Cryptocurrencies aren’t all the same!

Well, it’s been a crazy 10 years for Bitcoin. It’s actually been over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they, they have a huge impact on the world. No doubt they predicted that so they chose to get out of the limelight.

So more than a decade ago Bitcoin was still alive and stronger than ever. Thousands of other crypto coins have arrived since everyone tried to emulate the king of Crypto. Everything fails and will continue to fail. Bitcoin is one of a kind. Something unimaginable. If you don’t know why then let me understand.

If you don’t know what Bitcoin is I’ll just give you a few brief key points:

• Bitcoin Is An Online Cryptocurrency

• It Has a Maximum Supply of 21 Million

• It Can’t Be A Pest

• Not All Coins Are In Circulation

• It’s Completely Decentralized with No One Controlling It

• It Cannot Be Censored

• This is Peer to Peer Money

• Anyone Can Use It

• Bitcoin Has A Good Supply That Decreases Every 4 Years

What Makes Bitcoin Different?

So what makes Bitcoin different from all the thousands of other coins ever invented?

When Bitcoin was first invented it started to spread slowly among a small group of people. It grows organically. When people started looking at the benefits of Bitcoin and how the price would go up because of this constant supply, it started to grow faster.

The Bitcoin blockchain has now spread to hundreds of thousands of computers around the world. It has spread beyond the control of any government. Its creator has disappeared and now it runs autonomy.

Developers can upgrade and improve the Bitcoin network but this should be done in my consensus across the Bitcoin network. No one else can control Bitcoin. This is what makes Bitcoin unique and impossible to copy.

There are thousands of other cryptocurrencies available today but as an example of what makes Bitcoin different I will use Ethereum as an example. It is one of the largest Alt coins today and since it was invented in 2015 by Vitalik Buterin.

Vitalik controls the Ethereum blockchain and basically has the ultimate say in any progress that takes place in Ethereum.

Censorship and Government Interference

For this example let’s assume that Iran sent billions of dollars to North Korea to fund their new nuclear weapons program. This is not a good situation but it should show you how your money is safer with Bitcoin!

Anyway .. first example. Iran uses the standard banking system and transfers this North Korean currency to USD. The US government says wait a minute, we need to freeze these transactions and take the money .. Easy. They did that right away and the problem was over.

Second example. The same thing will happen again but this time Iran is using the Ethereum blockchain to send money to North Korea. The U.S. government saw what was happening. A phone call was made.

“Get Vitalik Buterin here NOW”

The U.S. government “put some pressure” on Vitalik and they reinstated the blockchain and canceled transactions with Iran. (The Ethereum blockchain was actually repeated in the past when a hacker stole a large amount of funds).

The problem is solved. Unfortunately the credibility of Ethererum will be damaged with its price.

Ethereum is just one example, but this is true for every other cryptocurrency.

Bitcoin Unstoppable

So the same thing will happen again. This time Iran is using Bitcoin as their method of payment. The US Government sees this and has no power to stop it.

No one to call. No one to put pressure on. Bitcoin is more than censorship.

Every other cryptocurrency out there is made by someone or a company and that is always the point of failure. They are still centralized.

Another example is if Vitalik’s family was taken hostage.

Learn How to Use Bitcoin

Everyone should have some Bitcoin. It’s not if it’s not dangerous though. If you are new to Bitcoin then you should learn as much as you can before you invest any money. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.

The Sovereign Individual ~ by James Dale Davidson and William Rees Morg

The Sovereign Individual is one of those books that forever changes how you view the world. It was published in 1997 but the extent to which it anticipates the impact of blockchain technology can give you a chill. We are about to enter the fourth phase of human society, which is moving from the industrial to the information age. You need to read this book to understand the scope and extent of how things are changing.

As it becomes easier to live comfortably and find anywhere, we already know that those who are truly thriving in the new information age can be workers who are not involved in a job or career and are location independent. . The pull of choosing where to live based on price savings is already more attractive, but it’s more than just digital nomadism and freelance gigs; the foundations of democracy, government and money are shifting.

