MONTANA 1 minutes reading from Bitcoin

BREAKING: $BTC (Bitcoin) ℩ $BTC

Back to basics⤵️

🌐 BTC (Bitcoin)

ℹ️BTC is the first digital coin. Invented in 2008 by Satoshi Nakamoto

ℹ️The maximum supply of BTC will be 21.000.000

ℹ️1 BTC breakdown⤵️

Smallest unit for BTC is 0.00000001 which is called a Satoshi

1 BTC consists of 100.000.000 Satoshis

🌐 Block

ℹ️A block is a file where data about e.g. transactions, is stored.

ℹ️Every single block relates to the previous block.

ℹ️These blocks combined is called “Block-Chain”

🌐 Block Size

ℹ️Each Block represents a size.

ℹ️Bitcoin, has a limit of 1MB per block.

ℹ️The bigger the Block, the more information can be stored on it.

ℹ️Most Altcoins have bigger Block sizes then BTC.

🌐 Block Reward

ℹ️Block rewards are the payment offered to the node operator. E.g. Bitcoin, has a Proof-of-Work consensus and they are called “Miners”

ℹ️The reward contains of the native blockchain.

e.g BTC but it can be any Blockchain projects where nodes are in place.

🌐 Centralized Vs. Decentralized

ℹ️Centralized: One person or organization has full control over the data.

ℹ️Decentralized: Many persons have an exact copy of all data stored on the blockchain.

ℹ️Everyone can add data, but old data cannot be adjusted.

This post is based on this twitter thread.


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