Bitcoin is Freedom…


Bitcoin can serve as a first line of defense for freedom — a nonviolent tool which can disincentivize violence and control.

It is not only a hedge against currency devaluation, but a hedge against tyranny as well.

FREEDOM AS RESPONSIBILITY AND A MORAL IMPERATIVE

Owning bitcoin allows you to be your own bank, and much like maintaining freedom, it’s a hefty responsibility.

While it may be far too easy to leave your coins on an exchange, if you simply buy bitcoin but never take custody, you are leaving yourself open to a multitude of attacks. One of the most insidious, is the potential for a self-custody ban or some sort of regulatory capture of the exchanges, effectively turning bitcoin into another meme stock that must be held by a third-party custodian.

In the process, the peer-to-peer decentralized nature of the network gets degraded for millions of potential users across the country, if not the whole world.

When you have your money in banks and investment accounts, it’s not really yours. It belongs to the banks — the custodians — and it’s granted access to you at the behest of them and the government.

To these custodians, granting you access to your money is an inconvenient privilege that can be rescinded at a moment’s notice.

It’s a testament to how powerful western nations have become and a cautionary tale for what could happen if you ever see yourself in the outgroup in the event of a heated disagreement.

Anarcho-capitalists to Communists alike, whatever your views, whatever your political proclivities, Bitcoin has your back.

It is a completely voluntary system of censorship-resistant, peer-to-peer, electronic money. It is a digital bearer instrument if you use it correctly.

It is simply a tool; a tool that does not discriminate and does not care who you are or what you believe.

Bitcoin is a tool that just is; a tool that just does.

It exists everywhere and nowhere, simultaneously.

All you need to do is learn.

It is perhaps the largest peaceful protest in the history of mankind, and it is your best way to preserve freedom.

Loss of freedoms typically require violence to reinstate; opt in to peace through buying and holding bitcoin.

Every purchase you make is a vote for the future that you want. Through buying and holding bitcoin, holding your keys and taking back your self-sovereignty, you move the country back toward a sound money standard that can do much to fix our divisive problems.

Furthermore, you are making it harder for tyranny and government overreach to take hold. You are sowing the seeds for a better tomorrow

Source: https://bitcoinmagazine.com






Best Pool Rules






Best Pool Rules

In my opinion, more or less in order:

1)  Lowest fees

1a)  Shares transaction fees

1b)  Any pool that does NOT share transaction fees should be rejected from consideration (which, unfortunately, is most, if not all, Chinese based pools)

2)  Reasonable variance – You need to get paid often enough to be happy. This is a tough one.

Variance is the close cousin to “Luck”.

The luckier a pool is, the more blocks it finds relative to its hashing speed, and the less variance it will have.  But its not a real thing!  “Luck” could change any microsecond.
 “Luck” is just mathematical statistics – over a long enough time period, all pools will average out to 100% luck.


Luck Statistik for 14 Blocks

You need to understand Variance:

A big pool finds more blocks, but distributes the earnings out to more miners.  

A small pool is just the reverse:  it finds fewer blocks, but pays those earnings to fewer people. Over the long run, Rule #1, well, rules.

3)  Wind-up/Wind-down time – Most pools use some leveling algorithm.

4)  User Interface – That doesn’t matter much if you have a few miners.  If you have hundreds, the difference can be thousands of dollars a Year.

Notes:

A) In the long run #2 & #3 really don’t matter much.  Both pools show your hashing rate in minutes, payouts just lag on Kano compared to Slushpool, but would continue longer if you changed in the future

B) Bigger is not better.  Sure Antpool is #1 in size, in no small part to Bitmain using their own pool (no fees for them!).   Your profit will be determined mostly by rule #1 – lower fees mean more profit.

C) More, smaller, pools is healthier for the blockchain.  If you can live with the variance, support the pool with the longest average payout you are happy with.

D) For pools with long ramp up times that are relatively small, like Kano, you MIGHT suffer due to difficulty changes while you ramp up.

For smaller pools, make sure you understand what happens to your efforts (based on their scoring system) when a difficulty change occurs.






The Laws are Unjust

As we’ve seen over the many years that this rag has been written (and beyond) companies who are able to fund whole teams dedicated to data security have been wholly ineffective at storing that data safely.

