Blockchain Rewards

The most invasive misunderstanding related to Cryptocurrencies, is about mining rewards and the generation of coins. I sometimes wonder if seemingly intelligent and learned people willingly mislead the less informed to affect the trading price of a Cryptocurrency.

I am going to take this opportunity to explain, in the context of Bitcoin, how mining rewards work and how the network was designed to first have a stable increase in the supply of currency and second to cap the amount of currency that a would be created.

I have mentioned in earlier posts (Mining Cryptocurrencies, Mining Bitcoin with ASIC) that Bitcoin has a built in throttling system called “Difficulty” that increases or decreases the amount of computing power needed to perform the work required to find blocks on the Blockchain and earning the reward for doing so. The Difficulty is a number, a factor applied to the SHA-256 cryptographic calculation that makes it harder to do the math. Here is a chart showing the network Hash Rate and he changes in difficulty over time. The Hash Rate is the amount of work being done by miners all over the world, hunting for Blocks to earn the reward. Bitcoin was designed to issue a block reward (because a new block was found) every 10 minutes. Throttling the Difficulty is how this Block generation rate is maintained despite the rise or fall of the Network has rate. You might also notice, from the chart, that after each raise in difficulty there is a raise in Hash Rate. In addition to more users mining Bitcoin, existing miners will purchase more or upgrade their existing equipment to keep their reward rate constant.

You’re saying, “Ok so the network has built in throttling to keep the block generation time around ten minutes. But will it ever stop? How long will miners earn coins? How many coins will be minted?” One of the problems Bitcoin wanted to address, that fiat currency does not, is inflation. The controllers of any given fiat currency, while limited by laws, are left to their own to decide how much of their fiat is in circulation. Before the rise of Nazi Germany, the German government had printed so much money to pay debts, that people would need a wheel barrel to carry enough currency to purchase a loaf of bread. That’s inflation, when goods require more and more currency for their purchase. If the Bitcoin miners were awarded an unlimited number of coins forever, their value would decrease, inflation. Another attribute of the Bitcoin network is the gradual reduction of Block rewards. At the start, the Blockchain block reward was 50 bitcoins, then it was halved to 25, again to 12.5, and then finally 6.25 until Block rewards stop altogether, sometime in 2024. A total of around 21 million coins will be generated when the rewards cease. Equate that to $USD. Warren Buffet keeps that much $USD in his wallet.

I have read panicked blog posts around each halving time worded to either drive up or drive down the fiat trading price of Bitcoin. These posts usually imply a halving of the supply, not the reward. If you have any understanding of the topics discussed on the blog is should be obvious that the supply of Bitcoin CANNOT be split or reverse split like corporate stocks. It is impossible. Every transaction in the Blockchain would have to be adjusted and every block’s GUID would have to be changed and every node on the network would have to be ready to accept these changes…

Only miners are affected by the halving of the reward, not users of the supply. Miners will need to double their hash power to retain their reward rate after each halving. And then should every miner double their Has Rate, the difficulty would raise to regulate the average Block generation time to 10 minutes…. Thus, lessening the effects of the increased Hash Rate.

You might be wondering why would anyone invest heavily in mining when the reward stops in 2024. Well, right now all miners are in a race to find blocks and earn the reward. Miners who make a high level of investment in hardware and electricity earn coins as a high rate with the anticipation the investment will be profitable. But after the cessation of rewards in 2024 miners will still be able to reap the rewards of mining through transaction fees.

Network nodes validate and pass on transactions in the Blockchain. But miners are responsible for generating the blocks that contain those new transactions, so they are a vital part of the Network, or Cryptocurrency ecosystem. Rather than generating new coins, miners will acquire coins from the transaction fees attracted to the movement of currency. For instance, A transfer from address A to address B for 1.5 BTC would have an additional 0.05 BTC attached that goes to the miner that generated the block containing the transfer. Address A sends 1.55 BTC and Address B shows 1.5 BTC credited and 0.05 goes to the miner. The total supply does not raise above 21 Million, the distribution of the 21 Million coins just flows between the wallet addresses.

One of the differentiators between Bitcoin and its various Altcoin competitors is the supply to be generated. Most Altcoins have adjusted the amount of their currency to be generated and the duration of said generation of coins. Additionally, different networks have varied on the frequency of block rewards. Through altering the Cryptographic calculation and difficulty, some Blockchains generate a new block every few seconds and some much longer than 10 minutes. Generation a limit of the Altcoin’s supply is one of the factors you should research when I say “Research the Product” in, Trading Bitcoin.