The authors predicted Black Tuesday and the collapse of the Soviet Union, and here they saw that the rise in the power of individuals would coincide with decentralized technology that eliminated the power of governments. Death for the country says, they predict will have a unique presence, be it private, digital money. If that happens, the dynamics of governments as relentless bandits stealing hard -working citizens with taxes will change. If you become someone who can solve people’s problems anywhere in the world, then you are about to enter the new cognitive elite. Don’t forget it.

Choice Quote: “When technology is mobile, and transactions take place in cyberspace, as they increasingly do, governments will no longer be able to charge more for their services than their value to to the people who will pay for them. “

Sapiens: A Brief History of Mankind ~ by Yuval Noah Harari

Whenever I want to impress someone on how good this book is, I ask: “Would you like to know the basic difference between humans and apes? That he sees a threat heading towards them. ‘ Kuyaw! Kuyaw! Leon! ‘ The monkey can also lie, jump on the rock and wiggle a stick and scream at the lion that there really is no lion. Go down and wave a stick and shout, ‘Danger! Danger! Dragon!’ “

Why is this? Because dragons are not real. As Harari explains, the human imagination, our ability to believe and talk about things we have never seen or touched elevates species to interact with many strangers. There are no gods in the universe, no nations, no money, no human rights, no law, no religion and no justice beyond the common imagination of the people. We made them that way.

This is all a very nice introduction to where we are today. After the Cognitive Revolution and the Agricultural Revolution, Harari guides you to The Scientific Revolution, which started just 500 years ago and could start something completely different for humanity. The money, however, will remain. Read this book to understand that money is the most talked about story ever and trust is the raw material from which all kinds of money are made.

Selected Quote: “Sapiens, by contrast, live in triple-layered reality. In addition to trees, rivers, fears and desires, the world of Sapiens also includes stories about money, gods, countries and corporations. “

The Internet of Money ~ by Andreas M. Antonopoulos

If the two books mentioned above help us understand the historical context in which Bitcoin first appeared, then this book expands on the ‘why’ with infectious enthusiasm. Andreas Antonopolous is probably the most respected voice in the crypto space. He has traveled the world as a Bitcoin evangelist since 2010 and this book is a summary of the talks he gave on the circuit between 2013 and 2016, all set up for publication.

His first book, Mastering Bitcoin, is a technical deep dive into technology, aimed more specifically at developers, engineers, and software and system architects. But this book uses a few chosen metaphors to explain why you can’t ban Bitcoin or turn it off, how the scaling debate is less important and why Bitcoin needs the help of designers to lock in mass adoption.

“When you first ride in your new car in a town,” he wrote, “you ride on horse-drawn roads with infrastructures designed and used for horses. There are no light signals. There are no rules of the road. Road. And what happened? The cars were stuck because they were out of balance and four feet. ” But the fast forward of a hundred years and the cars that were once ridiculed are completely commonplace. If you want to dive into the philosophical, social and historical implications of Bitcoin, this is your starting point.

Choice Quote: “Bitcoin isn’t just money for the internet. Yes, it’s perfect money for the internet. It’s instant, it’s secure, it’s free. Yes, it’s money for the internet, but it’s so much more. Bitcoin is the internet of money.Currency is just the first application.If you understand that, you can look beyond price, you can look beyond volatility, you can look beyond trend . At its core, Bitcoin is a revolutionary technology that will change the world forever. Get involved. “

Cryptocurrency is a digital asset used primarily as a transaction medium to secure financial transactions, control the creation of additional assets and verify any asset transfer with the help of a firm. cryptographic technology. It is also known as a form of digital currency or virtual currency. Unlike central banking systems, it is a decentralized control and financial transaction system that works through a blockchain that is used primarily for financial transactions.

The first decentralized virtual currency developed in 2009 was Bitcoin which was known as a virtual unit of money and it worked independently without the help of any central bank or administrator. Since then, about 4000 altcoins different variants of bitcoin have been developed. Bitcoin is considered a peer-to-peer electronic cash system where users directly make transactions without intermediates.

Blockchain is a data file composed of multiple blocks that store records of all past bitcoin transactions and also create new ones. The average average time between each block is about 10 minutes. The most frequent use of bitcoin, is supported by an external software called Bitcoin wallet. By using this software, one can easily store, receive and manage transactions in bitcoin units. In order to make transactions using bitcoin, one must have an account on any one of the bitcoin exchanges around the world and must transfer the fiat currency to that account. Thus the account holder can make future transactions by using these funds. In addition to bitcoin, some of the other sources of cryptocurrency are petro which is commonly used for oil and mineral reserves.

