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Brief History of Bitcoin

Bitcoin was the first cryptocurrency, which was launched in 2009 by a mysterious developer, with a name “Satoshi Nakamoto.” Since the creation of Bitcoin, it has inspired thousands of other cryptocurrencies (generally called altcoins) and has gained an enormous acceptance across the world.

bitcoin blockchain

Though some altcoins have copied some aspects from the original concept of Satoshi, other altcoins also made significant development on the Bitcoin model. However, in some cases, some altcoins are just a copy of bitcoin and have the similar underlying program – but at the same time, they are a bit different from the original Bitcoin. In such cases, the bitcoin blockchain should undergo a procedure which is called “forking.”

Forking

  • In forking process, Bitcoin blockchain divided itself into two distinct entities.
  • Through forking, numerous cryptos with a similar name to Bitcoin were generated, including; bitcoin gold and bitcoin cash.
  • It may be a bit difficult for a casual investor to differentiate amid these cryptos and to plan the dissimilar hard forks on a timeline.

What is Genesis Block?

  • After Bitcoin was created, the first block was referred to as “Genesis Block.” It was mined on the Bitcoin blockchain by Satoshi.
  • Satoshi made many changes to the Bitcoin network in this process and those changes have now become even more complex as the userbase of Bitcoin has fully-fledged.
  • Not one can regulate when and how Bitcoin should upgrade, and this makes the entire process of changing/updating the system a little bit more complex.
  • Even after the creation of Genesis Block, a number of hard forks still existed.
  • Hard fork included the upgrading of software executing bitcoin and its mining processes.
  • Once a software is upgraded by a user, that software version discards all other transaction from older software and generates a new branch of the bitcoin blockchain.
  • However, users who use the older software are still going to continue to process transactions, henceforth, there’d be a similar set of transactions going on across two different Blockchains.

Bitcoin XT

  • This is one of the most notable Bitcoin hard forks.
  • In 2014, Mike Hearn made the software for integrating some of the new features that he proposed.
  • At that time, Bitcoin allowed only 7 transactions-per-second.
  • Bitcoin XT was intended to allow 24 transactions-per-second.
  • Bitcoin XT primarily experienced a great success after its launch, with almost 1,000 nodes running its software (back in 2015).
  • However, just after few months, users lost interest in Bitcoin XT, making it ‘doomed to die.’
  • Even though Bitcoin XT is officially available today, but it has visibly tumbled out of the errand of crypto community.

Bitcoin Classic

  • After Bitcoin XT failed, few cryptocurrency community members demanded an increase in the block sizes.

To accomplish this goal, Bitcoin Classic was created in 2016.

  • Unlike Bitcoin XT, Bitcoin Classic intended to raise block size to only 2 megabytes.
  • Just like Bitcoin XT, Bitcoin Classic also saw initial interest with almost 2,000 nodes for few months in 2016.
  • Bitcoin Classic still exists today and has gained a strong support from some developers.

SegWit

  • In 2015, Bitcoin core developer, Peter Wuille introduced the idea of SegWit (Segregated Witness).
  • SegWit aims to reduce the size of all Bitcoin transactions, letting more transactions to come off at the same time.
  • However, SegWit was officially a soft fork and might have assisted in prompting hard forks after it was initially proposed.

Bitcoin Cash

  • Some community users and developers decided to introduce a hard fork in response to SegWit, as well as to evade the procedure-updates.
  • This, at the same time led to the creation of Bitcoin Cash.
  • Bitcoin Cash detached from the main blockchain in August 2017 – when Bitcoin transactions were excluded by Bitcoin Cash wallets.
  • Up till now, Bitcoin Cash is the most effective and successful hard fork of Bitcoin.
  • Bitcoin Cash is also the 4th largest cryptocurrency by market cap and allows blocks of 8 megabytes.

Bitcoin Gold

  • After the creation of Bitcoin Cash, Bitcoin Gold was created.
  • The creators of Bitcoin Gold intended to evoke the mining functionality with elementary GPU (Graphics Processing Units) since they experienced that mining became also particular – in terms of hardware necessities.
  • Post-mine is an exclusive feature of the Bitcoin Gold and a procedure through which the developers mined 100,000 coins.
  • In general, Bitcoin Gold follows the basic concepts of Bitcoin.
  • Also, it is different in terms of ‘proof-of-work algorithm.’

As Bitcoin has been forked quite a few times within few years, there is a possibility that Bitcoin would still continuously experience both soft forks and hard forks in the future.

