Bitcoin Creator
Bitcoin Creator Reveals Identity
Founder of Satoshi Nakamoto Renaissance Holdings to Disclose the origins of his Iconic Pseudonym and the Word Bitcoin on Sunday, Aug. 18, in the First Installment of his Three-Part Daily Epiphany “My Reveal” on www.SatoshiNRH.com, and www.ivymclemore.com
What's Bitcoin 101
The technological advancements that this decade has seen are tremendous. Perhaps the most revolutionary development, specifically from an economic viewpoint, is the introduction of Bitcoin and all other crypto-technologies. Newer, more ambitious projects enter the market with each passing day, each aiming to solve a particular problem. But no matter what, the end goal of every crypto-product or service is to bring ease of payment and decentralization in the current economic structure.
After the crypto-bull-run of 2017, it is only obvious that almost everyone might have heard of the term Bitcoin. However, only a handful of people know what the whole Bitcoin technology is all about and what it aims to do. Interestingly, people have some misconception about Bitcoin that it is a mind-boggling technology which computer geeks use to send and receive payments, or that it requires huge investment in the shape of expensive mining machines. This article is here to draw a clear and easy picture of what Bitcoin really is, and why is it considered a revolutionary technology.
After the crypto-bull-run of 2017, it is only obvious that almost everyone might have heard of the term Bitcoin. However, only a handful of people know what the whole Bitcoin technology is all about and what it aims to do. Interestingly, people have some misconception about Bitcoin that it is a mind-boggling technology which computer geeks use to send and receive payments, or that it requires huge investment in the shape of expensive mining machines. This article is here to draw a clear and easy picture of what Bitcoin really is, and why is it considered a revolutionary technology.
Bitcoin can be best described as a decentralized peer-to-peer network of nodes that form a payment system. The network hosts about 21 million Bitcoins to help users transact among themselves easily. This system can be compared to medieval times when people used the barter system or the money cowry system used by the African societies. While the analogy is good for comparison, the Bitcoin network is much more advanced. A single Bitcoin can be divided into smaller pieces (sometimes referred to as Satoshi) and can be transferred from one party to another in a matter of seconds. Transactions through Bitcoin are not limited by any border or region, as the system knows no borders. Anyone with an internet connection can join the network. Moreover, Bitcoin itself is also impossible to counterfeit. The Bitcoin network is built upon strong cryptographic techniques and blockchain technology, which are far better as compared to the current systems being used within banking and financial institutes.
Going back to its origin, Bitcoin was created in a rather mysterious way, by a person or group of persons known as Satoshi Nakamoto. The world, to this day, does not have any idea of who he was, but what he has done for the betterment of the economic system of the world, will surely make a huge difference in the near future. The Bitcoin transactions are not simply transferred between users, instead, they are digitally signed and recorded in a blockchain. This digital signature acts as a key and lock for the Bitcoin, meaning that it can only be accessed by only the authorized person. The signatures also help to form records in a distributed ledger. Since the technology is built using blockchains, the information is almost impossible to manipulate or corrupt, as it requires a tremendous amount of computational power to generate the necessary hashing rate.
The Bitcoin network is hosted on top of a decentralized infrastructure. The price of the Bitcoin is decided by the market forces alone and is directly influenced by the activities of the users. No central authority or governance body has any control over the dynamics of the network. Essentially, Bitcoin can be contrasted with our local currencies, as it gives its owner the same buying power, and interestingly the term 'local' covers almost every region of the world. The Bitcoin network is brilliantly designed, and the number of users present on the network efficiently control the movements of the market. This can be seen from the fact, that a huge buy order of 30,000 Bitcoins was placed somewhere back in April 2011, as a result of which, the whole market collapsed. However, the network was quick to recover its original state in just a matter of a few days. This ability to maintain the trading activities by the network is a very promising feature of Bitcoin.
