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
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.