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beautifulmusic19 · 1 month

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What is Bitcoin and Why is it Important:

What is Bitcoin, and why is everyone buzzing about it? Well, let's break it down in simpler terms and explore why it's such a big deal.

At its core, Bitcoin is like digital cash, but with a twist. It's not controlled by any government or bank. Instead, it's powered by a network of computers all around the world. This means no middlemen, no red tape—just direct transactions between users.

Now, here's where things get interesting: Bitcoin runs on something called blockchain technology. Picture a digital ledger that records every transaction ever made with Bitcoin. It's transparent, secure, and practically impossible to tamper with. This keeps everyone honest and ensures the system's integrity.

So, why does Bitcoin matter? Well, imagine having more control over your money. With Bitcoin, you can send and receive payments quickly and cheaply, without relying on banks or dealing with hefty fees. Plus, because there's a limited supply of Bitcoin (only 21 million will ever exist), it's not subject to inflation like traditional currencies. That means it could be a stable store of value in turbulent times.

But perhaps the most exciting thing about Bitcoin is its potential to include everyone in the global economy. Think about it: with just an internet connection, people from all walks of life can access financial services, even if they've been left out by traditional banks.

Of course, Bitcoin isn't without its challenges. Its value can be pretty volatile, and there are concerns about its environmental impact due to the energy-intensive process of "mining" new coins.

In the end, though, Bitcoin represents a new frontier in finance—one where power is decentralized, and opportunities are open to all. It's not just about money; it's about empowerment and freedom in the digital age. And whether you're a skeptic or a believer, one thing's for sure: Bitcoin is here to stay, and it's changing the way we think about money and the world.

#what is bitcoin #Bitcoin

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liberty1776 · 2 months

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What is Bitcoin? Bitcoin Explained Simply

#What is BITCOIN #Economics Money

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signode-blog · 3 months

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The Bitcoin Chronicles: From Whitepaper to Digital Gold

The story of Bitcoin is a fascinating journey that began with the release of a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” on October 31, 2008, by an unknown person or group of people using the pseudonym Satoshi Nakamoto. The whitepaper outlined a decentralized digital currency that would operate on a blockchain, a distributed ledger technology. The idea was to create a…

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#Bitcoin #Bitcoin History #Blockchain Technology #BTC #Crypto Adoption #Cryptocurrency Evolution #Decentralized Finance #Digital Currency #Digital Gold #Economic Revolution #Financial Innovation #pros and cons #Satoshi Nakamoto #what is bitcoin

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buzzonnet · 8 months

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#bitcoin #what is bitcoin

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sbinvestments · 8 months

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#What Is Bitcoin #Finance #Decentralized

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gdsupplies · 11 months

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Difference between Ethereum and Bitcoin

Ether or ETH works on the Ethereum network, and it is the second most popular cryptocurrency after bitcoin or BTC. Bitcoin is a kind of digital currency that works on a peer-to-peer system without any central authority. It was discovered by a person or group of persons namely Satoshi Nakamoto in the year 2008. Every transaction is stored in an immutable distributed ledger.

Ether and Bitcoin have many similarities between them. Both of them are digital currencies traded on the online exchanges. They are stored in various cryptocurrency wallets.

This blog describes Ethereum and Bitcoin and highlights the major differences between both currencies. We will also discuss various other things related to these cryptocurrencies in detail in this blog.

What is Ethereum?

Ethereum is a kind of blockchain-distributed platform. The network currency of this platform is Ether or ETH. The transactions are stored in an immutable distributed ledger. The features of the Ethereum platform are:

Ethereum is an open-ended decentralized platform with huge popularity around the globe.

It helps to build and deploy decentralized apps and smart contracts without fraud or interference or control of a third party.

Ethereum has its own programming language that works on a blockchain.

The native cryptographic token on the Ethereum platform is Ether or ETH. In the year 2014, Ethereum launched a presale that got a huge response.

Users have to create Ethereum accounts to send and receive transactions.

Ethereum is a flexible platform to build apps with the help of solidity scripting language.

This platform is highly scalable and can be used by different users according to their needs and budget.

Ethereum network was started in the year 2015 and soon became the most ambitious project in the crypto space to decentralize everything on the internet. There is no central authority that uses Paw to reduce fraudulent activities in the blockchain.

Decentralized apps developed on Ethereum allow Ether and other crypto assets in performing various tasks such as keeping collateral for loans or providing a loan to the borrowers to earn interest.

Also Read: How To Mine Ethereum

What is Bitcoin?

Bitcoin was invented in the year 2009 by Satoshi Nakamoto. It is a kind of cryptocurrency without any central authority. Bitcoins are not physical assets. Only a public ledger is maintained to record all the transactions. The special features of Bitcoin are:

Bitcoin is shown as BTC in the cryptocurrency language

Bitcoin is stored, created, and distributed using a decentralized system called Blockchain

You can either buy a whole of Bitcoin or a small fraction of it as per the budget.