Stay tuned!

Wikipedia – Bitcoin

https://en.wikipedia.org/wiki/Bitcoin

Bitcoin Forum – The most popular place to discuss all Cryptocurrencies

https://bitcointalk.org/index.php

Cryptocurrency Trading Charts

https://coinmarketcap.com/

Most Profitable Mining Calculations

http://www.coinwarz.com/cryptocurrency

Some Exchanges

https://poloniex.com/

https://btc-e.com/

https://www.gdax.com/

https://www.bittrex.com/

 

 

 

 

 

​Surprise! Bitcoin is not the only Cryptocurrency.

Surprise! Bitcoin is not the only Cryptocurrency available, and that’s a good thing.

Within two years of users joining the Bitcoin network and mining coins with their CPUs competing currencies appeared developed by other teams by augmenting the open source code provided by the Bitcoin developers. Namecoin was the first and used the same protocol, SHA-256. In fact the two networks are so closely related that miners can submit the same work for both currencies. Litecoin came next and introduced the Scypt protocol.

Since then the number of Altcoins has grown to over 700, and there are over 10 different protocols. Several Cryptocurrencies never gained any popularity and because users did not maintain nodes, mining, or trade these currencies their projects have been abandoned.

Bitcoin can be thought of as the base currency. That same sort of role the US dollar plays now as an internationally accepted currency that many other currencies are traded against. Bitcoin was first, most widely accepted and most widely traded. But there are some inherent issues with Bitcoins design. In “The Bitcoin Network and You” I mentioned how the size of the Blockchain is over 110 GB. This is limits the type of hardware one can maintain a Node on. Not everyone agrees with the number of Bitcoins that will be mined before finding blocks will cease to generate a reward, some argue for less and others think it should be unlimited. These arguments usually playout in the creation of a new Altcoin.

The concept and implementation of a “Blockchain” itself has a lot of applications beyond making coins. Within each transaction is the ability to create messages. Some developers have taken this to the complex level of creating contracts, like Ethereum. Contracts between two addresses are forever part of the Blockchain once verified by enough nodes. In my work, I’ve considered Blockchain technology the logical choice for IoT applications. The distributed network allows for sensor recordings and commands to become part of the system without relying on a central server to manage the communications. That way allowing for remote devices that only need to communicate with 3 or for devices near by and not have full internet access. As long at the remote devices eventually daisy chain to all other node on the network, some other server can explore the Blockchain for the various messages to facilitate reporting and management.

The Altcoin phenomenon has motivated the team of developers of Bitcoin to consider making various improvements to the Bitcoin network to address some of the issues. These proposed changes involve a large amount of discussion and campaigning and ironically usually fail to be implemented. Bitcoin was designed without a central controlling authority. Changes to the Blockchain or the network are approved or denied by miner votes. Conflicting proposals and the option to not change are voted on by placing a vote message in the work submitted by the miners. When a clear majority opt for a decision, that change will become part of the code that makes up the currency and its network. Implementation of new code in the Network is called a Fork, and all nodes need to implement the new visions of the Node code in order or operate on the Forked code (continue to mine and trade).

Stay tuned!

Wikipedia – Bitcoin

https://en.wikipedia.org/wiki/Bitcoin

Bitcoin Forum – The most popular place to discuss all Cryptocurrencies

https://bitcointalk.org/index.php

Cryptocurrency Trading Charts

https://coinmarketcap.com/

Most Profitable Mining Calculations

http://www.coinwarz.com/cryptocurrency

Some Exchanges

https://poloniex.com/

https://btc-e.com/

https://www.gdax.com/

https://www.bittrex.com/

 

 

 

The Bitcoin Network and You

I have mentioned a few times previously the term “Network” while writing about Cryptocurrencies. All Cryptocurrencies require some sort of communication between many different participants/users/ the official term is “Nodes”, which process and verify transactions. The health of a Cryptocurrency depends on there being many Nodes connected Globally. Having more Nodes increases the the speed at which a transaction is accepted, and decreases the likelihood of bad transactions propagating either through an error or malicious act.

Participating in the Network

Participating in the network is easy! Just setup a Wallet. If you go with a local wallet they come with the Node software, leave it up and running on your computer with access to the internet! The Node clients let you create multiple Wallets. So you can have a Wallet for send/receive to a dedicated Exchange, or one Wallet for collecting your Mining rewards.

