Published on July 21st, 2015 | by bitcoin0
1 bitcoin a day
Information about 1 bitcoin a day
Bitcoin is a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses its own unit of account, also called bitcoin. The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. This activity is called mining and the miners are rewarded with transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for different currencies, products, and services. Users can send and receive bitcoins for an optional transaction fee.
Bitcoin as a form of payment for products and services has grown, and merchants have an incentive to accept it because fees are lower than the 2–3% typically imposed by credit card processors. Unlike credit cards, any fees are paid by the purchaser, not the vendor. The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks. Despite a big increase in the number of merchants accepting bitcoin, the cryptocurrency doesn’t have much momentum in retail transactions.
The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media. Criminal activities are primarily centered around black markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services.
A day is a unit of time. In common usage, it is an interval equal to 24 hours. It also can mean the consecutive period of time during which the Sun is above the horizon of a location, also known as daytime. The period of time during which the Earth completes one rotation with respect to the sun is called a solar day.
Several definitions of this universal human concept are used according to context, need and convenience. In 1967, the second was redefined in terms of the wavelength of light, and it became the SI base unit of time. The unit of measurement for time called “day”, redefined in 1967 as 86,400 SI seconds and symbolized d, is not an SI unit, but it is accepted for use with SI. A civil day is usually also 86,400 seconds, plus or minus a possible leap second in Coordinated Universal Time UTC, and, in some locations, occasionally plus or minus an hour when changing from or to daylight saving time. The word day may also refer to a day of the week or to a calendar date, as in answer to the question “On which day?” Day also refers to the part of the day that is not night — also known as daytime. The life patterns of humans and many other species are related to Earth’s solar day and the cycle of day and night (see circadian rhythms).
In recent decades the average length of a solar day on Earth has been about 86 400.002 seconds (24.0000006 hours) and there are about 365.2422 solar days in one mean tropical year. Because celestial orbits are not perfectly circular, and thus objects travel at different speeds at various positions in their orbit, a solar day is not the same length of time throughout the orbital year. A day, understood as the span of time it takes for the Earth to make one entire rotation with respect to the celestial background or a distant star (assumed to be fixed), is called a stellar day. This period of rotation is about 4 minutes less than 24 hours (23 hours 56 minutes and 4.1 seconds) and there are about 366.2422 in one mean tropical year (one more stellar day than the number of solar days). Mainly due to tidal effects, the Earth’s rotational period is not constant, resulting in further minor variations for both solar days and stellar “days”. Other planets and moons also have stellar and solar days.