BlockchainBusiness

Great News for Crypto World: New High Bitcoin $34778 Trading at All-Time High

2021 seems to be the most prominent start when it comes to #bitcoin and #cryptocurrency as a whole.

Today on 01/03/2021 BTC make a new record as high as of $34778 per BTC.

History of Bitcoin

Source : https://en.wikipedia.org/wiki/History_of_bitcoin

Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities.[1] It was invented and implemented by the presumed pseudonymous Satoshi Nakamoto, who integrated many existing ideas from the cypherpunk community.

Over the course of bitcoin’s history, it has undergone rapid growth to become a significant currency both on- and offline. From the mid-2010s, some businesses began accepting bitcoin in addition to traditional currencies.[2]

The domain name “bitcoin.org” was registered on 18 August 2008.[21] On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System[4] was posted to a cryptography mailing list.[22] 

Nakamoto implemented the bitcoin software as open-source code and released it in January 2009.[23][24][16] Nakamoto’s identity remains unknown.[15]

On 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the genesis block.[25][26] Embedded in the coinbase of this block was the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.[16] 

This note references a headline published by The Times and has been interpreted as both a timestamp and a comment on the instability caused by fractional-reserve banking.[27]:18

Valuation As on Today

Total BTC as on Today valued over $588 Billion

Limited Supply of BTC

The Supply of Bitcoin Is Limited to 21 Million. In fact, there are only 21 million bitcoins that can be mined in total.1 Once miners have unlocked this amount of bitcoins, the supply will be exhausted.

BLOCKCHAIN : For broader coverage of this topic, see Blockchain.

The bitcoin blockchain is a public ledger that records bitcoin transactions.[97] It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block[d] of the chain.

network of communicating nodes running bitcoin software maintains the blockchain.[36]:215–219 Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications.

Transactions (See also: Bitcoin network)

Transactions are defined using a Forth-like scripting language.[7]:ch. 5 Transactions consist of one or more inputs and one or more outputs. When a user sends bitcoins, the user designates each address and the amount of bitcoin being sent to that address in an output.

To prevent double spending, each input must refer to a previous unspent output in the blockchain.[99] The use of multiple inputs corresponds to the use of multiple coins in a cash transaction.

Since transactions can have multiple outputs, users can send bitcoins to multiple recipients in one transaction. As in a cash transaction, the sum of inputs (coins used to pay) can exceed the intended sum of payments. In such a case, an additional output is used, returning the change back to the payer.[99] 

Any input satoshis not accounted for in the transaction outputs become the transaction fee.[99]

Decentralization

Bitcoin is decentralized:[8]

  • Bitcoin does not have a central authority.[8]
  • There is no central server; the bitcoin network is peer-to-peer.[16]
  • There is no central storage; the bitcoin ledger is distributed.[136]
  • The ledger is public; anybody can store it on their computer.[7]: ch. 1
  • There is no single administrator;[8] the ledger is maintained by a network of equally privileged miners.[7]: ch. 1
  • Anybody can become a miner.[7]: ch. 1
  • The additions to the ledger are maintained through competition. Until a new block is added to the ledger, it is not known which miner will create the block.[7]: ch. 1
  • The issuance of bitcoins is decentralized. They are issued as a reward for the creation of a new block.[111]
  • Anybody can create a new bitcoin address (a bitcoin counterpart of a bank account) without needing any approval.[7]: ch. 1
  • Anybody can send a transaction to the network without needing any approval; the network merely confirms that the transaction is legitimate.[137]:32

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Abhishek Shah

Journalist at TechMantle Technology Writer, Entrepreneurship, Business, IoT, Management

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