Bitcoin

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what is bitcoin (btc)?

bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias satoshi nakamoto. it was released shortly after, in January 2009.

Bitcoin is a peer-to-peer online currency, which means that all transactions take place directly between equal and independent network participants, without the need for any intermediary to allow or facilitate them. bitcoin was created, in nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”

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Some concepts for a similar type of decentralized electronic currency predate BTC, but Bitcoin has the distinction of being the first cryptocurrency to come into actual use.

who are the founders of bitcoin?

The original inventor of bitcoin is known under the pseudonym satoshi nakamoto. as of 2021, the true identity of the person, or organization, behind the alias is unknown.

On October 31, 2008, Nakamoto published the bitcoin white paper, which described in detail how a peer-to-peer online currency could be implemented. they proposed using a decentralized ledger of transactions packed into batches (called “blocks”) and secured by cryptographic algorithms; the entire system would later be called a “blockchain”.

Just two months later, on January 3, 2009, Nakamoto mined the first block on the Bitcoin network, known as the Genesis Block, thus launching the world’s first cryptocurrency. the price of bitcoin was $0 when it was first introduced, and most bitcoins were obtained through mining, which only required moderately powerful devices (eg pc) and mining software. The first known bitcoin trade transaction occurred on May 22, 2010, when programmer Laszlo Hanyecz exchanged 10,000 bitcoins for two pizzas. At the bitcoin price today in mid-September 2021, those pizzas would be worth a staggering $478 million. this event is now known as “bitcoin pizza day”. In July 2010, bitcoin first began trading, with the price of bitcoin hovering between $0.0008 and $0.08 at the time.

however, although nakamoto was the original inventor of bitcoin, as well as the author of its first implementation, he handed over the network alert key and control of the code repository to gavin andresen, who later became a lead developer at the bitcoin foundation. Over the years, a large number of people have contributed to improving cryptocurrency software by patching vulnerabilities and adding new features.

the bitcoin source code repository on github lists over 750 contributors, with some of the top ones being wladimir j. van der laan, marco falke, pieter wuille, gavin andresen, jonas schnelli and others.

what makes bitcoin unique?

Bitcoin’s most unique advantage comes from the fact that it was the first cryptocurrency to appear on the market.

has managed to create a global community and give birth to a whole new industry of millions of enthusiasts who create, invest, trade and use bitcoin and other cryptocurrencies in their daily lives. the appearance of the first cryptocurrency has created a conceptual and technological base that subsequently inspired the development of thousands of competing projects.

The entire cryptocurrency market, now worth more than $2 trillion, is based on the idea realized by bitcoin: money that anyone, anywhere in the world, can send and receive without relying on trusted intermediaries, such as banks and financial services. companies.

Thanks to its pioneering nature, btc remains at the top of this energy market after more than a decade of existence. even after bitcoin has lost its undisputed dominance, it remains the largest cryptocurrency, with a market capitalization passing the $1 trillion mark in 2021, after bitcoin price hit an all-time high of $64,863.10 on 14 April 2021. This is due in large part to the growing institutional interest in bitcoin and the ubiquity of platforms that provide use cases for btc: wallets, exchanges, payment services, online gaming, and more.

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should you buy bitcoin with paypal?

See also: Dogecoin | Tesla

what is wrapped bitcoin?

will bitcoin’s volatility ever subside?

how to use a bitcoin ATM

how much bitcoin is there in circulation?

the total supply of bitcoin is limited by its software and will never exceed 21,000,000 coins. New coins are created during a process known as “mining”: As transactions are transmitted through the network, they are collected by miners and packaged into blocks, which are themselves protected by complex cryptographic calculations.

As compensation for spending their computational resources, miners receive rewards for each block they successfully add to the blockchain. At the time of bitcoin’s launch, the reward was 50 bitcoins per block: this number is halved every 210,000 new blocks mined, taking the network approximately four years. As of 2020, the block reward has been halved three times and comprises 6.25 bitcoins.

Bitcoin has not been pre-mined, which means that no coins were mined or distributed among the founders before it became available to the public. However, during the early years of BTC’s existence, competition among miners was relatively low, allowing early network participants to amass significant amounts of coins through regular mining – only Satoshi Nakamoto is believed to own over a million bitcoins.

