Why are they precious (btc testnet coin) when they don't have monetary values?

For devs?how about ordinary users?

Can btc testnet coin be spent?

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Unlocking Knowledge: Bitcoin in Plain Language

This series continues to translate the original white paper by Satoshi Nakamoto to plain language. The goal is to have easily shared content, and send new people directly to nostr to read it. The original content will be posted, with the plain language below.

Please show support by sharing or sending sats.

Introduction Paragraph 2

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.

Plain Language

We need a way to pay for things online without relying so much on trust and middlemen like banks. Imagine a system where you and another person can directly make transactions without needing a third party to oversee everything. To prevent fraud, we want transactions that are practically impossible to reverse.

In our idea, we suggest using a peer-to-peer system with a special server to keep track of when transactions happen. This server helps us prove the order of transactions through advanced computer work. As long as the good guys have more computing power than any group of bad guys, our system stays secure. It's a digital way of making sure everything happens in the right order without someone trying to cheat the system.

#bitcoin #crypto #btc #blockchain #cryptocurrency #hodl #digitalgold #decentralized #satoshi #cryptonews #satoshinakamoto #whitepaper #bitcoinwhitepaper #nostr #grownostr

บิตคอยน์​ ครั้งแรก 12 Jan 2009

🟠 วันนี้ 12 มกราคม 2009, Hal Finney หนึ่งในนักพัฒนาที่ได้สนทนากับ Satoshi ผ่านอีเมลล์ส่วนตัว และโพสบนกระดานฟอร์รัม ในช่วงเริ่มต้นของระบบ P2P digital cash หรือ Bitcoin

Finney นับเป็นบุคคลสำคัญคนหนึ่งในวงการ เขาเป็นคนแรกที่รันซอฟแวร์ หลังจากเวอร์ชั่นแรกของบิตคอยน์ประกาศตัว เขาก็คว้ามันมาทดสอบรันทันที และได้ทวิตข้อความส่วนตัวของเขาว่า “Running Bitoin” เมื่อวันที่ 11 มกราคม 2009

🔥ถัดมาอีกหนึ่งวัน Satoshi Nakamoto ได้ส่ง 10 BTC ให้ Finney เพื่อทดสอบการทำงาน ถือเป็น Bitcoin แรกที่ถูกส่งบนเครือข่ายในตอนนั้น

🦥 นั่นคือจุดเริ่มต้นของเรื่องราวทั้งหมด และการเดินทางของบิตคอยน์ ยังต้องเจอบทพิสูจน์อีกหลายบท และทุกบท ทำให้มันแกร่งขึ้นทุกครั้ง

#Bitcoin #Halfinney #Nostr #siamstr

#m=image%2Fjpeg&dim=1080x1080&alt=the+first+bitcoin+transaction.+&blurhash=U9QS%7D5V%3D00E2-mDht7.8Rh%3FuNGD%25Di%7Eqj%5B4n&x=9711919c9829f5e8db16a07edfc4510be0e580eea1e37af4e6b98b04bd3bfb34

Good Morning 💜!

The very first Bitcoin transaction in history took place in Block 170. This was exactly 15 years ago today. Satoshi Nakamoto sent 10 BTC to Hal Finney.

And we all know how the network has evolved since then. LFG ... what a time to be alive. Happy Transaction-Day 🧡🫂✨🤘!

#Bitcoin #Nostr #Plebs

Dad: Son, who is the CEO of Bitcoin?

Son: Hi Dad,

There is no "CEO of Bitcoin".

Bitcoin is an open, collaborative project that no company or government controls, belonging to the people.

Dad: Son, but someone must have launched it.

Son: Satoshi Nakamoto is the presumed pseudonymous person or group who developed bitcoin, authored the bitcoin white paper and launched the network.

#Bitcoin

Please rate my response to a friend, who is also a shitcoiner:

Hi James,

I thought I’d give a bit more depth to my response about $KAS. and your view that it is the next Bitcoin.

As I mentioned almost all Altcoins have faster transaction confirmation times, higher transaction volume and lower fees.

Bitcoins weakness in these 3 areas are its strength. Satoshi Nakamoto decided to compromise those features in order to prioritise decentralisation, censorship resistance and create a self balancing network of opposing interested parties in the form of miners, developers and node runners.

If you are familiar with photography, there is the triangle of function. Aperture, Shutter Speed and ISO (film speed). In photography you can prioritise any 2, but in so doing you must sacrifice the third.

