• White YouTube Icon
  • Facebook Clean
  • Twitter Clean

© 2019 by eth0reum | Newb Busters

eth0reum@gmail.com       We love DOGE !  DGCYZTKc9641iRxyoSBMuGKPtUyyZ8wqAb

 What Are Cryptos? 

Bitcoin: Beyond The Bubble - Full Documentary

 
  The video above is a little dated, but it's a great introduction to the ideas and technology behind Bitcoin and blockchain technology.  We think it is
important to understand the technologies and protocols involved in cryptocurrencies. You do not have to know how everything works.
But the more you do know, the better off you will be, and this is why we created this website.   
We are going to start with a brief introduction to Bitcoin, because it started this revolution simply by solving a problem that others
could not.  Before Bitcoin,  sending money on the internet required a trusted third party to prevent double spending of funds. This is known as the
“The Byzantine Generals' Problem”. Bitcoin created a trust-less and censorship resistant protocol that solved this problem using cryptography.  Bitcoin
was first introduced to the world as a peer to peer internet money in a white paper that  was sent to a cypherpunk mailing list by a member using the pseudonym Satoshi Nakamoto. The first block was mined on January 3rd, 2009. Shortly after releasing his work to the world, the mysterious author and
original developer transferred the GitHub and Bitcoin website to others and disappeared. Bitcoin continues to be developed by companies and individual 
volunteers, and the network continues to update and grow. While staying resilient to attacks. 
Bitcoin is not just a currency, it is a protocol similar to the protocols used in the internet . The transmission of data over the internet is made possible by sets of agreed upon rules that are known as protocols.  These protocols allow developers to build upon a decentralized network of connected nodes and computers to interact with anyone with an internet connection.  Bitcoin works much like the internet does, because at its core, its just a network of connected nodes that are running the same software. The software these nodes run is open source meaning anyone can review or use the source code. Anyone with an internet connection and a smart phone or computer can interact with the Bitcoin network. The decentralized nature of the Bitcoin network means that anyone can install the software to run a node to support the network and be able to verify their own transactions on the network. Control of the Bitcoin network is by consensus of its users and not a central authority like most fiat currencies.
 
The decentralized nature of the Bitcoin protocol allows it to be used in a way that creates possibilities for uses that are disruptive to current common
practices. Two of the most common and disruptive uses for Bitcoin are it's uncensored and border-less ability to transfer money quickly and its properties for
use as a store of value. These uses led to the creation of markets where Bitcoin began to trade based upon its perceived speculative value.  At the time of writing, there are almost 17.5 million of the around 21 million maximum number of Bitcoin in circulation. The rest are still to be rewarded to the miners
verifying transactions to be added to Bitcoin's immutable ledger over the next number of years. After all the coins are mined, transaction fees will help support
the network it is thought.
Another property of Bitcoin that has a wide range of possible uses, is it's immutable ledger of transactions known as the Bitcoin blockchain. Blockchain technology led to the creation of other protocols and cryptocurrencies that try to compete with (or improve upon) the Bitcoin protocol. These coins and tokens are known as altcoins because they are not Bitcoin. It is important to note that we are still in the early stages of development of Bitcoin and cryptocurrency. They are all still in the experimental and pre-adoption phases of their existence.
 
While there are many debates that can be had about the future of Bitcoin and other cryptocurrency, we believe Bitcoin will be around a long time and its future
keeps looking brighter and brighter, no mater what the current state of the market is. We like and will discuss other coins and tokens but feel Bitcoin is the safest investment with the most secure network and greatest chance to succeed in the long run, due to its decentralized nature. 
 
We encourage you to learn more about Bitcoin and other cryptocurrency, and will try to help you do so. 

Andreas Antonopoulos

Introduction to Bitcoin