In this post, we are going to know some interesting things about bitcoin and blockchain technology. Next, we’ll see some quotes about bitcoin from the world’s biggest financial experts, inventors and businessmen.
With this, we will know how important bitcoin and its technology are and what is its future.
Bitcoin has become a hot topic right now. In history, no asset has given as much return as bitcoin has given in a few years. Maybe that’s why we’re all so excited about bitcoin today.
But before investing in it, it is very important for us to know about its risk, fundamentals and technology.
So, let’s begin.
What is Blockchain?
If we do any digital transaction then it is straightforward. But in blockchain technology, recent transactions and current transactions combine to form a chain of several blocks. In which all the information or data is saved.
Each block has the same and definite capacity to save data. When a block is created it is saved in the permanent database. After this, the remaining data is saved in the second block.
After this, all the data is distributed among the networks of many computers and is saved. This is how blockchain technology works.
Why is Blockchain Important?
Blockchain technology is most known because of its security system. Apart from this, it is much faster and reliable than other digital transactions. In Blockchain, once a transaction takes place, then after that, this data is unchangeable.
Its biggest and important feature is the Decentralized Network. This means that the data of its transaction is not in any one place or server.
If we talk about banks, that have their own server and data center. In which all the transitions take place. If it hacks or crashes then many people can suffer a lot.
But in the blockchain, all the data is distributed among the networks of many computers and is saved. So, we have to block the internet of the whole world to crash Blockchain Technology. Which is Impossible. Because of this feature, it is the most secure technology.
What is Bitcoin? And Who Created Bitcoin?
Bitcoin was first introduced to the world in 2008 by an unknown person or group named Satoshi Nakamoto. Till date, no one knows the identity of Satoshi Nakamoto.
The word bitcoin is made up of the words bit and coin. Bitcoin is also known as a decentralized digital currency. Bitcoin is represented by the ticker symbols BTC and XBT. And a small part of bitcoin is known as satoshi and mBTC.
It works on the basis of an elliptic curve named secp256k1 and is encrypted with the ECDSA algorithm. The equation for the secp256k1 curve of bitcoin is….
The time taken to create a block of bitcoin is 10 minutes and it uses the SHA-256 Hash function. A special thing about bitcoin is that its quantity is limited in the world. After a certain amount, no one will be able to mine or produce it.
The supply limit of Bitcoin is 21,000,000 out of which 18,660,000 have been mined till 20 March 2021.
Bitcoin’s official domain bitcoin.org was registered on 18 August 2008. After this, on 31 October 2008, Satoshi Nakamoto published a mail on the cryptography mailing list named Bitcoin: A Peer-to-Peer Electronic Cash System.
In January 2009, Nakamoto created the bitcoin software as open-source code. And on January 3, 2009, Nakamoto mined the first block of bitcoin in the bitcoin network.
The first transaction of bitcoin was received by a computer scientist named Hal Finney. He had received 10 bitcoins from Satoshi Nakamoto.
In 2010, programmer Laszlo Hanyecz used bitcoin to buy pizza for the first time. He bought 2 Papa John’s pizzas with 10,000 bitcoins. (Today its value is around $35,14,23,000)
In 2010, Nakamoto gave the bitcoin network alert key and control of the code to Gavin Andresen, and after that, he disappeared. According to blockchain analysts, Nakamoto mined about 1 million bitcoins before leaving.
Today, there are more than 4,000 cryptocurrencies available in the world. But bitcoin is the most valuable of them all.
Bitcoin is quite fluctuating. Its value is mostly based on supply and demand. The value of 1 bitcoin in 2015 was around $300, which is around $40,000 in 2021.
Due to such rapid growth, Bitcoin has attracted the attention of many investors. Today big companies like Coca-Cola, Burger King, Microsoft, BMW, Paypal and Starbucks also accept bitcoin.
To spread awareness about bitcoin, In 2014 and 2016 two films “The Rise and Rise of Bitcoin” and “Banking on Bitcoin” have also been released.
