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2018-06-28 : 40644 Hit

Bitcoin



5 Major Crypto Coins as of today:

1. BitCoin (BTC)
2. Ethereum (ETH)
3. Ripple
4. BitCoin Cash
5. LiteCoin


Bitcoin
Graph / Top 5


1. BitCoin (BTC)

Introduction:
Bitcoin is a cryptocurrency and worldwide payment system.It is the first decentralized digital currency, as the system works without a central bank or single administrator.The network is peer-to-peer and transactions take place between users directly, without an intermediary.These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies,products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. Ticker symbols used to represent bitcoin are BTC and XBT

Bitcoin isnt a printed, its discovered. In computing world by competing for each other coins are mined. Bitcoin Mining is specialized computers which are build to mine Bitcoin with the process, validate transactions and protect the system. Bitcoins are referred with cash but they are mined like gold. People send bitcoins over each other network with each and every transaction records. The networks of the Bitcoin mining accord with these records of transactions mean a block. Its is done by miners who will confirm each transaction and add them to a general ledger.

History
On 18 August 2008, the domain name "bitcoin.org" was registered.In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open source code and released it in January 2009 on SourceForge. The identity of Nakamoto remains unknown.

In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block. Embedded in the coinbase of this block was the following text:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.

The receiver of the first bitcoin transaction was cypherpunk Hal Finney, who created the first reusable proof-of-work system (RPOW) in 2004. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto. Other early cypherpunk supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.

In the early days, Nakamoto is estimated to have mined 1 million bitcoins. In 2010, Nakamoto handed the network alert key and control of the Bitcoin Core code repository over to Gavin Andresen, who later became lead developer at the Bitcoin Foundation. Nakamoto subsequently disappeared from any involvement in bitcoin. Andresen stated he then sought to decentralize control, saying: "As soon as Satoshi stepped back and threw the project onto my shoulders, one of the first things I did was try to decentralize that. So, if I get hit by a bus, it would be clear that the project would go on. This left opportunity for controversy to develop over the future development path of bitcoin.

On 1 August 2017, a hard fork of bitcoin was created, known as Bitcoin Cash. Bitcoin Cash has a larger block size limit and had an identical blockchain at the time of fork. On 12 November another hard fork, Bitcoin Gold, was created. Bitcoin Gold changes the proof-of-work algorithm used in mining.

Blockchain
The blockchain is a public ledger that records bitcoin transactions. A novel solution accomplishes this without any trusted central authority: the maintenance of the blockchain is performed by a network of communicating nodes running bitcoin software. Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications. Network nodes can validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other nodes. The blockchain is a distributed database – to achieve independent verification of the chain of ownership of any and every bitcoin amount, each network node stores its own copy of the blockchain. Approximately six times per hour, a new group of accepted transactions, a block, is created, added to the blockchain, and quickly published to all nodes. This allows bitcoin software to determine when a particular bitcoin amount has been spent, which is necessary in order to prevent double-spending in an environment without central oversight. Whereas a conventional ledger records the transfers of actual bills or promissory notes that exist apart from it, the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions.

Transactions
Transactions are defined using a Forth-like scripting language. Transactions consist of one or more inputs and one or more outputs. When a user sends bitcoins, the user designates each address and the amount of bitcoin being sent to that address in an output. To prevent double spending, each input must refer to a previous unspent output in the blockchain.The use of multiple inputs corresponds to the use of multiple coins in a cash transaction. Since transactions can have multiple outputs, users can send bitcoins to multiple recipients in one transaction. As in a cash transaction, the sum of inputs (coins used to pay) can exceed the intended sum of payments. In such a case, an additional output is used, returning the change back to the payer.Any input satoshi is not accounted for in the transaction outputs become the transaction fee.

