bitcoin 64 bit – Bitcoints

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Published on July 21st, 2015 | by bitcoin

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bitcoin 64 bit

Information about bitcoin 64 bit

Bitcoin

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.

Bit

A bit is the basic unit of information in computing and digital communications. A bit can have only one of two values, and may therefore be physically implemented with a two-state device. These values are most commonly represented as either a 0or1. The term bit is a portmanteau of binary digit.
The two values can also be interpreted as logical values (true/false, yes/no), algebraic signs (+/−), activation states (on/off), or any other two-valued attribute. The correspondence between these values and the physical states of the underlying storage or device is a matter of convention, and different assignments may be used even within the same device or program. The length of a binary number may be referred to as its bit-length.
In information theory, one bit is typically defined as the uncertainty of a binary random variable that is 0 or 1 with equal probability, or the information that is gained when the value of such a variable becomes known.
In quantum computing, a quantum bit or qubit is a quantum system that can exist in superposition of two classical (i.e., non-quantum) bit values.
The symbol for bit, as a unit of information, is either simply bit (recommended by the ISO/IEC standard 80000-13 (2008)) or lowercase b (recommended by the IEEE 1541 Standard (2002)). A group of eight bits is commonly called one byte, but historically the size of the byte is not strictly defined.

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