Blockchain Becca

Blockchain History 101 Let’s start at the beginning of blockchain history. In October 2008, a man named Satoshi Nakamoto drafted a white paper for bitcoin, the famous cryptocurrency.  The paper was aptly named Bitcoin: A Peer-to-Peer Electronic Cash System . It described the digital cash and the platform to house it--Bitcoin with a capital “B”. It’s important to note that “bitcoin” with a lowercase “b” refers to the cryptocurrency, while “Bitcoin” with an uppercase “B” refers to the platform itself.  On January 9, 2009, Nakamoto released the first version of Bitcoin software on a platform called Surgeforce. From there he created a website, Bitcoin.Org, and continued working on the platform until about mid-2010.  At that point, he handed over control of the platform to a man named Gavin Andresen.   Nakamoto’s identity has never been confirmed. He’s never revealed any pictures, or identifying information--other than claiming he’s from Japan, and his birthday ...

What the Heck Is a Bitcoin Converter?  So, now that you’ve got a grip on bitcoin,  as a cryptocurrency, you know it’s available for trading on exchanges. Put quite simply, a bitcoin converter allows you to compare the price of bitcoin against other currencies. These other currencies can be both fiat and crypto. Most exchanges will show the price of bitcoin against popular fiat currencies, like the US Dollar, Great Britain Pound, and Euro. But, if you’re looking for standalone bitcoin converters, here are some of the more popular ones:  Coindesk:   Coindesk is well-known in the world of cryptocurrency as an authority on coins. They present interesting data about ICO, blockchain technology in general, and news. So it comes as no surprise that their bitcoin converter is one of the most popular. Bitcoin: Shocker. Bitcoin’s own bitcoin converter is absolutely one of the on the market. Because it’s their proprietary tool, you’ll receive the most up-to-d...

Should I invest in Bitcoin?  Anything I say is not to be used as financial advice. That being said, bitcoin is definitely worth considering. And with bitcoin crossing the $10k threshold earlier this week, it's no wonder people think it's a bubble. But, think about it in terms of economics. Look at supply and demand graph. We see that as supply increases, demand decreases. And as supply decreases, demand increases. This is known as an inverse relationship.  Demand is created through something called “scarcity”.   Scarcity means to be in short supply. Let’s look at scarcity, in terms of crypto. There will only ever be 21 million bitcoins mined. In the world, there are roughly 33 million millionaires. Even if every one of those millionaires wants a whole bitcoin, it's impossible . There are simply not enough bitcoins to go around. Scarcity builds demand. Now, in the United States (and other well-off countries), people don't necessarily ...

How Does Bitcoin Mining Work?   & Other Burning  Crypto Questions Bitcoin kind of seems like magic. Now, if you know the technology behind the platform, it’s clearly not created with Harry Potter’s wand. But, that’s not what this Bitcoin FAQ is about. Instead, you’ll get the down low on some of the most popular questions about Bitcoin. One quick side note. "Bitcoin" with a capital "B" is the platform. "bitcoin" with a lowercase "b" is the cryptocurrency. How Does Bitcoin Mining Work? Before diving into how to mine, it’s important to understand what mining is. Miners are people who validate transactions on a blockchain. The first miner to submit a correct answer is rewarded with a set amount of tokens. Mining doesn’t take manpower. Instead, it takes electricity. Be aware of the costs of mining ahead of time. If you live in an area with high electricity costs, you may not want to mine by yourself. I’ll get to that lat...