Simple,well sort of, in the case for Bitcoin specifically, because of the age and popular adoption, the size of the Blockchain is over 110 GB. The standard Bitcoin wallet needs a copy the Blockchain so you need to have enough hard disk space to handle that and future growth. Each Cryptocurrency has a unique network and therefore Wallet client software. There are several created for Bitcoin and Ethereum, for other currencies links to their Wallet software will be found on their webpages. It’s time for a little explanation of the Blockchain.

The Blockchain is a detailed ledger book of every transaction that’s happened on the network. So every movement (Mining reward, trade, etc.) of every fraction of a Cryptocurrency from one address to another is recorded on the Blockchain. A Wallet appears as an address, and so the balance of a wallet is the total of all transactions of sent or received fractions of Cryptocurrency. A wallet’s balance CANNOT be negative. When Cryptocurrency is sent from one address to another through the wallet software, the wallet adds that transaction to the chain. Network Nodes verify the transaction by hashing it. It usually takes one Block (for Bitcoin 10 minutes) for the transaction be be accepted by the network and the transaction to show in the recipient’s Wallet. The balance will show as unconfirmed until a certain number (for Bitcoin 6 is recommended) have hashed and verified the transaction. The number of verifications is configurable. Some institutions or Wallets require more than others.

To hash a transaction means to encrypt or de-crypt (do some complicated math on) the transaction using a network password and the wallet’s password. These two passwords usually called “keys” ensure that the transaction is valid for the network and the came from the address specified in the transaction. Wallet’s have a unique password assigned to their network addresses to sign transaction in the network.

There is lots of great advice on backing up your wallets and creating cold backups etc. The Wallet itself is an encrypted file on your hard drive (in the case of a local desktop Wallet). This file is not large and can be zipped up and saved to your favorite backup location. If your computer dies, you can install the wallet software to new hardware and copy over the old Wallet file. The Wallet client will rebuild your balance by scanning the entire 110 GB Blockchain for transactions to and from your Wallet address.

Quick admin note, my blog will continue to discuss Cryptocurrencies in a general sense and pointing out what items are specific to Bitcoin vs. an Altocoin. But for the sake of the search engines I must litter my articles with “Bitcoin” more.

Up next Altcoins.

Stay tuned!

Wikipedia – Bitcoin

https://en.wikipedia.org/wiki/Bitcoin

Bitcoin Forum – The most popular place to discuss all Cryptocurrencies

https://bitcointalk.org/index.php

Cryptocurrency Trading Charts

https://coinmarketcap.com/

Most Profitable Mining Calculations

http://www.coinwarz.com/cryptocurrency

Some Exchanges

https://poloniex.com/

https://btc-e.com/

https://www.gdax.com/

https://www.bittrex.com/

 

 

 

Adventures in Mining Bitcoin with ASIC Hardware

In “Mining Cryptocurrencies” I wrote briefly about ASIC Mining. I have purchased some of these units, so I have more than just a cursory understanding of the technology and the considerations to make in such an investment.

In my previous post, when I wrote, “Cryptocurrency ASIC manufacturers are largely new companies without any reputation or large amounts of R&D funds, and in many cases, no support whatsoever.” there are some implications I alluded to. I will go through those now.

Here are some basic concepts. Cryptocurrencies and blockchains are still relative young technologies. Your typical lending institutions, like Banks, aren’t interested in making big investments in something that still hasn’t been proven to work as a replacement for fiat. Companies developing these technologies or technology that is related to blockchain tech are also young.

In established industries startups, can usually find traditional sources for income. Cryptocurrency focused companies must find alternative means of financing. If they’re lucky they might catch the eye of venture capitalists. In the case of ASIC manufacturers, most turned to pre-orders. These companies would publish specifications (Hash Rates and power consumption) on proposed devices that had only been designed or perhaps prototyped, hoping eager miners would pre-order enough units to actually pay for the manufacturing and testing ahead of beginning production. I think the potential for abuse or lost investment is obvious here. Equally great, was the potential for acquiring new mining systems that would for some time put early purchasers ahead of the rest of the miners and earning more of the rewards.

