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It is being known as a better-than-gold equivalent store of value and a medium of exchange to rival Visa, Mastercard and Paypal. Its unit of account and predetermined qualities of a finite supply (21 Million total bitcoin in circulation to prevent inflation) create bitcoin a trustless, permissionless and (will be) frictionless new world currency.
It's the programmable money paradigm that needs no third party intermediaries or centralized governance for many users to agree and accept terms of using it jointly. .
Bitcoin is a technology its own digital money backed by blockchain DLT a strong international network of payments and transactional/mercantile exchanges that are completely decentralized and relies on community consensus voting mechanism for the longest/honest chain. It doesnt depend on banks or governments to operate and its creator Satoshi Nakamoto is a set of ghosts.
Bitcoin breathed new life into trying times amidst real estate housing bubble and fractional lending credit debacle and came into existence in October 2008 following the publication of a whitepaper titled, Bitcoin: A Peer To Peer Electronic Money System (made by the author under the name of Satoshi Nakamoto).
Satoshi combined the knowledge of prior digital currency developments (see the Nakamoto Institute) for example HashCash and B Money and finally got all of the pieces to the puzzle to fit. It had been the first to succeed where these others failed to engineer a sensible, autonomous decentralized peer to peer reviewed cryptocurrency that requires no central authority for money emission, validation of transactions or settlements. .
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The main innovation in Satoshis Bitcoin invention is that the development of a distributed computational hashing system known as the proof-of-work algorithm. It conducts global transaction validations each 10 minutes, allowing the decentralized network technology to come to consensus agreement regarding the state of each transaction and if the funds are valid and needs to be confirmed for being locked into the next block generated. .
The invention of Bitcoin represents the pinnacle of decades of study in distributed systems and cryptography, its development combines 4 Important innovations that make the existence of Bitcoin potential:
There is far more to learn about the inner workings of this blockchain and how it works, but right now we will do our best to build bite-sized bits of digestible digital currency content like how to purchase it, trade see page it, invest it, store it, send it, spend it, get it and even earn it. .
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Building the exchange program in-house: Collect a committed team of programmers (friends, freelancers) to construct (and maintain) your exchange program. Make sure that they understand the way an exchange works in general, how cryptocurrency and blockchain technology works, and they implement the above-mentioned components.
From a programming language point of view, the selection of the proper language might also change depending on which cryptocurrency you want to implement for your exchange (check out this post). Furthermore, make sure your software is compatible with different payment processing platforms or banks to safeguard payment transactions within your exchange. .
Most importantly (this is a no-brainer, but a few people today seem to have unrealistic expectations), you need to gauge the costs and time associated with developing, maintaining, and constantly upgrading the software in-house. Owing to its inherent complex nature, developing an exchange program from scratch will be rather costly and may take up 1-2 years (depending on your own developers experiences) until it works correctly.
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Keep in mind though, these numbers are just a rough estimation based on our experience since so many different things need to be considered. .
Using free/open source scripts: Should you check out GitHub or other forums, you will see quite a couple of open-source bitcoin exchange scripts. The big benefit obviously is the source code is free. Nevertheless, there are also a couple dangers that must be considered:
You still need someone with technical knowledge to understand and implement the lines of code within the open-source script. Becoming acquainted with how the script functions, will take some time and modifications to enable customization, will also need additional time and money.
There is no guarantee that the script is both protected and reliable. It might be buggy, susceptible to hack efforts or in the worst case, includes malicious lines of code, which slowly but unnoticeably extract your funds or bitcoins.
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The amount of development support on an open source process is quite sparse. The majority of the time, your team of developers will be left on their own to figure out how to fix bugs or improve performance. Worst case, when the job is abandoned, you will be left with no assistance or whatsoever. .