Transaction fees
Paying a transaction fee is optional.Miners can choose which transactions to process,and they are incentivised to prioritize those that pay higher fees. Because the size of mined blocks is capped by the network, miners choose transactions based on the fee paid relative to their storage size, not the absolute amount of money paid as a fee. Thus, fees are generally measured in satoshis per byte, or sat/b. The size of transactions is dependent on the number of inputs used to create the transaction, and the number of outputs.

Ownership
In the blockchain, bitcoins are registered to bitcoin addresses. Creating a bitcoin address is nothing more than picking a random valid private key and computing the corresponding bitcoin address. This computation can be done in a split second. But the reverse (computing the private key of a given bitcoin address) is mathematically unfeasible and so users can tell others and make public a bitcoin address without compromising its corresponding private key. Moreover, the number of valid private keys is so vast that it is extremely unlikely someone will compute a key-pair that is already in use and has funds. The vast number of valid private keys makes it unfeasible that brute force could be used for that. To be able to spend the bitcoins, the owner must know the corresponding private key and digitally sign the transaction. The network verifies the signature using the public key.

If the private key is lost, the bitcoin network will not recognize any other evidence of ownership;the coins are then unusable, and effectively lost. For example, in 2013 one user claimed to have lost 7,500 bitcoins, worth $7.5 million at the time, when he accidentally discarded a hard drive containing his private key.A backup of his key(s) would have prevented this.

Mining
Mining is a record-keeping service done through the use of computer processing power.Miners keep the blockchain consistent, complete, and unalterable by repeatedly grouping newly broadcast transactions into a block, which is then broadcast to the network and verified by recipient nodes.Each block contains a SHA-256 cryptographic hash of the previous block,thus linking it to the previous block and giving the blockchain its name.

To be accepted by the rest of the network, a new block must contain a so-called proof-of-work.The system used is based on Adam Back 1997 anti-spam scheme, Hashcash.The PoW requires miners to find a number called a nonce, such that when the block content is hashed along with the nonce, the result is numerically smaller than the networks difficulty target.This proof is easy for any node in the network to verify, but extremely time-consuming to generate, as for a secure cryptographic hash, miners must try many different nonce values (usually the sequence of tested values is the ascending natural numbers: 0, 1, 2, 3, ...before meeting the difficulty target.
Every 2,016 blocks (approximately 14 days at roughly 10 min per block), the difficulty target is adjusted based on the networks recent performance, with the aim of keeping the average time between new blocks at ten minutes. In this way the system automatically adapts to the total amount of mining power on the network.Between 1 March 2014 and 1 March 2015, the average number of nonces miners had to try before creating a new block increased from 16.4 quintillion to 200.5 quintillion.

The proof-of-work system, alongside the chaining of blocks, makes modifications of the blockchain extremely hard, as an attacker must modify all subsequent blocks in order for the modifications of one block to be accepted.As new blocks are mined all the time, the difficulty of modifying a block increases as time passes and the number of subsequent blocks (also called confirmations of the given block) increases.

Pooled mining
Computing power is often bundled together or "pooled" to reduce variance in miner income. Individual mining rigs often have to wait for long periods to confirm a block of transactions and receive payment. In a pool, all participating miners get paid every time a participating server solves a block. This payment depends on the amount of work an individual miner contributed to help find that block.

Supply
The successful miner finding the new block is rewarded with newly created bitcoins and transaction fees. As of 9 July 2016,the reward amounted to 12.5 newly created bitcoins per block added to the blockchain. To claim the reward, a special transaction called a coinbase is included with the processed payments. All bitcoins in existence have been created in such coinbase transactions. The bitcoin protocol specifies that the reward for adding a block will be halved every 210,000 blocks (approximately every four years). Eventually, the reward will decrease to zero, and the limit of 21 million bitcoins[e] will be reached c. 2140; the record keeping will then be rewarded by transaction fees solely.

In other words, bitcoins inventor Nakamoto set a monetary policy based on artificial scarcity at bitcoins inception that there would only ever be 21 million bitcoins in total. Their numbers are being released roughly every ten minutes and the rate at which they are generated would drop by half every four years until all were in circulation.