Both scenarios played out. Some companies took the money and ran. Some tried very hard to deliver on their promises but due to component suppliers or unexpected costs could not. Refunds were given, companies were sued… And in some cases, ingenious devices were delivered, extras were sold out immediately, and the company could not produce fast enough. The success of the first generation of these devices funded additional generations and the advances kept coming. Surprisingly, at least to those of us who reside in the US, many of the failures were domestic while one of the greatest successes came from China. I invite you to review the various threads on consumers of these products experiences https://bitcointalk.org/index.php.

I never pre-ordered any hardware. I just didn’t feel like I had enough money to gamble. In my desire to be safe I waited for other people to receive their orders and write about the experiences at the forum above. How’d that turn out? I was never disappointed with the products I did purchase, however I had a dickens of a time purchasing them. With my approach, I was left either completing with other purchasing left over pre-order stock, or waiting until someone decided to list theirs used (usually at a significant markup) on eBay. My hesitation also lead to shorter profitability for my devices. I have touched on the fact that the more miners on the network, the more difficult the math must become, to keep the coin generation stable. When a batch of ASIC hardware was delivered the network Hash Rate would jump, and so would the “Difficulty”. So I was always increasing my personal Hash Rate after the early adopters had drove up the “Difficulty”, thus reducing my rate of generating rewards.

Another aspect to consider is the conversion price of a given Cryptocurrency. At the time I was running my Bitcoin mining farm at its peak, I was using around $500 of electricity every month. When the “Difficulty” was low and the Price was high, I was making a nice profit, basically double my electric bill every month. The price of Bitcoin didn’t stay high. Eventually, my mining was no longer covering my electric bill, or I was only making $30 profit. That’s why this site I’ve linked several times is so important http://www.coinwarz.com/cryptocurrency. This site allows you to plug in your Hash Rate, the amount of power it takes to support that rate, the price of your power, and the price of currencies to determine which one is the most profitable for you to mine. At the time of writing this, Bitcoin is over $1100 and I could make a little over $1.00 a day mining it. $30 a month, not worth the amount of heat the devices give off I’d have to offset with running the A/C.

All my hardware investments paid for themselves, it was a great experience learning about this new technology, and sparked a lot of interest for my oldest son. I hope that some very smart people out there come up with some other purpose for these devices that I could again make money from running them or selling them.

I have not investigated any new advancements in ASIC hardware, I know there are some now available for Atlcoins. It could very well be that even more advancements have been made and there is a new ASIC bitcoin miner that is profitable.

Up next a detailed guide into mining software.

Stay tuned!

Wikipedia – Bitcoin

https://en.wikipedia.org/wiki/Bitcoin

Bitcoin Forum – The most popular place to discuss all Cryptocurrencies

https://bitcointalk.org/index.php

Cryptocurrency Trading Charts

https://coinmarketcap.com/

Most Profitable Mining Calculations

http://www.coinwarz.com/cryptocurrency

Some Exchanges

https://poloniex.com/

https://btc-e.com/

https://www.gdax.com/

https://www.bittrex.com/

 

 

 

Mining Cryptocurrencies

Cryptocurrencies like Bitcoin, well almost exclusively Bitcoin, have been getting some play time in the popular media. Hopefully you understand what they’re talking about, if not check back to my earlier post “A Change in Direction”. Now you might be asking yourself, “How do I get some?” One option is to “Mine” your Cryptocurrency

Mining Cryptocurrencies is essentially using electricity to generate Cryptocurrency. Not all Cryptocurrencies can be mined. For those that can, the process involves looking for a new block in the currency’s blockchain. The miner who finds the block is rewarded with some units of the currency.

The process of looking for a block involves math, complicated and difficult math. The sort of math that would take you or me 30-45 minutes to do by hand with a calculator. Additionally, the more miners doing the same math for a currency increases the “Difficulty” of the math. New or less popular currencies are easier to mine until they become more popular. The more miners or powerful mining hardware working away at the currency, the more the completion rate of the calculation must be slowed down to keep the reward rate stable. The “Difficulty” of the calculations is proportional to the “Hash Rate” of the currency’s network and must adjust to speed up or slow down the reward frequency.

Mining can be done on a computer’s CPUs, though the video card(s’) GPU(s), or with application-specific integrated circuit (ASIC) hardware.