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Everything about bitcoin

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Everything about bitcoin

Bitcoin is a new cryptocurrency currency in the digital world. Transactions are made without a middle authority. Which means, no banks! No need of heavy fees for transactions. No need of central authority’s order to confirm the transaction and you are allowed to do transactions anonymously. This is the secure and legal way of transactions. Because the transaction is verified by the proper channel named blockchain. Who keeps the records of transaction and verify them through proper ways. Bitcoin is pretty much like cash for the Internet.

Who controls the Bitcoin network?

This is the network, nobody owns, Same like email technology. No one owns this technology. Bitcoin network is controlled by its users in all over the world. Developers are working on bitcoin services continuously, but they don’t have a right to interfere in transactions process. They even don’t have authority to create change in bitcoin protocol. Because users of this technology are free to use any software or version.

Who created Bitcoin?

Satoshi Nakamoto …….

A great silence. Still, the creator of this worldwide technology is unknown. 9-pages paper was released named,” bitcoin, peer-to-peer electronic cash system” in the last of 2008. From that day and today, bitcoin is number one cryptocurrency in the world. And, still, the inventor of this technology is a mystery.

Is Bitcoin worldwide technology?

There is a large number of bitcoin users in the world from different sectors. Includes the business transactions, buying and selling of good, restaurants start accepting bitcoin as a payment and much more. At the end of August 2013, bitcoin exceed with the US $ 1.5 billion with millions of dollars. US, Canada, China and most of the other countries start transactions by using bitcoin. Worldwide acceptance of this technology shows that the future of currency is bitcoin. Till 2017, more than 2-time bitcoin cross the value of the gold. This is the fact, and there is no comparison of gold and the bitcoin. Because of digital currency. The primary purpose of this comparison is, bitcoin’s value crossing the value of gold. This shocking fact has blown away everyone’s mind. As a result, bitcoin takes part in most of the international transactions.

 Acquiring bitcoin, is it simple? 

will make a sensible decision of transaction. A person is wise if he/she knows the value of a single bitcoin.  Either he/she is buyer or not.

Here, the question is, how acquire bitcoin?

How can we use it the for the transaction? and

Where do they come from?

Simple, you are interested in doing transactions via bitcoin. You will download software, make an address, choose a right and desired person for your transaction and send him/her a request. As, that person accept your request, create a business relation and exchange your needs with one another.

And, if you are going to buy or sell the goods. Do payments through US dollar or Euro, then exchange them into bitcoin.

You can also purchase bitcoin from bitcoin exchange

Purchasing of the bitcoin is not a big deal. Keep them save from scam’s eyes is an important fact. Technology anonymously uses in all sectors of the world. Once you will drop the catch…. Means you didn’t hold it again. Which, clearly means that you have to take decisions safely and wisely.

You also can earn bitcoin through mining.

What are the advantages of bitcoin?  

People don’t want to someone own them in their lives. They want to play hide and seek in real life, in daily routine. That is why they like the transactions through bitcoin.

There is complete freedom of payments. No bank holidays, no borders, no bureaucracy, no restrictions.fully control their money. Here, you can choose your desired fees for transactions.

Scams

While you are going to do transactions, be aware of scams.

Good luck!

Tags: Everything about Bitcoin, Bitcoin news.

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Amazon to Accept Bitcoin by October

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A newsletter from The James Altucher Report stated that Amazon to accept Bitcoin soon. It is said that this will be officially announced on October 26th during their earnings conference call.

So, will Amazon really begin accepting Bitcoin?

There are still some speculations on this statement, however, since eBay and PayPal already accept bitcoin and with Google recently joining the community. It’s only a matter of time until Amazon follows the same path.

Back in 2013, Amazon Web Services partnered up with Digital Currency Group i.e. one of the major investors in bitcoin and blockchain firms in order to:

“… provide such a service so the blockchain providers in DCG’s portfolio can work in a secure environment with clients who include financial institutions, insurance companies and enterprise technology companies.”

Basically, Amazon’s aim is to be the intermediary between DCG’s portfolio and their customers while transacting cryptocurrency.

According to Altucher’s newsletter:

Amazon is “working with financial institutions and [crypto experts] to spur innovation and facilitate frictionless experimentation.”

If Altucher happens to be right about this then once this news is announced, it could cause a massive boost to the cryptocurrency’s price.

We’ll have to wait to wait until October to find out what’s in store for us.

Story Credits: steemit.com

Image Credits: change.org

Tags: Amazon Bitcoin, amazon bitcoin payment

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How Does Bitcoin Work?

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What is Bitcoin?