Bitcoin mining can be very profitable for miners, depending on the current hash rate and bitcoin price. While the bitcoin mining process is complex, we discuss how long it takes to mine a bitcoin on CoinMarketCap Alexandria; As we wrote above, bitcoin mining is best understood as the time it takes to mine a block, as opposed to a bitcoin. As of mid-September 2021, the bitcoin mining reward is capped at 6.25 btc after the 2020 halving, which is roughly $299,200 in bitcoin price today.

How is the bitcoin network protected?

bitcoin is protected with the sha-256 algorithm, which belongs to the sha-2 family of hash algorithms, which also uses its bitcoin cash (bch) fork, as well as several other cryptocurrencies.

bitcoin power consumption

Over the last few decades, consumers have become more curious about their energy use and the personal effects on climate change. When news began to emerge about the possible negative effects of bitcoin’s power consumption, many became concerned about bitcoin and criticized this power usage. One report found that each bitcoin transaction consumes 1,173 kWh of electricity, which can “power the typical American household for six weeks.” Another report calculates that the energy required by Bitcoin annually is more than the annual hourly energy use of Finland, a country with a population of 5.5 million.

The news has drawn comment from tech entrepreneurs, environmental activists and political leaders alike. In May 2021, Tesla CEO Elon Musk even stated that Tesla would no longer accept cryptocurrency as payment, due to his concern about its environmental footprint. Although many of these people have condemned this problem and moved on, some have proposed solutions: how do we make bitcoin more energy efficient? others have simply taken a defensive stance, claiming that bitcoin’s power problem may be overblown.

Currently, miners rely heavily on renewable energy sources, with estimates suggesting that bitcoin’s renewable energy use may range from 40-75%. however, up to this point, critics claim that bitcoin’s increased use of renewable energy will eliminate solar sources that power other sectors and industries such as hospitals, factories, or homes. The bitcoin mining community is also attesting that the expansion of mining may help lead to the construction of new solar and wind farms in the future.

Furthermore, some of those who defend bitcoin argue that gold and the banking sector individually consume twice as much energy as bitcoin, making criticism of bitcoin’s energy consumption impossible. Furthermore, the energy consumption of bitcoin can be easily tracked and traced, which cannot be said for the other two sectors. Bitcoin advocates also point out that the complex validation process creates a more secure transaction system, justifying the energy usage.

Another point made by bitcoin advocates is that the energy use required by bitcoin is integral, encompassing the process of creating, protecting, using, and transporting bitcoin. while with other financial sectors, this is not the case. For example, when calculating the carbon footprint of a payment processing system like Visa, they do not calculate the energy needed to print money or activate ATMs, smartphones, bank branches, security vehicles, among other components of payment processing and the banking supply chain. .

What exactly are governments and nonprofits doing to reduce bitcoin’s energy consumption? earlier this year in the us In the US, a congressional hearing was held on the topic in which politicians and tech figures discussed the future of crypto mining in the US. USA, specifically highlighting their concerns about the consumption of fossil fuels. The leaders also discussed the ongoing debate surrounding the coal-to-crypto trend, particularly regarding the number of coal plants in New York and Pennsylvania that are in the process of being repurposed into mining farms.

In addition to congressional hearings, there are private sector crypto initiatives dedicated to solving environmental issues, such as the cryptoclimate agreement and the bitcoin mining council. In fact, the crypto climate deal proposes a plan to eliminate all greenhouse gas emissions by 2040, and given the innovative potential of bitcoin, it is reasonable to believe that such grand plans can be achieved.

what is the role of bitcoin as a store of value?

bitcoin is the first decentralized peer-to-peer digital currency. one of its most important functions is that it is used as a decentralized store of value. in other words, it establishes property rights as a physical asset or as a unit of account. however, the latter store of value function has been discussed. many cryptocurrency enthusiasts and economists believe that the large-scale adoption of the major currency will usher in a new modern financial world where transaction amounts will be denominated in smaller units.

The smallest units of bitcoin, 0.00000001 btc, are called satoshis (or sats for short), in a nod to the creator’s pseudonym. at the bitcoin price now, 1 satoshi is roughly equal to $0.00048.

See also: What is the Difference Between Blockchain And Bitcoin? | Bernard Marr

Top crypto is considered a store of value, like gold, by many, rather than a currency. this idea of ​​the first cryptocurrency as a store of value, rather than a payment method, means that many people buy cryptocurrency and hold it for the long term (or hodl) instead of spending it on items like you would normally spend a dollar: treating it like digital gold.

crypto wallets

The most popular wallets for cryptocurrencies include hot and cold wallets. cryptocurrency wallets vary from hot wallets and cold wallets. hot wallets can connect to the web, while cold wallets are used to keep large amounts of coins offline.

some of the top cryptocurrency cold wallets are trezor, ledger, and coolbitx. some of the major crypto wallets include exodus, electrum, and mycelium.

