- Type: Vector Illustration
- File: .EPS
- File size: 278.26 Kb
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Bitcoin vector logo
Free to download Bitcoin vector logo in .EPS vector format. Browse to see more Bitcoin related vector logos. Download Bitcoin vector logo in .EPS format, and open with Adobe Illustrator or Adobe PhotoShop or CorelDRAW.
The current status of the logo is active, which means the logo is currently in use.
Bitcoin (BTC) is a digital currency first described in a 2008 paper by pseudonymous developer Satoshi Nakamoto, who called it an anonymous, peer-to-peer, electronic payments system. Bitcoin creation and transfer is based on an open source encryption protocol and is not managed by any central authority. The creation of new bitcoins is automated and may be accomplished by servers, called bitcoin miners that run on an internet-based network and confirm bitcoin transactions by adding codes to a decentralized log, which is updated and archived periodically. Each bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal places.
Bitcoins can be transferred through a computer or smartphone without an intermediate financial institution. Interested parties can authenticate the ownership of bitcoin balances by using dedicated servers (the bitcoin miners) to authenticate the bitcoin transaction log using a public-key encryption scheme. Each 10-minute portion or “block” of the transaction log also allows for a predetermined number of new bitcoins to be awarded to miners based on computational data added to the log and confirmed by other miners. The creation of a new bitcoin is thus a special case of a transaction in which the new bitcoin deemed issued in exchange for solving a computationally intensive encryption problem. The number of newly created bitcoins per period depends on how long the network has been running. Currently, 25 new bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140.
Bitcoin is accepted in trade by various merchants and individuals in many parts of the world. A large share of such commercial use is believed to be for illicit drug and gambling transactions. Although bitcoin was initially promoted as a digital currency, many commentators have criticized Bitcoin’s volatile market value, relatively inflexible supply, and minimal use in trade.