What is Bitcoin? (10 Steps)

in bitcoin •  2 years ago  (edited)

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Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

  1. Bitcoin was created in 2009 by an unknown person using the pseudonym Satoshi Nakamoto.
  2. It is based on a technology called blockchain, which is a decentralized, digital ledger that records all bitcoin transactions.
  3. Transactions are verified by network nodes through cryptography and recorded in a public, decentralized ledger called a blockchain.
  4. Bitcoin can be exchanged for other currencies, products, and services.
  5. As of January 2021, the total value of all bitcoins in circulation was over $800 billion.
  6. Bitcoin mining, which is the process of adding new transactions to the blockchain, is done by powerful computers that solve complex mathematical equations.
  7. The reward for mining bitcoins is a newly created bitcoin and the transaction fees associated with that block.
  8. Bitcoin is not backed by any government or central authority, it relies on a decentralized network of users to ensure its integrity and stability.
  9. Bitcoin is known for its volatility and its value can fluctuate greatly in short periods of time.
  10. Investing in bitcoin is highly speculative and carries a high degree of risk, it is important to do your own research before investing in any cryptocurrency.

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After doing lots of research and speaking to many other developers on this network, it's become clear that they use these false policing services to demote other projects in order to promote their own paid upvote scams and vote-abuse systems where they demote anything thats not designed to upvote their friends.
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