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What is Bitcoin?

2 years, 4 months ago

This is a rushed work. It may be updated. :)

2018 Mar. 7: The post is now updated! :)

Bitcoin has rose a lot last year, but it fell just a few weeks ago. What happened? What is even Bitcoin? Bitcoin is an experimental digital asset or currency. It was created by an anonymous user named “Satoshi Nakamoto”, which is a pseudonym. Bitcoin has no central bank. Transactions and issuing a currency are done by nodes across the world. A node in Bitcoin are computers that hold the public ledger of Bitcoin that saves all transaction from all users. That ledger can be accessed by anyone, and anyone can view the amount of Bitcoins you have if they know your Bitcoin Address. But they can’t identify you with your address because your Bitcoin address isn’t associated with any of your personal information. This makes Bitcoin a to-go currency for crimes, but for a lot of non-criminals, Bitcoins also has many advantages. The fees to send Bitcoins over the network is much cheaper than to send them through Paypal or other similar companies. You can use in every country. Your account can’t be frozen, and there is no limit for your account! Bitcoin is powered by a blockchain. The public ledger for Bitcoin is a blockchain for Bitcoin. Blockchain was also made by Satoshi. I think the blockchain technology is unstoppable, and has infinite possibilities. The Bitcoin’s price rose a lot in last year, 2017, because investors from South Korea, China, and Japan started to heavily invest in Bitcoin, which is a good thing. However the three countries banned Bitcoin trading, which prevented a lot of investors from investing on Bitcoin. I think they shouldn’t have blocked Bitcoin. I think it prevents freedom, and damages the economy.




8 months ago

completely "anonymous"

Could you update this article by covering Bitcoin's digital signatures and public-key cryptography?