bitcoin exchange rate – Bitcoints

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Published on July 21st, 2015 | by bitcoin

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bitcoin exchange rate

Information about bitcoin exchange rate

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.

Rate

Rate (mathematics), a specific kind of ratio, in which two measurements are related to each other (often with respect to time)
Rate of travel, or velocity
Bit rate, number of bits that are conveyed or processed per unit of time

Naval rating or rate, terms used to designate specialty or seniority of enlisted naval personnel.
Rate of a ship, a term indicating a sail ship’s firepower in the British Royal Navy
Rates (Portuguese parish), a Portuguese parish and town located in the municipality of Póvoa de Varzim
In science and finance
Rate function, a function used to quantify the probabilities of a rare event
Rates (tax), a type of taxation system used to fund local government
Reaction rate in Chemistry
Exchange rate, specifies how much one currency is worth in terms of the other
In human growth
Birth rate, the natality or childbirths per 1,000 people per year
Mortality rate, a measure of the number of deaths in some population

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