The public ledger will record all the transactions of the Bitcoin and their copies are stored on servers around the globe.

Bitcoin allows you to manage currency without a bank, government, or financial institution.

Bitcoin blockchain is available to the public. It contains the history of every transaction conducted in the distribution of several nodes.

Also Read: What is Bitcoin? Everything You Need to Know

Key Difference between Ethereum and Bitcoin

Both Ethereum and Bitcoin might have some similarities but they are different from one another. Bitcoin is used as a digital asset like gold whereas Ether is used to power the Ethereum platform and its apps. Now, let us have a look at the major differences between the cryptocurrencies in detail:

1. Types of tokens issued

One can issue tokens on both platforms. In the case of the Bitcoin blockchain, the Omni layer platform is used for creating and trading currencies. Omni’s layer adoption works around stablecoins.

On the other hand, Ethereum tokens are issued with different standards. The most popular standard is ERC-20. This standard includes the list of rules for the tokens on the Ethereum network. It also mentions the different functions that developers must implement before launching the tokens. These functions contain details such as account balances and toke’s total supply.

2. Mechanism

Both Bitcoin and Ethereum platforms have different mechanisms. While Bitcoin works on Nakamoto consensus to confirm transactions and add new blocks to the blockchain. It works on a proof-of-work system.

Ethereum works on a proof-of-stake system to confirm transactions and add new blocks. The proof-of-stake system is better than the proof-of-work system and saves energy.

3. Time to add a new block

Bitcoin works on a proof-of-work system to add new blocks to the blockchain. Bitcoin Miners are required to find an SHA-256 hash that is equal to the target hash. Similarly, Ethereum miners must also find a hash that is equal to the target hash. The average time taken to search a block on Bitcoin is 10 minutes while it takes around 12 seconds in Ethereum to find a block.

4. Public wallet addresses

Bitcoin and Ethereum have different public wallet addresses. This wallet address acts as a unique identifier for receiving funds. It is similar to International Bank Account Number in certain financial institutions. This number helps to identify the bank and country from the account a client belongs. In the case of Bitcoin, public wallet addresses begin with a 1, bc 1, or a 3. On the other hand, the addresses start from “0x”.

5. Algorithms

Both these platforms include different algorithms and their hash rates cannot be compared. Generally, the hash rate of Ethereum is higher than Bitcoin. It means that Ethereum is safer than Bitcoin for investment option.

6. Market capitalization

Bitcoin was invented in the year 2009 whereas Ethereum came into existence in the year 2015. The market capitalization of Bitcoin is $100 billion currently whereas the market capitalization of Ethereum is more than $25 billion.

Final words

These are the major differences between Bitcoin and Ethereum platforms. Today, Bitcoin is more popular than Ethereum because of various benefits. It has more market capitalization than Ethereum and it is a reliable option for investment.

You can buy the best cryptocurrency mining hardware to start mining Bitcoin and earn huge profits.

Both these options are safe today to invest your money. You can ask an expert about both these options and how to invest safely to earn good profits every year.

#What is Ethereum #What is Bitcoin #cryptocurrency #Digital Coin #blockchain #mining hardware #Ethereum miners #Bitcoin Miners

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assilstore · 11 months

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#what is bitcoin #bitcoin explained #bitcoin for dummies #bitcoin explained for dummies #bitcoin explained by someone who doesnt get bitcoin #bitcoin explained simply for dummies #what is bitcoin and how does it work #bitcoin for beginners #bitcoin for beginners channel #bitcoin for beginners youtube #bitcoin for dummies youtube #bitcoin explained 2020 #bitcoin for beginners 2020 #bitcoin for dummies 2020 #bitcoin #cryptocurrency #bitcoin mining #bitcoin news

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housesofinvestors · 1 year

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What is Cryptocurrency and How It Works?

Introduction

What is Cryptocurrency? – Cryptocurrency is a digital currency which is free for everyone to use. Cryptocurrency has two types, the first is utility token and another one is security token. Utility tokens work as a medium of exchange and these provide access to a product or service. Security tokens work as an investment contract where the owner expects to earn a profit by selling the tokens at a higher price in the future. There are limited bitcoins that can be generated and this number is 21million only so you can say that there will be more demand for bitcoins and its value will also increase gradually over time due to inflation in paper currencies like Dollar, Pound etc..

Cryptocurrency is a digital currency which is free for everyone to use

Cryptocurrency is a digital currency which is free for everyone to use. It’s decentralized, meaning it doesn’t have any central authority and can be spent anywhere in the world without restrictions. For example, bitcoin can be used as a method of payment online or at your local shop without any issues.

