We introduce Bitcoin, Satoshi Nakamoto and speak about BTC as currency and a network.
Created by Satoshi Nakamoto in 2009, Bitcoin is the original and biggest cryptocurrency.
Running software on a decentralised network that has quickly become the most powerful in the world, it allows users to use Bitcoin for peer to peer transactions, without the need for a third party such as a bank.
All such transactions are recorded on a distributed ledger called the blockchain, ensuring issues of fraud and double spending are avoided.
Satoshi Nakamoto is the pseudonymous person (or people) who first developed Bitcoin by writing a white paper and then developing the first reference implementation of code.
The coolest thing about Satoshi Nakamoto is that nobody knows who they are.
Adding to the mystery, Satoshi Nakamoto actually hasn’t been heard from and his wallets remain untouched since 2010.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.”
:-- -Satoshi Nakamoto
Bitcoin could turn out to have the biggest technological impact on society as a whole, this generation.
This Bitcoin guide explores the cryptocurrency in detail, while offering tips on how to buy BTC below.
Introduction to Bitcoin
As mentioned above, Bitcoin is a digital currency.
Running on a decentralised network, a blockchain is used to record transactions and maintain a trustless, peer to peer system for transacting value.
Let’s differentiate between Bitcoin (BTC) as a currency, and the Bitcoin network used to run the software and facilitate transactions.
Bitcoin (BTC)
Bitcoin (BTC) refers to the digital asset used as currency.
When people hear about Bitcoin, it conjures up imagery of physical coins like you’d find buried at the bottom of your wallet.
The difference is that BTC is entirely digital.
Unlike traditional coins that can be endlessly added to the supply from central banks, there will only ever be a maximum of 21 million BTC in existence.
The amount of new BTC mined gradually slows down over time until mining rewards will finally be exhausted decades from today.
The Bitcoin network
But to transact without permission, the Bitcoin network is required.
The Bitcoin network is simply a huge network of computers running the Bitcoin software, all connected via the internet.
Each individual running the software is otherwise known as a Bitcoin miner.
Via miners, the Bitcoin network’s primary job is to secure the network by recording transactions on the blockchain.
This is how anyone with an internet connection is able to transact in BTC without having to ask permission or receive clearance from a bank.
Nobody can stop the network from processing transactions or manipulating Bitcoin’s supply for personal gain.
Bitcoin is what Bitcoin is.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on what is Bitcoin in the comments section below? All comments that add something to the discussion will be upvoted.
This Bitcoin blog is exclusive to leofinance.io.
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Great introduction. Without a doubt, Blockchain technology whose greatest exponent is Bitcoin is here to stay and revolutionize the world as we know it, forever changing some of humanity's most important activities. It only remains to be seen how fast these changes will be, it seems that very quickly. I dare say that the revolution Bitcoin started is one of the most important in our history, perhaps even more important than the invention of the internet.
Posted Using LeoFinance Beta
I truly believe this too.
The freedom of movement of money and offering peer to peer financial services to everyone on the planet is a huge advance for humanity.
Posted Using LeoFinance Beta
This is great to see. A crypto guides guide! Is there anything I can write for this?
Posted Using LeoFinance Beta
Definitely :)
Create a post for either:
Either would be useful content that I could add to the guide.
All I need you to do is create a link to the Bitcoin guide under any piece of relevant anchor text.
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This content is for the LeoFinance Crypto Guides - Bitcoin Guide.
I still need your help!
Click the link above and check out how the long-form Bitcoin guide is coming along.
Well over 2000 words and counting with a number of sections yet to be completed.
Still happy for others to contribute and will pay out all rewards to those that do.
In case you missed it, you can read about the LeoFinance Crypto Guides project here.
What I need from you:
I'll upvote all pieces of content that help and any rewards made on the guide will be transferred directly to contributors.
Posted Using LeoFinance Beta
You're a legend!
I've just edited and added your content to the Bitcoin guide.
I've also upvoted your post and will ensure you're paid a portion of the final rewards payout on the post.
Thanks again :)
Posted Using LeoFinance Beta