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Author Topic: Technical Perspective of bitcoins.  (Read 222 times)
r1s2g3
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November 10, 2018, 09:06:52 AM
 #1

It is almost a year when I come to know about  bitcoin for first time. I started taking interest in bitcoin and large number of altcoins for investment purpose. Anyways within months I understood that most of the altcoins are scam and I put my full focus in understanding the bitcoin. Recently I understood how much of the facts that were hidden from us when we generally read the introductory articles on bitcoin.
I think most of us here thought that Satoshi was one of the first to create a crytocurrency so bitcoin become popular but it is not true. In reality Satoshi is first to create a Proof of work consensus method that can work in decentralized way and that is the real backbone of bitcoin and real genius of Satoshi. When most of the literature point to the anoynomus Satoshi in bitcoin development, they really writing off all the researches already done in this field by the people like  Hal Finney and Nick Szabo and numerous other with whom Satoshi corresponded. I am not denying Satoshi acheivement but I am trying to make emphasize on point that Bitcoin is not something that is got created on one fine day of 2009 but instead it is a result of decade of research of many .

Bitcoin in technical side solve the "Byzantine General's Problem" by the use of blockchain and Proof of Work consensus algorithim. Byzantine Fault tolerance or Byzantine General's Problem is a real challenge for any distributed system to work flawlessly.This is the reason that government/people who do not want bitcoin but still embracing the block chain technology.

CAP (Consistency,Availability, Partition Tolerance) theorem in distributed sytem put a limit that you can have only 2 out of these 3 available parameters. Bitcoin distributed cannot ovefride this theorem but it is designed is such a way that it is least impacted with the limitation put in by this theorem by the mechanism of eventual Consistency.

Bitcoin still functioning well to be used as to make your own bank, giving you freedom to transact without being restricted by countries boundaries and making it truly global in Nature.

So friends, when next time if someone ask you about bitcoin, try to tell them about some computational problems that bitcoin solves. Try to read some technical documents and books instead of relying on some random articles.

I hope Bitcoin will keep gaining popularity and its usage and might be Satoshi will be awarded  Turing_Award in future.


Refernces: https://en.wikipedia.org/wiki/Cryptocurrency
                 https://en.wikipedia.org/wiki/CAP_theorem
                 https://paulkernfeld.com/2016/01/15/bitcoin-cap-theorem.html
                 Mastering Blockchain by Imran Bashir
                 Mastering Bitcoin -  by Andreas M. Antonopoulos



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November 10, 2018, 11:04:03 AM
 #2

To truly understand why we should be our own bank, we must first learn how the banking and monetary system works.

There's a topic on Economics section about some country's gold refusing to hand over by a bank. Imagine if you have that vast wealth and you can't even get hold of it. If more people will understand how the banking system works, the massive adoption of bitcoin and other cryptocurrencies will be rampant.

When someone asks you, ELI5; why should I be my own bank? Tell them that banks are not to be trusted.

Mainstream media source: Bank of England refuses to hand over Venezuela's gold

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November 10, 2018, 02:18:04 PM
 #3

Like every other notable invention. The idea stems from a long line of bright minded individuals, who have started and built on an idea.
Full credit of course goes to the inventor, but others deserve notable mentions.

Bitcoin still functioning well to be used as to make your own bank, giving you freedom to transact without being restricted by countries boundaries and making it truly global in Nature.


Bitcoin can not be controlled, but it can be restricted or regulated, so there are countries where you would not be able to trade, transfer or receive bitcoins (or any cryptocurrency)

r1s2g3
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November 11, 2018, 04:52:55 AM
 #4

--snip--
Thanks for pointing to that post.


Like every other notable invention. The idea stems from a long line of bright minded individuals, who have started and built on an idea.
Full credit of course goes to the inventor, but others deserve notable mentions.


Actually , my main aim in this article is to bring forward the point that bitcoin is a advanced product in modern computing word. If you read the topics about bitcoin,most of them are fully trash that just point you to buy bitcoin because it is rising in value. These type of articles and people making bitcoin to look like some kind of a "ponzi" scheme.

It is very important to advocate bitcoin salient technological feature instead of promoting like that "Buy for 'x' today and sell it for '10x' tomorrow "

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November 11, 2018, 10:12:21 AM
 #5

Actually , my main aim in this article is to bring forward the point that bitcoin is a advanced product in modern computing word. If you read the topics about bitcoin,most of them are fully trash that just point you to buy bitcoin because it is rising in value. These type of articles and people making bitcoin to look like some kind of a "ponzi" scheme.

It is very important to advocate bitcoin salient technological feature instead of promoting like that "Buy for 'x' today and sell it for '10x' tomorrow "

It’s too right to say that, like below. For those who don’t know Bitcoin, they would think this is a Ponzi scheme.

Quote
Venture capital investor Tim Draper reaffirmed his prediction that the Bitcoin (BTC) price will reach $250,000 by 2022, during a panel discussion at the Web Summit summit conference Nov. 6

Draper initially predicted that the BTC price will surge up to $250,000 in April of this year. “Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!,” Draper said then.

I have always been very disgusted with articles like this.

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r1s2g3
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November 13, 2018, 04:20:11 AM
 #6


I have always been very disgusted with articles like this.


Yes, instead of simply saying" that if we get 5%"  if he would emphasize how the bitcoin technology is emerging then it will be more effective.

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r1s2g3
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November 19, 2018, 07:19:55 PM
 #7

Moved from B&H to this board.
 I will like to know is anything that block chain and bitcoin is solving that earlier was unsolved and blockchain technology is first in solving it.

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November 20, 2018, 04:21:54 AM
Merited by Foxpup (3), aliashraf (1)
 #8

I will like to know is anything that block chain and bitcoin is solving that earlier was unsolved and blockchain technology is first in solving it.
What Bitcoin solved with the blockchain was the problem of other payment providers and digital currency systems being centralized and prome to being shutdown. Using cryptography and hashcash as a Proof of Work system had been used before in Chaumian Ecash and B-money. However those relied on a centralized servers to order transactions and resolve double spends. Bitcoin's primary innovation from those systems was a method to resolve the double spend problem without relying on a central source of truth.

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November 20, 2018, 07:51:34 AM
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I will like to know is anything that block chain and bitcoin is solving that earlier was unsolved and blockchain technology is first in solving it.
What Bitcoin solved with the blockchain was the problem of other payment providers and digital currency systems being centralized and prome to being shutdown. Using cryptography and hashcash as a Proof of Work system had been used before in Chaumian Ecash and B-money. However those relied on a centralized servers to order transactions and resolve double spends. Bitcoin's primary innovation from those systems was a method to resolve the double spend problem without relying on a central source of truth.
I need to emphasize on decentralization as the canonical point even more and express my deep concerns about the hard times bitcoin is experiencing now for being subject to sophisticated centralization threats from pools, ASIC manufacturers and exchanges.
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