CPU Mining

CPU (Central Processing Unit) mining is the easiest to write software and therefore usually the first option made available when a new currency is made available. It’s also extremely poor performing. By poor performing I mean the Hash Rate (Number of calculations performed in a second) is not high enough usually to pay for the amount of electricity used to run the CPUs. What? Why is that? Remember, “The process of looking for a block involves math, complicated and difficult math.” A computer’s CPU isn’t built for just doing math calculations. A CPU also responsible for sending commands to all the hardware in a system (network card, sound card, USB devices, etc.)

GPU Mining

GPU (Graphical Processing Unit) mining is a little harder to write software for because there are so many variations of Video cards. New CPUs are released every few years and the command structure doesn’t really change, just the speed at which those commands are executed. Additionally, there are only two CPU manufacturers (AMD and Intel). New Video Card Hardware is released every year, sometimes twice a year, and while there are two main video card platforms (AMD, and NVIDIA) the platforms are manufactured by 20+ different providers. GPU mining software must be compatible with several different versions of each platform’s hardware and updated whenever a new version is released. The payoff is a higher Hash Rate. Why are GPUs better for this? First, a GPU is engineered to do a lot more complex math. All those complicated lifelike video games you love, require a lot of math to display and manipulate the visual environment.

ASIC Mining

Application-specific integrated circuit (ASIC) are platforms where the Processing Unit is designed to perform only one action. In the specific case of Cryptocurrency mining, and ASIC miner is a chip that only has the instruction required to perform the complicated calculations for a designated set of currencies. These devices are the most efficient for mining Cryptocurrencies because they can’t do anything else like send commands to your hard drive or tell the back ground of a first-person shooter to move as you hold down the ASDW keys.

I will post a more in depth discussion about my personal experiences and the experiences reported by others in trying to use ASIC mining hardware. I will just provide this cautionary teaser: AMD, Intel, and NVIDIA are old, well established, insured, companies with large customer bases. Cryptocurrency ASIC manufacturers are largely new companies without any reputation or large amounts of R&D funds, and in many cases, no support whatsoever.

Up next, my fun experiences with ASIC miners and then a detailed guide into mining software.

Stay tuned!

Wikipedia – Bitcoin

https://en.wikipedia.org/wiki/Bitcoin

Bitcoin Forum – The most popular place to discuss all Cryptocurrencies

https://bitcointalk.org/index.php

Cryptocurrency Trading Charts

https://coinmarketcap.com/

Most Profitable Mining Calculations

http://www.coinwarz.com/cryptocurrency

Some Exchanges

https://poloniex.com/

https://btc-e.com/

https://www.gdax.com/

https://www.bittrex.com/

 

 

 

Acquiring Cryptocurrencies

Cryptocurrencies like Bitcoin, well almost exclusively Bitcoin, have been getting some play time in the popular media. Hopefully you understand what they’re talking about, if not check back to my earlier post “A Change in Direction”. Now you might be asking yourself, “How do I get some?”

Mining

Mining Cryptocurrencies is essentially using electricity to generate Cryptocurrency. Not all Cryptocurrencies can be mined. For those that can, the process involves looking for a new block in the currency’s blockchain. The miner who finds the block is rewarded with some units of the currency.

The process of looking for a block involves math, complicated and difficult math. The sort of math that would take you or me 30-45 minutes to do by hand with a calculator. Additionally, the more miners doing the same math for a currency increases the “Difficulty” of the math. New or less popular currencies are easier to mine until they become more popular. The more miners or powerful mining hardware working away at the currency, the more the completion rate of the calculation must be slowed down to keep the reward rate stable. The “Difficulty” of the calculations is proportional to the “Hash Rate” of the currency’s network and must adjust to speed up or slow down the reward frequency.

A later post will look at mining in more detail, but I will briefly touch on hardware concepts. Mining can be done on a computer’s CPUs, though the video card(s’) GPU(s), or with application-specific integrated circuit (ASIC) hardware.

Staking

Staking also involves electricity, but does not require math. With staking, one is rewarded for operating a node in the Network and holding on some units of the currency. The more currency held in the wallet the more often the wallet receives a deposit from the currency’s network. When I say, staking requires electricity, remember that Cryptocurrencies are digital, requiring computing hardware, which requires electricity. When the computer (desktop, tablet, laptop, ARM device, phone) is not running and connected to the network, Staking does not occur. Staking currencies to not require miners to generate more currency.

The acts of maintaining a node and holding a balance of currency results is two things. First, having more nodes in the Network increases the speed of transaction verification and keeps the network well distributed and healthy. Holding back portions of the currency from trading increases the rarity of the currency and helps support higher trading prices through the laws of supply and demand.

