Now, even if someone does not have the drawbacks of decades-long experience and mental models with a specific asset class, it is still very hard to understand Bitcoin.
Why? Because Bitcoin is the intersection of many, many different fields.
To truly understand Bitcoin, there is no other way than being a polymath.
Even if one has made it as far to (a) realize Bitcoin is something completely new and solely using existing heuristics and mental models will not work and (b) with Bitcoin, more than anything else, we do not know what we do not know — understanding still requires a very broad set of competences.
The correct approach to understand when one starts going down the Bitcoin rabbit hole is therefore to assume one knows nothing and any experience and insight one has from previous aspects of life brings very little to the table.
First principles thinking is required. We can, however, try to define a little deeper what Bitcoin is. Below is listed some different ways of wrapping one’s head around Bitcoin.
Not an exhaustive list.
A living organism
Bitcoin is Free and Open Source software. It is not a piece of IP owned by a centralized joint-stock company that needs to optimize for the bottom line of the next quarter and is incapable of cannibalizing itself. Since the Bitcoin whitepaper was released and the genesis block was mined, we have seen an explosion of experiments, ideas and creative geniuses get involved in Bitcoin and crypto as a whole. To think of Bitcoin as a living, technological organism that adjusts, develops and constantly changes to survive can be useful.
A religion.
Money, as many have learned and realized in recent decade, is just a social construction we are all part of. The value therefore comes from the amount of true believers.
Continuing this line of thinking, one could describe the religion as consisting of:
Prophet: Satoshi. No longer present. Impossible to ask questions.
Convictions: Decentralization.
Rituals: Running nodes. Mining. Hodling.
Holy scriptures: Bitcoin whitepaper. As with all holy scriptures, people interpret them in their own way.
Sacred objects: Genesis block, lowercase bitcoin
Sects: Different interpretations resulting in different factions/sects: small blockers, big blockers, etc.
An emerging economy
The consensus protocol can be thought of as the constitution
The society as the constituency (users on the demand-side; miners on the supply-side)
Core developers as the executive department who write the code and execute on the strategy, but amendments to the protocol (i.e., constitution) require approval from the constituency)
The native token is the internal currency
The investors underwrite the currency
Additionally, many one-liners and memes exist to describe Bitcoin. Not an exhaustive list.
Sound money
Digital gold
“An insurance policy against an Orwellian future”
“A tool for freeing humanity from oligarchs and tyrants, dressed up as a get-rich-quick scheme”
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• Individually, each of these technologies deserves all the attention they’re getting as enablers and disruptors
• But, taken together?
• Their transformative effect becomes multiplicative
• A future driven by machine connectivity, data exchange and commercial services:
IoT connects billions of machines and sensors generate unprecedented quantities of real-time data
AI enables the machines to act on data and trigger services
Blockchain functions are the transaction layer where data and service contracts are securely stored and payments for services are settled
How does blockchain support intelligent connected machines?
• Smart Contracts enable self-executing and self-enforcing contractual states
Custom financial instruments (tokens), records of ownership of an underlying physical asset (smart property), any
complex business logic that can be programmable
Can such applications be ideal for intelligent (AI) and connected (IoT) machines?
These machines are intelligent enough to negotiate contracts, but need a technology allowing them to securely sign and enforce them
• Digital currencies create new forms of money
Programmable and active
Will such money be ideal for intelligent (AI) and connected (IoT) machines?
These machines will need digital currency to pay for services assigned through the smart contracts
How will the three technologies work together?
IoT – Internet of Things
Sensors allow us to cost-effectively gather tremendous amounts of data.
Connectivity allows us to transmit/broadcast these data.
But, there is a missing element: intelligence to process these data.
AI – Artificial Intelligence
Intelligence at the very edges of the network (mini-brains).
Combine with IoT and you have the ability to recognize meaningful patterns buried in mountains of data in ways that would be impossible for most humans, or even non-AI algorithms, to do.
