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  • 1. What is Bitcoin?
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    Bitcoin 101 - 3 minute video

    The first Digital Currency to capture public attention was Bitcoin, which was launched in 2009, and reached $1,200 at its peak in December 2013.  Bitcoin's success has spawned a number of competing Digital Currencies such as OneCoin, Ethereum, Ripple and Litecoin.

    Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.

    Bitcoin made the Internet transactions quick and easy, as well as giving users new opportunities by revolutionizing the world of online payments. Thanks to Bitcoin – Digital Currency is recognized legally in more than 190 countries of the world. The rising cost of Bitcoin Digital Currency is driven by a continued optimism about the prospects for the development of electronic money. Today Digital Currency (Bitcoin) is accepted by 100,000 companies over the world, special automatic terminals for operations with Digital Currency exist. The increasing degree of acceptance of Bitcoin in offline and EURonline stores, the reservation service and etc. make it more convenient to use, along with a reduction in volatility, as more coins come into circulation. The more they are used as means of exchange, the more liquidity they gain. The increasing use will also help to determine a fair price of the Digital Currency.

    Bitcoin is a system that relies on a decentralized ad hoc network, functioning without a central clearinghouse or other intermediary. The Bitcoin network is not controlled by any single institution in the same way as the central bank controls the fiat money circulation. Each computer involved in mining of Bitcoins and transaction processing is a part of this network.

    Unlike the fiat money which can be additionally printed to increase the money supply, the Bitcoin Digital Currency system is designed so that the maximum number of Bitcoin coins is limited in it. According to the predetermined algorithm only 21 million coins can be issued. To this date about 12,000,000 Bitcoins are already issued. This makes 57% of all Bitcoins which will ever be issued, and by the year 2017 75% of coins will be issued. Every day there is about 3,600 new Bitcoins.
  • 2. What is the Blockchain?
    Show Answer

    World Governments will have to Readjust to Cryptocurrency and BlockChain Technology - 6 minute video

    Blockchain Technology: Bringing the Poor Out of Poverty via Ownership of Property - 6 minute video

    The Blockchain can be seen as the most prominent triple entry bookkeeping system in existence. It is a distributed database used as the public ledger of transactions for Digital Currency. The Bitcoin transaction cannot be canceled, unless the recipient actually sends the coins back to the sender. Transactions of Bitcoin Digital Currency line up into chains one after another. The new transaction must indicate from which of the previously created transactions the coins are taken. Blockchain – is a collective public register the whole Bitcoin network is based on. All the confirmed transactions are included in the Blockchain. Integrity and the chronological order of the Blockchain are based on a reliable cryptography.

    If You Understand Google Docs, You Can Understand Blockchain

    William Mougayar | Published September 8, 2016

    The "New Database"

    The idea that the blockchain is another kind of database is a popular analogy that has been used a lot (I wrote about this subject almost two years ago). In reality, the blockchain doesn't disrupt databases, but it disrupts how databases get synchronized between each other.

    Imagine two entities (eg banks) that need to update their own user account balances when there is a request to transfer money from one customer to another. They need to spend a tremendous (and costly) amount of time and effort for coordination, synchronization, messaging and checking to ensure that each transaction happens exactly as it should.

    Typically, the money being transferred is held by the originator until it can be confirmed that it was received by the recipient. With the blockchain, a single ledger of transaction entries that both parties have access to can simplify the coordination and validation efforts because there is always a single version of records, not two disparate databases. Let's take that analogy further into the shared documents domain, and think about what happens when we share a document where two or more users need to make changes to it.

    Google Docs

    The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient, and ask them to make revisions to it.

    The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes, because you are locked out of editing it until the other person is done with it.

    That's how databases work today. Two owners can't update the same record at once. That's how banks maintain money balances and transfers; they briefly lock access (or decrease the balance) while they make a transfer, then update the other side, then re-open access (or update again).

    With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.

    Imagine the number of legal documents that should be used that way. Instead of passing them to each other and losing track of versions, why can’t all business documents become shared instead of transferred back and forth? So many types of legal contracts would be ideal for that kind of workflow.

    You don’t need a blockchain to share documents, but the shared documents analogy is a powerful one. read more link

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