Bitcoin Network definition

Bitcoin Network means the online, end-user-to-end-user network hosting the public transaction ledger, known as the Blockchain, and the source code comprising the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network.

Bitcoin Network means the online, end-user-to-end-user network hosting a public transaction ledger, known as a blockchain, and the source code comprising the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network.

Bitcoin Network means the network of computers running the software protocol underlying bitcoin, which maintains the database of bitcoin ownership and facilitates the transfer of bitcoin among parties.

Examples of Bitcoin Network in a sentence

• The protocol also lays out the rate of issuance of new bitcoin within the Bitcoin Network, a rate that is reduced by half approximately every four years with an eventual hard cap of 21 million.

• The decentralized nature of the Bitcoin Network allows parties to transact directly with one another based on cryptographic proof instead of relying on a trusted third party.

• This transition could be accomplished either by miners independently electing to record in the blocks they solve only those transactions that include payment of a transaction fee or by the Bitcoin Network adopting software upgrades that require the payment of a minimum transaction fee for all transactions.

• We are required by the operation of the Bitcoin Network to publish the public key relating to a digital wallet in use by us when it first verifies a spending transaction from that digital wallet and disseminates such information into the Bitcoin Network.

• In the event a developer or group of developers proposes a modification to the Bitcoin Network that is not accepted by a majority of miners and users, but that is nonetheless accepted by a substantial plurality of miners and users, two or more competing and incompatible Blockchain implementations could result.

More Definitions of Bitcoin Network

Bitcoin Network means the peer-to-peer Bitcoin computer network.

Bitcoin Network means the Bitcoin Blockchain and any digital asset network, including the Bitcoin peer-to-peer network.

Bitcoin Network means the decentralized peer-to-peer payment network used to transfer bitcoins.

Bitcoin Network or “Bitcoin” (in capitalized form) means the online, end-user-to-end-user network hosting a public transaction ledger, known as a blockchain, and the source code comprising the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network.

Bitcoin Network means the network of computers running the software protocol underlying bitcoin involved in maintaining the database of bitcoin ownership and facilitating the transfer of bitcoin among parties.

Bitcoin Network means the online blockchain distributed ledger commonly known as the “Bitcoin Network” upon which Bitcoin holdings and transactions are primarily recorded, initiated with the mining of the “genesis block” on January 3, 2009, as the same may be upgraded or modified from time to time, as determined by the Depositary or the Custodian in its sole discretion; provided however, that, the “Bitcoin Network” shall not include any other blockchain, network or other system that has, before the date hereof, forked or split from the such blockchain (e.g., the Bitcoin Cash blockchain) or any blockchain, network or other system that hereafter forks or splits from such blockchain, unless the Depositary or the Custodian determines, in its sole discretion, that such blockchain, network or other system is the successor to the Bitcoin Network. Further, the “Bitcoin Network” shall not include any “layer 2” protocol of the Bitcoin Network (e.g., the “Lightning Network”) or any other blockchain, network or system (other than the Bitcoin Network) on which transactions or holdings denominated in Bitcoin or tokenized Bitcoin may be made or held.

Bitcoin Network means the peer to peer cryptographic network commonly accepted as “Bitcoin” and for which bitcoin is the native unit of account.