diff --git a/bitcoin.html b/bitcoin.html index ab477b2..06a24d9 100644 --- a/bitcoin.html +++ b/bitcoin.html @@ -55,4 +55,78 @@ permalink: /bitcoin.html -
Bitcoin
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What is bitcoin

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+ Bitcoin was the first decentralized digital currency based on + blockchain technology. It was created in 2008 by an anonymous + programmer known as Satoshi Nakamoto, who released the white paper in + a cryptography mailing list and later open sourced the software that + implements the protocol. +

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Some key terms

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+ Soft work
+ Change to the Bitcoin protocol that makes old blocks invalid which + were valid in the past. Bitcoin Segwit transactions feature was + implemented as a soft fork to the network. +

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+ Hard work
+ Change to the Bitcoin protocol that makes previously invalid blocks or + transactions valid. The BerkeleyDB bug activated an accidental hard + fork to the Bitcoin network in 2013. +

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+ How does Bitcoin work & where can I get a bitcoin wallet? +

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+ Bitcoin software runs on a number of distributed devices ranging from + smartphones as mobile wallets, PCs as desktop wallets, to ASICs for + mining. Transactions are relayed between nodes in a peer-to-peer + fashion. In a few seconds a given block will be propagated to all + other nodes on the network. While insuring that all nodes reach + consensus on which are the valid blocks. The process of supplying new + bitcoin to the system is done via the process of mining. The mining + software runs on specialized hardware and it tries to compute the hash + of assembled transactions and a number called the nonce. The software + targets a difficulty index automatically adjusted by the network. The + first miner to find the correct nonce wins the mining reward and can + relay the mined block to other peers on the network. +

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What are the features of Bitcoin?

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+ Store of Value
+ Bitcoin, unlike other cryptocurrencies is considered as a store of + value and could arguably become the next global reserve currency. +

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+ Gateway to the Digital Currency World
+ Bitcoin is considered as the gateway to the cryptocurrency world, + based on its status as the first successful digital currency + experiment. +

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+ Bitcoin Script Language
+ An assembly like language used to build complex types of transactions + and advanced contracts to an extent. Complex transactions like + Multi-Sig are possible because of advanced Bitcoin scripting. +

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