Wallets
A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold or store bitcoins, due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A better way to describe a wallet is something that "stores the digital credentials for your bitcoin holdings" and allows one to access (and spend) them. Bitcoin uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated. At its most basic, a wallet is a collection of these keys.

Physical wallets store offline the credentials necessary to spend bitcoins.[63] One notable example was a novelty coin with these credentials printed on the reverse side. Paper wallets are simply paper printouts.

Another type of wallet called a hardware wallet keeps credentials offline while facilitating transactions.



Decentralization
Bitcoin was designed not to need a central authority and the bitcoin network is considered to be decentralized. However, researchers have pointed out a visible "trend towards centralization" by the means of miners joining large mining pools to minimise the variance of their income. According to researchers, other parts of the ecosystem are also "controlled by a small set of entities", notably online wallets and simplified payment verification (SPV) clients.

Because transactions on the network are confirmed by miners, decentralization of the network requires that no single miner or mining pool obtains 51% of the hashing power, which would allow them to double-spend coins, prevent certain transactions from being verified and prevent other miners from earning income. As of 2013 just six mining pools controlled 75% of overall bitcoin hashing power.

In 2014 mining pool Ghash.io obtained 51% hashing power which raised significant controversies about the safety of the network. The pool has voluntarily capped their hashing power at 39.99% and requested other pools to act responsibly for the benefit of the whole network.

Acceptance by merchants
In 2015, the number of merchants accepting bitcoin exceeded 100,000.Instead of 2–3% typically imposed by credit card processors, merchants accepting bitcoins often pay fees under 2%, down to 0%.Firms that accepted payments in bitcoin as of December 2014 included PayPal, Microsoft, Dell, and Newegg. In 2017 bitcoins acceptance among major online retailers included three out of the top 500 online merchants, down from five in 2016. Reasons for this fall include high transaction fees due to bitcoins scalability issues, long transaction times and a rise in value making consumers unwilling to spend it.In November 2017 PwC accepted bitcoin at its Hong Kong office in exchange for providing advisory services to local companies who are specialists in blockchain technology and cryptocurrencies, the first time any Big Four accounting firm accepted the cryptocurrency as payment.

How are Bitcoins Mined? – The process goes like this?
Bitcoin Client: The blockchain download and to receive Bitcoins, one must first download a software that is used to receive or send Bitcoins.

The Blockchain: A set of periods into a list collects during the Bitcoin transaction is known a block. Those particular set or a block makes up the blockchain.

The Hash: The information which turns into a sequence of letters and numbers via a mathematical formula that is done by Mines is admitting as the Hash.

Rewards: To seal off a block, miners compete with each other by specially designed software. Each time anyone creates a hash, they will have rewarded with Bitcoins.

Mining Options: User need to ensure that whether a single mining or to mine as a part of the pool in which a team of the computer together with mining coins.

Confirming Transactions: Miners have to keep all the information in a block and update it through a process designed to confirm the transaction.

Secure Records: Each block has a unique which generates a part using the previous block hash. Thus, it creates a digital wax seal which keeps it secure.

Private key: When a Bitcoins are mined successfully, a hidden secret key is generated to permit access to the Bitcoins. If it is lost, you lose bitcoins forever.

Mining is an idiom for the discovery of new bitcoins which is just like finding gold. In other words, it simply says verification of bitcoin transactions in order to make a genuine Bitcoins.
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How to set up a Bitcoin miner:

Step 1: Download the full Bitcoin client. This can take quite a few days depending on your download speed.

Step 2: Then you need to download some Bitcoin mining software – or the programme that tells your mining hardware how to run.

Step 3: Choose a mining pool otherwise you might end up with a long time before solving your first block.

End of Report.

Prepared by:

Biboy Juan
marlon300 2018/08/13  [18:49] 
pano po to?
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