Bitcoin


Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process. Bitcoin is changing the way we see money as we speak. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way. It is a decentralized peer-to-peer internet currency making mobile payment easy, very low transaction fees, protects your identity, and it works anywhere all the time with no central authority and banks. Bitcoin is designed to have only 21 million BTC ever created, thus making it a deflationary currency. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners today are mining Bitcoin using ASIC chip dedicated to only mining Bitcoin, and the hash rate has shot up to peta hashes. Being the first successful online cryptography currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, and so on. The cryptocurrency then took off with the innovation of the turing-complete smart contract by Ethereum which led to the development of other amazing projects such as EOS, Tron, and even crypto-collectibles such as CryptoKitties.

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More / Bitcoin Reddit - 2 years ago

using bitcoin for international travel

I saw a post this morning in which someone bought a beer in Spain using the lightning network. Seemed easy enough and it got me thinking. If bitcoin is more widely adopted in the future wouldn't bitcoin be the easiest way to make purchases when t...

More / Bitcoin Reddit - 2 years ago

Buying 1 Bitcoin with credit?

The more I learn about Bitcoin and money, the more it makes me realise that Bitcoin will stay. My dream would be to be able to own just one bitcoin at some point which I will probably never achieve. Would you say, opening a credit just to buy one is...

More / Bitcoin Reddit - 2 years ago

What are some ways you’ve spent Bitcoin?

Serious question as I’m always looking for more ways I can spend my BTC. Did you buy a car? Use it on your overstock? I’m still sort of sad I didn’t jump on the chance to buy a Tesla back when they accepted it. I know a lot of you are all about hodli...