Cryptocurrency uses cryptography to secure transactions and control the creation of new units (coins). Cryptocurrencies are not controlled by any government or bank; they are not issued by an entity but rather shared among users who contribute resources such as processing power through proof-of-work algorithms. This means that cryptocurrencies are created out of thin air during mining processes where miners compete against each other using computers’ processing power towards solving complex math problems which require more than just one computer but thousands of them working together simultaneously!

Cryptocurrencies like bitcoin have grown massively since their inception due to their ability for anonymity but also because they’re secure from fraudsters trying steal your money through hacking attempts etcetera…

Cryptocurrency has two types, the first is utility token and another one is security token

You may have heard of cryptocurrencies, but you know what exactly is it? Cryptocurrency is a digital asset that uses cryptography for security. It can be used to exchange value, store savings and make payments. Cryptocurrency has two types: utility tokens and security tokens.

Utility tokens are used as a medium of exchange in decentralized applications (DApps). They provide access to a product or service on the blockchain ecosystem. An example would be Theta Token which enables viewers to earn rewards while watching videos on YouTube using its smart contract technology.* Security tokens are assets used as investment contracts in traditional financial markets like stocks and bonds.* Utility tokens can be used to access products/services within an ecosystem whereas security tokens enable investors to trade them for profits or losses based on market conditions

Cryptocurrency has many types i.e. Bitcoin, Litecoin, Ripple, Ethereum, Tether etc.

There are many types of cryptocurrencies, each with its own characteristics and uses. The first cryptocurrency was invented in 2009 by Satoshi Nakamoto, and it named bitcoin.

Bitcoin is the most well-known cryptocurrency today because it’s the first cryptocurrency and has been around for a long time—since 2009! It has many benefits over other types of digital currencies like Litecoin (which came out in 2011) or Ethereum (which came out in 2015). For example, Bitcoin can be used anywhere you go online to buy goods or services; however this isn’t always true for Litecoin or Tether. The prices fluctuate depending on supply and demand for each type of coin so make sure you research before investing!

Utility tokens work as a medium of exchange and these provide access to a product or service

Utility tokens are used as a medium of exchange and these provide access to a product or service. They can be used to buy goods and services in the real world, but they’re not intended to be used as an investment.

The term “utility token” is often used to describe a cryptocurrency that has value because it can be exchanged for some type of product or service at a future date.

Security tokens work as an investment contract where the owner expects to earn a profit by selling the tokens at a higher price in the future

Security tokens are backed by real assets. They’re regulated by the government, which means that they can be trusted.

Security tokens are not available for everyone to buy and own, but they are more secure than utility tokens because they’re backed by real assets.

There are limited bitcoins that can be generated and this number is 21million only so you can say that there will be more demand for bitcoins and its value will also increase gradually over time due to inflation in paper currencies like Dollar, Pound etc.

Bitcoin is a digital currency, the first decentralized cryptocurrency and payment network.

Bitcoin is not controlled by any central authority and it does not rely on any single entity for its creation or operation. Instead, it uses peer-to-peer technology to operate with no central authority whatsoever: managing transactions and issuing money are carried out collectively by the network of users across the globe.

In 2009, Satoshi Nakamoto published bitcoin specification and proofs of concept under the pseudonym. Satoshi Nakamoto mined the first block of bitcoins ever (known as the genesis block) with a reward of 50 bitcoins, which created the bitcoin network.

Cryptocurrency is an alternative to traditional money and the best thing about cryptocurrency is that transactions are secure and you can’t easily hack it and steal the funds from your wallet but you have to be careful about your private keys otherwise you may lose your funds forever

Cryptocurrency is a digital currency which uses cryptography to secure the transactions and control the creation of new units. The first cryptocurrency to be created was Bitcoin in 2009, followed by many others such as Ethereum and Litecoin.

Cryptocurrency is free for everyone to use because it doesn’t require any registration or identification process like other financial services do, so anyone can start using it instantly without spending any money on buying an account or anything else. There are two types of cryptocurrencies: utility token and security token which will be discussed later on in this article

Cryptocurrency is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently from a central bank. The first cryptocurrency to be created was Bitcoin in 2009, followed by many others such as Ethereum and Litecoin.

Conclusion

Many experts think that cryptocurrencies could replace fiat money altogether because they’re faster and cheaper than traditional payment methods like wire transfers or checks; they also don’t require any third party verification since they are decentralized (meaning there’s no central authority that controls them). The main downside of using cryptocurrency instead of money issued by central banks is that its value fluctuates daily depending on supply-and-demand shifts related to demand for goods such as oil futures contracts which tend to fluctuate up-and-down each day while Bitcoin has been relatively stable over time due mainly because it has been around longer than most other altcoins!!

