So you are not a coder but as a non-technical person, you’re always open for simplified technical knowledge about Bitcoin.
So, you would like to ask people of very deep knowledge of Bitcoinโs code what you would tell some non-technical people.
What are the most important technical points of Bitcoin, where you would say “it’s really important for Bitcoin and people should know it”. Important would also mean for Bitcoin from a hacking-resistant point and what is making Bitcoin superior against competing Altcoins?
The most important features of Bitcoin are that it’s maintained by the largest community of developers out of all the coins, and consequentially it has the largest test suite and debugging infrastructure.
It makes it really easy to pin-point bugs. I can’t stress enough how important having test cases is for your project, whatever it may be, whether it’s related to crypto or not. It saves you from a lot of future bug-hunting
Its simplicity. Not in the sense of being trivial, but in the sense of having a very focused feature set.
Also the importance if permissionlessness seems to be either ignored or forgotten by a lot of alts out there, whereas it remains a top priority for Bitcoin.
One more thing that sets Bitcoin apart is the immense decentralization – in hashpower, full nodes, development and community.
For security, the first two are the most critical.
Most altcoins either don’t have node decentralization or / and they have a flawed consensus mechanism (proof of stake) that simply gives the developers total power over the project.
This allows them to change rules at will, but also allows authorities to press them to do such things. In Bitcoin, that’s simply impossible.
A PoW coin without enough hashpower can be attacked similarly, and as a matter of fact most energy is pumped into Bitcoin PoW, which makes it most secure.
Bitcoin works, it has been working fine for the past 13 years (all its life) and safely too.
- * You don’t need any third party (middle man like banks) to send, receive or store your money when you use bitcoin.
- * Nobody can restrict who sends you money or to whom you send your money
- * You can reach anybody, anywhere at any time in the world.
- * The payments can not be reversed like other payment networks which provides a lot of security for merchants
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