Global bitcoin
BTC is the common industry abbreviation when referencing Bitcoin as a currency. There are economic and non-economic nodes. These individuals download and run the bitcoin open-source software and freely opt-in to join the global network. Each node has a complete and full copy of the history of transactions across the Bitcoin Network from the very first transaction on Jan 3, ; Genesis Block.
As a compensation mechanism for validating transactions across the Bitcoin network, bitcoin miners are rewarded newly-minted bitcoins [block rewards] every ten minutes in exchange for their participation. The system auto-adjusts the bitcoin mining difficulty based on real-time participation data and boasts a deflationary money supply or "monetary policy" in which the Bitcoin network mining block reward is pre-programmed to decline 50 per cent approximately every blocks - or - four years; 50 25 This provides a predictable supply curve and a new and innovative technology incentive system.
Industry analysts suggest the Bitcoin network now exceeds Google in computing power by X. Similar to email, you would need to shut down the entire global Internet for the Bitcoin network to be temporarily muted. There are twelve thousand mining and non-mining nodes spread out around the world. Not only are bitcoins impossible to counterfeit, transactions can not be blocked or frozen and there are no prerequisites or arbitrary limits to participate.
As with any new revolutionary technology or scientific breakthrough, venture capitalists and professional investors are never far behind the wave of exciting headline news.
Through a concentrated effort to form legal business entities with technology and financial services experts, as well as the consistent organization of professional industry associations, meet-ups, conferences, and startup incubators, the Bitcoin industry has significantly matured in a few short years.
The common denominator among both investors and executives within the industry is to establish a balanced environment where innovation can flourish while simultaneously ensuring that bitcoin startups are abiding by any local, state and Federal regulations.
The world has never seen anything like Bitcoin. And subsequently, Bitcoin is many things to many people. Not only is the Bitcoin network thriving, it is legal. Due to the secure and proven operational foundation of the network itself, alongside a limited supply of the digital currency; bitcoin, interest has grown astronomically. New use cases, upgrades in both software and hardware, human and venture capital migration, intuitive and secure apps, as well as a network effect has sparked curiosity and driven demand throughout the world, and subsequently, bitcoin has outperformed every asset on Earth.
Similar to stocks or commodities, bitcoin trades on bitcoin exchanges with a market value exchange rate which fluctuates in real-time based on supply, demand, psychology, as well as news. The Bitcoin network is freely accessible to any human on Earth and is not affiliated with geographical borders, political interests or central banks.
The revolutionary open-source software and global network community do not judge your skin color, ethnicity, religious beliefs, and do not have access to your financial status, confidential data or credit score.
It is important to keep in mind that there is no correct or incorrect use case with the Bitcoin network. The open-source technology platform was designed, developed, and delpoyed as an "open platform" and community for the world for your personal benefit and specific use case - whatever that may be. To better understand bitcoin as a new global asset class we invite you to continue learning below.
Bitcoin is many things to many people. Before anything, Bitcoin is an Internet protocol which represents a fundamental breakthrough in computer science offering humanity a revolutionary new technology, perhaps the most important invention since the Internet - based on open-source software.
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