What is Bitcoin? (BTC)
Ang Beginner's Guide
Bitcoin is an invention that, for the first time in history, enabled a group of software users to create and manage a digital money supply outside the control of any government or bank.
A revolutionary idea when introduced in 2009, Bitcoin continues to have implications that are just beginning to be understood and explored by technologists and economists today.
This means that, depending on who you ask, you might get different answers to questions like “What is Bitcoin? and “Why do bitcoins have value?”
To begin, it helps to think of Bitcoin as a software protocol like those you interact with everyday – think SMTP (which helps route your emails) and HTTP (which ensures the web content you request from your browser is delivered to you by servers).
As its essential building blocks, the Bitcoin protocol uses:
- Public-key cryptography – Wallet software assigns bitcoin owners both a public key (which is used by the protocol to prove you own bitcoin) and a private key (a kind of password that, if secured well, guarantees your bitcoins can only be accessed by you).
- Peer-to-peer networking – Nodes (computers running the software) review transactions to ensure the software’s rules are being followed. Miners (nodes using special computer chips) then compete for the right to batch these transactions into the blocks periodically added to the blockchain.
- A finite supply – According to the software rules, only 21 million bitcoins can be produced, a limit that gives bitcoins value.
The Bitcoin blockchain is a full record of the network’s history validated by individuals running the Bitcoin software (nodes). This ensures that unlike most digital data, which can be freely copied and modified, bitcoins cannot be.
Because bitcoins are scarce, divisible and transferable, bitcoins are used as money.
Who Created Bitcoin?
While Bitcoin can safely claim to have created the world’s first successful cryptocurrency, its technology is built on decades of ideas for how cryptography could help create digital money.
This includes such formative projects as:
B-money – A proposed anonymous, distributed digital cash system
Bit Gold – An attempt to create a type of scarce online commodity
eCash – The first major attempt to create anonymous online payments
HashCash – A proof-of-work system designed to prevent email spam
In 2006, “Satoshi Nakamoto,” a still pseudonymous person or group, began writing the code for a new digital cash system called “Bitcoin.”
This was then followed by the publication of a white paper explaining this proposed system in 2008, and the release of Bitcoin 0.1, the first version of the software, on January 9, 2009.
Nakamoto authored a trove of emails and forum posts offering his or her thoughts about the future of Bitcoin prior to leaving the project in 2011. Today, hundreds of developers contribute to Bitcoin’s code, where they make everything from routine bug fixes to efficiency improvements.
Ano ang nagpapa-desentralisado sa Bitcoin?
It is the belief of many technologists that Bitcoin’s fundamental property – i.e. what makes it different from other digital money systems – is that it’s network is decentralized.
To fully understand the idea behind decentralization and why it’s so important, it’s helpful to consider how banking works today.
You likely deposit your paycheck regularly into a bank account. In this case, the bank provides you the means to use your money (via its ATMs, payment cards and checks), while keeping it safe from theft (with security guards, vaults and alarms).
In our example, banks act as central authorities. They are third parties that facilitate transactions between individuals and businesses. Essentially, banks act as middlemen to your transactions. They then provide this same service for all customers, which gives them control of a giant supply of other people’s money.
With this power, they can easily change the rules. Your bank might lend your money without your permission, decide not to process a transaction for you or even deny you access to your money. Governments and criminals can also seize your data and money from banks.
The idea behind Bitcoin is to have a system where there is no middleman or central authority. Only you have control of your money and your transactions cannot be denied.
Bitcoin is “decentralized” because its software allows anyone to trustlessly verify the authenticity and scarcity of the bitcoins they are receiving. In this way, Bitcoin’s decentralization solves the trust issue inherent with centralized money managers. If any one computer stops performing its function, another can take its place.
Bitcoin developers tend to consider the network more or less decentralized depending on how much it costs for the average user to synchronize a node with the network, and they propose changes to the protocol according to how it might impact this process.
How Does Bitcoin Work?
Totoo sa disenyo nito, ang mga bitcoin ngayon ay maaaring ipadala sa pagitan ng dalawang user ng walang kailangang tagapamagitan.
Kung bibigyan mo ang isang tao ng dolyar, magkakameron sila ng dolyar at ikaw ay mawawalan. Nabigyan mo ang isang tao ng isang bagay na may halaga, at tinanggap nila iyon. Ganun din ang ginagawa sa sa bitcoin .
