Top Definition
A crypto-currency allowing for anonymous transactions and using a decentralized architecture. Go Nanotube!
Nanotube was able to purchase many goods and services with Bitcoins, without the gubmint watching.
#money #cash #tinfoilhat #benjamins #nerds
by cusipzzz January 05, 2011
An electronic currency, which consists of cryptographic proofs-of-work, that can literally, verifiably, and securely transferred the over the internet from a buyer's bitcoin client (app, software) to a seller's without the aid of a mutually trusted third party (e.g., paypal or credit card bank, who traditionally collects a fee for this trust).
Western Union will charge you almost 5% to transfer $20,000 to India. They won't even let you do it in a single transfer since it is too big, and they'll hit you with an unfavorable exchange rate. Why don't you just send your vendor some bitcoin?
#litecoin #crypto-currency #double spending problem #digital proof of work #digital currency #online currency
by nicky_steves April 13, 2013
An internet-enforced currency used to launder money, purchase illegal drugs, child porn, and other criminal activities, all under the pretended idea that everyone is anonymous when using it.

China has become the primary miner location and investor group in Bitcoin to escape Yuan controls by their government. Any other exchange, miner group, or investor class is wholly dependent on what Chinese bitcoiners happen to decide to do that day, and the exchange rate from actual money to Bitcoin in any other currency than the Chinese Yuan is essentially random and disconnected from what is occurring in Chinese exchanges.

Most purchases using Bitcoin are for illegal drugs, child pornography, and money laundering, all of which can engage the purchaser into a long, involved, and expensive legal fight when they are caught.

Without the Internet and people donating their computers and bandwidth, Bitcoin is totally useless. Mining requires constant connectivity to ensure that only one chain of transactions is the real chain that matters, and without miners, no transactions between Bitcoin users are processed. Transactions between users line up in a queue until some miner accidentally gets the right number and some transactions are processed.

In the current state, Internet-required coins have been nothing but pump-and-dump schemes. Bitcoin has been successful due to its acceptance by drug and child porn sellers, and other criminal organizations.
I had a million US Dollars, so I converted them all to Bitcoin, and now I have 100,000 US dollars. Who will buy these stupid Bitcoins from me at an inflated price so I can possibly make back a percentage of what I lost?

How many grams of meth can I get for 10 Bitcoins? Promise you aren't a cop?
by GPFspeakingTruth April 10, 2016
Bitcoin is a faith based titanium coin that is limited in amount by internal characteristics enforced by the laws of mathematics, thermodynamics and the creed of Nakamoto.
Given its rapid rise, growing acceptance and internal characteristics, Bitcoin has managed to terrify governments, atheists and the religious all at once.
#bitcoin #virtual #currency #nakamoto #religion
by A7Z July 29, 2014
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