Bitcoin is a cryptocurrency that was first introduced in 2009. The obvious bitcoin nickname of “shitcoin” was first cited on Twitter on June 2, 2011.
The use of “shitcoin” is not always consistent and sometimes refers to coins other than bitcoin. When someone says “bitcoin” and holds up bitcoin and then says “shitcoin” and holds up a U.S. quarter coin, then “shitcoin” refers to U.S. fiat currency.
Bitcoin (sign: BitcoinSign.svg; code: BTC or XBT) is a distributed peer-to-peer digital currency that functions without the intermediation of any central authority. The concept was introduced in a 2008 paper by a pseudonymous developer known only as “Satoshi Nakamoto”.
Bitcoin is called a cryptocurrency since it uses cryptography to prevent double-spending, a significant challenge inherent to digital currencies. Once validated, every individual transaction is permanently recorded in a public ledger known as the blockchain. The calculations required to authenticate Bitcoin transactions are completed using a network of private computers often specially tailored to this task. As of May 2013, the Bitcoin network processing power “exceeds the combined processing strength of the top 500 most powerful supercomputers”. The operators of these computers, known as “miners”, are rewarded with transaction fees and newly minted bitcoins. However, new bitcoins are created at an ever-decreasing rate. Once 21 million bitcoins are distributed, issuance will cease. As of August 2013, approximately 11.5 million bitcoins were in circulation.
$ whois shitcoin.org
12:22 PM - 2 Jun 11
Break the Wrist
6:11 PM - 10 Mar 12
Friday, 29 March 2013
Bitcoin The Shitcoin (It Aint a Coin, but It is a Bit Shit)
All you need to know about Shitcoin is this:
Bitcoin addresses some of the flaws in a print-at-whim currency. But that’s all...at least as far as i can see.
Just like ALL currencies today, it’s an electronic digital currency unit (in Bitcoin’s case, with no paper version to pop in yr wallet).
SCAM ALERT: Max Keiser’s Latest Scam Called Bitcoin (Shitcoin)
Friday, April 5, 2013, by Stathis Font
Those who have been following me for a while are likely to agree that I have established a track record as an analyst and investment strategist that is second to none, spanning market forecasting, securities analysis and trading, to commodities, foreign currency and precious metals forecasting.
Bitcoin. More like Shitcoin, amirite?
7:23 PM - 21 Apr 13
Verb of the day: to “shitcoin” - to make worthless bitcoins held by speculators and dePonzify the scheme http://j.mp/12vLKRn
12:57 AM - 30 Jun 13
New York City • Banking/Finance/Insurance • Thursday, October 24, 2013 • Permalink