital currency [10] [11] based on an open-source, [12] peer-to-peer internet protocol. It was introduced in 2009 by a pseudonymous developer, Satoshi Nakamoto. [13]

Bitcoins can be exchanged through a computer or smartphone locally or internationally without an intermediate financial institution. [14] In trade, one bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal places. [4]

Bitcoin is not managed like typical currencies: it has no central bank or central organization. Instead, it relies on an Internet-based peer-to-peer network. The money supply is automated and given to servers or "bitcoin miners" that confirm bitcoin transactions as they add them to a decentralized and archived transaction log approximately every 10 minutes.

The transaction log is authenticated by end-users through hashed ECDSA digital signatures (similar to a username and password) and added to through calculations of varying difficulty, performed by dedicated servers called bitcoin miners. Each 10-minute portion or "block" of the transaction log has an assigned amount of bitcoins that is awarded to miners (who can then sell them at their discretion) once it is added to the log and confirmed by other miners. The amount of bitcoins per addition depends on how long the network has been running and how much in transaction fees has been paid. Currently, 25 new bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140. [1] [13]

Bitcoin is the most widely used alternative currency [3] [15] and accepted by various merchants and services internationally. As of April 2013, the monetary base of bitcoin was valued at over $2 billion USD. [16] [17] The large fluctuations in the dollar value of bitcoin has evoked criticism of bitcoin's economic suitability and legitimacy as a currency. [18] [

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