bitcoin

(redirected from Bitcoin transaction)
Also found in: Medical, Encyclopedia.

bitcoin

n
1. (Computer Science) (usually capital) a system of open source peer-to-peer software for the creation and exchange of (payment in) a certain type of cryptocurrency; the first such system to be fully functional
2. (Currencies) (sometimes capital) the cryptocurrency created and exchanged using this software
[C21]
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
References in periodicals archive ?
But for a purely hypothetical example, let's say that if a regular bitcoin transaction cost $5 in fees and took around 10 minutes, an off-chain transaction with a layered solution could cost a millionth of the price plus be completed in just 100 milliseconds.
M2 EQUITYBITES-December 16, 2013--BitPay passes Bitcoin transaction milestone
M2 EQUITYBITES-October 30, 2013--USD 1m Bitcoin transaction closes(C)2013 M2 COMMUNICATIONS http://www.m2.com
A report last year from (https://digiconomist.net/bitcoin-energy-consumption) Digiconomist estimated that it requires about 215 kilowatt-hours (KWh) to process a single Bitcoin transaction. The average American household consumes (https://www.eia.gov/tools/faqs/faq.php?id=97&t=3) 901 KWh per month , meaning a single Bitcoin transaction requires the same amount of energy that it takes to keep the lights on in a home for about a week.
think tank (https://coincenter.org/link/coin-center-statement-on-long-island-money-laundering-arrest) Coin Center immediately published a statement arguing this case proves "law enforcement has the tools necessary to deal with this sort of money laundering even when it involves cryptocurrency." (https://coincenter.org/link/coin-center-statement-on-long-island-money-laundering-arrest) Coin Center's statement also pointed out the prosecutor's statements suggest Shahnaz had to use an old school wire transfer, not a bitcoin transaction, to get ISIS the funds.
Some bitcoin transaction fees skyrocketed to around $300 dollars over the weekend when (http://www.ibtimes.com/bitcoin-cash-surges-after-segwit2x-fork-fizzles-2614056) miners pivoted en masse to temporarily capitalize on BCH.
(https://motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change) Motherboard reported a single bitcoin transaction now requires enough electricity to power an average American household for a week.
Worse still, they found that if a tracker is able to spot two purchases made by the same user and link them to the blockchain, a public record of all (anonymised) bitcoin transactions, the tracker data can be used to identify a person's entire bitcoin transaction history.
Yet each bitcoin transaction is logged along with an address that is forever linked to that transaction.
In other words, the more there is to gain from an attack, the more each Bitcoin transaction costs.
Known as the Bitcoin blockchain, this ledger is a database of files linked into what are called blocks and contains a record in chronological order of every Bitcoin transaction and the creation of every Bitcoin unit to date.