Wednesday, March 10, 2021

The arrival of Bitcoin has changed the world

 The arrival of Bitcoin has changed the world and also created more awareness than any other information that has come to humanity in a long time and it has also changed the life of many people and it still changing, I have been studying bitcoin for over some years now and with this current bull run has made me a couple of thousands of dollars all due to diligence and good focus with a lot of perseverance.


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About BTC




General Data and Information.


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The theory behind bitcoin was first described by satoshi nakamoto in a paper "Bitcoin; A Peer to Peer Electronic Cash System" published to a cryptography mailing list on the 31st of October 2008. In this paper, Satoshi described the protocol (proof of work) that would solve the "double-speed" problem inherent in nono- physical (digital) form of currency. The first or Genesis block was mined by Satoshi on the 3rd of January 2009, with the text "The Times 03/Jan/2009 chancellor on brink of second bailout for banks" written into the coinbase of the block to act both as a timestamp and a rebuke to the economic instability cause by the widespread practice of fractional reserve banking.


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The total supply of Bitcoin is capped at 21 million coins (roughly 18million are currently in circulation), with each coin being divisible to the 8th decimal place, with a single unit of the smallest division (0.00000001 BTC) being known colloquially as Satoshi (or sat). The software to run miners and wallets is open source and decentralized, meaning that the network is accessible to anyone with a computer and an Internet connection. The difficulty of the Proof of work (SHA-256) protocol. The difficulty of the Proof of Work alogrithm is adjusted block time of roughly 10 minutes.




New Bitcoin are created (minted) as a reward to the Expert miner that minedthe valid block, with the reward currently sitting at 12.5Bitcoins per block.This block reward is halved every 210,000 blocks (roughly 4 years) until it reaches zero uh. The block reward serves as an economic incentive for the miners to continue securing the Bitcoin network.




Milestones




31st October 2008 - white paper released by Satoshi Nakamoto.




3rd January 20009 - Genesis block mined by Satoshi Nakamoto.




12th January 2009 - First transaction using; Satoshi Nakamoto sends 100BTC to Hal Finney.




22nd May 2010 - First recorded commercial transaction using Bitcoin; aka Pizza Day.




14th January 2016 - Lightning Network white paper, a layer-2 solution to scaling Bitcoin.




1st August 2017 - Bitcoin Cash (BCH) hard fork.




23rd August 2017 - Segregated Witness (SegWit) implement.



Utility

As the flagship Cryptocurrency, Bitcoin maintains the largest market capitalization and liquidity making it the "reserve" currency against which all other crypto currencies trade against. This means that crypto exchanges are obliged to offer BTC trading pairs ahead of any other pairing. This reserve status combined with the widespread availability of trading pairs gives Bitcoin a special status as a store of value in the crypto currency ecosystem; trading between two alternative cryptocurrencies will often require Bitcoin as a bridge currency to facilitate the exchange.



In addition, the widespread brand recognition of Bitcoin makes it the first port of call for most newcomers to the crypto-currency space and it's name is often considered by the wider public to be synonymously with the entire crypto-currency ecosystem.


Although the acceptance of Bitcoin by vendors in the developed is not on the level of established fiat currencies, Bitcoin is finding more traction in developing countries the existing fiat currencies are not able to properly function as stores of value over.


Significant Features

1.  Decentralized access allowing any party with the open source software and internet access to send and receive Bitcoin irreversible without interference or trust.


2.  Decentralized governance via open source development and forking

3.  Largest hashrate (ensuring the security and resilience of the blockchain) and largest liquidity.

4.  The most common currency for crypto-currency exchange pairing

5.  The hard coded scarcity (maximum 21million coins) has led to comparison to traditional physical scared resources like gold.

Bitcoin has not only transformed the world economy but also given the world more knowledge on how we can live an easy life and also created a blockchain the we can use to make all transactions within a swift of time without delays with just a computer or a smartphone you are already a qualified user of blockchain and you’re already living on the CryptoAge, If you want to learn more about Bitcoin and how to make a living out of it, because the knowledge is already out wide to the world all thanks to all various medias with a lot of expert,profs,with groups,advert everywhere and some people still lives in the shadows of other peoples failure due to “bad informations or meeting wrong person for the right information and, later on meeting the right person with the right information” but they’ve already had their doubts and experience about it.

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Imagine the price of bitcoin now and it still going up because even the world wealthiest men and women are all investing in it so you better start investing on it as well because it’s the world only hope to solve the unemployment problems we have all round the world.


But you should really employ the help of an Expert or Professional to give you more information on how you can earn from it and use it in part of your daily life be and as well in your future. Thanks for reading my article


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