Bitcoin Quotes :
“To make our world a better place, we need to build products that the corrupt cannot abuse – Bitcoin is the best example of that.” – Olawale Daniel
“There is nothing more interesting than the internet right now and the same would be said of the blockchain-powered solutions like Bitcoin and other altcoins a few years from now.” – Olawale Daniel
“What can’t kill Bitcoin, makes it stronger.” – Mark Wittkowski
“The bitcoin world is this new ecosystem where it doesn’t cost that much to start a new Bitcoin company, it doesn’t cost much to start owning Bitcoin either, and it is a much more efficient way of moving money around the world.” – Tim Draper
“Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency… for large transactions, currency can get pretty inconvenient.” – Bill Gates
“Bitcoin is rapidly becoming the global reserve cryptocurrency just like the dollar is to fiat currency.” – Olawale Daniel
“As people move into Bitcoin for payments and receipts they stop using US Dollars, Euros and Chinese Yuan which in the long-term devalues these currencies.” – John McAfee
“I think the fact that within the bitcoin universe an algorithm replaces the function of the government… is actually pretty cool.” – Al Gore
“Bitcoin enables certain uses that are very unique. I think it offers possibilities that no other currency allows. For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin.” – Pieter Wuille
“Bitcoin is the currency of resistance.” – Max Keiser
“Bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions.” – Peter Diamandis
“Bitcoin is the currency of resistance… If Satoshi had released Bitcoin 10 years. earlier, 9/11 would never have happened.” – Max Keiser
“Those who believe in Bitcoin also believe in cleverness.” – Arif Naseem
“Bitcoin is like anything else – it’s worth what people are willing to pay for it.” – Stanley Druckenmiller
“If you cannot cope with Bitcoin when it dips 20 percent, you don’t deserve Bitcoin when it moons 200 percent or more. You have got to love the upward and downward trends. It must excite and inspire you.” – Olawale Daniel
“We see bitcoin as potentially the greatest social network of all.” – Tyler Winklevoss
“It’s probably easier and cheaper to counterfeit hundred-dollar bills than it is to counterfeit Bitcoin.” – Naval Ravikant
Quotes About Bitcoin :
“Disconnect your emotions from Bitcoin if you want to accumulate more gains.” – Quotes About Bitcoin
“Our basic thesis for bitcoin is that it is better than gold.” – Tyler Winklevoss
“I think the fact that within the bitcoin universe an algorithm replaces the functions of the government is actually pretty cool. I am a big fan of Bitcoin. – Al Gore, 45th Vice President of the United States
“I think the whole narrative of blockchain without bitcoin will amount to very little.” – Fred Ehrsam
“Bitcoin was created to serve a highly political intent, a free and uncensored network where all can participate with equal access.” – Amir Taaki
“I do think Bitcoin is the first [encrypted money] that has the potential to do something like changing the world.” – Peter Thiel
“Gold is a great way to preserve wealth, but it is hard to move around. You do need some kind of alternative and Bitcoin fits the bill.” – Jim Rickards
“Bitcoin is a technological tour de force.” – Bill Gates
“Bitcoin may be the purest form of democracy the world has ever known, and I — for one — am thrilled to be here to watch it unfold.” – Paco Ahlgren
“The relative success of bitcoin proves that money first and foremost depends on trust. Neither gold nor bonds are needed to back up a currency.” – Arnon Grunberg
“Bitcoin is money over internet protocol.” – Tony Gallippi
“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry. – Satoshi Nakamoto
“Bitcoin is here to stay. There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency. And I wouldn’t want to be on the receiving end of hacker fury.” – Adam Draper
“I am very intrigued by Bitcoin. It has all the signs. Paradigm shift, hackers love it, yet it is described as a toy. Just like microcomputers.” – Paul Graham
“Bitcoin is a remarkable cryptographic achievement… The ability to create something which is not duplicable in the digital world has enormous value…lots of people will build businesses on top of that.” – Eric Schmidt
“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.” – Marc Kenigsberg
“Bitcoin, and the ideas behind it, will be a disrupter to the traditional notions of currency. In the end, the currency will be better for it.” – Edmund Moy, 38th Director of the United States Mint
“Bitcoin is a very exciting development, it might lead to a world currency. I think over the next decade it will grow to become one of the most important ways to pay for things and transfer assets.” – Kim Dotcom, CEO of MegaUpload
“Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments.” – Leon Louw, two-time Nobel Peace Prize nominee
“Bitcoin may be the TCP/IP of money.” – Quotes About Bitcoin by Paul Buchhei
“I understand the political ramifications of bitcoin and I think that the government should stay out of them and they should be perfectly legal.” – Ron Paul, Republican Texas Congressman and former candidate for US President