With the passage of this new law EU officials are actively putting citizens in harm’s way by irresponsibly trying to force bitcoin users to collect and store each other’s data. This is if you believe that is the actual intention behind this move.

In reality, this move likely serves as a pure intimidation tactic to coerce people to use trusted third parties when transacting with bitcoin.

A heavy handed shove into easily controlled vectors. If too many users are in control of their own private keys, run their own nodes, and are up to date on best privacy practices when transacting it is much harder to stop bitcoin.

And make no mistake, these people want to stop bitcoin at all costs.

They do not want you to be free.

They are quickly losing their grasp of control on the populace and they are moving as quickly as possible to clamp down in an attempt to retain control.

You are not meant to have privacy in their eyes. You are inherently a criminal in their eyes. These people think you are disgusting cattle who needs to be led at every turn.

It does not have to be this way. You do not have to succumb to the madness of these people. All it takes are a few decisions.


Speak up!

Act!

Disobey!


There is a silent majority out there who knows this type of attempted control is inherently wrong.


It is anti-human!

It is evil!


This silent majority needs to begin developing the courage to speak up.

Call out the abject insanity of allowing unelected institutions like the Financial Action Task Force write freedom restricting guidelines that get adopted by governments like the EU.

Learn how to run your own node, how to produce your own private/public key pairs, and how to destroy chain analysis heuristics with privacy best practices.


Make the tyrant’s job as hard as possible!

Disobey!


Stand up and defend freedom in the Digital Age by actively defying their unjust laws.


“If a law is unjust, a man is not only right to disobey it, he obligated to do so.”


It is your duty as an individual to disobey these incredibly invasive and tyrannical “laws”.

If you don’t disobey your progeny may not have the opportunity to. The time to counter punch is right now. Get on it.


Source: https://tftc.io/








19 Million bitcoin in Circulation



Source: https://coinpayments.com/






The monetary properties of Bitcoin


bitcoin vs gold

bitcoin vs fiat

Bitcoin is a monetary good — a new form of money. As Bitcoin is a money, it must be compared to other monies to consider the comparative advantages of Bitcoin and from that consider further the probabilities of Bitcoin winning ground or not in the competition between monies.

Brief summarization of the monetary properties

Summarization of the monetary properties of Bitcoin compared to precious metals and fiat currencies

As the exhibit above showcases, Bitcoin offers many different distinct and compelling competitive advantages to the alternatives.

These include, but are not limited to:

1. Bitcoin is the first asset in the human history to provide any holder a very sure case of unseizability and censorship- and judgment-resistance for their funds.

Unseizability: With precious metals and fiat currencies, the custodianship is mostly in the hands of trusted custodians that is subject to any intervention by a government or authority.

Bitcoin, with self-custody being orders of magnitude easier than with precious metals and fiat currencies, and access to the corresponding private key of funds being the sole way to access and move funds, no one can seize your bitcoins.

Censorship- and judgment resistance: With precious metals and fiat currencies, the payment clearing for small value transactions can with not much hassle be somewhat censorship resistant if the involved parties are willing to transact in the physical units of precious metals and fiat currencies and to self-custody the funds going forward.

However, with non-small value transactions it is exceedingly inconvenient and costly for transactions of precious metals and fiat currencies to happen in the offline, with physical units and self-custody going forward, leaving the centralized intermediaries as the only option and these are subject to any intervention by a government or authority.

Bitcoin, with the payment clearing involving no centralized intermediaries but instead a decentralized and distributed setup requiring no AML/KYC, the result is that of a the payment clearing process being permissionless, allowing anyone with cryptographic access to funds to move them at their will.

2. Bitcoin provides an inherently apolitical global monetary unit. It is truly border-less, with no recognition of any jurisdictional rules and laws, allowing the jurisdiction of a counterpart in any transaction to be of no relevance.

◦ Fiat currencies are highly political and precious metals are less political than fiat currencies, but still much more political than Bitcoin.

◦ Bitcoin is truly border-less: any bitcoin funds can be accessed anywhere on the planet by having access to information that can even be stored inside a human brain and reliably retrieved at small effort — and, crucially, with no intermediary and no permission required the bitcoin funds can be moved to anywhere in the world with final settlement in the next block.

3. Bitcoin provides scarcity and salability through time characteristics vastly superior to any other monetary options, including fiat currencies and precious metals.

