What is Bitcoin and the Crypto Blockchain?

shredtoken (41)in #bitcoin • 7 years ago (edited)

This video was designed to help you better understand bitcoin, which is the name of a computer program - enabling decentralized peer-to-peer digital cash transactions - hosted publicly online, that was developed with blockchain and cryptographic technology - insuring the utmost security.

Cryptocurrency rose to fame in 2017 and this new year brings with it over 1,300 additional digital assets that were developed on this highly disruptive cryptographic blockchain protocol since bitcoins original in early 2009.

In late 2008, Satoshi Nakamoto the anonymous, yes anonymous , software developer released the projects synopsis, more commonly know as a white paper to the online community. Some have spectacled that Satoshi may be big government, Vitalik the brain-child of Etheruem, Litecoin’s creator Charlie Lee or even this guy..

In the span of just 8 years, the price of 1 bitcoin has gone from virtually worthless to roughly $20,000.

Shortly after the launch of bitcoin, early 2009 brought the first attention grabbing corporatized real world use case transaction. 10,000BTC for some some pizza! That’s around 200 million today.. and this is just getting warmed up.

From 2009 to 2015 the market capitalization value rose to 10B, bitcoin holding 90% of that.

Other digital assets where released along the way like Litecoin in 2014 and Ehtereum in 2015 - perpetuating the industries rapacious growth.

In the year of 2016 alone the market capitalization doubled, to 20 billion, and in just the first three months of 2017 it doubled again to 40 billion and by that crypto hot summer had doubled once again to 80 billion.

Alternative coins had come to the show, snatching nearly half of the market caps value and dropping bitcoins dominance into the lower 40 percentile.

This volatile pattern persists which has ebbed and flowed hitting the calculated 160 and 320 marks along the way - to 2017’s jaw dropping all time high of 640B dollars, where it paused and had taken another healthy breath.

Forecasts foresee a trillion dollar Market beneath the horizon.

It's important to note the hundreds of other alternative assets because if were not for bitcoin, they would not exist.

Bitcoin acts as the intermediary currency for this new economy.

Although bitcoin has give life to these other projects, they are not necessarily its competitors.

Andrea Annapolis (Twitter link) said it best referring to the two largest blockchains, Bitcoin and Ethereum. One is the shark, the other the lion..

They are both apex predators thriving in different environments. An equal fight between the two is impossible, as the victor would be determined solely on whether the arena was filled with water or not...

Bitcoin is currently the oldest and most well known blockchain, effectively placing itself as the reversed currency that all alternative assets including Ethereum exchange through.

Who will hold the future's throne is hard to say as this ever changing space continues to swiftly expand...

With the current economic status quo under heavy pressure ($20.6 Trillion DEBT) we’ve seen the internet spawn many intriguing alternatives that have been showing the beginning signs of adoption.

Bitcoin’s unique design limits the supply to 21 million, eliminating the possibility for inflation.

And get this...

These coins are distributed over a varying duration specific to the participating allocated computation power via a process called mining.

These miners are rewarded in bitcoin for their participation, effectively enabling them to trade their intangible assets throughout the world wide market place.