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What Is Bitcoin? How Is Bitcoin Different from Traditional Currency

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Essay

What is Bitcoin? How is Bitcoin different from traditional currency? Have you used Bitcoins (why or why not)? Why are Bitcoins so volatile?


Definitions:

Plant

A living organism of the kind exemplified by trees, shrubs, herbs, grasses, ferns, and mosses, typically growing in a permanent site, absorbing water and inorganic substances through its roots, and synthesizing nutrients in its leaves by photosynthesis using the green pigment chlorophyll.

Total Product Curve

A curve that shows the relationship between the quantity of inputs used in production and the quantity of output from production.

Marginal Product Curve

A graph that illustrates the change in output when an additional unit of input is added, holding all other inputs constant.

Production Function

Describes the relationship between inputs used in production and the resulting output.

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