But, there is a missing element: a secure storage layer for data and a transaction layer for services
DLT (blockchain) – Distributed Ledger Technology
Decentralized governance, coupled with no single point of failure, disintermediation, unalterable and searchable records of events.
Digital currencies and tokenized custom financial instruments.
Combine with AI and IoT and you have a new world of autonomous systems interacting with each other, procuring services from each other and settling transactions.
The technology stack of the future
Technology Stack of the Future
Toward a world of machine commerce
A world of Machine Commerce
M2M will need SSI (self-sovereign identities) – for objects!
Human Identities types
Object identities can be SSI by default
Multi-source, multi-verifier
Digitally signed, verifiable credentials that can prove issuer, holder and status
Secure peer-to-peer connections (permanent or session-based)
Exchange full credentials, partial credentials or ZKPs derived from credentials
Next milestone: Decentralized Organizations (DOs)
DOs are good at:
Coordinating resources that do not know/trust each other (including hybrid
H/M)
Governing in a geography-agnostic, censorship-resistant manner
Enabling short-term or informal organizational structures (networks/communities)
Tracking and rewarding contribution
Challenges
Jurisdictional issues
Legislating new types of work for humans and work rules for machines
Governance modalities, including external supervision
Challenges
New/upgraded system architectures
• From legacy to blockchain/AI/IoT-native systems • Integration, interoperability, backward compatibility • ROI obvious ex post, difficult ex ante – Bootstrapping
Advanced analytics capabilities
• As devices at the edge become smarter, the smart contracts enabled by blockchain platforms will require more advanced data analytics capabilities and gateways to the physical world.
New Business Models
Disruptive innovation will dominate – but not without boom-and-bust cycles and big failures along the way.
Winners will NOT be the ones focusing on efficiency gains, but on disruptive models.
Key takeaways
• IoT, AI and DLT (blockchain) are foundational and exponentially growing technologies
When combined, they will create a new internet of connected, intelligent and commercially transacting machines
An era machine-to-machine (M2M) and human-to-machine (H2M) commerce is likely to emerge, with profound consequences on social and economic dynamics
New forms of corporations or organizational formats (code-only, autonomous) will emerge
• There are numerous challenges that must be overcome
IoT has outpaced the human internet, but is still a largely passive, insecure and privacy-vulnerable network
AI has made huge leaps, but still requires immense computational resources and is largely incompatible with edge computing
DLT is a new technology, largely untested at scale; both smart contracts and digital assets lack the regulatory clarity required for mass adoption
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Fear is SicknessGold is Money…Uni-VerseSuccessGenes that erase memoriesResearches can erase painful memories from the brainScientists deletes “Fearful” memories of RatsPokemon Go users give away all privacy rights“Broken People” = Raw MaterialRobert NoyceCompounding InterestSimple Interest & Compound InterestPBIS RewardsROI – Return On InvestmentPlay the role of a fool…Occult – Anatomy20 Fastest Growing + Declining JobsCauses and Effects of InflationThe History of LogisticsSSG 16.9 – Legal Identity for allScientists call for Protection from Non-Ionizing Electromagnetic Field ExposureProtest’s are Illegal and punished with Jail Time in a “Free” Society !!!?¿!!!Human Value ChainOpposition to the use of Blockchain Identity– Part 1Opposition to the use of Blockchain Identity– Part 2Human Capital Performance BondStrategies for Investing in Undervalued Human CapitalU.S Army TRADOC G-2Digitizing Government-to-Person (G2P) Payments
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The Times – January 3, 2009Bitcoin Genesis Block Mined 03 January 2009Cypherpunks Write CodeCODE IS LAW THE SOONER HUMANKIND ACCEPTS IT, THE SOONER IT CAN BUILD AROUND ITYeah.. I wonder Why 😂Bitcoin made easyHow a Bitcoin transaction worksA humble MinerHow Bitcoin Mining WorksMining DifficultyBitcoin HalvingBitcoin Previous HalvingsPoolsBitcoin WalletsBitcoin StakeholdersBitcoin FactsPower to the PeopleTotalitarian Governments can kiss my 256-bit keyBitcoin – People’s MoneyBitcoin cannot be Shut DownThe power of the long tail…Central Bank’s 3 StrategiesF**k them, Enough !!!Upcoming Smart Contracts NetworksBitcoin Yearly CandlesBitcoin Price History – Log ScaleBitcoin Mining Ecosystem MapDefi Ecosystem in EthereumDeFi Stack: Product& Application ViewSyscoin EcosystemSyscoinBSC EcosystemPopular CryptocurrencyCrpto EcosystemPublic Companies that own BitcoinTop Banks investing in CryptoBitcoin Inflation vs. TimeWhen you’re Ready…Choose WiselyMake 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:
To permanently add transactions to the blockchain without the permission of any entity.
