Published on July 21st, 2015 | by bitcoin0
bitcoin s curve
Information about bitcoin s curve
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.
In mathematics, a curve (also called a curved line in older texts) is, generally speaking, an object similar to a line but which is not required to be straight. This entails that a line is a special case of curve, namely a curve with null curvature. Often curves in two-dimensional (plane curves) or three-dimensional (space curves) Euclidean space are of interest.
Various disciplines within mathematics have given the term different meanings depending on the area of study, so the precise meaning depends on context. However many of these meanings are special instances of the definition which follows. A curve is a topological space which is locally homeomorphic to a line. In everyday language, this means that a curve is a set of points which, near each of its points, looks like a line, up to a deformation. A simple example of a curve is the parabola, shown to the right. A large number of other curves have been studied in multiple mathematical fields.
Closely related meanings are “graph of a function” (as in “Phillips curve”) and “two-dimensional or three-dimensional graph without a kink”.
In non-mathematical language, the term is often used metaphorically, as in “learning curve”.