Bitcoin and its origin part - 2
In the previous part, we have learned the history of Bitcoin, its creation, and its mystery. But today we will go more deeper and understand all the remaining concepts during this session. So stay tuned with us throughout our journey to the Bitcoin and its origin.
As the Bitcoin concept became popular in the early years. Also, popularity comes in both training and practice. Cryptocurrency involves solving the problem of a cryptographic puzzle and adding the transaction to the blockchain network which includes validation.
During the initial stage, Bitcoin mining can be done by individuals using personal laptop, or computer.
But in the case of large-scale companies, massive warehouses, and full high-tech machines that are specifically designed for this work are required in these companies.
Main concept of Bitcoin and Blockchain technology:
Bitcoin is a digital currency that operates under open-source software with programming language. Its main purpose decentralise the network and to make it more secure and trustworthy. Here, we will learn more about the main concepts and blockchain technology so let's get ready for more deep detail on Bitcoin origin:-
The purpose behind programming language in Bitcoin:
Before we proceed to the next point let's recap what we have done till now. During the session, we learned how Bitcoin became popular and what things are required to set up for Cryptocurrency and so on. So let's talk about the topic we promise to discuss.
It includes a script that comes under the Bitcoin Programming language. The script is a unique and highly specialized language that enables transactions to be validated under certain conditions and it can be done before adding to Blockchain.
The Design is simple but powerful in contrast to handling complex transactional logic without affecting the security issue.
The script is based on stacked-based execution language which is related to Forth. In this operation is performed based on values that are put together. It is effective in memory usage and saving computation time.
It has the function of making smart contracts which makes the Bitcoin programming language the best. The smart contract here we refer to is a self-executing programme which comes with agreement terms that are written in the line of code.
Cryptocurrency was originally written in C++ language. During that time many different languages like Python, Java, and Go were introduced.
Generally, the Bitcoin programming language may seen overawe at first glimpse. It plays a crucial role in security support and ensures steamless Bitcoin transactions in the decentralized network.
Importance of Bitcoin Halving:
It is an event which takes place every four-year and it is necessary to understand the history of Bitcoin. This event helps in reducing the rate at which Bitcoin was created.
By adding an intentional feature to Bitcoin programming, it helps in the regular maintenance of deflationary tendencies.
Also during the early days, Bitcoin miners receive 50 Bitcoin per block. But after the two halvings, Cryptocurrency was reduced to 6.25 Bitcoin per block in May 2021. Due to this factor, Bitcoin's value decreased after every ten minutes of mining activity.
Moreover, after every halving there is a reduction in cryptocurrency at the inflation rate.
Development in Bitcoin as a peer-to-peer network:
Bitcoin's powerful impact can even affect the world of finance and technology industries. A few examples showing the impact of Bitcoin are the rise in the alternative cryptocurrency, the Increase in acceptance, and advanced blockchain technology.
Bitcoin's impact on Finance and technology:
During the creation of Bitcoin in 2009, the Finance and Technology industries were disrupted by Bitcoin. One of the Bitcoin impacts was back when the traditional finance system was operating without any intermediaries like banks and credit card companies. And the same goes for transactions that are smoothly done.
Furthermore, Bitcoin was introduced for e-commerce and online payment purposes. Also, they had a vision of making every merchant accept Cryptocurrency for transactions, which would reduce the conversion rate of currency all over the country.
Therefore, to make this vision true they must face regulatory hurdles and fluctuation in values.
Bitcoin alternative as Altcoin:
It sounds different but you may heard of the Bitcoin alternative. These alternative Bitcoins were created after the creation of the original Bitcoin. They also have unique characteristics such as faster payment, and more privacy.
But at that time Bitcoin was the only well-known digital currency that was accepted worldwide. The alternative currency provides different offers to the users.
Important note: not all Altcoins are equal, some of them have faced controversies such as scams and security issues.
Now, it is purely your decision whether to invest in an alternative currency, or not. Because there is risk and loss Torrence in Altcoins.
Bitcoin Acceptance and Adoption:
As Bitcoin's Popularity is growing so much that businesses started accepting Bitcoin for the payment of goods and services. A list of the big companies that have accepted Bitcoin are Microsoft, AT&T, and Expedia.
Furthermore, countries such as Japan and Australia have legalized cryptocurrency for exchange for goods and services.
Despite being developed, more problems are yet to be faced in the journey of Bitcoin.
During our beautiful journey of Bitcoin, we have learned how Bitcoin rise and its popularity, the main concept of Bitcoin and its Blockchain technology, the development of Bitcoin's peer-to-peer network, and so many other things. Also, we will not stop our knowledge to upgrade even more. so, stay tuned with us with the coming new topics every week.
