bitcoin insanity – Bitcoints

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Published on July 21st, 2015 | by bitcoin

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bitcoin insanity

Information about bitcoin insanity

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.

Insanity

Insanity, craziness or madness is a spectrum of behaviors characterized by certain abnormal mental or behavioral patterns. Insanity may manifest as violations of societal norms, including a person becoming a danger to themselves or others, though not all such acts are considered insanity; likewise, not all acts showing indifference toward societal norms are acts of insanity. In modern usage, insanity is most commonly encountered as an informal unscientific term denoting mental instability, or in the narrow legal context of the insanity defense. In the medical profession the term is now avoided in favor of diagnoses of specific mental disorders; the presence of delusions or hallucinations is broadly referred to as psychosis. When discussing mental illness in general terms, “psychopathology” is considered a preferred descriptor.
In English, the word “sane” derives from the Latin adjective sanus meaning “healthy”. The phrase “mens sana in corpore sano” is often translated to mean a “healthy mind in a healthy body”. From this perspective, insanity can be considered as poor health of the mind, not necessarily of the brain as an organ (although that can affect mental health), but rather refers to defective function of mental processes such as reasoning. Another Latin phrase related to our current concept of sanity is “compos mentis” (lit. “sound of mind”), and a euphemistic term for insanity is “non compos mentis”. In law, mens rea means having had criminal intent, or a guilty mind, when the act (actus reus) was committed.
A more informal use of the term insanity is to denote something considered highly unique, passionate or extreme, including in a positive sense. The term may also be used as an attempt to discredit or criticise particular ideas, beliefs, principles, desires, personal feelings, attitudes, or their proponents, such as in politics and religion.

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