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

Sold my first Bitcoin and am happy

Just sold 5% of my Bitcoin that I've been holding for 3 years and I feel satisfied doing so. I didn't need to sell, and it was mainly for the satisfaction of getting back some of my original investment. However, I also feel like its broken th...

More / Bitcoin Reddit - 3 years ago

Bought my vitamins with Bitcoin

For several years, I have been maintaining my overall well-being by taking US-made vitamins with the same brand since late 2013. I usually order them both offline and online, either paying it through cash, bank transfer or debit card. Until now, I am...

More / Bitcoin Reddit - 3 years ago

nobody owns Bitcoin

it has already been said several times not to quietly make known the possession of bitcoin. below is a list of known physical attacks on people whose possession was known. https://github.com/jlopp/physical-bitcoin-attacks/blob/master/README.md ...

More / Bitcoin Reddit - 3 years ago

The fungibility of Bitcoin — Long Term

The fungibility of Bitcoin is a serious topic that requires discussion. I hope we all agree that having our transactions publicly announced won't make ours coins fungible. Truth be told, our beloved Bitcoin can't work same like as cash, becau...

More / Bitcoin Reddit - 3 years ago

Bitcoin it’s coming home????

Dutch football team AZ Alkmaar will be paid in #Bitcoin and keep it on the balance sheet, in a sponsorship with Bitcoin Meester, a Dutch exchange. submitted by /u/jamsmash2020 [link] [comments]