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CRYPTO REVIEW

Bitcoin

November 22, 2017 | 

REVIEW - BITCOIN

WHAT IS BITCOIN?

Bitcoin is a digital code which has a monetary value because of its limited supply. Where does the code come from? Dedicated computers that work all day long to generate the code. In technical terminology, the code is referred to as keys. Every key is divided into two components: public and private. Public component makes it traceable for everyone but you can’t own Bitcoin unless you’ve the private component as well. A transaction takes place when ownership of both public and private keys changes hands. There will come a time when we won’t be able to generate more keys. Limited supply is what makes Bitcoin valuable. During the last few months Bitcoin and other digital currencies have highly appreciated in value because the amount of code that’s in demand is abnormally higher than the amount of code we currently have and what we’re creating. The process of creating the code or keys is called mining.

BITCOIN FOUNDER

In last months of 2008, someone by the name of Satoshi Nakamoto submitted a whitepaper to a website dedicated for computer programming that elaborated how a true decentralized and unregulated digital currency can be made by sidestepping financial institutions and governments. Nobody knew who Satoshi Nakamoto was and while there are few who have claimed to be the very person, there’s no evidence to date to identify who Satoshi Nakamoto is. Many in the crypto world believe that it’s a pseudonym for a te...