◦ The non-discretionary monetary policy of the bitcoin networking allowing for the asymptotic money supply* of 21 million BTC is built into the literal definition of the protocol. This is a drastic contrast to the arbitrary scarcity of fiat currencies governed by politics.

The scarcity of precious metals is much better than fiat currencies, but Bitcoin with the strictly fixed money supply outperforms any precious metal.

Bitcoin provides any holder a reassurance stronger than any other asset in the world that their ownership stake in the total quantity of Bitcoin on the market will never diluted.

One BTC of 21 million will always be one BTC of 21 million.

◦ Bitcoins are infinitely durable, impossible to counterfeit or dilute, can be stored at no cost and at no degradation.


* By inventing Bitcoin, Satoshi Nakamoto created the first example of a digital good (in this case, monetary good) that is impossible to reproduce ad infinitum, thereby creating the first instance of human history of digital scarcity.

Less talked about it, but perhaps more important, Satoshi Nakamoto with Bitcoin also created the first example of a good being absolute scarce.

Previously, any consideration of scarcity of a good was relative. Any physical good is never absolutely scarce, onlyrelatively scarce when compared to other goods — simply because any limit on a physical goods is a function of the time and human effort put towards producing the good.

Bitcoin, with the asymptotic monetary supply built into the protocol, is therefore the first example of absolute scarcity in a liquid commodity and good that cannot have its fixed quantity of supply increased.


People’s Money

Power to the People

The seed has been planted
Make it Thrive !!!

Choose

Veritas non Auctoritas …

Choose Wisely




Trilemma of International Finance

Trilemma of International Finance

The relative value of any two curren-
cies—the exchange rate—is determined
through their sale and purchase on the global foreign exchange market. If government policy interferes with this market by changing the relative supply or demand of currencies, the exchange rate is managed.

The trilemma of international finance, is a restriction on government policy that follows immediately from the interaction of exchange rates, monetary policy and international capital flows.


Trilemma of International Finance

The trilemma states that any country can have only two of the following:

  • (1) Unrestricted international capital markets.
  • (2) A managed exchange rate.
  • (3) An independent monetary policy.

If the government wants a managed exchange rate but does not want to interfere
with international capital flows, it must use
monetary policy to accommodate changes
in the demand for its currency in order to
stabilize the exchange rate.

In the extreme, this would take the form of a currency board arrangement, where the domestic currency is fully backed by a foreign currency (as in the case of Hong Kong).

In such a situation, monetary policy can no longer be used for domestic purposes (it is no longer independent).

If a country wishes to maintain control over monetary policy to reduce domestic unemployment or inflation, for example, it must limit trades of its currency in the international capital market (it no longer has free international capital markets).

A country that chooses to have both unrestricted inter-national capital flows and an independent monetary policy can no longer influence its exchange rate and, therefore, cannot have a managed exchange rate.



Pieters and Vivanco (2016), government
attempts to regulate the globally accessible
bitcoin markets are generally unsuccessful,
and, as shown in Pieters (2016), bitcoin exchange rates tend to reflect the
market, not official exchange rates.

Should the flows allowed by bitcoin become big enough, all countries will have, by default, unrestricted international capital markets.

Thus, with bitcoin, (1) unrestricted
international capital markets is chosen by
default.

Therefore, the only remaining policy choice is between (2) managed exchange rates or (3) independent monetary policy.

If the country chooses (1) and (2), it must use reactive monetary policy to achieve the managed exchange rate.

If the country chooses (1) and (3), it must have a floating exchange rate because it has no remaining tools with which to maintain a managed exchange rate.

Ali et al. (2014), the European Central
Bank (2015) and the Bank for International
Settlements (2015) all concur that cryptocur-
rencies may eventually undermine monetary policy.





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Bitcoin surges after accidentally released Treasury statement


Bitcoin surges after accidentally released Treasury statement



Prices of Bitcoin and other cryptocurrencies have soared following the apparent accidental release of a U.S. Treasury statement on Biden’s expected executive order on digital assets.

The premature statement by Treasury Secretary Yellen, which was dated March 9, has since been removed.

“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy.  This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. 

It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”

Quote from the now deleted statement

At the time of writing, Bitcoin is up nearly 8% in the last 24 hours.

Biden’s executive order aims to regulate the crypto market while also reaping the benefits of digital currencies.

