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It's being called a better-than-gold equivalent store of value and a medium of exchange to rival Visa, Mastercard and Paypal. Its unit of account and predetermined qualities of a finite supply (21 Million complete bitcoin in circulation to avoid inflation) make bitcoin a trustless, permissionless and (will be) frictionless new world currency.
It is the programmable money paradigm which needs no third party intermediaries or centralized governance for many users to agree and accept terms of using it jointly. .
Bitcoin is a technology its digital money backed by blockchain DLT a strong international network of payments and transactional/mercantile exchanges which are entirely decentralized and relies on community consensus voting mechanism for its longest/honest chain. It doesnt depend on banks or governments to function and its creator Satoshi Nakamoto is a group of ghosts.
Bitcoin breathed new life into trying times amidst property housing bubble and fractional lending credit debacle and came into existence in October 2008 after the publication of a whitepaper titled, Bitcoin: A Peer To Peer Electronic Money System (made by the writer under the name of Satoshi Nakamoto).
Satoshi combined the knowledge of prior digital currency developments (see the Nakamoto Institute) such as HashCash and B Money and finally got all the pieces to the puzzle to match. It had been the first to succeed where others neglected to engineer a sensible, autonomous decentralized peer to peer reviewed cryptocurrency which needs no central authority for money emission, validation of transactions or settlements. .
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The main innovation in Satoshis Bitcoin invention is that the development of a distributed computational hashing system known as the proof-of-work algorithm. It conducts international transaction validations each 10 minutes, allowing the decentralized network technology to come to consensus agreement regarding the condition of each transaction and whether the funds are valid and should be confirmed for being secured into the next block generated. .
The invention of Bitcoin represents the pinnacle of decades of research in distributed systems and cryptography, its development combines 4 key innovations that make the existence of Bitcoin potential:
There's much more to learn about the inner workings of this blockchain and how it all works, but right now we will do our very best to develop bite-sized pieces of digestible digital currency content like the way to purchase it, exchange it, invest it, save it, send it, spend it, get it and even earn it. .
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Building the exchange program in-house: Collect a committed team of programmers (friends, freelancers) to build (and maintain) your exchange program. Make sure they understand the way an exchange operates in general, how cryptocurrency and blockchain technology functions, and they implement the above-mentioned components.
From a programming language point of view, the selection of the suitable language might also change depending on which cryptocurrency you want to implement to your exchange (check out this post). Moreover, ensure that your software is compatible with different payment processing platforms or banks to safeguard payment transactions within your exchange. .
Most importantly (this really is a no-brainer, view it now but some people today appear to have unrealistic expectations), you need to estimate the costs and time associated with developing, maintaining, and constantly upgrading the software in-house. Owing to the inherent complex nature, developing an exchange program from scratch will probably be quite costly and might require up 1-2 years (depending on your own programmers experiences) until it works properly.
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Bear in mind though, these numbers are just a rough estimation based on our experience since so many different factors need to be considered. .
Using free/open source scripts: Should you check out GitHub or other forums, then you will discover quite a few open-source bitcoin exchange scripts. The large benefit obviously is that the source code is free. Nevertheless, there are also a couple risks that must be considered:
You still need someone with technical knowledge to understand and implement the lines of code within the open-source script. Becoming acquainted with the way the script works, will take time and modifications to enable customization, will also need additional time and money.
There is no guarantee that the script is both protected and reliable. It may be buggy, vulnerable to hack efforts or in the worst instance, includes malicious lines of code, which slowly but unnoticeably extract your funds or bitcoins.
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The amount of development service on an open source process is quite sparse. The majority of the time, your team of developers will be left on their own to figure out how to fix bugs or enhance performance. Worst case, when the project is abandoned, you'll be left with no support or whatsoever. .