Unproductive central planners are ruining the world. If we're going to get ourselves out of this mess it's important that the productive class begins to ignore the unproductive class and get shit done, starting with the energy sector.https://t.co/DymFGNAWpK
— Marty Bent (@MartyBent) July 9, 2022.
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It is a virtual peer-to- peer network that only exists electronically. Bitcoin is decentralized, it is not printed by a central authority (like a central bank in the case of fiat currency) but it is rather mined by a community of miners that anyone can join. Bitcoin gained greater recognition in 2013 when its value broke the $1000 level. Bitcoin is a digital currency invented or "proposed" by an unidentified software developer (or developers) known as Satoshi Nakamoto in 2009. It is part of a group of similar digital currencies called Cryptocurrencies (since they use encryption techniques to function) and it’s the largest in terms of total market capitalization.
A hash (or cryptographic hash) is a long number which acts as a digital fingerprint of any collection of data. In Bitcoin the SHA256 hashing function is used which generates a 64-digit hexadecimal number. For example, the cryptographic hash of the words in this paragraph is:
Indeed, thanks to the nature of the hash function (property #3 in our discussion above), every time we select a new Nonce for the same block the resulting hash will be a different value. This means that now we have a mechanism to vary the current block’s hash while keeping the data inside it intact. Unlike other components of a block, the Nonce is designed to be totally under our control.
Unfortunately, the bounce fell short at $21879, but as said back the. I was looking for BNB a "dead-cat-bounce," a wave-b, targeting around $22465-23495 before the next leg is lower to $20000+/-1000 with an ideal target of $19386. Two-and-a-half weeks ago, see here, and before, I shared with you that per the Elliott Wave Principle (EWP), Bitcoin (BTC
) had most likely completed a leading diagonal (LD) in August and had been correcting since then.Bitcoin
is decentralized, meaning it can’t be controlled by a single authority; it’s also distributed: even if a part of the network is shut down for some reason the Bitcoin network will continue to operate normally for the rest. Unless you permanently turn off the entire internet, you can’t destroy the Bitcoin network. Bitcoins cannot be counterfeited and the system protects against double spending; you cannot spend an amount of Bitcoins more than once.
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Every transaction ever made in the Bitcoin network is recorded in the Blockchain, a global, distributed and public ledger; and all transactions need to be confirmed first by the community of miners. The first block of the Blockchain, called "the genesis block" was created on or after January 3, 2009 by Satoshi Nakamoto. Miners are rewarded with those newly created Bitcoins (and also transaction fees) for using their computational power to confirm and store transactions in the Blockchain. The process of mining serves two purposes: verifying the validity of transactions (in order to secure the system) and creating new Bitcoins each time a "block" of transactions is added to the Blockchain.