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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Questions, opinions, critics and requests always welcomed and as time allows will be accomodated !!! 🤓 🙂 😉
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Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
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Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
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 … Continue reading Bitcoin is Freedom…→
” Popular crowdfunding platform GoFundMe blocked the fundraising efforts of the Canadian trucker convoy Friday, preventing its receipt of $10 million in donations, claiming the movement violated its terms of service.”
Down bellow you have a few sources for your choice !!!
It was the people’s choice to spend their hard earned cash for the people that march for F R E E D O M !!!
Here is your system you trust your hard earned money with !!!
Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
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Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
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 … Continue reading Bitcoin is Freedom…→
Cryptoassets being held, generally as longer-term plays; sometimes used self-deprecatingly for soft or losing positions one should close, but can’t for whatever reason. “Too bad none of my alt bags saw the moon that I did today. #cryptoeclipse”
Bitcoin Maximalists
The truest believers in bitcoin’s original mission and design, often paired with a disdain for altcoins.
Block
Blocks are found in the Bitcoin block chain. 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.
Black Swans
A black swan is an event or occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict.
Black swan events are typically random and unexpected.
The term was popularized by Nassim Nicholas Taleb, a finance professor, writer, and former Wall Street trader.
Block Chain
The Bitcoin block chain is a public record of all Bitcoin transactions. You might also hear the term used as a “public ledger”.
The block chain shows every single record of bitcoin transactions in order, dating back to the very first one.
The entire block chain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the block chain 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”.
BTFD | #BTFD
“Buy the Fucking Dip” Advice to other traders to pick up a coin that’s presumably hit its bottom.
“$GNT Golem making moves. Underpriced @ 7.5K If U are buying GNT under 10K still a good price 3 X LETS GO $ETH #CRYPTO #trading #BTFD”
Change
Let’s say you are spending $9.90 in your local supermarket, and you give the cashier $10.00. 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 cryptocurrency 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.
Cold Wallet and Hot Wallet
Cold storage is an offline wallet provided for storing cryptocurrency.
With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby, protecting the wallet from unauthorized access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to.
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.
Cryptocurrency
Cryptocurrency is the broad name for digital currencies that use blockchain technology to work on a peer-to-peer basis.
Cryptocurrencies don’t need a bank to carry out transactions between individuals.
The nature of the blockchain means that individuals can transact with each other, even if they don’t trust each other.
The cryptocurrency network keeps track of all the transactions and ensures that no one tries to renege on a transaction.
Cryptocurrency 2.0
Also known as a decentralized app,(Dapp) a cryptocurrency 2.0 project uses the blockchain for something other than simply creating and sending money.
They typically involve decentralized versions of online services that were previously operated by a trusted third party.
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 block chain.
Cypherpunk
1. A person with an interest in encryption and privacy, especially one who uses encrypted email.
2. Cypherpunk, a term that appeared in Eric Hughes’ “A Cypherpunk’s Manifesto” in 1993, combines the ideas of cyberpunk, the spirit of individualism in cyberspace, with the use of strong encryption ( ciphertext is encrypted text) to preserve privacy.
