Bitcoin Whitepaper for Dummies - Programmer explains
Let's read the Bitcoin Whitepaper together. It's only 8 pages long and it's way easier than you think. Everyone in the cryptocurrency space should read and understand this holy writing. Amen.
https://bitcoin.org/bitcoin.pdf
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DISCLAIMER: This is NOT financial advice. This is just my opinions. I am not responsible for any investment decisions that you choose to make.
Ivan on Tech is all about cryptocurrencies and the technology behind Bitcoin, Ethereum, Litecoin, Ripple, IOTA. We also cover Bitcoin price, altcoin price, investing, analytics, different altcoins.
Ivan on Tech by Ivan Liljeqvist
Thank you for spending so much time educating us!
This is a well analysed post on Bitcoin @ivanli , I would like to get in touch with you about ETH smart contract and dev issues ...on steemit chat?
Hi Ivan!
Thanks a lot for posting this very informative video here on Steemit.
Now I have an amazing video I am able to share with everyone who is asking me about the vision and concept behind BTC. 👍
WOW thanks a lot for the upvotes! I really appreciate that.
The definition of a Bitcoin is a “chain of digital signatures” that can be passed from one person to another using an electronic signature (hash). During this process, the sender passing the Bitcoin onwards, electronically signs the pervious transactions of the Bitcoin and the public key of the recipient they are sending the Bicoin to.
An analogy to this is signing for a package that you have received and then writing a forwarding address on the package before sending it onwards. Passing the Bitcoin from one person to another is like playing a game of pass the parcel, except each time the parcel is passed, the history of the parcels locations is written on it. This history creates the Bitcoin “Blockchain” which is essentially a ledger/log of the Bitcoin(s) transaction history.
Unlike parcels in the real world, digital parcels can be sent to more than one recipient at the same time (imagine sending the same email to multiple people). This is problematic as it could lead to people “double spending” their digital currency.
Bitcoin overcomes this problem as time stamps are used to ensure that whenever a Bitcoin is passed on, a duplicate copy of that coin cannot be double spent (fraud). Each transaction is time stamped and processed by the Bitcoin system in order of their respective time stamp. Therefore, if a coin is sent to two recipients, the coins will have different time stamps and hence the second coin sent will be automatically rejected by the system.
The Bitcoin system processes every transaction and “publicly announces” whenever a transaction takes place. This ensures that the system, along with its users, moderate the chain of transactions (blockchain) to ensure fraudulent activity does not take place. Using this method of moderating transactions ensures that a 3rd party is not needed and the Bitcoin system is truly decentralised.
Further to this, the participants of the system (computers/nodes) must agree on a single transaction timeline. If participants use different time lines, the double spending problem will reoccur and/or multiple block chains will be created (Mayhem!).
To avoid this, the majority of computers (nodes) in the network agree upon a singular timeline and process transactions relative to this time.
I don't believe Google knows who Satoshi is. Someone like SN probably only uses Tails and Tor web browser with VPN's and modifies their writing style to evade stylistic composition analysis. If Google knew who it was, then that would suggest SN was a state actor. I doubt this personally.
Welcome back bro...after a long time... @ivanli..
I love to watching your analysis and explanation about different about crypto . specially BTC.. Now i am watching your current update .
Missed you @ivanli
Watching your video now!
Keep STEEM N ON,
Frank
bitcoin is very powerfull....its have the power to change our life
Nice job Ivan. Looking forward to Friday's interview.
This is such a scrap goat policy @ivanli.
Scrap goats are a real issue.