Bitcoin

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noun Bit·coin \ˈbit-ˌkȯin\
variants: or less commonly

bitcoin

Definition of Bitcoin

  1. :  a digital currency created for use in peer-to-peer online transactions Introduced in 2008 by a person or group using the name Satoshi Nakamoto, Bitcoin is the most prominent of a group of virtual currencies—money that exists mainly as computer code—that have no central issuing authority. — Carter Dougherty Bitcoin … is backed by no government and has a fluctuating value linked in part to a scarcity that is mathematically predetermined. Unlike other forms of digital cash, Bitcoin is truly untraceable and therefore, like cash, cannot be recovered if lost or destroyed. — Glenn Zorpette; also, usually bitcoin :  a unit of this currency Commercial space venture Virgin Galactic—which announced on Nov. 22 that it would start accepting bitcoins to reserve a refundable $250,000 seat on a future trip—is just the latest of many businesses that have recently embraced the decentralized virtual payment system. (At press time, 1 bitcoin was worth roughly $879.) — Time

Origin and Etymology of bitcoin

4bit + 1coin


First Known Use: 2008


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