🔸 Bitcoin History: In 2009, Satoshi Nakamoto created BTC—a peer-to-peer electronic cash system. Prices soared to $1 (2011), $266 (2013), and $69,000 (2021). Adoption, store of value demand, and limited supply drive BTC's upward trend. 📚💰 #Bitcoin #CryptoHistory
Current status of Bitcoin token summary: app.intotheblock.com/coin/BTC?pid=b…
🔸 Bitcoin's Technology: Using the UTXO model, BTC transactions mimic cash payments. When Alice pays Bob, she receives change (unspent amount). Ethereum and other blockchains use the account model. 💰🔗 #Bitcoin #BlockchainTech
🔹 Bitcoin Technology: Validators compete using Proof of Work (PoW) to produce blocks. More computation power means higher chances. Mining evolved to ASIC machines. PoW ensures security, prevents 51% attacks. Transactions are probabilistic, and validators get bitcoin rewards. ⛏
🔹 Bitcoin Block Production: The Merkle tree organizes transaction hashes into blocks, allowing efficient verification. A single Merkle root hash represents multiple transactions. Block Header stores meta info and links blocks. This is how the blockchain is formed.#BlockchainTech
🔹 Bitcoin Block Time: Miners solve tasks to create the next block. The protocol targets a 10-minute time, adjusting difficulty. High difficulty slows, low difficulty speeds. This maintains an average 10-minute block time. ⏰⚙️ #Bitcoin #BlockTime
🔹 Bitcoin Orphan Blocks: Low block time risks orphan blocks, no rewards. Network latency sync issues waste computational power. Higher difficulty reduces waste but risks centralization. Balancing block time, scalability crucial. ⚙️🔒 #Bitcoin #OrphanBlocks
🔹 Lightning Network: Fast, cheap, off-chain Bitcoin payments. Scalable micropayments with no blockchain confirmation delay. Conceptualized in 2015, implemented by Blockstream, Lightning Labs, ACINQ. Settlement on-chain when channels close. ⚡️💡 #LightningNetwork
🔹 Lightning Network Limitation: Limitation - Online presence needed to receive transactions. Opening channels locks funds, limiting use. But existing channels can be used via "payment hubs." More hubs enhance network convenience. ⚡️💡 #LightningNetwork
🔹 Bitcoin Economics: Nakamoto consensus and Proof-of-Work validate blocks. 21 million max supply, no pre-mining. Block reward halves every 210,000 blocks (~4 years). Current reward: 6.25 BTC per block. Miners also earn from transaction fees. 💰⛏ #Bitcoin #Economics
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