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Bitcoin is a digital currency that is based on an independent and decentralized payment system. By means of the Bitcoin Core software, participants can conduct transactions with bitcoins in a P2P network. Because bitcoin is a purely online currency, goods can be traded and services can be paid across borders. There is no central financial institution that generates bitcoins and is involved in payment transactions. Transactions with bitcoins are only administered by means of a database called blockchain. The value of bitcoins is thus determined by supply and demand.

Term-Nr.: 129

German: Bitcoin (BTC) (188)

Source: Fintech-Hub m. e. E., 29.05.2019

Notice: The contents of this terminology collection Lawpedia® with a focus on business law (especially financial market law) have been researched with great care and compiled on the basis of an extensive flash card, training materials and literature. The various sources (as far as they could be found) can be found in the abbreviations and source references. References to other sources are welcome. Despite the care taken, the provider cannot accept any liability for the accuracy, completeness and topicality of the information provided. The information is of a general nature in particular and does not constitute legal advice in individual cases.

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