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Tag: Blockchain

  • Bitcoin Explained In Simple Terms by Jack Mallers – Founder of Strike

    Bitcoin Explained In Simple Terms by Jack Mallers – Founder of Strike

    In the YouTube video titled “Jack Mallers Explains What Bitcoin Is In Simple Terms,” Jack Mallers – the founder and CEO of Zap and Strike (apps that enable fast and easy transactions over Bitcoin’s Lightning Network), ELI5 (Explains Like I’m 5) the concept of money as an abstracted form of time and energy, and the importance of having a stable store of value for our collective contributions to society. He contrasts this idea with traditional forms of money, such as paper currency or government-issued money, which can be debased and devalued over time.

    Mallers argues that Bitcoin is the closest we have come to a perfect store of value for our time and energy, as it is decentralized, cannot be debased, and exists outside the control of governments or corporations. He also compares the guarantee and promise of Bitcoin as a fixed money to the guarantee and promise of death, emphasizing the importance of being able to value the present moment.

    When explaining how Bitcoin is different from traditional fiat currency, he ues the concept of time and value. He argues that money is a technology for exchanging labor and energy, and that Bitcoin’s fixed supply allows individuals to truly value their time and energy in the present. The speaker also notes that money has become worse over time, with the shift away from a gold standard, and that people have become accustomed to the broken money system. He emphasizes that Bitcoin is a life-altering technology that allows individuals to store and exchange value in a way that preserves its purchasing power.

    He further discusses the concept of inflation and how it affects people’s lives by debasing the value of their time and energy. He explains that as the value of money decreases, people are required to work longer hours to maintain the same standard of living.

    Mallers argues that this is an insidious and malicious act that steals from the collective populace. He believes that the broken money system is a significant contributor to societal deterioration and that Bitcoin offers a potential solution by providing a more stable and secure way to store, save, and exchange time and energy.

    Jack Mallers was a guest on the Zuby podcast:

  • Possible Identity of Satoshi Nakamoto: The Elusive Creator of Bitcoin

    Possible Identity of Satoshi Nakamoto: The Elusive Creator of Bitcoin

    Bitcoin, the world’s first cryptocurrency, was introduced to the public in 2008 by an anonymous person or group known as Satoshi Nakamoto.

    The true identity of Satoshi Nakamoto remains unknown to this day, despite numerous attempts to uncover it.

    In this article, we will explore some of the possible identities of Satoshi Nakamoto, the person who changed the way we think about money and finance.

    Craig Wright: Australian Computer Scientist and Businessman

    Craig Wright is an Australian entrepreneur and computer scientist who claimed to be the inventor of Bitcoin in 2016.

    Despite providing cryptographic proof, Wright’s claims were met with skepticism from the cryptocurrency community, and he was unable to provide conclusive evidence to back up his claim.

    Although Wright’s claims have been largely discredited, he remains a popular figure in the cryptocurrency community and continues to be a source of speculation.

    Nick Szabo: Cryptography Pioneer and Smart Contract Inventor

    Nick Szabo is a computer scientist and cryptographer who is widely believed to be the real Satoshi Nakamoto.

    Szabo is known for his work on digital contracts and was the inventor of the concept of smart contracts, which paved the way for the creation of decentralized applications.

    Although Szabo has never confirmed his role as the creator of Bitcoin, many in the cryptocurrency community believe that he is the person behind the pseudonym.

    Dorian Nakamoto: Former Systems Engineer and Japanese-American Citizen

    Dorian Nakamoto is a former systems engineer who was identified as the creator of Bitcoin by Newsweek magazine in 2014.

    However, Nakamoto denied any involvement with the creation of Bitcoin and claimed that he had never even heard of the cryptocurrency until his son mentioned it to him.

    Despite this, some in the cryptocurrency community continue to believe that Dorian Nakamoto may be the real Satoshi Nakamoto.

    Hal Finney: Cryptographer and Early Bitcoin Developer

    Hal Finney was a computer scientist and cryptography expert who was one of the earliest developers of Bitcoin.

    Finney was the recipient of the first ever Bitcoin transaction, which was sent by Satoshi Nakamoto himself.

    Although Finney passed away in 2014, some believe that he may have been the real Satoshi Nakamoto or may have had some involvement in the creation of Bitcoin.

    Conclusion

    The true identity of Satoshi Nakamoto remains a mystery, and it may be that we will never know for sure who the real creator of Bitcoin is.

    However, the people mentioned in this article are just a few of the possible identities that have been proposed over the years.

    Regardless of who Satoshi Nakamoto really is, there is no doubt that their invention has changed the way we think about money and has opened up a whole new world of possibilities for the future of finance.

    It can be expected that the identity of Satoshi Nakamoto will continue to be a topic of debate and speculation for years to come.

    What is certain, however, is that Bitcoin and the wider cryptocurrency industry that it inspired are here to stay.

    As we continue to explore the possibilities of blockchain technology and decentralized finance, we may come closer to uncovering the true identity of the elusive Satoshi Nakamoto.

  • Bitcoin: Understanding the World’s First Cryptocurrency

    Bitcoin: Understanding the World’s First Cryptocurrency

    Bitcoin is a digital currency that has gained widespread attention in recent years. Bitcoin is often referred to as a “cryptocurrency”, though there are other digital assets also referred to as cryptocurrencies.

    Bitcoin was officially launched in 2009 by an obscure entity who called himself Satoshi Nakamoto. It operates on a wholly decentralized network, which means it is not and cannot be controlled by any central authority, including a government. Instead, it is maintained by a community of volunteers who work together to verify and process transactions.

    At its core, Bitcoin is a digital file that contains information about transactions between buyers and sellers. These transactions are verified and recorded on a public ledger called the blockchain. The blockchain is essentially a decentralized database that allows anyone to view transactions in real-time, providing transparency and security to the system.

    One of the unique features of Bitcoin is its limited supply. Unlike traditional currencies that can be printed at nauseum, Bitcoin is capped by design and there will only ever be 21 million Bitcoins in existence. This makes Bitcoin is a scarce asset and some argue, that the scarcity is what drives up and will continue to drive up the value of Bitcoin. In this respect, the HODLers like to use the phrase “To The Moon”.

    To acquire Bitcoin, users can either buy it on a cryptocurrency exchange, or “mine” it through a process referred to as “proof-of-work”. Mining involves using computer processing power to solve mathematical equations that verify transactions on the blockchain. In return for this work, miners are rewarded with newly-minted (created) Bitcoin.

    In recent years, Bitcoin has gained popularity as an investment option, but early adopters of the cryptocurrency have used it as means of payment. Some merchants and retailers adapted to the growing popularity and began to accept Bitcoin payments in their businesses.

    Transactions with Bitcoin are not only faster and cheaper than traditional payment methods like credit cards, they are also non-discriminatory so anyone can use them to pay for things anywhere.

    Security of Bitcoin transactions is safeguarded and verified by the decentralized network, making it nearly impossible to hack or counterfeit. This made it possible for people oppressed by tyrannical regimes to transact with other parties.

    Bitcoin has also faced criticism for its environmental impact. While it is true that the mining process requires some amount of electricity, the allegation that these have significant impact on the environment have been vastly debunked and the criticism exposed for being manufactured.

    To sum Bitcoin up: Bitcoin is a decentralized digital currency. It operates on a public ledger called the blockchain outside of a single point of failure. Because there will ever only be no more than 21 Million Bitcoins ever mined, the cryptocurrency is an attractive investment option, which at the same time offers fast and secure transactions. However, because it is a relatively new and volatile asset, one should keep a well diversified portfolio and not be invested too much in novelty assets.