There are some pros and cons associated with using digital currency. The main benefits of using a virtual currency are as follows:-

• Provides quick transparency layer:-

Bitcoin usually operates with the help of a ledger called Blockchain that records and monitors every transaction. Once a transaction is made and recorded in this ledger it is treated as static. These transactions can be further verified at any time in the future and therefore in addition to this, it also ensures security and privacy regarding all transactions made through a particular account.

• Fast Processing and Portable Usage:-

Billions of dollars in bitcoin can be easily transferred from one location to another without any detection with the help of a memory drive. While performing any type of transactions, the involvement of any third party can be eliminated by using this bitcoin technology. This will result in quick and fast transaction without permission from a third party,

• Low transaction costs involved:-

The transaction costs associated with exchanging these digital currencies are very small making them cheaper than real money for the population around the world. Therefore, the cost of any kind of transaction being done less becomes a beneficial factor for the population every time they do any transactions.

• Fighting and eradicating poverty:-

Often banking systems and financial institutions do not provide help or assistance especially to the backward classes in rural areas. Bitcoin serves as an alternative in such cases where it extends robust financial services to anyone with internet access. It has always served as support for the poor and oppressed classes who in most cases have not been given any viable alternative.

When a new or latest technology arrives, there are some negative factors that are also associated with using it which are as follows:-

• Lack of knowledge and distrust of the population:-

Due to the lack of knowledge about digital currency people are more likely to become distrustful of its widespread use. Therefore, there are a small number of business systems that accept these cryptocurrency sources thus limiting the business systems that want to use virtual money in their day-to-day transactions.

• Untraceable transactions:-

Because, transactions made with bitcoin cannot be tracked it provides a room for criminal transactions. In such cases, drug dealers and vigilant people are the ones who use such virtual money so that their illegal activities are not easily detected.

• Characteristic of mobility and insecurity:-

Cryptocurrency sometimes evaporates quickly and is constantly changing on a large scale. Sometimes people make a lot of money when the market prices of these virtual currencies go up and sometimes they also face a lot of losses when the price crashes.

Cryptocurrency is a relatively new but innovative concept that can disrupt the entire financial market. It is true that this digital currency has caught the world’s attention in a short period of time. There are always benefits and disadvantages to every new technology that emerges on the market. To make the most of it, one should look at both sides before making any decisions.

Questions have arisen as to whether bitcoin has become a multilayered system. Well, the answer is yes. This article seeks to outline the different layers in which bitcoin is located. It’s all yours!

Have you ever heard of those who call bitcoin as digital gold? Clearly, crypto-currency is quickly gaining popularity and acceptance in the crypto world. The value of the coin is estimated to rise even higher. However, it is also known that the coin can gain or lose 50% of its value overnight. This has led to investors ’speculations but the coin is nonetheless a“ digital gold ”. And on the question of whether bitcoin is a multilayered system, it should be noted that bitcoin exists in two main layers. These are the mining and the semantic layers.

The mining layer

This is the layer where the coin is made. In addition to bitcoins, ether is also created in this layer. After creating the coins, the valid blocks of bitcoins are transferred to the ledger. Here, making money is done. It should be noted that the currency is generated from transactions contained in blocks of bitcoins. Blocks are known as transaction fees. Money can also be generated from the network itself, or you can say ‘‘ out of thin air ’’. The main advantage of generating money from the network is that it provides incentives to miners.

The Semantic Layer

It provides a very important platform. The semantic layer is the layer where bitcoins are used as a means of payment. It also provides a platform for bitcoins to be used as a store of value. The layer seems very important, doesn’t it? Holders of the bitcoin currency sign valid transactions that announce the start of the transfer of bitcoins between nodes in the semantic layer. The transfer can also be made by making smart contracts. Smart contracts transfer coins between different accounts.

The lightning network

You may not have heard of the lightning network. This is the latest invention rolled out by the bitcoin community. This layer has the ability to run on top of bitcoin. With this invention, comes an application layer that is on top of bitcoin. It’s very exciting. The most interesting aspect is that its amount is also applicable to payment. This can be made possible by bringing its value among the people. With the invention of the lightning network, bitcoin can become a transportation layer as well as an application layer.

