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 - 3 years ago

My Crypto rules for 2021! My rules might not fit your strategy, some like to go after high risk high rewards projects without any backup plan. Some are exposed to altcoins without any Bitcoin I prefer balanced portfolio

Your investment strategy guides your portfolio. Similar to purchasing something new like a car, you first look and study the different models and makes to identify which one suits your requirements best. Just like a car, the options before you are en...

More / Bitcoin Reddit - 3 years ago

If we actually believe that Bitcoin is the future of finance, then isn't comparing it's value relative to the USD missing the whole point? Wouldn't that eventually be irrelevant? It's like comparing the value of the USD to that of the old British shilling

Sorry if this is an ignorant post. I'm still fairly new to the cryptocurrency space. I kind of thought the point was to aquire as much Bitcoin as possible before Blockchain technology becomes ubiquitous like the internet. So price drops now are g...