Going back to its origin, Bitcoin was created in a rather mysterious way, by a person or group of persons known as Satoshi Nakamoto. The world, to this day, does not have any idea of who he was, but what he has done for the betterment of the economic system of the world, will surely make a huge difference in the near future. The Bitcoin transactions are not simply transferred between users, instead, they are digitally signed and recorded in a blockchain. This digital signature acts as a key and lock for the Bitcoin, meaning that it can only be accessed by only the authorized person. The signatures also help to form records in a distributed ledger. Since the technology is built using blockchains, the information is almost impossible to manipulate or corrupt, as it requires a tremendous amount of computational power to generate the necessary hashing rate.
The Bitcoin network is hosted on top of a decentralized infrastructure. The price of the Bitcoin is decided by the market forces alone and is directly influenced by the activities of the users. No central authority or governance body has any control over the dynamics of the network. Essentially, Bitcoin can be contrasted with our local currencies, as it gives its owner the same buying power, and interestingly the term 'local' covers almost every region of the world. The Bitcoin network is brilliantly designed, and the number of users present on the network efficiently control the movements of the market. This can be seen from the fact, that a huge buy order of 30,000 Bitcoins was placed somewhere back in April 2011, as a result of which, the whole market collapsed. However, the network was quick to recover its original state in just a matter of a few days. This ability to maintain the trading activities by the network is a very promising feature of Bitcoin.
The technology and the principles on which Bitcoin was envisioned have been mentioned in the whitepaper that was released by the Bitcoin Foundation, in 2009. The whitepaper suggested a completely decentralized network, which will allow people to send and receive payments without having to depend or trust any third party. Bitcoin is different from our conventional banking systems in the sense that the current payment systems are centralized, meaning they are directly controlled by an administrative body. Bitcoin, on the other hand, does not rely on any single party but works according to the collective efforts of all the nodes present on the network.
This frees the Bitcoin network from a single-point of failure and eliminates the chances of manipulating the system. Even cyber-attackers who try to pull-out a con-show fail to abuse the system and end up making a system of their own, which is in fact good for nothing. The stolen coins become incompatible with the original ecosystem, which essentially means that the Bitcoin network is secure and fool-proof. With all the mathematical relationships in place, the only way to bring down this network is that people stop using the technology altogether.
These remarkable qualities of the Bitcoin network are possible through the cutting-edge cryptographic techniques. Cryptography brings security to the system, as the digital signatures ensure that the owner of the coins has the ultimate right to spend it. The cryptographic techniques allow for constant improvements to the system, which makes it possible for the development community to enhance the performance of the network by upgrading the protocols.
The second remarkable building block of the Bitcoin network is the implementation of blockchain technology. Blockchains have garnered some unprecedented popularity over the years, as they serve as almost immutable records of data that safeguard the integrity of the network. Storing information in the blockchain means that manipulating the network is essentially impossible. Compared to the conventional banking systems, a blockchain offers several benefits. The foremost being the fact that the continuous growth of a blockchain does not depend upon any single authority, but is being updated and monitored by the several different nodes on the network. If someone was to try and change the records of a blockchain, they will need more hashing power than the rest of the network combined, which is practically impossible.
This frees the Bitcoin network from a single-point of failure and eliminates the chances of manipulating the system. Even cyber-attackers who try to pull-out a con-show fail to abuse the system and end up making a system of their own, which is in fact good for nothing. The stolen coins become incompatible with the original ecosystem, which essentially means that the Bitcoin network is secure and fool-proof. With all the mathematical relationships in place, the only way to bring down this network is that people stop using the technology altogether.
These remarkable qualities of the Bitcoin network are possible through the cutting-edge cryptographic techniques. Cryptography brings security to the system, as the digital signatures ensure that the owner of the coins has the ultimate right to spend it. The cryptographic techniques allow for constant improvements to the system, which makes it possible for the development community to enhance the performance of the network by upgrading the protocols.
The second remarkable building block of the Bitcoin network is the implementation of blockchain technology. Blockchains have garnered some unprecedented popularity over the years, as they serve as almost immutable records of data that safeguard the integrity of the network. Storing information in the blockchain means that manipulating the network is essentially impossible. Compared to the conventional banking systems, a blockchain offers several benefits. The foremost being the fact that the continuous growth of a blockchain does not depend upon any single authority, but is being updated and monitored by the several different nodes on the network. If someone was to try and change the records of a blockchain, they will need more hashing power than the rest of the network combined, which is practically impossible.
