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

£500 savings into bitcoin

I have £500 saved and is building interest sloooowwwwwly. But it is also kind of my fall back in case of emergencies. Is it a sensible decision to put it in to Bitcoin instead… my gut is telling me no but i think i’m just being a chicken ???? I have...

More / Bitcoin Reddit - 2 years ago

This is why Bitcoin

So here I sit, in my local bank branch. I wait as they call into... something. My wire transfer sits in limbo until they can get through on the phone and confirm something. My identity? The fact that I am not committing fraud? Not sure. I have been h...

More / Bitcoin Reddit - 2 years ago

I yolod my life into Bitcoin this morning.

Previously I had been putting 10% of my paycheck into Bitcoin. I had about USD4500 Invested, and am currently down about 1500. Not great. Over the past week I've seen all sorts of stuff regarding moons and rockets. Each day, whether listening to...