Bitcoin mining is effectively having a computer perform the calculations for the bitcoin network to confirm transactions. As a reward for the processing power, the network randomly charges very small transaction fees (that add up across all transactions) to be given to the miners as well as newly generated bitcoins (at a decaying rate as more are awarded over time). Jan 04, · Startup Turns a Buzzword Triple Play With Fintech, Bitcoin, Weed By. Lily Katz. January 4, , AM EST Updated on January 4, , AM EST Startup Turns a Buzzword Triple Play. Dec 05, · The price of bitcoin reached an all-time high on Monday, as it closed in on $20,, and some analysts say the cryptocurrency still has a lot of room to run higher. "It's not a buzzword.
Buzzword bitcoinBehind 'Prime Broker' Buzzword Lies a Complex Strategy Game for Crypto Firms - CoinDesk
Proponents argue that Bitcoins are universal, usable in any country, and that, because transactions are conducted directly from person to person without the need for a financial intermediary, they avoid the hefty exchange and processing fees regularly imposed by banks.
There are, however, a number of security concerns attached to them. It's proved possible to steal from digital wallets by writing malicious software, and high-profile thefts have crashed the currency's value on a number of occasions. Bitcoins are totally user-regulated, falling outside of any government control and therefore, in theory, anonymous. It's this untraceable, anonymous nature that has also given Bitcoins a rather shady reputation, making them the currency of choice for money launderers or illegal drug transactions.
The compound Bitcoin is formed from the nouns bit , in its computational sense of 'a unit of information', and coin. It's an example of the less frequent scenario of a compound immediately appearing in a 'closed' form. More usually, compounds start out as two words, and then after a number of years and if their orthography permits sometimes, though by no means always, become fused together. The Bitcoin concept was created in by an anonymous developer known by the pseudonym Satoshi Nakamoto the Japanese equivalent of a bland, everyman name such as British 'John Smith'.
Though very little is known about the mysterious Nakamoto, who disconnected himself with the enterprise in , the Bitcoin is sub-divided into minute units known as satoshis.
The Bitcoin is often generically described as a cryptocurrency. The prefix crypto - means 'concealed' or 'secret' e. Would you like to use this BuzzWord article in class? Visit onestopenglish. This downloadable pdf contains a student worksheet which includes reading activities, vocabulary-building exercises, and a focus on prefixes and compound nouns.
Read last week's BuzzWord. This article was first published on 4th June Open Dictionary. Buzzword Bitcoin noun [countable] an electronic currency created for use in online transactions ' Bitcoins have been getting a lot of attention lately. BuzzWords by date. BuzzWords by A—Z. Certification and verification is another field where blockchains could simplify and speed up bureaucratic processes. Currently, verifying academic credentials can take as long as a week. The University of Nicosia in Cyprus awards all diplomas with digital credentials that allow for secure and instantaneous verification, offering the open source software free to other educational institutions.
But Polemetis concedes that it will be almost pointless if only a handful do it. Streamlined document verification can also be used to slash bureaucracy in supply chains. A recent pilot study showed that using blockchain technology cut the time devoted to paperwork in the sale and delivery of 25 tons of tuna from Mexico to Spain from a week to three hours.
But this type of blockchain technology has yet to be implemented anywhere and would require mass adoption to become effective. While blockchain technology might outlive the hype, the jury is still out whether it can really change the status quo. Education Schools Teachers Universities Students. Blockchain is this year's buzzword — but can it outlive the hype?
The blockchain - the future of working practice, or a fad? Photograph: BTC Keychain. Mattha Busby. Tue 30 Jan Bitcoin and cryptocurrencies — what digital money really means for our future.