Cypherpunk advocates believe that the use of strong encryption algorithms will enable individuals to have safely private transactions.
They oppose any kind of government regulation of cryptography.
They admit the likelihood that criminals and terrorists will exploit the use of strong encryption systems, but accept the risk as the price to be paid for the individual’s right to privacy.
Dark Web
The part of the World Wide Web that is only accessible by means of special software, allowing users and website operators to remain anonymous or untraceable.
The Dark Web poses new and formidable challenges for law enforcement agencies around the world.
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.
Dogecoin
Dogecoin is an altcoin that first started as a joke in late 2013. Dogecoin, which features a Japanese fighting dog as its mascot, gained a broad international following and quickly grew to have a multi-million dollar market capitalization.
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.
DYOR | #DYOR
“Do Your Own Research.” The trader’s caveat that advice shouldn’t be taken at face value.
“$BCY has an appealing risk/reward here. Could take a few months to play out, however, and will require patience. #DYOR”
Exit Scam
Traditionally a term for darknet markets and vendors that, after building up a good reputation, accumulate bitcoins and disappear; exit scams are also feared by ICO participants who worry that, once they’ve raised hundreds of millions in hard-to-trace money, the developers will take the money and run.
Fiat
Government-issued money.
Full Node
A full node is when you download the entire block chain using a bitcoin client, and you relay, validate, and secure the data within the block chain.
The data is bitcoin transactions and blocks, which is validated across the entire network of users.
FOMO | #FOMO
“Fear of Missing Out.” When a coin starts to moon, dumb money rushes in. “$LGD on a TEAR right now!!! It has major highs right now! Some major #FOMO going on!!! Sell while it’s high. It WILL drop before fight!!!”
FUD
“Fear, Uncertainty, and Doubt.”
Another non-crypto term that describes attempts to scare weak-handed coin-holders into selling their positions, often with rumors of exit scams or hacks; the cheap, dumped coins are then picked up by the FUD-ers.
Fungibility
Fungibility is a good or asset’s interchangeability with other individual goods or assets of the same type.
Assets possessing this fungibility property simplify the exchange and trade processes, as interchangeability assumes everyone values all goods of that class the same.
HODL
HOLD ON FOR DEAR LIFE!
The intentionally misspelled word hodl has its roots in a December 2013 post on the Bitcoin Talk forum, “I AM HODLING”; when the author, GameKyuubi, couldn’t be bothered to fix his typo, the community instantly turned it into a verb: to hodl.
Along with other terms, hodl is an effective litmus test for sussing out newcomers, carpetbaggers, and tourists.
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 210,000 blocks,roughtly four years.
This is called “halving.”
The final halving will take place in the year 2140.
Hash
A cryptographic hash is a mathematical function that takes a file and produces a relative shortcode that can be used to identify that file.
A hash has a couple of key properties:
• It is unique.
Only a particular file can produce a particular hash, and two different files will never produce the same hash.
• It cannot be reversed.
You can’t work out what a file was by looking at its hash.
Hashing is used to prove that a set of data has not been tampered with.
It is what makes bitcoin mining possible.
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 block chain, the hardware they use must perform intensive computational operations which is output in hashes per second.
Then, try changing just a letter in the input text to see how the resulting hash varies significantly
Hard Fork
A hard fork is when a single cryptocurrency splits in two.
It occurs when a cryptocurrency’s existing code is changed, resulting in both an old and new version.
Meanwhile a soft fork is essentially the same thing, but the idea is that only one blockchain (and thus one coin) will remain valid as users adopt the update.
So both fork types create a split, but a hard fork is meant to create two blockchain/coins and a soft fork is meant to result in one.
Segwit was a soft fork, Bitcoin Cash, Bitcoin Gold, and Segwit2x are all hard forks.
