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

One of the biggest fears concerning Bitcoin and Cryptocurrency as a whole is the notion that the space is a speculative bubble that will "pop" at any moment. Not many people realize however that Bitcoin has existed for 13 years and counting

Almost every "asset bubble" that has existed in human history has historically only lasted for a few years at the most. Take for example the well known Tulip Mania (1634 - 1637) of the past as well as a modern example of the Dot Com bubble...

More / Bitcoin Reddit - 2 years ago

Here's how to not lose your bitcoins if you die

Here is a simple idea to prevent accumulated bitcoins from being lost in the event of death. And to prevent relatives or the bank from stealing them while you are alive. Write down half the public key and half the private key and keep them at home. W...