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It's 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 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 is the programmable money paradigm that needs no third party intermediaries or centralized governance for many consumers to agree and accept terms of using it jointly. .
Bitcoin is a technology its own electronic money backed by blockchain DLT a strong international network of payments and transactional/mercantile exchanges which are entirely decentralized and is based on community consensus voting mechanism for its longest/honest chain. It doesnt depend on banks or governments to function and its founder Satoshi Nakamoto is a set of ghosts.
Bitcoin breathed new life into trying times amidst property 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 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 first to succeed where these others failed to engineer a sensible, 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 global transaction validations every 10 minutes, allowing the decentralized network technology to return to consensus agreement about the state of each transaction and if the funds are legitimate and needs to be confirmed for being secured into the next block created. .
The invention of Bitcoin represents the pinnacle of decades of research in distributed systems and cryptography, its development combines 4 key innovations that make the existence of Bitcoin potential:
There's much more to learn about the inner workings of the blockchain and the way it works, but right now we will do our very best to develop bite-sized bits of digestible digital currency content like the way to purchase it, trade 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: Collect a committed team of Website developers (friends, freelancers) to construct (and maintain) your exchange software. Ensure that they understand the way 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 selection of the suitable language may also vary depending on which cryptocurrency that you want to implement to your exchange (check out this article ). Moreover, ensure your software can be used with different payment processing platforms or banks to protect payment transactions within your exchange. .
Most importantly (this is a no-brainer, but a few people appear to have unrealistic expectations), you need to estimate the costs and time associated with developing, maintaining, and constantly upgrading the applications in-house. Due to its inherent complicated nature, developing an exchange program from scratch will be quite costly and may take up 1-2 years (depending on your developers experiences) until it works correctly.
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Bear 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 test out GitHub or other forums, then you will see quite a couple of open-source bitcoin exchange programs. The big benefit obviously is 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 the way the script works, will require time and modifications to enable customization, will also need additional time and money.
There's no guarantee that the script is secure and reliable. It may be buggy, vulnerable to hack efforts or in the worst case, 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 system is quite sparse. Most of the time, your team of programmers will probably be left on their own to determine how to fix bugs or improve performance. Worst case, when the project is abandoned, you'll be left with no support or whatsoever. .