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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?
by nicky_steves April 13, 2013
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2
Imaginary and non-existent pseudo-currency that is worthless on its own until you can convince some douche bag to buy it from you and trade it for actual currency or goods. Can be defeated by an electrical outage, hard drive failure, or just a low volume of other people trading their Bitcoins at the same time.
Randy said, "I went to buy coffee with my Bitcoins the other day and it took three hours for the transaction to be approved. I was late for work because of that and the coffee was fucking cold."
Adam replied, "I kept my Bitcoins on my phone. I bought them at $18,000 a piece thinking I could make real money with it but the price keeps tanking and going all over the place.... then someone stole my fucking phone."
Jake laughed, "hahaha, can I loan you a few dollars?"
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by Nutzen YerMouf March 07, 2018
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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.
by cusipzzz January 05, 2011
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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.
by A7Z July 29, 2014
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7
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
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