#TagsBitcoin #cryptocurrency #Etherium #How Does Cryptocurrency Work?#Understanding how cryptocurrnecy works #what is bitcoin #What is cryptocurrency and blockchain?#blogger #writers on tumblr

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mohitsankhla567 · 1 year

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todaynewsonline · 2 years

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BTC price clings to $20K as US stocks lose the equivalent of 4 Bitcoin market caps

Bitcoin (BTC) briefly lost $20,000 support overnight into Sep. 14 after hot United States inflation sent risk assets crashing lower. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Markets lose big in a bid to “fight the Fed” Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit lows of $19,870 on Bitstamp — its worst since Sep. 9. The move came amid a…

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jjbizconsult · 2 years

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coinbase experiencing major outage as crypto prices plummet,

#coinbase experiencing major outage as crypto prices plummet #did crypto crash #will crypto crash again #luna crypto crash #luna crypto #what caused crypto crash #crypto #luna terra #what is bitcoin

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bizkaffee · 2 years

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Is it the best time to buy cryptocurrencies?

When is the best time to buy buy Bitcoin and Criptocurrencies by Ubuntu Cafe Kristi Waterworth, in her article Best Time to buy Cryptocurrency, published in The Motley Fool, stablished that: “To make it short and sweet, the best time to buy a cryptocurrency is when you’re ready to buy a cryptocurrency. Using the dollar-cost averaging approach, you’ll be able to control the volatility of your own…

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#Bitcoin #BITCOIN Accepted #Bitcoin Online Store #crypto #Cryptocurrencies #cryptocurrency #Free Shipping #how to buy bitcoin #how to trade bitcoin #is bitcoin safe #Ubuntu Cafe #what are cryptocurrencies #what is bitcoin #what is crypto

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parameetarts · 2 years

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How can an architect contribute to the current state of BTC?

Look how I want to go along and contribute to the #bitcoin network!

With these small blogs, I would like to show my journey as to how I, as an architect, can contribute my part to the bitcoin network in a useful way.Then there is a question, how my skills in architecture and computational design can help with providing the best possible contribution to the network? Architects design and construct buildings in the real world and are bound to the spatial and…

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timesofocean · 2 years

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Bitcoin dives below $19K, crypto market loses $67B in 8 hours

New Post has been published on https://www.timesofocean.com/bitcoin-dives-below-19k-crypto-market-loses-67b-in-8-hours/

Bitcoin dives below $19K, crypto market loses $67B in 8 hours

New York (The Times Groupe)- Bitcoin fell below $19,000 on Saturday, its lowest level in 18 months, while the crypto market lost $67 billion in just eight hours. cryptocurrency

Bitcoin’s price fell to $18,742 at 0815GMT, its lowest level since December 2020, according to official figures. The world’s largest crypto by market size saw its price fall 9.7% from $20,752 at 0015GMT.

At 1047GMT, Bitcoin’s price climbed back up to $19,360, but the $20,000 mark is now considered a strong resistance level.

Ethereum, the world’s biggest altcoin by market value, saw its price fall to $975, from $1,096, during that time, before rising back above $1,000.

Cryptocurrency market value fell to $832 billion at 0825GMT, down $67 billion, or 7.4%, from $899 billion at 0035GMT.

At 1047GMT, the crypto market stood at $850 billion, a daily decline of 5.6%

As a result, the market is significantly down from the $3 trillion market cap recorded in November.

The recent sell-off is a result of aggressive rate hikes from central banks around the globe, which is fueling fears that monetary tightening may trigger a recession. bitcoin

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sanyu-thewitch05 · 10 months

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I certainly didn’t see this being on my 2023 bingo card.

Edit: Ya’ll this meme above isn’t accurate anymore since other messages from the group came out. I made this meme when the first initial message came out.

The meme down below is more correct as to what’s probably happening with Ao3. Also wanted to say that despite the name of group, the people behind it are probably Russians.

Edit: July 11th, So Ao3 is back! Though the donation link is being attacked now. There’s also a second account on Twitter trying to impersonate Ao3.

#a03 #fanfic #fanfiction #supernatural #ao3 #hackers #anonymous Sudan #lgbt #ao3 smut #the disgusting smuts were the hackers words #like so what?#you can’t handle our noncon dubcon omegaverse angst mpreg smuts #go read fifty shades of grey then. it’s not our fault you can’t handle us #also the fact they called it disgusting smuts implies that they had to have went to ao3 and read smut on there #Edit: they just released a statement saying they want 30k in US dollars in bitcoin for the ao3 servers #i reblogged that statement twice I believe #and to hold a non profit organization as a virtual hostage?#really #like they’d have better luck holding Wattpad for hostage

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brondusha · 2 years

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