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Nearly instant - From a few seconds to a few minutes depending on need for confirmations. Programmable - Individual units of bitcoin can be programmed to transfer based on certain criteria being met. Secure - Encrypted cryptographically and can’t be brute forced or confiscated with proper key management such as hardware wallets. Pseudonymous - No need to expose personal information when purchasing with cash or transacting. Trustless - Bitcoin solved the Byzantine's Generals Problem which means nobody needs to trust anybody for it to work. Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them. Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint. You can even run a node on a Raspberry Pi. Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. Accountable - The public ledger is transparent, all transactions are seen by everyone. #Lightness 2. swagbucks bot code
You can read the source code yourself here.
Open source - Bitcoin code is fully auditable. Once they are all issued Bitcoin will be truly deflationary. Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. The number of times Bitcoin was declared dead by the media can be found here (LOL!) Potential upcoming protocol improvements and scaling resources here and here. Peer-reviewed research papers can be found here. Some Bitcoin statistics can be found here and here. Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute. #Lightness 2. swagbucks bot series
Some other great resources include, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series. Video 3: Bitcoin 101 - Balaji Srinivasan.Video 1: Introduction to Bitcoin - Andreas Antonopoulos.It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
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Welcome to the /Bitcoin Sticky FAQ You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
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