So far, like most countries in the world, the US has tended to react to developments and has limited itself to pointing to a political-economic approach that is yet to be developed.


Statement by Secretary of the Treasury Janet L. Yellen on President Biden’s Executive Order on Digital Assets


March 9, 2022

WASHINGTON –  U.S. Secretary of the Treasury Janet L. Yellen released the following statement on President Biden’s executive order on digital assets. 

“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy.  This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.  It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.

Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. We’ll also convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place. And, because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.

This work will complement ongoing efforts by Treasury. Already, the Department has worked with the President’s Working Group on Financial Markets, the FDIC, and OCC to study one particular kind of digital asset – stablecoins– and to make recommendations. Under the executive order, Treasury and interagency partners will build upon the recently published National Risk Assessments, which identify key illicit financing risks associated with digital assets. 

As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts.  Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”


Sources:

https://forbes.com/

https://disclose.tv/

https://bloomberg.com/

https://web.archive.org/web/20220309014601/https://home.treasury.gov/news/press-releases/jy0643




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ASICs vs. SuperComputers

Asics
SuperComputers

ASICs vs Supercomputers


Assigning the most powerful supercomputer to mine bitcoin would be comparable to hiring a grandmaster chess player to move a pile of bricks by hand.

The job would get done eventually but the chess player is much better at thinking and playing chess than exerting energy to repetitively move bricks. 

Likewise, combining the computing power of the most powerful supercomputers in the world and using them to mine bitcoin would essentially be pointless when compared to the ASIC machines used today.

ASICs are designed to do one thing as quickly and efficiently as possible, whereas a supercomputer is designed to do complicated tasks or math problems.

Since Bitcoin mining is a lottery based on random trial and error rather than complex math, specialization (ASICs) beats general excellence (supercomputers) everytime.


End of Lesson !!!



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Welcome…

To the rabbit hole…



Why this crazyness with rabbits ?!? And their holes, you would ask ?!? Why is the rabbit hole so deep ?¿

And what does the rabbit hole has to do with that BitCorn thing  I keep hearing about all over the place ?¿

I like to start from the begining, as I think so I am 😋😂


Rabbit Hole is a play written by David Lindsay-Abaire. It was the recipient of the 2007 Pulitzer Prize for Drama. The play premiered on Broadway in 2006, and it has also been produced by regional theatres in cities such as Los Angeles, Philadelphia and Pittsburgh. The play had its Spanish language premiere in San Juan, Puerto Rico in Autumn of 2010.

The play deals with the ways family members survive a major loss, and includes comedy as well as tragedy. Cynthia Nixon won the 2006 Tony Award for Best Performance by a Leading Actress in a Play for her performance as Becca in the New York production, and the play was nominated for several other Tony awards.


Rabbit Hole


A situation, journey, or process that is particularly strange, problematic, difficult, complex, or chaotic, especially one that becomes increasingly so as it develops or unfolds.

An allusion to “Alice’s Adventures in Wonderland” by Lewis Carroll, it is used especially in the phrase “(go) down the rabbit hole.”

Overhauling the current tax legislation is a rabbit hole I don’t think this administration should go down at this point.I’ve stayed away from drugs and alcohol since coming to college. I have an addictive personality, so I decided to just avoid that rabbit hole altogether.


What does rabbit hole mean?

Used especially in the phrase going down the rabbit hole or falling down the rabbit hole, a rabbit hole is a metaphor for something that transports someone into a wonderfully (or troublingly) surreal state or situation.

On the internet, a rabbit hole frequently refers to an extremely engrossing and time-consuming topic.


Where does rabbit hole come from?


Alice falling down a hole with a jar in hand
Alice’s Adventures in WonderLand

Literally, a rabbit hole is what the animal digs for its home. The earliest written record of the phrase dates back to the 17th century. But the figurative rabbit hole begins with Lewis Carroll’s 1865 classic, Alice’s Adventures in Wonderland.

In its opening chapter, “Down the Rabbit-Hole,” Alice follows the White Rabbit into his burrow, which transports her to the strange, surreal, and nonsensical world of Wonderland.

Since then, Carroll’s rabbit hole has proved a popular and useful reference. The Oxford English Dictionary finds the first allusive rabbit hole in a 1938 edition of The Yale Law Journal: “It is the Rabbit-Hole down which we fell into the Law, and to him who has gone down it, no queer performance is strange.”

