CryptoURANUS Economics: Bitcoin-[BTC]


Friday, August 3, 2018


Bitcoin [BTC]:
Bitcoin (BTC) is the first decentralized digital currency, or cryptocurrency. The Bitcoin network is peer-to-peer and transactions take place directly between users, without an intermediary. Transactions are verified by a network of nodes and included in a public ledger, called a blockchain, through a process called mining. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto, and released as open-source software in 2009.

About Bitcoin:

Bitcoin is defined as a digital cash that started the cryptocurrency movement.

It was created in 2009 by an unknown person or group who went by the name, Satoshi Nakamoto.

Bitcoin does not rely on government/bank created money.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks.

The managing transactions and the issuing of bitcoins is carried out collectively by the network.

Bitcoin is the first decentralized cryptocurrency.

The Cryptocurrency Bitcoin reputation has spawned copies and evolution into a new space of AltCoins.

Bitcoin is thelargest variety of markets and the biggest value.

Bitcoin having reached a peak of 18 billion USD - Bitcoin is here to stay.

With Bitcoin there can be improvements or flaws in the initial model however the community and a team of dedicated developers are pushing to overcome any obstacle they come across.

The Bitcoin is also the most traded cryptocurrency and one of the main entry points for all the other cryptocurrencies.

The price is not organic, is unstable, and Bitcoin have bull/bear up and down by 10%-20% in a single day.

Bitcoin is an SHA-256 POW coin with 21,000,000 total minable coins.

The block echange time is 10 minutes.

History of bitcoin

Number of bitcoin transactions per month (logarithmic scale)

Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities.[1] The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community when creating bitcoin. Over the course of bitcoin's history, it has undergone rapid growth to become a significant currency both on and offline – from the mid 2010s, some businesses began accepting bitcoin in addition to traditional currencies.[2]


Bitcoin was launched in January 2009 by a programmer or a group of programmers going by the name Satoshi Nakamoto.

It started simply as a decentralized electronic cash.

Decentralization was an important aspect, because all previous attempts to establish a digital cash with a central authority had failed.

The sole motivation for Bitcoin’s:

Bitcoin's creation seems to be the desire for a better payment system for eCommerce.

A system that’s more secure, faster and reliable compared to the system of deposit and credit cards over-viewed by a central authority.

Plus the transaction costs are incomparably smaller and stay the same regardless of the amount sent or received.

Bitcoin can be sent and received anywhere in the world, right away.

The big advantage of Bitcoin, as a currency, is its absolute independence of governments, banks and any central authorities.

In addition:

Transactions occur directly between pseudonymous people (their real names are not known), meaning there are no banks or middlemen.

Each transaction is recorded on a digital record kept by many people across the world known as the “blockchain”.

The data on the blockchain is publicly available and stored on many computers.

Because there are so many copies being simultaneously maintained, the transaction and banking data is very safe and virtually impossible to manipulate.

Individuals protect their bitcoins using their digital wallet.

A wallet is software that can only be accessed by using a key, which is a long string of letters and numbers.

Bitcoin’s price has risen into the thousands of dollars, but you can still own bitcoin by purchasing a fraction of it for dollars.

Because of bitcoin’s popularity, it has become an anchor in the cryptocurrency market. T

hat means, as the price of bitcoin goes up and down, the prices of other cryptocurrencies move too.

Ref: Bitcoin Wiki

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