Bitcoin

Bitcoin is a decentralized cryptocurrency

Bitcoin logo

Beschreibung

• Bitcoin (BTC) ist die bekannteste Kryptowährung.
• Die digitale Währung wurde im Januar 2009 nach dem Zusammenbruch des Immobilienmarktes geschaffen.
• Sie folgt den Ideen, die der geheimnisvolle und pseudonyme Satoshi Nakamoto in einem Weißbuch dargelegt hat.
• Bitcoin is administered through a decentralized peer-to-peer network
• Bitcoins are issued according to rules agreed to by the majority of the computing power within the Bitcoin network. The core rules describing the predictable issuance of bitcoins to its verifying servers, a voluntary and competitive transaction fee system and the hard limit of no more than BTC 21 million issued in total.
• Bitcoin is open source.

Einheiten

Einheit	Entpricht
1 BTC	1.000 mBTC
1 mBTC	1.000 bits
1 bit	100 satoshi
1 BTC	100.000.000 satoshi

Blockchain

Blockchain is a chain of blocks that contain user transactions. The trick is that they cannot be mixed, deleted or edited because all of them are connected to each other, so any interference is excluded. The founder of Binance even once said that its influence on the world will be greater than that of the Internet.

Transactions

• Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
• All transactions are visible on the blockchain and can be viewed using a hex editor. The Blockchain Browser is a site where every transaction included in the blockchain can be viewed in a human-readable way. This is useful for viewing the technical details of transactions in action and for verifying payments.

Mining

Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions (and a "mining rig" is a colloquial metaphor for a single computer system that performs the necessary computations for "mining". This ledger of past transactions is called the block chain as it is a chain of blocks. The blockchain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

Mining has two goals:

• Set the transaction history in such a way that it is computationally impossible to change it by any single entity.
• Introduction of bitcoins into the system: miners are paid any transaction fees, as well as a reward for the created coins.

Difficulty

Mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network. This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented.

The difficulty is automatically adjusting every 2016 blocks (two-week adjustment period) to the total performance of devices in the network to ensure that network participants find a new block with a period of about 10 minutes.

Reward

• When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network and this value will halve every 210,000 blocks.
• Currently the Reward Era is 4 and the reward is 6.25 BTC per block

Links

1. https://www.blockchaincenter.net/rechner/
2. https://bitcoin.org/bitcoin.pdf
3. https://blockchain.info/
4. https://tradeblock.com/bitcoin/
5. https://de.bitcoin.it/wiki/Hauptseite
6. https://www.blockchaincenter.net/bitcoin/
7. https://bitcoin-2go.de/krypto-boersen-vergleich/
8. https://www.bestchange.com/
9. https://exchange.mercuryo.io/