Showing posts from March 27, 2022

Why did Satoshi come up with a concept of Bitcoin in the first place?

What kind of problems was he trying to solve? What has been the biggest factor for the global adoption of Bitcoin?  Satoshi's white paper offered the world a solution to a question that has been unanswerable by the traditional banking system we're using today, which is, "how do you transfer value between two people without a trusted intermediary in the middle?"  Satoshi asserted, "what is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other."  Bitcoin allows two people to trade value through a blockchain system in ways that are more efficient, more open, and more secure.  We will unpack that a little bit more. Meet me again in our next lesson, "How Bitcoin Works" So how does Bitcoin allow us to trade value without the help of a middle man? Bitcoin network is run by a technology called blockchain. It is defined as a decentralized, distributed and i

Why Bitcoin?"

Bitcoin is the world's first globally adopted cryptocurrency, However, it is fundamentally more than just a form of money but a collection of concepts and technologies that establish the basis of a digital currency ecosystem.  What do I mean by that? Well, that is where our journey of learning begins. The story behind the creation of Bitcoin is often told by mentioning the name Satoshi Nakamoto, a pseudonymous person who outlined the concept of Bitcoin in a white paper in 2008.  This is how the abstract of the white paper explains the whole concept in a sentence: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."  In other words, it is a system that allows us to store or transmit value without having a 3rd party being our middle man. Want to know more? Let's continue the journey in our next conversation, "Why Bitcoin?" #Bitcoin

Crypto Glossary

Beginner-friendly explanations for common terms used within the crypto ecosystem. This includes the blockchain, cryptography, investing and cultural memes. Filter Terms 51% Attack A specific method of attacking a blockchain, where a single group of miners control more than 50% of the network. This allows a centralized party to control the "truth", effectively destroying its integrity.   Accredited Investor Someone who has a net worth greater than $1,000,000 and meets certain additional income requirements. Qualifying individuals may file with the SEC to obtain this status. In the United States, only accredited investors may invest in hedge funds, venture capital funds, and other "advanced" forms of investing.   Airdrop An event in which a blockchain project gives away ​tokens or​ ​coins for free. A simple condition may need to be met, such as having a certain existing balance in your wallet or registering before a deadline. Teams may elect to do this to raise awaren