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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 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 needs no third party intermediaries or centralized governance for all consumers to agree and accept terms of using it jointly. .
Bitcoin is a technology its own electronic money backed by blockchain DLT a robust 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 creator 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 following 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 previous digital currency developments (see the Nakamoto Institute) such as HashCash and B Money and finally got all the pieces to the puzzle to fit. It was the first to succeed where others neglected to engineer a practical, autonomous decentralized peer to peer reviewed cryptocurrency which needs 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 each 10 minutes, allowing the decentralized network technology to come to consensus agreement about the state of each transaction and if the funds are legitimate and needs to be confirmed for being locked into the next block generated. .
The invention of Bitcoin represents the pinnacle of years of study in distributed systems and cryptography, its development combines 4 Important innovations Which Make the existence of Bitcoin dig this possible:
There is much more to learn about the inner workings of this blockchain and how it works, but right now we'll do our best to develop bite-sized bits of digestible digital currency content just like how 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 program in-house: Collect a dedicated team of developers (friends, freelancers) to construct (and maintain) your exchange program. Make sure that they understand how 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 may also change depending on which cryptocurrency you want to implement for your exchange (check out read this post here this article ). Moreover, make sure your software is compatible with different payment processing platforms or banks to protect payment transactions within your exchange. .
Most importantly (this is a no-brainer, however a few people today appear 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 complicated nature, developing an exchange software from scratch will probably be quite costly and may require up 1-2 years (depending on your programmers experiences) until it functions correctly.
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Keep 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 test out GitHub or other forums, you will discover quite a few open-source bitcoin exchange programs. The large benefit obviously is that the source code is free. Nevertheless, there are also a few dangers 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 take some time and modifications to enable customization, will also need additional time and money.
There is no guarantee that the script is both protected anonymous and reliable. 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 system is quite sparse. The majority of the time, your team of programmers will be left on their own to figure out how to fix bugs or enhance performance. Worst case, when the project is abandoned, you'll be left with no assistance or at all. .