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It's being known as 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) make bitcoin a trustless, permissionless and (will be) frictionless new world currency.
It is the programmable money paradigm which requires no third party intermediaries or centralized governance for many users to agree and accept terms of using it jointly. .
Bitcoin is a technology its electronic money backed by blockchain DLT a robust international network of payments and transactional/mercantile exchanges which are completely decentralized and is based 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 instances amidst property 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 writer under the name of Satoshi Nakamoto).
Satoshi combined the knowledge of previous 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 was the very first to succeed where others failed to engineer a practical, autonomous decentralized peer to peer 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 about the state of each transaction and if the funds are valid and needs to be confirmed for being locked into the next block created. .
The invention of Bitcoin represents the pinnacle of decades of study in distributed systems and cryptography, its development combines 4 key innovations that make the existence of Bitcoin potential:
There is much more to learn about the inner workings of the blockchain and how it works, but right now we'll do our best to develop bite-sized pieces of digestible digital currency content just like how to purchase it, exchange it, invest it, save it, send it, spend it, get it and even earn it. .
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Building the exchange additional reading program in-house: Collect a committed team of programmers (friends, freelancers) to build (and maintain) your exchange software. Ensure that they understand the way an exchange operates in general, how cryptocurrency and blockchain technology works, and they implement the above-mentioned components.
From a programming language point of view, the choice of the proper language might also vary depending on which cryptocurrency you want to implement for your exchange (check out this post). Moreover, make sure your software can be used with various payment processing systems or banks to protect 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 the inherent complex nature, developing an exchange software from scratch will probably be rather costly and might take up 1-2 years (depending on your own developers experiences) until it functions correctly.
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Keep in mind though, that these numbers are only a rough estimation based on our experience since so many different factors 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 programs. The big benefit obviously is that the source code is absolutely free. Nevertheless, there are also a few risks 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 require additional time and money.
There is no guarantee that the script is both secure and dependable. It may be buggy, susceptible to hack attempts or in the worst instance, includes malicious lines of code, which gradually but unnoticeably extract your funds or bitcoins.
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The amount of development support on an open source process is rather sparse. The majority of the time, your group of developers will probably be left on their own to figure out how to fix bugs or enhance performance. Worst case, when the job is abandoned, you will be left with absolutely no assistance or whatsoever. .