Sunday, February 11, 2018

Know the basics of bitcoin/ cryptos

Bitcoins value is on the rise though its going down now to about $8000 its capital cap is still in billions. Cryptos are sprouting in the web maybe its a thousand now . Cryptos or crypto currency is a replication of the bitcoin with their own name of the coin.  Bitcoin and Cryptos have their own blockchain. The original bitcoin has its own blockchain and we have to reminded that "bitcoin" as well as crypto's  has the following character if the coin had none of this then its not the original bitcoin

1. it is public not private,
2. it is decentralized not centralized,  
3. the keys for the bitcoin are with the owners and not on anyone,  no one should handle the keys
   except its owner
4. the bitcoin/ or crypto has no censure 
5. the bitcoin is decentralized digital currency
6. bitcoin can be transferred person to person 
7. bitcoin is not controlled, no one owns bitcoin protocol,  there is no bank - government- who regulates and controls bitcoin 
8. bitcoin solves double spend problems  through distributed network 
9. First bitcoin issued in 2009 by Satoshi Nakamoto 
10. . bitcoin is limited to 21 million bitcoins and that x amounts released every 10 minutes 
11. bitcoin is divisible to eight decimal places  0.00000001 ( US D- 0.01) 
12. Transactions with bitcoin could be anonymous but can be know through "blockchain" which is a public ledger 
13. easily buy and sell ( even into the other world or country, its worlwide 
14. No chargebacks ,   low or no transaction fees 

Bitcoin would be attacked by anyone who is contrary to the description above be it individual, groups, corporation, banks , organization and governments.   It could also be copied like the Crypto coins and be manipulated . To give us more of the history and the background on bitcoin let's watch  "Andreas Antonopolous" on bitcoin for beginners 

To distinguish "bitcoin" with other crypto currencies here is the video to watch 

Both " bitcoin" and other cryptos will play an important role in the future both are digital currencies but remember bitcoin started it all .  Stack now or invest in bitcoins or other cryptos  visit this link

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