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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by COINS NEWS - 2 years ago

The Five People Keeping Bitcoin Alive?

The Five People Keeping Bitcoin Alive (Article and Podcast) TLDR: According to the Wall Street Journal (link above) there is a group of five people called "The Maintainers" who are responsible for keeping BTC programming up to date, and bas...

More / Bitcoin Reddit - 2 years ago

on bitcoins incentive structure...

probably the best thing about bitcoin (i know i know thats coming in hot) is that it fixes the broken fiat incentive structure. some years ago i was reading some literature about buddhism and one thing that impressed me was a bit about incentive stru...

More / Bitcoin Reddit - 2 years ago

Inflation should increase Bitcoin price, right?

In a perfect world where everyone understands the purpose and strengths of Bitcoin, there should be more of a demand for it when inflation data is undesirable. Are we just not at a place where people understand the implication of Bitcoin? subm...