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It is being known as a better-than-gold equivalent store of value and a medium of exchange to rival Visa, Mastercard and Paypal. Its unit of account and predetermined qualities of a finite supply (21 Million total bitcoin in circulation to avoid inflation) make bitcoin a trustless, permissionless and (will be) frictionless new world currency.
It is the programmable money paradigm which requires no third party intermediaries or centralized governance for all users to agree and accept terms of using it jointly. .
Bitcoin is a technology its digital money backed by blockchain DLT a robust international network of payments and transactional/mercantile exchanges that are entirely decentralized and relies on community consensus voting mechanism for its longest/honest chain. It doesnt depend on banks or governments to function and its founder Satoshi Nakamoto is a group of ghosts.
Bitcoin breathed new life into trying instances amidst property housing bubble and fractional lending credit debacle and came into existence in October 2008 following the publication of a whitepaper titled,'' Bitcoin: A Peer To Peer Electronic Cash System (made by the author under the name of Satoshi Nakamoto).
Satoshi combined the knowledge of previous digital currency developments (see the Nakamoto Institute) such as HashCash and B Money and finally got all of the pieces to the puzzle to match. It was the first to succeed where these others failed to engineer a sensible, autonomous decentralized peer to peer cryptocurrency which requires no central authority for money emission, validation of transactions or settlements. .
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The main innovation in Satoshis Bitcoin invention is that the development of a distributed computational hashing system known as the proof-of-work algorithm. It conducts global transaction validations each 10 minutes, allowing the decentralized network technology to return to consensus agreement regarding the state of each transaction and whether the funds are valid and should be confirmed for being locked into the next block created. .
The invention of Bitcoin represents the pinnacle of decades of research in distributed systems and cryptography, its development combines 4 key innovations Which Make the existence of Bitcoin possible:
There is far more to learn about the inner workings of the blockchain and the way it works, but right now we will do our best to develop bite-sized pieces of digestible digital currency content like how to buy it, exchange it, invest it, save it, send it, spend it, get it and even earn it. .
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Building the exchange program in-house: Collect a committed team of developers (friends, freelancers) to build (and maintain) your exchange program. Make sure that they understand how an exchange operates in general, how cryptocurrency and blockchain technology functions, and they implement the above-mentioned components.
From a programming language point of view, the choice of the suitable language may also vary depending on which cryptocurrency that you want to implement to your exchange (check out this post). Moreover, make sure your software is compatible with various payment processing systems or banks to safeguard payment transactions within your exchange. .
Most importantly (this is a no-brainer, however some people today appear to have unrealistic expectations), you need to estimate the costs and time associated with developing, maintaining, and constantly upgrading the software in-house. Due to its inherent complicated nature, developing an exchange program from scratch will be quite costly and may take up 1-2 years (depending on your own programmers experiences) until it works correctly.
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Bear in mind though, that these numbers are only a rough estimation based on our experience since so many different factors need to be considered. .
Using free/open source scripts: Should you test out GitHub or other forums, you will see quite a couple of open-source bitcoin exchange programs. The big benefit obviously is that the source code is absolutely free. Nevertheless, there are also a few dangers that must be considered:
You still need someone with technical knowledge to understand and implement the lines of code within the open-source script. Becoming acquainted with the way the script works, will take time and modifications to enable customization, will also need additional time and money.
There is no guarantee that the script is protected and reliable. It might be buggy, susceptible to hack efforts or in the worst case, includes malicious lines of code, which slowly but unnoticeably extract your funds or bitcoins.
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The amount of development service site on an open source system is quite sparse. The majority of the time, your team of programmers will probably be left on their own to figure out how to fix bugs or improve performance. Worst case, when the job is abandoned, you will be left with no assistance or whatsoever. .