Mastering Bitcoin: A Guide for Beginners
Bitcoin is a cryptocurrency, but it is also a concept and an idea. A single bitcoin is currently worth about $28,400, with a total market cap value of just over $550 billion (updated May 1, 2023). Its value has increased many times over since its inception. But what is Bitcoin exactly, and why does it matter? In this article, we will explain the basics of Bitcoin, how it works, what are its benefits and challenges, and what are its prospects for the future.
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What is Bitcoin and how does it work?
Bitcoin is a digital currency that operates on a peer-to-peer network of computers, without the need for any central authority or intermediary. It was created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto, who published a white paper describing the protocol and the vision behind it. The white paper stated that Bitcoin was intended to be a "peer-to-peer electronic cash system" that would enable "online payments to be sent directly from one party to another without going through a financial institution".
Bitcoin works by using cryptography to secure transactions and create new units of currency. Transactions are recorded in a public ledger called the blockchain, which is maintained by a network of nodes that verify and validate them. Each transaction consists of inputs and outputs, which represent the transfer of value between bitcoin addresses. Each address has a private key that is used to sign transactions, proving ownership of the bitcoins. The private key must be kept secret, while the address can be shared publicly.
Bitcoin has several features that distinguish it from traditional currencies. Some of them are:
Decentralization: Bitcoin has no central authority or issuer. It is governed by a set of rules that are enforced by the network consensus. Anyone can join the network as a node or a user, as long as they follow the protocol.
Limited supply: There will only ever be 21 million bitcoins in existence, which are generated at a predictable rate through a process called mining. Mining is when nodes compete to solve complex mathematical problems that secure the network and reward them with newly created bitcoins. The difficulty of mining adjusts every 2016 blocks (about two weeks) to maintain a steady rate of production.
Transparency: All transactions are recorded in the blockchain, which is publicly accessible and verifiable by anyone. The blockchain also contains information about the total supply, the mining difficulty, and other network statistics.
Pseudonymity: Users do not need to reveal their real identities or personal information to use Bitcoin. They can generate as many addresses as they want, which are not linked to their real-world identities. However, transactions are not completely anonymous, as they can be traced and analyzed by anyone who knows the addresses involved.
Irreversibility: Transactions cannot be reversed or modified once they are confirmed by the network. This means that users must be careful when sending or receiving bitcoins, as they cannot rely on third parties to intervene or mediate disputes.
<h Bitcoin's origin, early growth, and evolution
Bitcoin's origin can be traced back to the aftermath of the 2008 global financial crisis, when many people lost trust in the traditional banking system and the government's ability to manage the economy. Satoshi Nakamoto, the mysterious creator of Bitcoin, published the white paper on October 31, 2008, and launched the network on January 3, 2009, by mining the first block, known as the genesis block. The genesis block contained a message that read: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks". This was a reference to a headline from The Times newspaper that day, which highlighted the severity of the situation and the need for an alternative system.
Bitcoin's early growth was driven by a small but passionate community of enthusiasts, developers, and innovators who saw the potential of the technology and the vision behind it. They experimented with various applications and use cases, such as online payments, remittances, donations, tipping, gambling, and more. They also faced various challenges and obstacles, such as technical glitches, security breaches, scams, hacks, legal issues, and regulatory uncertainty. Some of the notable events and milestones in Bitcoin's history include:
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Mastering Bitcoin 2nd Edition Chapter One: What is Bitcoin? PDF
Mastering Bitcoin 2nd Edition Chapter Two: How Bitcoin Works? PDF
Mastering Bitcoin 2nd Edition Chapter Three: The Bitcoin Client? PDF
Mastering Bitcoin 2nd Edition Chapter Four: Keys, Addresses, and Wallets? PDF
Mastering Bitcoin 2nd Edition Chapter Five: Transactions? PDF
Mastering Bitcoin 2nd Edition Chapter Six: The Bitcoin Network? PDF
Mastering Bitcoin 2nd Edition Chapter Seven: The Blockchain? PDF
Mastering Bitcoin 2nd Edition Chapter Eight: Mining and Consensus? PDF
Mastering Bitcoin 2nd Edition Chapter Nine: Alternative Chains, Currencies, and Applications? PDF
Mastering Bitcoin 2nd Edition Chapter Ten: Bitcoin Security? PDF
Mastering Bitcoin 2nd Edition Appendix A: BIPS? PDF
Mastering Bitcoin 2nd Edition Appendix B: Bitcore? PDF
Mastering Bitcoin 2nd Edition Appendix C: BX? PDF
Mastering Bitcoin 2nd Edition Appendix D: Pycoin? PDF
Mastering Bitcoin 2nd Edition Appendix E: Script Operations Codes? PDF
Mastering Bitcoin 2nd Edition Appendix F: The Original Satoshi Whitepaper? PDF
Date
Event
May 22, 2010
The first real-world transaction using Bitcoin took place, when a user named Laszlo Hanyecz bought two pizzas for 10,000 bitcoins (worth about $41 at the time) from another user on a Bitcoin forum. This day is now celebrated as Bitcoin Pizza Day by the community.
July 2010
The first Bitcoin exchange, Mt. Gox, was launched in Japan. Mt. Gox would later become the largest and most dominant exchange in the market, until it collapsed in 2014 due to a massive hack that resulted in the loss of 850,000 bitcoins (worth about $450 million at the time).
November 2010
The market cap of Bitcoin surpassed $1 million for the first time.
February 2011
Bitcoin reached parity with the US dollar for the first time.
June 2011
Bitcoin reached a new all-time high of $31.91 per coin, before crashing to $2 in November.
April 2013
Bitcoin reached a new all-time high of $266 per coin, before crashing to $50 in July.
November 2013
Bitcoin reached a new all-time high of $1,242 per coin, surpassing the price of gold for the first time.
December 2013
The People's Bank of China (PBOC) issued a notice that banned financial institutions from dealing with Bitcoin transactions, causing a sharp drop in the price.
January 2014
The first Bitcoin ATM was installed in Vancouver, Canada.
August 2014
The New York State Department of Financial Services (NYDFS) proposed a set of regulations for virtual currency businesses operating in New York, known as BitLicense. The BitLicense was criticized by many in the industry as being too restrictive and costly.
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