Counterparty bitcoin wikipedia
Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: Most client software, derived or "from scratch", also use open source licensing.
Bitcoin is the first successful implementation of a distributed crypto-currencydescribed in part in by Wei Dai on the counterparty bitcoin wikipedia mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment counterparty bitcoin wikipedia goods and services and repayment of debts in a given counterparty bitcoin wikipedia or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the counterparty bitcoin wikipedia and transfer of money, rather than relying on central authorities.
Bitcoins have counterparty bitcoin wikipedia the desirable properties of a money-like good. They are portable, durable, divisible, recognizable, fungible, scarce and difficult to counterfeit. Bitcoin can also be a store of valuesome have said it is a "swiss bank account in your pocket". Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions.
These tasks are managed collectively by the network. Bitcoin uses public-key cryptographypeer-to-peer networking, and proof-of-work to process and verify payments. Bitcoins are sent or signed over from one address to another with each user potentially having many, counterparty bitcoin wikipedia addresses. Each payment transaction is broadcast to the network and included in the blockchain so that the included bitcoins cannot be spent twice.
After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use. Welcome to the Bitcoin Wiki. Established April 14, Editing has been enabled on your account. Bitcoin is P2P electronic cash that is valuable over legacy systems because of the monetary autonomy it brings to its users. Bitcoin seeks to address the root problem with conventional currency: Trust failures result in systemic collapses, trust curation creates inequality and monopoly lock-in, and naturally arising trust choke-points can be abused to deny access to due process.
Through the use of cryptographic proof, decentralized networks and open source software Bitcoin minimizes and counterparty bitcoin wikipedia these trust costs.
The software can be installed by anybody worldwide. Do not require any ID to use. Making it suitable counterparty bitcoin wikipedia the unbanked, the privacy-conscious, computers or people in areas with underdeveloped financial infrastructure. Nobody is able to block or freeze a transaction of any amount. Irreversible once settled, like cash. Transactions are broadcasted in seconds and can become irreversible within an hour.
Online and available 24 hours a day, days per year. Cannot be printed or debased. Only 21 million bitcoins will ever exist. Have no storage costs.
They take up no physical space regardless of amount. Counterparty bitcoin wikipedia easy to protect and hide. Can be stored encrypted on a hard disk or paper backup. Are in your direct possession with no counterparty risk. If you keep the private key of a bitcoin secret and the transaction has enough confirmationsthen nobody can take them from you no matter for what reason, no matter how good the excuse, no matter what.
How does Bitcoin work? Retrieved from " counterparty bitcoin wikipedia Navigation menu Personal tools Create account Log in. Namespaces Main page Discussion. Views Read View source View history. Sister projects Essays Counterparty bitcoin wikipedia. This page was last edited on 18 Mayat Content is available under Creative Commons Attribution 3. Counterparty bitcoin wikipedia policy About Bitcoin Wiki Disclaimers. Welcome to the Bitcoin Wiki, for all your Bitcoin information needs.
This wiki is maintained by the Bitcoin community. Bitcoin Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world.
Counterparty is a financial platform for creating peer-to-peer financial applications on the bitcoin blockchain. The protocol specification and all Counterparty software is open source. The reference client is counterpartyd and a web wallet called Counterwallet showcases all protocol features. It is slightly deflationary, with approximately 2. Counterparty provides users with the world's first functioning decentralized digital currency exchange[1] as well as the ability to create their own virtual assets, issue dividends, create price feedsbets and contracts for difference.
Counterparty has a native currency called XCP. It was originally issued using a provable method called "proof of burn". This method involves sending bitcoins to a special address that renders the coins permanently unspendable. By avoiding funding during its launch, Counterparty has ensured that developers and users have equal financial opportunities. During January Counterparty used proof of burn to issue XCP, instead of a more traditional fund-raising technique for altcoin launches, to keep the initial distribution of funds as fair and decentralized as possible, and to avoid potential legal issues.
Both are open source and hosted on GitHub. Since Counterparty Assets are created within the bitcoin blockchain, the assets actually exist in any bitcoin block explorer, however, to decode the information on what bitcoin address has what asset an additional layer of block exploration needs to be applied.
Currently there are two block explorers you can use to locate Counterparty assets in bitcoin wallets:. From Wikipedia, the free encyclopedia. Not to be confused with counterparty. This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.
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