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It is being called a better-than-gold equivalent store of value and a medium of exchange into rival Visa, Mastercard and Paypal. Its unit of account and predetermined characteristics of a finite supply (21 Million total bitcoin in circulation to avoid inflation) create bitcoin a trustless, permissionless and (will be) frictionless new world currency.
It's the programmable money paradigm which requires no third party intermediaries or centralized governance for all users to agree and accept terms of using it jointly. .
Bitcoin is a technology its electronic money backed by blockchain DLT a strong international network of payments and transactional/mercantile exchanges which are entirely decentralized and relies on community consensus voting mechanism for the longest/honest chain. It doesnt depend on banks or governments to function and its founder Satoshi Nakamoto is a group 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 after the publication of a whitepaper titled,'' Bitcoin: A Peer To Peer Electronic Cash System (made by the writer under the name of Satoshi Nakamoto).
Satoshi combined the knowledge of prior digital currency developments (see the Nakamoto Institute) such as HashCash and B Money and finally got all the pieces to the puzzle to fit. It was the first to succeed where others failed to engineer a practical, 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 international transaction validations every 10 minutes, allowing the decentralized network technology to come to consensus agreement regarding the condition of each transaction and if the funds are valid and should be confirmed for being secured into the next block created. .
The invention of Bitcoin represents the pinnacle of years of research in distributed systems and cryptography, its own development combines 4 Important innovations Which Make the existence of Bitcoin potential:
There's much more to learn about the inner workings of this blockchain and how it all works, but right now we will do our very best to develop bite-sized bits of digestible digital currency content just like the way to purchase it, exchange it, invest it, save it, send it, spend it, receive it and even earn it. .
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Building the exchange software in-house: Gather a dedicated group of programmers (friends, freelancers) to build (and maintain) your exchange software. Make sure they understand how an exchange works in general, how cryptocurrency and blockchain technology functions, and they implement the above-mentioned components.
From a programming language point of view, the choice of the proper language may also change depending on which cryptocurrency that you want to implement for your exchange (check out this post). Moreover, make sure your software is compatible with various payment processing platforms or banks to safeguard payment transactions within your exchange. .
Most importantly (this is a no-brainer, however some people appear to have unrealistic expectations), you need to estimate the costs and time associated with developing, maintaining, and constantly upgrading the software in-house. Owing to the inherent complex nature, developing an exchange program from scratch will be quite costly and may require up 1-2 years (depending on your programmers experiences) until it functions properly.
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Keep in mind though, that 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: If you check out GitHub or other forums, you will discover quite a couple of open-source bitcoin exchange scripts. The large benefit obviously is the source code is free. Nevertheless, there are also a few 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 works, will require time and modifications to enable customization, will also need additional time and money.
There is no guarantee that the script is both protected and dependable. It may be buggy, vulnerable 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 service on an imp source open source system is rather sparse. The majority of the time, your team of programmers will be left on their own to figure out how to fix bugs or enhance performance. Worst case, if the job is abandoned, you'll be left with absolutely no assistance or whatsoever. .