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 - 3 years ago

China FUD is bullish for Bitcoin!

What ppl don’t understand is that ppl who care about Bitcoin and the planet _want_ China to ban bitcoin mining. Eliminates (outside) risk factor, decarbonizes BTC, decentralizes HR, ++ margins for clean US based miners. Bitcoin bad, China controls Mi...

More / Bitcoin Reddit - 3 years ago

Tomorrow is bitcoin pizza day!

For those who don't know, in 2013 somebody bought 2 pizzas for 10K BTC lol. Two pizzas for almost half a billion? Shut up and take my money submitted by /u/HateUniversity [link] [comments]

More / Bitcoin Reddit - 3 years ago

Bitcoin is that rare legendary weapon

I’ve been thinking of this. There’s just something uncanny with how game economics resembles real world economics. I remember in the early 2000s playing a game called RuneScape. I left the game with gold in my account, and a party hat as I graduated...