Wednesday, 13 June 2018
Saturday, 9 June 2018
BITCOIN
WHAT IS MEAN BY BITCOIN?
| Bitcoin | |
|---|---|
Prevailing bitcoin logo
| |
| Denominations | |
| Plural | bitcoins |
| Symbol | ₿[a] |
| Ticker symbol | BTC, XBT[b] |
| Subunits | |
| 1⁄1000 | millibitcoin |
| 1⁄100000000 | satoshi[2] |
| Coins | Unspent outputs of transactions (in multiples of a satoshi)[3]:ch. 5 |
| Development | |
| Original author(s) | Satoshi Nakamoto |
| White paper | "Bitcoin: A Peer-to-Peer Electronic Cash System"[4] |
| Implementation(s) | Bitcoin Core |
| Initial release | 0.1.0 / 9 January 2009 |
| Latest release | 0.16.0 / 26 February 2018 |
| Website | bitcoin |
| Ledger | |
| Ledger start | 3 January 2009 |
| Timestamping scheme | Proof-of-work (partial hash inversion) |
| Hash function | SHA-256 |
| Issuance | Decentralized (block reward)[6][7] |
| Block reward | ₿12.5[c] |
| Block time | 10 minutes |
| Block explorer | blockchain |
| Circulating supply | ₿16,858,762 (as of 11 February 2018) |
| Supply limit | ₿21,000,000 [5] |
Bitcoin (₿) is a cryptocurrency and worldwide payment system.It is the first decentralized digital currency, as the system works without a central bank or single administrator.The system works as a peer-to-peer network, in which transactions take place between users directly, without an intermediary.These transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin
rice and volatility
The price of bitcoins has gone through cycles of appreciation and depreciation referred to by some as bubbles and busts. In 2011, the value of one bitcoin rapidly rose from about US$0.30 to US$32 before returning to US$2.In the latter half of 2012 and during the 2012–13 Cypriot financial crisis, the bitcoin price began to rise, reaching a high of US$266 on 10 April 2013, before crashing to around US$50.[140] On 29 November 2013, the cost of one bitcoin rose to a peak of US$1,242. In 2014, the price fell sharply, and as of April remained depressed at little more than half 2013 prices. As of August 2014 it was under US$600.
According to Mark T. Williams, as of 2014, bitcoin has volatility seven times greater than gold, eight times greater than the S&P 500, and 18 times greater than the US dollar. According to Forbes, for some uses volatility does not matter, such as online gambling, tipping, and international remittances.
An article in The Wall Street Journal, as of 19 April 2016, noted that bitcoin had been more stable than gold for the preceding 24 days, and suggested that its value might be more stable in the future.On 3 March 2017, the price of a bitcoin surpassed the market value of an ounce of gold for the first time anf its price surged to an all-time high of $1,268.A study in Electronic Commerce Research and Applications went back through the network's historical data and showed the value of the bitcoin network as measured by the price of bitcoins, to be roughly proportional to the square of the number of daily unique users participating on the network, i.e. that the network is "fairly well modeled by Metcalfe's law".
What is 'Bitcoin Mining'
Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.....
BREAKING DOWN 'Orphan Block (Cryptocurrency)'
A blockchain consists of a series of blocks, which act as data storage units to store details of
the various transactions occurring on the blockchain network. During the standard mining
process, miners attempt to generate new blocks. The first miner who is successful in finding
a new block is entitled to the block reward, and writes the first transaction for the same on
the new block he/she has found. As a part of the blockchain working, the newly found block
gets added as the new unit on the blockchain.
the various transactions occurring on the blockchain network. During the standard mining
process, miners attempt to generate new blocks. The first miner who is successful in finding
a new block is entitled to the block reward, and writes the first transaction for the same on
the new block he/she has found. As a part of the blockchain working, the newly found block
gets added as the new unit on the blockchain.
However, it is possible that two miners produce a block at a similar time. This situation occurs
because the acceptance of the blocks into the blockchain by the nodes of the blockchain
network does not happen instantaneously. This time lag in accepting a block may lead to
another miner solving for the same exact block. It leads to a temporary mix-up on the
blockchain network, as the nodes try to decide which block of the two newly identified blocks
to continue with.
because the acceptance of the blocks into the blockchain by the nodes of the blockchain
network does not happen instantaneously. This time lag in accepting a block may lead to
another miner solving for the same exact block. It leads to a temporary mix-up on the
blockchain network, as the nodes try to decide which block of the two newly identified blocks
to continue with.
In such a situation, the block with the larger share of proof of work (POW) gets accepted into
the blockchain. The other block, with smaller proof of work, is discarded from getting added
to the blockchain and is termed as an orphan block. Such blocks are essentially valid and
verified blocks, but due to network’s working mechanism and lag time leading to delayed
acceptance, one of the found blocks is rejected, or orphaned.
the blockchain. The other block, with smaller proof of work, is discarded from getting added
to the blockchain and is termed as an orphan block. Such blocks are essentially valid and
verified blocks, but due to network’s working mechanism and lag time leading to delayed
acceptance, one of the found blocks is rejected, or orphaned.
Another way an orphaned block is created is when a hacker with sufficient hashing
power attempts to reverse a few transactions that occurred earlier on the blockchain
network.
power attempts to reverse a few transactions that occurred earlier on the blockchain
network.
Orphan blocks are most commonly linked to the popular Bitcoin cryptocurrency network
. In case, if any valid transactions exist on an orphan block, they are added to the next
valid block accepted on the blockchain.
. In case, if any valid transactions exist on an orphan block, they are added to the next
valid block accepted on the blockchain.
Common block explorers, like Bitcoin Block Explorer, provide detailed information
Friday, 8 June 2018
EARN MONEY ONLINE FAST
Tuesday, 5 June 2018
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