Subalit, ikaw marahil ay nag tatanong, paano ang lahat ng computer na nagpapatakbo ng network? Ano ang pumipigil sa kanila na ma-break ang patakaran ng software nito at magnakaw ng pera? Mahalaga, mga insentibo.
Para maimpluwensyahan ang legder ng bitcoin, ang isang hacker ay kailangang makontrol ang hindi bababa sa isang pangatlong mining hardware. Ngunit ilang miner nito ang mananalo ng lion's share ng bagong mga bitcoin, hindi ito mapupunta sa kanilang pinakamainam na interes sa pag-atake ng network.
Para sa isang bagay, ang mataas na halaga ng Bitcoin ang nagpapamahal sa mining. Upang makipagkompitensya sa bagong BTC, ang mga miner ay dapat gumamit ng specialized na hardware at murang kuryente upang lutasin ang mga hash at mag-propose ng mga bagong block.
Ito ay hindi madaling karera para manalo- ang computational na kapangyarihan ng pakikipag-kompitensya sa pag-mine ng bagong BTC ay mas mataas ngayon kaysa mga Google data center. Sa pagsasanay, nangangahulugan ito na habang posibleng manipulahin a Bitcoin blockchain, ito ay hindi praktikal sa ekonomiya.
What Gives BTC Value?
Bitcoin shares many of the characteristics that give traditional commodities and government monies value – scarcity, durability, portability, divisibility, fungibility and acceptability.
It can even be argued that BTC has an advantage over government monies and commodities in many of these categories.
BTC supply is more limited than silver and gold supply, as there will only ever be 21 million BTC introduced to the network’s economy.
When the first block was mined in 2009, 50 BTC were released. Through this process, more than 18 million BTC have been made available as of 2020.
The number of BTC released in each block is cut in half roughly every four years to keep the total supply finite, in an event known as the halving (or halvening).
Any form of cash needs to be durable enough to be used over and over again. BTC private keys are numbers and letters, which can be stamped into stainless steel, backed up or divided into pieces, adding to their durability.
With BTC, you can carry around all your wealth on a flash drive, memorized in your brain or transfer it instantly via the internet.
All currencies carry denominations so people can purchase goods that carry differing values. U.S. dollars, for example, are divisible from $100 bills down to pennies.
BTC, too, is divisible, and is able to subdivided up to the eighth decimal place. The smallest unit of currency is called a Satoshi after Bitcoin’s creator. 1 BTC equals 100,000,000 satoshis (sats).
All units of money must be as uniform and interchangeable.
Like paper cash or gold, depending on how you received your BTC it will have varying degrees of fungibility. BTC that was involved in a crime, for example, may not be accepted by exchanges or merchants. (This remains an active area of research for Bitcoin developers.)
For something to store value, people need to recognize and accept that it’s worth something.
Mga Crypto Guide ng Kraken
- Ano ang Bitcoin? (BTC)
- Ano ang Ethereum? (ETH)
- Ano ang Ripple? (XRP)
- Ano ang Bitcoin Cash? (BCH)
- Ano ang Litecoin? (LTC)
- Ano ang Chainlink? (LINK)
- Ano ang EOSIO? (EOS)
- Ano ang Stellar? (XLM)
- Ano ang Cardano? (ADA)
- Ano ang Monero? (XMR)
- Ano ang Tron? (TRX)
- Ano ang Dash? (DASH)
- Ano ang Ethereum Classic? (ETC)
- Ano ang Zcash? (ZEC)
- Ano ang Basic Attention Token? (BAT)
- Ano ang Algorand? (ALGO)
- Ano ang Icon? (ICX)
- Ano ang Waves? (WAVES)
- Ano ang OmiseGo? (OMG)
- Ano ang Gnosis? (GNO)
- Ano ang Melon? (MLN)
- Ano ang Nano? (NANO)
- Ano ang Dogecoin? (DOGE)
- Ano ang Tether? (USDT)
- Ano ang Dai? (DAI)
- Ano ang Siacoin? (SC)
- Ano ang Lisk? (LSK)
- Ano ang Tezos? (XTZ)
- Ano ang Cosmos? (ATOM)
- Ano ang Augur? (REP)
Ngayon ay handa ka nang gawin ang susunod na hakbang at bumili ng Bitcoin!