Over much of the 20th century, rabbit hole has been used to characterize bizarre and irrational experiences. It’s especially used to reference magical, challenging, and even dangerous places or positions, similar to Carroll’s topsy-turvy Wonderland.

Rabbit hole has many metaphorical applications—from frustrating red tape to the mind-bending complexity of science to hallucinations during altered states—all united by a common sense of passing into some labyrinthine, logic-defying realm that, once entered, is hard to get out of.

One can fall down the rabbit hole of government bureaucracy, healthcare, obtaining a green card, tax law, the political economy of modern Japan, puberty, college admissions, or quantum mechanics.

If you’re Neo in the hit film The Matrix, you can take the red pill—a pill that shows you the truth, as opposed to the blue pill, which keeps you in ignorance—and “see how deep the rabbit hole goes.”

In a related note, some people literally take pills and go down the rabbit hole of a psychedelic drug trip.

But as Kathryn Schulz observed for The New Yorker in 2015, rabbit hole has further evolved in the information age: “These days…when we say that we fell down the rabbit hole, we seldom mean that we wound up somewhere psychedelically strange. We mean that we got interested in something to the point of distraction—usually by accident, and usually to a degree that the subject in question might not seem to merit.”

Thanks to the abundance, variety, and instant access of content online, many fall down internet rabbit holes which are often spectacularly, and addictively, niche: scary stories, obscure conspiracy theories, or famous last meals, for instance.

Other rabbit holes tend to be opened up by specific services or social media, which serve users item after item, link after link: Wikipedia, Netflix, Amazon, Facebook, YouTube, and so forth.

These rabbit holes have become so common that people sometimes swap out rabbit for the name of the particular site, e.g. “I’ve fallen down an Instragram hole or “I’m falling down a wikihole.”


Who uses rabbit hole?


From formal documents to internet status updates, rabbit hole is a very popular and widespread expression. Unlike earlier iterations of the metaphor, internet rabbit holes convey less a sense of weirdness, disorientation, or difficulty than they do of an intensely captivating diversion.

Rabbit hole is also showing increasing use as a modifier, e.g. a rabbit-hole question or phenomenon.


Now… that we have a basic and broader understanding about this Hole and it’s rabbit that digged it 😋😂

Let me show you a journey that I took to get to know, understand, admire, be amazed and support the BitCorn everybody is so crazy about …


Bitcoin Glossary


Block

Blocks are found in the Bitcoin blockchain. Blocks connect all transactions together. Transactions are combined into single blocks and are verified every ten minutes through mining. Each subsequent block strengthens the verification of the previous blocks, making it impossible to double spend bitcoin transactions (see double spend below).

BIP

Bitcoin Improvement Proposal or BIP, is a technical design document providing information to the bitcoin community, or describing a new feature for bitcoin or its processes or environment which affect the Bitcoin protocol. New features, suggestions, and design changes to the protocol should be submitted as a BIP. The BIP author is responsible for building consensus within the community and documenting dissenting opinions.

Blockchain

The Bitcoin blockchain is a public record of all Bitcoin transactions. You might also hear the term used as a “public ledger.” The blockchain shows every single record of bitcoin transactions in order, dating back to the very first one. The entire blockchain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the blockchain online.

Block Height

The block height is just the number of blocks connected together in the block chain. Height 0 for example refers to the very first block, called the “genesis block.”

Block Reward

When a block is successfully mined on the bitcoin network, there is a block reward that helps incentivize miners to secure the network. The block reward is part of a “coinbase” transaction which may also include transaction fees. The block rewards halves roughly every four years; see also “halving.”

Change

Let’s say you are spending $1.90 in your local supermarket, and you give the cashier $2.00. You will get back .10 cents in change. The same logic applies to bitcoin transactions. Bitcoin transactions are made up of inputs and outputs. When you send bitcoins, you can only send them in a whole “output.” The change is then sent back to the sender.

Cold Storage

The term cold storage is a general term for different ways of securing your bitcoins offline (disconnected from the internet). This would be the opposite of a hot wallet or hosted wallet, which is connected to the web for day-to-day transactions. The purpose of using cold storage is to minimize the chances of your bitcoins being stolen from a malicious hacker and is commonly used for larger sums of bitcoins.

