bitcoin volume – Bitcoints

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Published on July 21st, 2015 | by bitcoin

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bitcoin volume

Information about bitcoin volume

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.

Volume

Volume is the quantity of three-dimensional space enclosed by some closed boundary, for example, the space that a substance (solid, liquid, gas, or plasma) or shape occupies or contains. Volume is often quantified numerically using the SI derived unit, the cubic metre. The volume of a container is generally understood to be the capacity of the container, i. e. the amount of fluid (gas or liquid) that the container could hold, rather than the amount of space the container itself displaces.
Three dimensional mathematical shapes are also assigned volumes. Volumes of some simple shapes, such as regular, straight-edged, and circular shapes can be easily calculated using arithmetic formulas. Volumes of a complicated shape can be calculated by integral calculus if a formula exists for the shape’s boundary. Where a variance in shape and volume occurs, such as those that exist between different human beings, these can be calculated using three-dimensional techniques such as the Body Volume Index. One-dimensional figures (such as lines) and two-dimensional shapes (such as squares) are assigned zero volume in the three-dimensional space.
The volume of a solid (whether regularly or irregularly shaped) can be determined by fluid displacement. Displacement of liquid can also be used to determine the volume of a gas. The combined volume of two substances is usually greater than the volume of one of the substances. However, sometimes one substance dissolves in the other and the combined volume is not additive.
In differential geometry, volume is expressed by means of the volume form, and is an important global Riemannian invariant. In thermodynamics, volume is a fundamental parameter, and is a conjugate variable to pressure.

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