The Bitcoin Genesis:
Bitcoin and Cryptocurrency TechnologiesMining, Investing, Trading Through Time.
- English
- ePUB (mobile friendly)
- Available on iOS & Android
The Bitcoin Genesis:
Bitcoin and Cryptocurrency TechnologiesMining, Investing, Trading Through Time.
About this book
Unlike normal (fiat) currencies, bitcoin doesn't have a central bank or a backing of a national government. Instead, it is regulated by complex algorithms with new coins being mined when computers solve complex equations. All this number crunching is tracked by the blockchain, a public ledger of all transactions which is distributed meaning there is no central point of the network that can be shut down. It's perhaps analogate to file sharing protocol Bittorrent.
You can obtain bitcoin by mining them yourself of buying them from an exchange but for that to happen you will first need a wallet. There are different ways to get a wallet, you can simply store yourself on your hard disk in wallet software running locally or you can use online service and have your coins stored in a cloud. Both have advantages and disadvantages. E.g. if your coins were stored locally, if something was to happen to your computer such as your hard disk getting destroyed you lose your cash. Conversely, if your coins are stored online in an exchange there are more likely to attract hackers.
Famously in 2015, Mt. Gox, which was one of the largest bitcoin exchanges was hacked resulting in the virtual highest of 450,000 bitcoins with wooden valued at about 450 million dollars. While some coins have since been recovered, a large number are still missing due to the way the bitcoin protocol works, it's simply wasn't possible to hit the undo button. So, choose your wallet wisely.
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Information
TABLE OF CONTENTS
- THE HISTORY OF BITCOIN.
- 2010: Bitcoin’s Initial Stags.
- 2011: Th Awareness of Bitcoin
- 2012: Bitcoin matures
- 2013: Bitcoin Introduced to The World.
- 2014: Bitcoin and Cryptocurrencies.
- 2015: The Business Blockchain
- 2016: A Year of Promise for Bitcoin
- 2017: The Second Era of Bitcoin Begins
- HOW DOES BITCOIN WORK
- Obtaining Bitcoins.
- Buy them from a bitcoin exchange.
- Mining
- SPENDING BITCOIN
- Safety Tips.
- THE 451 TAKE AND CURRENCY
- Bitcoin and Currency
- A question of faith
- THE MINING OF BITCOIN
- Difficulty
- Reward and Hardware
- Mining pools.
- Mining History
- ADVANATGES AND DISADVANTAGES OF BITCOIN: Complications
- Advantages.
- First bitcoin transaction
- CONCLUSION
Table of contents
- THE HISTORY OF BITCOIN.
- HOW DOES BITCOIN WORK
- Obtaining Bitcoins.
- SPENDING BITCOIN
- THE 451 TAKE AND CURRENCY
- ADVANATGES AND DISADVANTAGES OF BITCOIN: Complications
- First bitcoin transaction
- CONCLUSION