Confirmation

A confirmation means that the bitcoin transaction has been verified by the network, through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks.

Cryptography

Cryptography is used in multiple places to provide security for the Bitcoin network. Cryptography, which is essentially mathematical and computer science algorithms used to encrypt and decrypt information, is used in bitcoin addresses, hash functions, and the blockchain.

Decentralized

Having a decentralized bitcoin network is a critical aspect. The network is “decentralized,” meaning that it’s void of a centralized company or entity that governs the network. Bitcoin is a peer-to-peer protocol, where all users within the network work and communicate directly with each other, instead of having their funds handled by a middleman, such as a bank or credit card company.

Difficulty

Difficulty is directly related to Bitcoin mining (see mining below), and how hard it is to verify blocks in the Bitcoin network. Bitcoin adjusts the mining difficulty of verifying blocks every 2016 blocks. Difficulty is automatically adjusted to keep block verification times at ten minutes.

Double Spend

If someone tries to send a bitcoin transaction to two different recipients at the same time, this is double spending. Once a bitcoin transaction is confirmed, it makes it nearly impossible to double spend it. The more confirmations that a transaction has, the harder it is to double spend the bitcoins.

Full Node

A full node is when you download the entire blockchain using a bitcoin client, and you relay, validate, and secure the data within the blockchain. The data is bitcoin transactions and blocks, which is validated across the entire network of users.

Halving

Bitcoins have a finite supply, which makes them scarce. The total amount that will ever be issued is 21 million. The number of bitcoins generated per block is decreased 50% every four years. This is called “halving.” The final halving will take place in the year 2140.

Hash Rate

The hash rate is how the Bitcoin mining network processing power is measured. In order for miners to confirm transactions and secure the blockchain, the hardware they use must perform intensive computational operations which is output in hashes per second.

Hash (txid)

A transaction hash (sometimes referred to as a transaction ID or txid) is a unique identifier that can be used on any block explorer to look up all of the public details of a particular transaction. Every on-chain transaction has a unique hash made up of a long string of alphanumeric characters.

Mining

Bitcoin mining is the process of using computer hardware to do mathematical calculations for the Bitcoin network in order to confirm transactions. Miners collect transaction fees for the transactions they confirm and are awarded bitcoins for each block they verify.

Pool

As part of bitcoin mining, mining “pools” are a network of miners that work together to mine a block, then split the block reward among the pool miners. Mining pools are a good way for miners to combine their resources to increase the probability of mining a block, and also contribute to the overall health and decentralization of the bitcoin network.

Private Key

A private key is a string of data that shows you have access to bitcoins in a specific wallet. Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.

Proof of Work

Proof of work refers to the hash of a block header (blocks of bitcoin transactions). A block is considered valid only if its hash is lower than the current target. Each block refers to a previous block adding to previous proofs of work, which forms a chain of blocks, known as a blockchain. Once a chain is formed, it confirms all previous Bitcoin transactions and secures the network.

Public Address

A public bitcoin address is cryptographic hash of a public key. A public address typically starts with the number “1.” Think of a public address like an email address. It can be published anywhere and bitcoins can be sent to it, just like an email can be sent to an email address.

RBF

RBF stands for Replace By Fee, and refers to a method that allows a sender to replace a “stuck” or unconfirmed transaction with a new one that uses a higher fee. This is done to make sure a transaction confirms as quickly as possible. The “replacement” transaction uses the same inputs as the original one. This is not considered a double spend, as the receiving address(es) typically remain the same.

Satoshi Nakamoto

Bitcoin’s existence began with an academic paper written in 2008 by a developer under the name of Satoshi Nakamoto. Satoshi is the name used as the original inventor of Bitcoin.

Transaction

A transaction is when data is sent to and from one bitcoin address to another. Just like financial transactions where you send money from one person to another, in bitcoin you do the same thing by sending data (bitcoins) to each other. Bitcoins have value because it’s based on the properties of mathematics, rather than relying on physical properties (like gold and silver) or trust in central authorities, like fiat currencies. 

Wallet

Just like with paper dollars you hold in your physical wallet, a bitcoin wallet is a digital wallet where you can store, send, and receive bitcoins securely. There are many varieties of wallets available, whether you’re looking for a web or mobile solution. Ideally, a bitcoin wallet will give you access to your public and private keys. This means that only you have rightful access to spend these bitcoins, whenever you choose to.