A traditional banking system uses conventional software and online services which are vulnerable to cyber-attacks. Not only that, but several loopholes and security shortcomings exist in the real world. A central bank regulates the creation of new money in our current economic system. Contrary to that, new Bitcoins are released on to the network through a process known as mining, which again is controlled by the network collectively. Miners help facilitate the network by verifying and validating the transactions.
Moving away from the technical details of the Bitcoin and its network, let us turn towards how to buy and store Bitcoins. In order to buy Bitcoins or any other cryptocurrency, a user has to open an account on any cryptocurrency trading exchange. Popular trading exchanges include Coinbase, Binance, Bitfinex and Huobi. Opening an account on these platform is self-explanatory. A user registers their credentials, verifies their details and link their banking account or a cryptocurrency wallet. Most people buy cryptocurrency through fiat currencies, although other altcoin pairs are also available on most trading exchanges. A user has to simply transfer aome amount from their banks to the exchange and then they can buy the Bitcoins. These bitcoins will be stored on the trading platform.
Moving away from the technical details of the Bitcoin and its network, let us turn towards how to buy and store Bitcoins. In order to buy Bitcoins or any other cryptocurrency, a user has to open an account on any cryptocurrency trading exchange. Popular trading exchanges include Coinbase, Binance, Bitfinex and Huobi. Opening an account on these platform is self-explanatory. A user registers their credentials, verifies their details and link their banking account or a cryptocurrency wallet. Most people buy cryptocurrency through fiat currencies, although other altcoin pairs are also available on most trading exchanges. A user has to simply transfer aome amount from their banks to the exchange and then they can buy the Bitcoins. These bitcoins will be stored on the trading platform.
Conclusion
Some people want to take these coins out of the platform and store them in more secure wallets. There are many types of wallets, which require a separate article altogether. However, just to put it out different types include online wallets, desktop wallets, paper wallets, offline wallets etc. Depending upon whether a user wants to store their Bitcoin online or offline, they will have to take necessary steps.
For online wallets like platform based wallets, one can register their account and link their wallets with their account on the trading exchange. Exodus, Electrum and Mycelium are some of the most popular wallets which support direct transfer of coins from most cryptocurrency trading exchanges. However, most analysts are of the view that online wallets or desktop wallets are not as secure as offline or hardware wallets. This is because they are constantly connected to the internet which makes them more vulnerable to cyber-attacks.
The other way is to store your Bitcoins away from the internet in offline wallets like paper wallet or hardware wallet. What these type of wallets essentially do is that they store the public and private key of your wallet address in a hardware device, much similar to a USB, or prints it on a piece of paper, which a user can then store safely. Ledger Nano X and Trezor T are two of the most advanced hardware wallets.
To put it in simple words, the mathematical algorithms and the methodologies behind Bitcoin might seem a mouthful and are perhaps very complex for a layman to understand. However, the bottom-line is that Bitcoin acts exactly like cash, with an added advantage that the owner of the Bitcoin is its ultimate authority.
Also Here Some Affiliated Links To Earn Free Bitcoins Below
For online wallets like platform based wallets, one can register their account and link their wallets with their account on the trading exchange. Exodus, Electrum and Mycelium are some of the most popular wallets which support direct transfer of coins from most cryptocurrency trading exchanges. However, most analysts are of the view that online wallets or desktop wallets are not as secure as offline or hardware wallets. This is because they are constantly connected to the internet which makes them more vulnerable to cyber-attacks.
The other way is to store your Bitcoins away from the internet in offline wallets like paper wallet or hardware wallet. What these type of wallets essentially do is that they store the public and private key of your wallet address in a hardware device, much similar to a USB, or prints it on a piece of paper, which a user can then store safely. Ledger Nano X and Trezor T are two of the most advanced hardware wallets.
To put it in simple words, the mathematical algorithms and the methodologies behind Bitcoin might seem a mouthful and are perhaps very complex for a layman to understand. However, the bottom-line is that Bitcoin acts exactly like cash, with an added advantage that the owner of the Bitcoin is its ultimate authority.
Also Here Some Affiliated Links To Earn Free Bitcoins Below
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