ByteSize Blockchain

Bitcoin has not just been a trendsetter, ushering in a wave of cryptocurrencies built on decentralized Peer-to-Peer network, it’s become the de facto standard for cryptocurrencies.

The currencies inspired by Bitcoin are collectively called AltCoins and have tried to present themselves as modified or improved versions of Bitcoin.

We don't know the true identity of Satoshi Nakamoto. Was he a good person? Bad person? How can we trust him? What if he is lying? As it turns out, his identity is irrelevant. We can independently verify the mathematical truths that underpin the operation of this technology.

Mystery! Who is Satoshi Nakamoto? Let's deduce the motives of this Bitcoin founder and see if the clues lead us to this individual.... Or group of people. Or... Is it even important?

Today we're taking a walk down memory lane to discover just where the very first Bitcoin were 'mined' and how it came to be. What about the time when nobody, and I mean NOBODY owned a single Bitcoin? That is, no address had any Unspent Transaction Outputs because there were no transactions, no users, and most importantly no Bitcoin to spend.

In this episode we discuss just how secure 256 bit encryption and one way hashes are, and why Bitcoin is secured by the laws of the universe.

In Bitcoin, we refer to those that validate transactions and create bitcoin as 'miners'. In Blockchain and cryptocurrency, miners rely on computers and code as tools, and use electricity as fuel, or cost to mine. The Blockchain and the value of Bitcoin are backed by the laws of math and the most precious resource of all: TIME itself.

In Bitcoin, we refer to those that validate transactions and create bitcoin as 'miners'. In physics, power is the rate of doing work, the amount of energy transferred per unit of time. It is fitting, then, that we call this process "Proof of Work".

In Bitcoin, we refer to those that validate transactions and create bitcoin as 'miners'. In physics, power is the rate of doing work, the amount of energy transferred per unit of time. It is fitting, then that we call this process of mining "Proof of Work".

On this day in America -- it's Thanksgiving, but Blockchain is a globally used technology, and we all have something to be thankful for. So where does Bitcoin come in?

Why Blockchain? We Choose to Go to the Moon. Sound familiar? It should. Prior generations led the way. It's up to us in the #Blockchain space to keep moving innovation forward. Because the people who are crazy enough to think they can change the world, are the ones who do.