Still not sure which wallet to use? Check out coinmarketcap alexandria’s guide to the best cold wallets of 2021 and the best hot wallets of 2021.

how is bitcoin technology updated?

A hard fork is a radical change in the protocol that makes previously invalid blocks/transactions valid and thus requires all users to upgrade. for example, if users a and b disagree on whether an incoming transaction is valid, a hard fork could make the transaction valid for users a and b, but not for user c.

A hard fork is a protocol upgrade that is not backward compatible. this means that each node (computer connected to the bitcoin network via a client that performs the task of validating and relaying transactions) must be updated before the new forked blockchain becomes active and rejects any blocks or transactions from the old chain of blocks. the old blockchain will still exist and accept transactions, though it may be incompatible with newer bitcoin clients.

A soft fork is a change in the bitcoin protocol where only previously valid blocks/transactions become invalid. since old nodes will recognize new blocks as valid, a soft fork is backward compatible. this type of fork only requires most miners to upgrade to enforce the new rules.

Examples of prominent cryptocurrencies that have undergone hard forks include: bitcoin hard fork resulting in bitcoin cash, ethereum hard fork resulting in ethereum classic.

bitcoin cash has forked from its original fork, with the creation of bitcoin sv. read more about the difference between bitcoin, bitcoin cash and bitcoin sv here.

what is the primary root?

taroot is a soft fork that bundles bip 340, 341 and 342 and aims to improve the scalability, efficiency and privacy of the blockchain by introducing several new features.

The two main changes are the introduction of the merkelized abstract syntax tree and the schnorr signature. mast introduces a condition that allows the sender and receiver of a transaction to jointly sign their settlement. schnorr signature allows users to add multiple signatures into one for a single transaction. this results in multi-signature transactions looking the same as regular or more complex transactions. By introducing this new address type, users can also save on transaction fees, as even complex transactions appear simple, with a single signature.

Although hodlers probably won’t notice much of an impact, taproot could become a key milestone in equipping the network with smart contract functionality. in particular, schnorr signatures would lay the groundwork for more complex applications to be built on top of the existing blockchain, as users begin to switch primarily to taproot addresses. If adopted by users, taproot could, in the long run, see the network develop its own defi ecosystem that rivals those of alternative blockchains like ethereum.

what is the lightning network?

lightning network is an off-chain layered payment protocol that operates two-way payment channels that allow instant transfers with instant reconciliation. allows private, high-volume, trustless transactions between two parties. lightning network scales transaction capacity without incurring the costs associated with transactions and interventions on the underlying blockchain.

how much does bitcoin cost?

the current valuation of bitcoin is constantly changing, all day, every day. it is a truly global asset. From a start of less than a penny a coin, BTC has risen in price by thousands of percent to the numbers you see above. The prices of all cryptocurrencies are quite volatile, which means that anyone’s understanding of how much bitcoin is will change by the minute. however, there are times when different countries and exchanges display different prices and understanding how much bitcoin is will be a function of a person’s location.

is bitcoin political?

Bitcoin is becoming more political by the day, particularly after El Salvador started accepting it as legal tender. The country’s president, Nayib Bukele, announced and implemented the decision almost unilaterally, dismissing criticism from his citizens, the Bank of England, the IMF, Vitalik Buterin and many others. Since the bitcoin law was passed in september 2021, bukele has also announced plans to build bitcoin city, a city entirely based on bitcoin mining with geothermal energy from volcanoes.

countries like mexico, russia and others are rumored to be candidates to accept bitcoin as legal tender, but so far the savior stands alone.

where can you buy bitcoins (btc)?

bitcoin is, in many ways, almost synonymous with cryptocurrency, which means you can buy bitcoin on virtually all cryptocurrency exchanges, both with fiat money and other cryptocurrencies. Some of the main markets where btc trading is available are:

  • binance
  • coinbase pro
  • okex
  • kraken
  • huobi global
  • bitfinex

if you’re new to crypto, use coinmarketcap alexandria’s own educational portal to learn how to get started buying bitcoin and other cryptocurrencies.

See also: Top 5 Ways To Recover Funds From Crypto Currency Scam –

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