One bitcoin is divisible to eight decimal places. Currency codes for representing bitcoin are BTC and XBT. The unit of account of the bitcoin system is the bitcoin. According to the University of Cambridge, bitcoin has emitted an estimated 200 million tonnes of carbon dioxide since its launch, or about 0.04% of all carbon dioxide released since 2009. Its proof-of-work algorithm for bitcoin mining is designed to be computationally difficult, which requires the consumption of increasing quantities of electricity, the generation of which has contributed to climate change. The environmental effects of bitcoin are substantial. Ukraine has accepted cryptocurrency donations to fund the resistance to the 2022 Russian invasion, and Iran has used bitcoin to bypass political sanctions.īitcoin has been described as an economic bubble by at least eight recipients of the Nobel Memorial Prize in Economic Sciences. For example, El Salvador has adopted Bitcoin as legal tender, although use by merchants remains low. In contrast, a few governments have used bitcoin in some capacity. The Library of Congress reports that, as of November 2021, nine countries have fully banned bitcoin use, and a further forty-two have implicitly banned it. It is a compound of the words bit and coin. 1 The word "bitcoin" was defined in a white paper published on October 31, 2008. The currency began use in 2009, when its implementation was released as open-source software. The cryptocurrency was invented in 2008 by an unknown entity under the name Satoshi Nakamoto. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Without proper rendering support, you may see question marks, boxes, or other symbols.īitcoin ( abbreviation: BTC or XBT sign: ₿) is a decentralized digital currency. This article contains special characters. Initially ₿50 per block, halved every 210,000 blocks
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