Published on July 21st, 2015 | by bitcoin0
bitcoin source code
Information about bitcoin source code
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 communications and information processing, code is system of rules to convert information—such as a letter, word, sound, image, or gesture—into another, sometimes shortened or secret, form or representation for communication through a channel or storage in a medium. An early example is the invention of language, which enabled a person, through speech, to communicate what he or she saw, heard, felt, or thought to others. But speech limits the range of communication to the distance a voice can carry, and limits the audience to those present when the speech is uttered. The invention of writing, which converted spoken language into visual symbols, extended the range of communication across space and time.
The process of encoding converts information from a source into symbols for communication or storage. Decoding is the reverse process, converting code symbols back into a form that the recipient understands.
One reason for coding is to enable communication in places where ordinary plain language, spoken or written, is difficult or impossible. For example, semaphore, where the configuration of flags held by a signaller or the arms of a semaphore tower encodes parts of the message, typically individual letters and numbers. Another person standing a great distance away can interpret the flags and reproduce the words sent.