Today, the value of bitcoin is estimated at about $ 9 billion US. It is also known that bitcoin is a decentralized cryptocurrency. This means it will operate without the control of a bank or an administrator. Bitcoin is definitely taking over the crypto world.

Also importantly, that is why the technology used during bitcoin mining is called blockchain technology. It works by allowing the distribution of digital information, and not copying. Cryptos is really an exciting topic and in the near future bitcoins could catch up with our mainstream currencies.

Bitcoin is the world’s leading cryptocurrency. It is a peer-to-peer currency and transaction system based on a decentralized consensus-based public ledger called blockchain that records all transactions.

Now bitcoin was envisioned in 2008 by Satoshi Nakamoto but it is a product of many decades of cryptography and blockchain research and not a job of one man. It’s the utopian dream of cryptographers and promoters of free trade with unlimited, decentralized blockchain -based money. Their dream is now a reality with the growing popularity of bitcoin and other altcoins around the world.

Now the cryptocurrency was first deployed on the consensus-based blockchain in 2009 and in the same year it was sold for the first time. In July 2010, the price of bitcoin was only 8 cents and the number of miners and nodes was small compared to tens of thousands in today’s number.

Within a year, the new alternative currency had risen to $ 1 and it became an interesting prospect for the future. Mining is easy and people make a good profit on the business and even pay for it in some cases.

Within six months, the money had doubled again to $ 2. While the price of bitcoin is not stable at a particular price point, it has shown this pattern of insane growth for some time. In July 2011 at one point, the coin went bonkers and the record-high $ 31 price point was reached but the market soon realized that it was overvalued compared to the gains made on the ground and it dropped- id it back to $ 2.

December 2012 saw a healthy increase of $ 13 but soon, the price will explode. In the four months to April 2013, the price rose a whopping $ 266. It later corrected itself back to $ 100 but this astronomical price increase raised it for the very first time and people started debating about an actual real-world scenario of Bitcoin.

It was then that I experienced the new money. I had my doubts but as I was still reading about it, it became increasingly clear that money was the future because no one was going to manipulate it or impose it on themselves. Everything has to be done with complete consensus and that is what makes it strong and independent.

So 2013 was the year of success for the money. Large companies are starting to publicly favor the acceptance of bitcoin and the blockchain has become a popular topic for Computer Science programs. Many people think that bitcoin serves its purpose and now it can be solved.

However, the currency is becoming more popular, with bitcoin ATMs being set up around the world and other competitors starting to flex their muscles at different market angles. Ethereum developed the first programmable blockchain and Litecoin and Ripple started themselves as cheaper and faster alternatives to bitcoin.

The magic number of $ 1000 was first violated in January 2017 and since then it has increased fourfold since September. This was a remarkable success for a coin that only cost 8 cents seven years ago.

Bitcoin even survived a tough fork on August 1, 2017, and has risen almost 70% since then while even the bitcoin cash fork has managed to post some success. All because of the appeal of the coin and the stellar blockchain technology behind it.

While coventional economists argue that this is a bubble and the entire crypto world will collapse, it really isn’t. There is no such thing as a bubble because it is a visible fact that it has, in fact, eaten away at the shares of fiat currencies and corporate money transactions.

The future is very bright for bitcoin and it is never too late to invest in it, for the short and long term.

The emergence of cryptocurrency is already taking over our day-to-day transactions. Cryptocurrency is a digital asset that exists in the crypto world that many call it ‘digital gold’. But what exactly is cryptocurrency? You may be surprised.

It is a digital asset intended to be used as a medium of exchange. Obviously, this is a close substitute for money. However, it uses a robust cryptography to secure financial transactions, to verify the transfer of assets and to control the creation of additional units. All cryptocurrency be virtual currency, digital currency or alternative currency. It should be noted that all cryptocurrencies use a decentralized system of control as opposed to the centralized systems of banks and other financial institutions. These decentralized systems work through a distributed ledger technology that serves a public financial database. Typically, a blockchain is used.

What is a blockchain?

