I created this website to try to explain what bitcoin is using a different approach. All explanations introduce bitcoin as a digital currency, a (crypto) currency based on a distributed blockchain database (ledger). I would like to change the initial point of view and describe bitcoin as a distributed database of the blockchain type, where… Continue reading Intro
Bitcoin is a decentralized database whose transactions are irreversible and written data considered immutable. This database is freely accessible to all through an open protocol with known specifications and open source code. Anyone can read the data of this database or contribute to making it secure by validating transactions. Every 10 minutes the network validates… Continue reading 1. What really is bitcoin
Many believe that bitcoin has no intrinsic value. Several people think that bitcoin are digital tokens for their own sake, with no real underlying. Bitcoin are limited in their maximum number and there will be no more than 21 million, from this point of view they are similar to gold or other rare metals. However,… Continue reading 2. What is the intrinsic value of bitcoin ?
We don’t like Bitcoin, we like the blockchain. How many times have you heard this phrase? Many influential people, interviewed in recent years, have often repeated the mantra: we don’t care about bitcoin, but we have an interest in the underlying technology, the “blockchain”. It is often repeated for one or more of the following… Continue reading 3. Probably you don’t need a blockchain. But if you need it then you need bitcoin
Bitcoin is the most widespread cryptocurrency. Its blockchain is the one with the greatest number of validator nodes (full nodes, which have the entire validated blockchain in memory) and the one with the greatest computing power in the field in validating transactions (mining). One blockchain is no more secure than another based on different technical… Continue reading 4. How secure and immutable is the bitcoin blockchain?
Does Bitcoin consume too much energy for every single transaction? Short answer No, because Bitcoin is the core network (Bitcoin is THE BLOCKCHAIN) of potentially infinite low-power networks that rely on its cryptographic guarantees and its resistance to attacks. A bitcoin transaction can therefore correspond to a very high number of operations on a layer… Continue reading 5. Does Bitcoin consume too much energy for every single transaction?
If, despite what we have seen, the energy consumption of bitcoin mining was not considered acceptable, would it make sense to completely ban bitcoin mining? No, it would be enough to limit it: bitcoin would still work. A false myth is that with the increase in the value of bitcoins and with the increase in… Continue reading 7. Does it make sense to ban bitcoin mining?
Who is the owner of Bitcoin? While the individual bitcoins (the tokens with which it is possible to access the Bitcoin blockchain in writing) belong to someone in particular, the network itself is a protocol open to all and the source code is open source. It is therefore a network that belongs to everyone, it… Continue reading 8. Who is the owner of Bitcoin?