Master Nodes

Master Nodes are very like Staking, but there some major differences. The amount or frequency of reward does not change with the amount of currency in the wallet of the node. Master nodes take a portion of the coins mined. Networks require a certain balance of the currency to qualify as a master node.

If you want to increase your reward with Staking, buy and hold more currency in your staking wallet. If you want to increase your reward with Master Nodes, create a new master node and buy the minimum amount of currency required to run the master node.

 

Exchanges

You’ve heard of New York Stock Exchange (NYSE), right? There are several others around the world where people trade fiat currencies for pieces of a company. You may not have heard of FOREX exchanges. These market places are where people come to trade currencies.

Conceivably, you could trade or exchange some US Dollars (USD) for Great British Pounds (GBP) one morning at the Exchange rate of 1.60 USD for 1 GBP. Later that day the rate has changes and you can change your 1 GBP back to 1.80 USD. So over the course of the day you’ve made 20 cents just moving your balances from one currency to another.

The same concept is available in Cryptocurrencies. You can move your balances between Bitcoin and Altcoins, Bitcoin and fiat, fiat and Altcoins…. Altcoins and Altcoins.

Upcoming posts will break out some topics introduced in this blog and cover other concepts in detail.

Stay tuned!

Wikipedia – Bitcoin

https://en.wikipedia.org/wiki/Bitcoin

Bitcoin Forum – The most popular place to discuss all Cryptocurrencies

https://bitcointalk.org/index.php

Cryptocurrency Trading Charts

https://coinmarketcap.com/

Most Profitable Mining Calculations

http://www.coinwarz.com/cryptocurrency

Some Exchanges

https://poloniex.com/

https://btc-e.com/

https://www.gdax.com/

https://www.bittrex.com/

 

 

 

A Change In Direction

There are a lot of great and exciting things happening in the world of Microsoft. I am nearly overwhelmed with the evolution of Data Science technologies, my specialty. And yet I’ve not found an opportunity within my current career to dive in and work on solving interesting problems utilizing these new technologies. Instead I find myself becoming more passionate about the developments in Cryptocurrencies.

There is a lot of introductory information available on this topic. I will include some links at the end for further reading. But to summarize and explain it in my characteristic easy straightforward manner: A Cryptocurrency is a digital asset. That is: A Cryptocurrency is something of value that exists as 1s and 0s. Simple, right? Let’s try an analogy, most of you have played some kind of mobile or PC game that involved earning money or points that can be traded in for improvements to your ability to play. In a lot of cases there are means to spend USD, GBP, or Euros to purchase in game Cryptocurrencies. From here on out I will refer to USD, GBP, Euros, other government managed currencies as fiat.

These concepts are directly transferable to Cryptocurrencies like Bitcoin, LiteCoin, Dash, Ethereum, Stratis, ZCash, so many more. They exist within digital systems (computers). They can be traded between fiat currencies. They are not carried around as physical paper or metal. In most cases, they can be acquired through a repetitive process.

Enough about game money, let’s focus on Cryptocurrencies that actually have some financial ramifications. Bitcoin was the first. The brain child of a mysterious personality,  Satoshi Nakamoto, took form first as a white paper (technical article). A short time later the concepts in the article were built as software and the first chuck of Bitcoin was created, some of it going to early supporters of the project.

Since that time several imitators have been created. Currently, any Cryptocurrency that is not Bitcoin is called an Altcoin (Alternative Coin). Nearly all of them have some value people are willing to trade fiat to acquire, anywhere from fractions of $0.01 to Bitcoin itself which is hovering over $1100 at the time of writing this blog. The reasons for development of these other coins vary as much as their value. In some cases, there are central challenges with the Bitcoin infrastructure they claim to solve. In other cases, the Altcoin is trying to stabilize the fiat trade value by limiting the supply. And there are those currencies created specifically for the creators to gin up hype, trade a lot of the initial supply for fiat, and then disappear.

Upcoming posts will break out some topics introduced in this blog and cover other concepts in detail.

Stay tuned!

Wikipedia – Bitcoin

https://en.wikipedia.org/wiki/Bitcoin

Bitcoin Forum – The most popular place to discuss all Cryptocurrencies

https://bitcointalk.org/index.php

Cryptocurrency Trading Charts

https://coinmarketcap.com/