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

$500k Bitcoin

Cathy Wood -CEO of walls st. Juggernaut - Ark Investments mentioned on CNBC this morning that if institutions should dive into bitcoin with as little as 5% of their buying power…….bitcoins price could move to $500,000 Something to think about. ...

More / Bitcoin Reddit - 2 years ago

Student Here Trying to better Understand Bitcoin

As I learn about bitcoin I wanted to post some thoughts and ask some questions and tie that to what I am taught in class and hear feedback. ​ First of all Bitcoin is able to transfer globally at an incredible speed which is very useful and see...

More / Etherum Reddit - 2 years ago

Wrapped Bitcoin

Are there any downsides to buying and holding wrapped Bitcoin on the ETH blockchain? Bitcoin mods over on their sub deleted my post… Big on both ether and Bitcoin I don’t see why fight lol. If buying Wrapped Bitcoin is truly the equivalent of real Bi...