Bitcoin is a digital currency and this world-wide payment system has been all over the news for several years now. Bitcoin was basically created as a reward for a process called mining and it can be exchanged for products and other currencies. Bitcoin was the first cryptocurrency but in 2009, it appeared for the first time from a developer named, Satoshi Nakamoto and all cryptocurrencies that were created after Bitcoin are called Altcoins.

Just because Bitcoin is completely digital and doesn’t really match to any of the existing fiat currency, it’s not really easy for a newcomer to understand what it is actually about. So, let’s find out how does Bitcoin work and what is it exactly about!

How does it Work?

As we already know that it is a digital currency, to understand how does Bitcoin work is going to be a little complex. Bitcoin is not a physical element like coins, the verification and value of each Bitcoin is provided by a global peer-to-peer network.

Bitcoin is conducted on a public ledger known as blockchain and because it’s transferred digitally, it automatically means that it exits only online. It has a monetary value just like gold and is also decentralized. You don’t need a bank to use it, because it’s not managed by a single person but rather a group of people called miners, who process its transactions

how does bitcoin work

Blockchain:

It’s miner’s responsibility to ensure that bitcoin transactions that are made by the users are legit and after that, all confirmed transactions are added to the blockchain.  In this way, spendable balance can be calculated and new transactions can be verified. The veracity and the sequential order of the blockchain are obligated with cryptography.

Transactions:

You must’ve been confused about what exactly transaction is. It is basically a transfer of value between Bitcoin wallets that is also included in the blockchain. Bitcoin wallet stores the information that is essential for the transaction of bitcoins. It also has a private key which keeps a secret data and is used to sign transactions. It also provides a mathematical proof that they’ve actually come from the owner’s wallet. A plus point about “signature” is that it prevents the transaction from being changed by anyone else after it’s been issued. Each transaction is broadcasted between its users and it often gets confirmed by the network within the following 10 minutes, through a process known as mining.

Mining:

Mining is a process in which records are kept through the use of computer processing power. It is a distributed consensus system that confirms the waiting transactions by adding them in the block chain. It protects the impartiality of the network, imposes a sequential disorder in the block chain and allows multiple computers to settle on the system’s state.

To get these transactions confirmed, they must have to be packed in a block that fits quite strict cryptographic rules that are going to be verified by the network. These rules also help in preventing previous blocks from being altered because by doing that, it would overturn all the subsequent blocks.

Mining can also make the equal of a competitive lottery that averts individuals from adding new blocks easily in the block chain and in this way, no individual can regulate what’s added in the block chain or swap parts of the blockchain to get back their own spends.

If you want to get involved in the top-cryptocurrency, make sure to do your research on how does bitcoin work. It can be a profitable and a thrilling investment, but just like other investments, it’s always better to look out for safety.

Image Credit : Steemit

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Ripple Becomes The Second Only Currency With A Market Cap Of Over $100 After Bitcoin

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January 3 proved to be a historical day for Ripple. The crypto became the only currency after bitcoin to have a market cap of over $100 billion. At the time of writing, the valuation of Ripple is ~$121 billion.

$19 Billion Surge In 24 Hours:

Ripple’s native token, XRP, went up by more than 24 %, taking the coins value to $3. The huge value surge saw the valuation of ripple go from $95 billion to $116. As a result, Ripple further distanced itself from the third top cryptocurrency, Ethereum, and solidified its spot as the second most valuable crypto after bitcoin.

The daily trading volume of XRP is vigorously amassed in the South Korean market. Korbit and Bithumb are handling 40 percent of worldwide Ripple exchanges, representing more than $2.2 billion of Ripple’s daily trading volume.

On Bithumb, the second biggest digital money exchanging platform on the planet situated in Seoul, South Korea, Ripple stays as the most exchanged crypto, recording daily trading volume that is three times bigger than that of bitcoin.

Despite being the biggest and most liquid Ripple trade market, XRP is being exchanged with a high premium inside South Korean digital money market. On Bithumb and Korbit, Ripple is being traded at $3.5, with a 12 percent premium.

Brad Garlinghouse, the CEO at Ripple, and responsible for the advancement of the Ripple blockchain network, expressed that the “genuine use case” separates Ripple from other computerized assets.

However, as with any other digital money, Ripple met with some criticism. On January 3, P4man expressed that the vision of Ripple to develop into Swift 2.0 isn’t reasonable because for Ripple to become a Swift-like network, banks will need to pick up control over it.

“As for the moonshot of replacing Swift; most importantly, I have doubts over a worldwide agreement protocol being the correct approach. Banks presently control Swift. How likely is it they would give up control to a little startup and allow themselves to become indebted to its private currency, that they have no need for?” wrote P4man for Coindesk.

Story credit: ccn.com

Image: Google images

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