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- r/bitcoin
- Mining PAC launches ad for Ted Cruz as early voting begins in TexasCointelegraph.com News – 10 hours agoMore than 18 million registered voters in the Lone Star State will decide whether to replace Senator Ted Cruz with Representative Colin Allred starting in…
- Here’s what happened in crypto todayCointelegraph.com News – 11 hours agoNeed to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3…
- Bitcoin falls under $67K as stocks sell-off, but BTC derivatives are stableCointelegraph.com News – 11 hours agoBitcoin price saw a sharp sell-off today, but the BTC futures market is showing zero signs of fear. Bitcoin (BTC) price dipped to $67,000 on…
- Chainlink using AI, oracles to bring market-moving corporate data onchainCointelegraph.com News – 11 hours agoThe oracle protocol is partnering with financial infrastructure providers including Franklin Templeton and UBS. Chainlink has piloted an onchain database of corporate actions using artificial…
- Coinbase files FOIAs against US regulators probing banks’ crypto crackdownCointelegraph.com News – 12 hours agoThe exchange asked regulators to disclose documents relating to an ongoing crackdown on crypto companies among US banks. Coinbase has filed two Freedom of Information…
What is Bitcoin?
Bitcoin is the first decentralized cryptocoin ever built on top of a blockchain. It was created by an anonymous person or group of people with the nickname Satoshi Nakamoto in 2009 as an open source project.
To understand the Bitcoin blockchain we can imagine a book, where each page number contains a signature that can validate the content of that page and its previous one. This signature is computed by an algorithm known as SHA-256 and cannot be reversed. In other words we can calculate the A-256 signature from some content, but we can’t get content if we know its SHA-256 signature. Back to the example with the book: if we tear out a page from the book, we can easily understand that a page is missing. The same is with adding an inexistent page. All the pages are copied between members of the chain, and this is why the Bitcoin Blockchain is considered a distributed network.
Bitcoin is an open source project maintained by a developer team with over 580 active contributors. The code of the chain is available on Github. The main purpose of Bitcoin was decentralized but trusted, low fee money transactions between people and businesses around the world. Nowadays over 100.000 vendors accept Bitcoin for payments. And there are between 2.9 and 5.8 million unique users who actively use Bitcoin cryptocurrency wallets. The price of Bitcoin can be very volatile due to speculation and has changed in the past more than +/-20% during a single.