Sources:

https://dictionary.com/

https://wikipedia.com/

https://blockchain.com/

Digital Art by Free Spirit

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Bitcoin Mining – Where the Profitable Future Lies



The Times – January 3, 2009

Bitcoin Genesis Block
Mined 03 January 2009

Cypherpunks Write Code

CODE IS LAW
THE SOONER HUMANKIND ACCEPTS IT,
THE SOONER IT CAN BUILD AROUND IT

Yeah.. I wonder Why 😂


Bitcoin made easy

How a Bitcoin transaction works

A humble Miner


How Bitcoin Mining Works

Mining Difficulty

Bitcoin Halving

Bitcoin Previous Halvings

Pools

Bitcoin Wallets

Bitcoin Stakeholders

Bitcoin Facts

Power to the People

Totalitarian Governments can kiss my 256-bit key

Bitcoin – People’s Money

Bitcoin cannot be Shut Down


The power of the long tail…



Central Bank’s 3 Strategies

F**k them, Enough !!!



Upcoming Smart Contracts Networks

Bitcoin Yearly Candles

Bitcoin Price History – Log Scale

Bitcoin Mining Ecosystem Map

Defi Ecosystem in Ethereum

DeFi Stack: Product& Application View

Syscoin Ecosystem


Syscoin

BSC Ecosystem

Popular Cryptocurrency

Crpto Ecosystem

Public Companies that own Bitcoin

Top Banks investing in Crypto

Bitcoin Inflation vs. Time

When you’re Ready…



Choose Wisely

Make bitcoin thrive, let fiat become humus…



Veritas non Auctoritas
Facit Legem

Most people misunderstand what bitcoin miners actually do, and as a result they don’t fully grasp the level of security provided by bitcoin’s hashrate.

In this article, we’ll explain proof of work in a non-technical way so that you’ll be able to counter the misinformation about supercomputers and quantum computers attacking the Bitcoin network in the future. 

Simply put, mining is a lottery to create new blocks in the Bitcoin blockchain. There are two main purposes for mining:

  1. To permanently add transactions to the blockchain without the permission of any entity.
  2. To fairly distribute the 21 million bitcoin supply by rewarding new coins to miners who spend real world resources (i.e. electricity) to secure the network.

To understand what is actually happening in this lottery system, let’s look at a simple analogy where every Bitcoin hash is equivalent to a dice roll.


Luck, Gambling, and SHA-256


Imagine that miners in the Bitcoin Network are all individuals gambling at a casino. In this example, each of these gamblers have a 1000 sided dice. They roll their die as quickly as possible, trying to get a number less than 10. Statistically, this may take a very long time, but as more gamblers join the game, the time it takes to hit a number less than 10 gets reduced. In short, more gamblers equals quicker rounds.

Once somebody successfully rolls a number less than 10, all gamblers at the table can look down and verify the number. This lucky gambler takes the prize money and the next round begins.

Ultimately, the process of mining bitcoin is very similar. All miners on the network are using Application Specific Integrated Circuits (ASICs), which are specialized computers designed to compute hashes as quickly as possible.

To “compute a hash” simply means plugging any random input into a mathematical function and producing an output.

More hashes per second (i.e. higher hashrate) is equivalent to more dice rolls per second, and thus a greater probability of success.

Miners propose a potential Bitcoin block of transactions, and use this for an input. The block is plugged into the SHA256 hash function which yields a fixed-sized output, known as a hash. A single hash can be computed in less than a millisecond, as it involves no complex math.

If the hash value is lower than the Bitcoin Network difficulty, then the miner who proposed the block wins. If not, then the miner continues trying by computing more hashes.

The successful miner’s block is then added to the blockchain, the miner is rewarded with newly issued bitcoin for their work, and the “next round” begins.


Sources :

https://wikipedia.com/

https://braiins.com/

https://blockdata.com/

https://coin98analytics.com/

https://scoopwhoop.com/

https://stakingrewards.com/

https://syscoin.org/

https://galaxydigitalresearch.com/

https://surveycrest.com/

The Times

The Economist

"Internet of Money" - Andreas Antonopoulus

Hal Finney Quotes

Timothy C. May Quote

Free Spirit Digital Art

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Bitcoin (BTC) :

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


LiteCoin(LTC) :

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Ethereum(ETH) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


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