What is Bitcoin based on (the reasons and motivations behind Bitcoin’s creation by Satoshi Nakamoto)
What is Bitcoin based on? According to ambcrypto, in the genesis block of Bitcoi
What is Bitcoin based on? According to ambcrypto, in the genesis block of Bitcoin in 2017, only 21 million addresses could own their own cryptocurrency. According to Coinmarketcap data, a total market value of nearly $300 million was generated in 2019. How was Bitcoin born? What is it based on? In simple terms, it is a network composed of multiple participants – individuals on the network who want to become validation nodes and receive rewards. Through the contributions of these participants, Bitcoin becomes more secure and reliable, ultimately achieving lower transaction fees, minimal payment costs, and faster processing speeds, among others.
Since blockchain technology itself is not a new concept, and is still in the early stages of development, it is difficult to define what Bitcoin is. From this perspective, Bitcoin has great prospects.
The reasons and motivations behind Bitcoin’s creation by Satoshi Nakamoto
According to CCN, the day before Bitcoin was created, Satoshi Nakamoto made comments on the motivations behind Bitcoin’s creation. He believed that “when people know what Bitcoin is and what cryptocurrency is, what exists today will become a digital token.” However, since then, Bitcoin has gradually become a mainstream asset type because it was created by a specific group of people. So, the initial design of Bitcoin was for ease of understanding, programmability, and anonymity, but it also brought some flaws, including slow transaction speeds, among others.
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