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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 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 own digital money backed by blockchain DLT a strong international network of payments and transactional/mercantile exchanges that are entirely decentralized and relies on community consensus voting mechanism for its longest/honest chain. It doesnt depend on banks or governments to operate and its creator Satoshi Nakamoto is a group of ghosts.
Bitcoin breathed new life into trying instances 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 author 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 had been the very first to succeed where these others neglected to engineer a practical, 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 international transaction validations each 10 minutes, allowing the decentralized network technology to come to consensus agreement regarding the state of each transaction and if the funds are valid 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 that make the existence of Bitcoin possible:
There's much more to learn about the inner workings of this blockchain and the way it all works, but right now we will do our very best to develop bite-sized pieces of digestible digital currency content a knockout post 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 software in-house: Collect a committed team of developers (friends, freelancers) to build (and maintain) your exchange program. Ensure they understand how an exchange works 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 might also change depending on which cryptocurrency you want to implement for your exchange (check out this post). Moreover, make sure 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 today 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 the inherent complicated nature, developing an exchange program from scratch will be rather costly and may require up 1-2 years (depending on your programmers experiences) until it functions 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 test out GitHub or other forums, you will see quite a few open-source bitcoin exchange programs. The large 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 how the script works, will require time and modifications to enable customization, will also require additional time and money.
There is no guarantee that the script is secure and dependable. It might be buggy, susceptible to hack efforts or in the worst case, includes malicious lines of code, which slowly but unnoticeably extract your funds or bitcoins.
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The amount of development support on an open source system is rather sparse. The majority of the time, your group of developers will be left on their own to figure out how to fix bugs or enhance performance. Worst case, when the project is abandoned, you will be left with no assistance or at all. .