Immutability
In object-oriented and functional programming, an immutable object (unchangeable object) is an object whose state cannot be modified after it is created.
This is in contrast to a mutable object (changeable object), which can be modified after it is created.
Lambo | #Lambo
A running joke among traders, you’re cryptorich when you can buy a Lamborghini; though absurd, it’s not unheard of — when Alexandre Cazes, the suspected founder of a major darknet marketplace, was found hanged in his Bangkok jail cell, Thai media reported that he owned four Lamborghinis.
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.
Moon | #Moon
A rapid price increase.
Peer-to-Peer
Typically, online applications are provided by a central party that organizes all the transactions.
Your bank runs its own computers, and all the customers log into the bank’s computer to handle their transactions.
If Bob wants to send money to Alice, he asks the bank to do it, and the bank controls everything.
In a peer-to-peer arrangement, technology cuts out the middleman, meaning that people deal directly with each other.
Bob would send the money directly to Alice, and there wouldn’t be any bank involved at all.
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 block chain.
Once a chain is formed, it confirms all previous Bitcoin transactions and secures the network.
Pump
A rapid price increase believed to be the result of market manipulation, a.k.a. pump and dump.
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.
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.
Rekt | #Rekt
Meaning “wrecked”.
“I never sell because of #FUD, and I never buy because of #FOMO.
That’s the easiest way to get #Rekt”
Sats
Satoshis, currently the smallest unit of a single bitcoin, useful for tracking coin prices. “At the rate $XRP’s moving, I wouldn’t be surprised if it hits 10K sats by the end of the day.”
Security Tokens
A security token (sometimes called an authentication token) is a small hardware device that the owner carries to authorize access to a network service.
The device may be in the form of a smart card or may be embedded in a commonly used object such as a key fob.
Shitcoins
Pejorative term for altcoins, especially low-cap coins, often affectionately used by shitcoin hodlers.
SEGWIT
SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions.
When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.
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.
Whale
Anyone who owns 5 percent of any given coin, often used as a boogeyman to explain unwanted price movements.
“Nice support $NEO. Clear whale manipulation.”
Blue Pill vs. Red PillChoose wiselyWhen You’re ready …
Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
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Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
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 … Continue reading Bitcoin is Freedom…→
On January 3rd, 2009 Satoshi Nakamoto published the Genesis Block with the first 50 Bitcoins on Sourceforge. He also left a message on the blockchain at the time, quoting the headline in the British newspaper Times:
On January 3, 2009, the minister was on the verge of bailing out the banks.
Nakamoto started writing the white paper in 2008 and published it in October of that year.
The concept of a decentralized, anonymous, trusted currency emerged after the 2008 financial crisis, which left responsibility for the banks.
Satoshi neither supports the modern banking system nor does he like partial reserve banks.
A partial reserve bank is a bank that takes deposits and issues loans or investments, but only has to reserve a fraction of its liabilities for deposits. Basically, the bank is using money that it doesn’t own.
Satoshi wants to get rid of banks and seedy middlemen whom he believes are corrupt and unreliable. As such, he created a more community-centric digital currency.
13 years later, Bitcoin is still going strong with a market cap of nearly $ 900 billion. It is currently held by billionaires, banks, celebrities, governments, and corporations. This is evidence of how far BTC has come in its brief existence.
The precarious banking situation and economic uncertainty are also in crisis again.
Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
Hy there to all of you out there, white, black, yellow and avatar 😋🤣 people around the WordPress world ! Hope you are all well and safe in these troubled times we live … Continue reading Need help for better content !!!→
Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
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 … Continue reading Bitcoin is Freedom…→
Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
Hy there to all of you out there, white, black, yellow and avatar 😋🤣 people around the WordPress world ! Hope you are all well and safe in these troubled times we live … Continue reading Need help for better content !!!→
Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
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 … Continue reading Bitcoin is Freedom…→
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