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It is 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 prevent inflation) make bitcoin a trustless, permissionless and (will be) frictionless new world currency.
It is the programmable money paradigm that needs no third party intermediaries or centralized governance for all consumers to agree and accept terms of using it collectively. .
Bitcoin is a technology its electronic money backed by blockchain DLT a strong international network of payments and transactional/mercantile exchanges which are completely 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 Money System (created by the writer 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 was the first to succeed where others failed to engineer a sensible, autonomous decentralized peer to peer cryptocurrency which 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 every 10 minutes, allowing the decentralized network technology to return to consensus agreement about the state of each transaction and whether the funds are legitimate and needs to be confirmed for being secured 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 possible:
There is much more to learn about the inner workings of the blockchain and how it all works, but right now we will do our very best to build bite-sized pieces of digestible digital currency content just like the way to buy it, exchange it, invest it, save it, send it, spend it, get it and even earn it. .
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Building the exchange software in-house: Collect a committed team of programmers (friends, freelancers) to construct (and maintain) your exchange program. Ensure they understand how an webpage exchange operates in general, how cryptocurrency and blockchain technology works, and that they implement the above-mentioned components.
From a programming language point of view, the selection of the suitable 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 systems or banks to protect payment transactions within your exchange. .
Most importantly (this really is a no-brainer, but some people seem to have unrealistic expectations), you need to estimate the costs and time associated with developing, maintaining, and constantly upgrading the software in-house. Due to its inherent complex nature, developing an exchange software from scratch will be rather costly and may require up 1-2 years (depending on your developers experiences) until it works correctly.
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Bear in mind though, 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, then you will see quite a couple of open-source bitcoin exchange programs. The large benefit obviously is that the source code is absolutely free. Nevertheless, there are also a couple dangers That Have to 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 the way the script works, will require some time and modifications to enable customization, will also require additional time and money.
There's no guarantee that the script is protected and dependable. It might be buggy, vulnerable to hack efforts 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 service on an open source process is rather sparse. Most of the time, your team 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 no assistance or whatsoever. .