What Is Bitcoin?

What Is Bitcoin?

#LoveAllServeOthers #Bitcoin #SatoshiConomy

Bitcoin is an invention by “Satoshi Nakamoto.” Satoshi invented “Blockchain Technology,” which is an internet protocol upon which Bitcoin resides, giving it its life on the internet. Bitcoin came live to the world via the internet on January 3, 2009.

Although this video is certainly not a complete and all-emcompassing expose on what Bitcoin is, SatoshiConomy discusses three of it’s primary features. Three of its many game-changing and history-making features are: 1) P2P electronic cash system, 2) Distributed Ledger Technology, and 3) Asset-Based Economics.

Besides these 3 features of P2P, DLT, and Asset-Based, Bitcoin is also permissionless, censorship-resistant, decentralized in its nature of controls due to it being open-source, instant, zero or low fee, secure and predictable as to its number of coins, amongst other features.

The last bitcoin will be mined @ 120 years from now in the year 2140. There will only ever be @ 21,000,000 bitcoins mined into existence, and as of today, there have been 17,657,662 created, about 84%. Bitcoins are “mined” at a rate of 12.5 bitcoins per new “block” mined, and blocks are mined about every 10 minutes. About 1800 bitcoins are created each day. The rate of mining will be cut in half (halving) according to Bitcoin’s design mechanism @ every four years. The next “halving” will occur on or about May 24, 2020.

Noteably, there have been millions of bitcoins “lost” due to carelessness, stealing or hacking. By far the most common cause of loss is believed to be carelessness by the owner of their bitcoins relating to the loss of “private keys.” The number of lost coins is believed to be between 4 and 6 million coins, which represents a staggering 22%-33%! This therefore translates to the eventual increase of value of all known bitcoins.

Listen to SatoshiConomy explain 3 benefits of Bitcoin as a “currency without a king.”

How Many Bitcoins Are There?

Satoshi’s Whitepaper

Bitcoin Wiki




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