Bitcoin is a digital financial system and a cryptocurrency. It is the first decentralized digital currency to be used for peer-to – peer applications to allow instant payments, since the network operates without a central bank or a single administrator. Satoshi Nakamoto developed the original Bitcoin code under open source license from MIT. On Oct. 31, 2008, Nakamoto outlined the idea behind Bitcoin in his white paper which described scientifically how the cryptocurrency would work. On the 3rd of January 2019, the Bitcoin network was launched, marking the start of the blockchain movement.
Bitcoin’s technological framework consists of the following three main services (1) The Blockchain Platform (2) Bitcoin Protocol & Client Application Layer (3) Bitcoin Currency Layer. Bitcoin is a computer array or node all running Bitcoin’s code and held in the blockchain. Bitcoin relies on the underlying network which designs the framework. The blockchain is the application vertebrae and the adhesives fixed together by the network. It’s just a big, circulated public report. It tracks all transactions that have ever been carried out in the network and all transactions are stamped and verified by network miners. This signature is calculated with the SHA-256 algorithm and cannot be reversed. The Bitcoin protocol has two main functions. APIs that provide access to the underlying blockchain platform. Algorithms that push and monitor miners across the network. The Bitcoin API layer exposes programmatic interfaces & APIs, mainly Bitcoin wallet, the blockchain network, and Bitcoin transaction services to all of the various interactions with BTC systems. Bitcoin’s Client Layer consists of desktop programs for end users that can be installed or easily installed on a complete server or device or via the Web browser. The client makes it easier to create security mechanisms as private keys and offers Wallet functionality to allow currency transactions to be transmitted with a private key from the client.
Last Past Events:
|12 May 2020||Block Reward Halving|
|11 May 2020||Block Reward Halving|
|09 May 2020||Magical Crypto Conference|
|25 April 2020||The Bitcoin Reformation|
|30 March 2020||CME Futures BTCH20|
|09 May 2024||Block Reward Halving|
Here are 5 fun facts about Bitcoin:
• In 2010 Bitcoin first purchased two pizzas for the 10,000 Bitcoins from a man called Laszlo Hanyectz – a total sum worth nearly $63 million today. The sum was then worth just around US$ 40. At the time.
• There are limited Bitcoin numbers. Bitcoins has a mining cap of 21 million. Eighty percent were already mined by January 2018.
• Back in 2016, Genesis Mining sent Bitcoin to space using a wallet, a meteorological ball and a 3D model of Bitcoin.
• Only 1000 people own 40 percent of the total number of Bitcoins on the route.
• Using blockchain technology is expected to save $8 billion to $12 billion from the top 10 investment banks.