This is an ever -growing list of records linked and secured using cryptography. This list is called blocks. The block chain is an open, distributed ledger that can be used to record transactions between two parties in a verifiable and permanent manner. To use a block as a distributed ledger, it is managed by a peer-to-peer network that collectively follows a protocol for validating new blocks. If the data is recorded in any book, it cannot be changed without a change in all the other blocks. Thus, blockchains are secure by design and also act as an example of a distributed computing system.

The History of cryptography

David Chaum, an American cryptographer discovered an anonymous cryptographic electronic money called ecash. It happened in 1983. In 1995, David implemented it through Digicash. Digicash was an early form of cryptographic electronic payment that required user software to withdraw notes from a bank. It also allows the assignment of specific encrypted keys before being sent to a recipient. This property allows the digital currency to be untraceable by the government, the issuing bank or any third party.

After further efforts in the following years, Bitcoin was created in 2009. It was the first decentralized cryptocurrency and was created by Satoshi Nakamoto, a pseudonymous developer. Bitcoin uses SHA-256 as its cryptographic hash function (proof-of-work scheme). Since the release of bitcoin, the following cryptocurrencies have also been released.

1. Namecoin (April 2011)

2. Litecoin (October 2011)

3. Peercoin

These three coins and many others are called altcoins. The term is used to refer to alternative variants of bitcoin or other cryptocurrencies.

It should also be noted that cryptocurrencies are exchanged over the internet. This means that their use is mainly outside of banking systems and other government institutions. Cryptocurrency exchanges involve the exchange of cryptocurrency with other assets or other digital currencies. Traditional fiat money is an example of an asset that can be traded in cryptocurrency.

Atomic Swaps

This refers to a proposed mechanism by which a cryptocurrency can be directly exchanged from another cryptocurrency. This means that in atomic swap, it is no longer necessary to involve a third party in the exchange.

The emergence of cryptocurrency is already taking over our day-to-day transactions. Cryptocurrency is a digital asset that exists in the crypto world that many call it ‘digital gold’. But what exactly is cryptocurrency? You may be surprised.

It is a digital asset intended to be used as a medium of exchange. Obviously, this is a close substitute for money. However, it uses a robust cryptography to secure financial transactions, to verify the transfer of assets and to control the creation of additional units. All cryptocurrency be virtual currency, digital currency or alternative currency. It should be noted that all cryptocurrencies use a decentralized system of control as opposed to the centralized systems of banks and other financial institutions. These decentralized systems work through a distributed ledger technology that serves a public financial database. Typically, a blockchain is used.

What is a blockchain?

This is an ever -growing list of records linked and secured using cryptography. This list is called blocks. The block chain is an open, distributed ledger that can be used to record transactions between two parties in a verifiable and permanent manner. To use a block as a distributed ledger, it is managed by a peer-to-peer network that collectively follows a protocol for validating new blocks. If the data is recorded in any book, it cannot be changed without a change in all the other blocks. Thus, blockchains are secure by design and also act as an example of a distributed computing system.

The History of cryptography

David Chaum, an American cryptographer discovered an anonymous cryptographic electronic money called ecash. It happened in 1983. In 1995, David implemented it through Digicash. Digicash was an early form of cryptographic electronic payment that required user software to withdraw notes from a bank. It also allows the assignment of specific encrypted keys before being sent to a recipient. This property allows the digital currency to be untraceable by the government, the issuing bank or any third party.

After further efforts in the following years, Bitcoin was created in 2009. It was the first decentralized cryptocurrency and was created by Satoshi Nakamoto, a pseudonymous developer. Bitcoin uses SHA-256 as its cryptographic hash function (proof-of-work scheme). Since the release of bitcoin, the following cryptocurrencies have also been released.

1. Namecoin (April 2011)

2. Litecoin (October 2011)

3. Peercoin

These three coins and many others are called altcoins. The term is used to refer to alternative variants of bitcoin or other cryptocurrencies.

It should also be noted that cryptocurrencies are exchanged over the internet. This means that their use is mainly outside of banking systems and other government institutions. Cryptocurrency exchanges involve the exchange of cryptocurrency with other assets or other digital currencies. Traditional fiat money is an example of an asset that can be traded in cryptocurrency.

Atomic Swaps

This refers to a proposed mechanism by which a cryptocurrency can be directly exchanged from another cryptocurrency. This means that in atomic swap, it is no longer necessary to involve a third party in the exchange.