What is Bitcoin Crypto Currency?A brief description of Bitcoin.
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending.
The purpose of Bitcoin
Trustless transactions between parties, Freedom of payments, Counterfeiting impossible, Fraud resistant, No single point of failure, No % based transfer costs, free to hold
We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they’ll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
More information can be found in the Bitcoin whitepaper https://www.bitcoin.com/bitcoin.pdf
Other Bitcoin facts
- Trading symbol: BTC
- Governance: Decentralized
- Open source: Yes
- Product status: Fully working product
- Consensus method: Proof of work
- Emmission rate: No new tokens created
- Transactions per second: 7
- Total Supply: 21000000
- Release date: 2009-01-01
Usefull Bitcoin links
- Bitcoin’s Website
- Bitcoin pricing data & fundamental Bitcoin information
- Bitcoin’s Website
- Bitcoin official blog
- Bitcoin’s Bitcointalk Forum
- Bitcoin’s Reddit Forum
- Bitcoin’s block explorer
- Bitcoin’s Alexa site stats
- Bitcoin’s official forum: https://www.bitcoinforum.com/
- Bitcoin’s Github code repository:
- Bitcoin’s roadmap:
- Bitcoin’s team page: Unfortunately we don’t have this data available.
- Bitcoin’s whitepaper: https://www.bitcoin.com/bitcoin.pdf