So in Bitcoin, the triangle is;

Security, Decentralisation and scalability.

Satoshi chose to prioritise Security and Decentralisation which sacrificed scalability.

This is not a technical issue that can be overcome, but a design choice.

Security is critical unless you want the keys to your coins stolen. None of the 20,000+ cryptocurrencies will knowingly sacrifice this.

Decentralisation was the choice he made to prevent the network being compromised by any central organisation, primarily a government but also potentially a large corporation (or any combination of this).

Bitcoin is run by millions of people around the world and cannot be stopped by any bad actor or group of bad actors at any scale, be it state or government or combination of both.

That is Bitcoins strength.

KAS is a company run by a group of directors and shareholders.

That is not a criticism, most altcoin projects are such, but that is not a decentralised consensus protocol or network and does not solve the byzantine generals problem.

Bitcoin does and allows one of its 3 core tenets to exist: Don’t trust, verify.

The other two are:

Not you keys, not your coins

Do your own research

I hope this explains a tiny part of the enormous rabbit hole that I continue to spend every waking moment working on and have done so for over 4 years.

I may be slightly obsessed.

𝗧𝗵𝗲 𝗙𝗶𝗿𝘀𝘁 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻: 𝗔 𝗧𝗿𝗶𝗯𝘂𝘁𝗲 𝘁𝗼 𝗛𝗮𝗹 𝗙𝗶𝗻𝗻𝗲𝘆

Today marks the 𝟭𝟱𝘁𝗵 𝗮𝗻𝗻𝗶𝘃𝗲𝗿𝘀𝗮𝗿𝘆 of a pivotal moment in Bitcoin’s history: the day Satoshi Nakamoto sent the first #Bitcoin transaction to Hal Finney, embedded forever in 𝗕𝗹𝗼𝗰𝗸 𝟭𝟳𝟬. This day doesn't just mark a milestone for Bitcoin; it's a celebration of Finney, a visionary whose contributions extended 𝘧𝘢𝘳 beyond that first transaction.

Hal Finney was among the first to recognize Bitcoin's potential, responding to Satoshi's initial email and engaging with the development of this new technology. His early testing and feedback were crucial, 𝗵𝗲𝗹𝗽𝗶𝗻𝗴 𝘁𝗼 𝘀𝗵𝗮𝗽𝗲 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗶𝗻𝘁𝗼 𝘁𝗵𝗲 𝗿𝗼𝗯𝘂𝘀𝘁 𝗺𝗼𝗻𝗲𝘁𝗮𝗿𝘆 𝗻𝗲𝘁𝘄𝗼𝗿𝗸 𝗶𝘁 𝗶𝘀 𝘁𝗼𝗱𝗮𝘆.

Beyond Bitcoin, Finney was a renowned cypherpunk, advocating for 𝘴𝘵𝘳𝘰𝘯𝘨 𝘦𝘯𝘤𝘳𝘺𝘱𝘵𝘪𝘰𝘯 and 𝘱𝘳𝘪𝘷𝘢𝘤𝘺-𝘦𝘯𝘩𝘢𝘯𝘤𝘪𝘯𝘨 𝘵𝘦𝘤𝘩𝘯𝘰𝘭𝘰𝘨𝘪𝘦𝘴. His belief in cryptography as a tool for social change laid the groundwork for Bitcoin's philosophical underpinnings.

Hal Finney's role in Bitcoin's history is undeniable. As the recipient of the first transaction, he became the first proof that Bitcoin worked, 𝘁𝘂𝗿𝗻𝗶𝗻𝗴 𝙩𝙝𝙚𝙤𝙧𝙮 𝗶𝗻𝘁𝗼 𝙧𝙚𝙖𝙡𝙞𝙩𝙮.

As we remember Hal Finney today, let's honor his vision, contributions, and unwavering belief in a system that promotes 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘴𝘰𝘷𝘦𝘳𝘦𝘪𝘨𝘯𝘵𝘺 and 𝘱𝘳𝘪𝘷𝘢𝘤𝘺. His spirit lives on with every Bitcoin transaction, guiding us towards the bright orange future that he helped build.

Remember to 𝗟𝗶𝗸𝗲🤙, 𝗦𝗵𝗮𝗿𝗲🔄, and 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 this to commemorate the 15th anniversary of Bitcoin’s first transaction.

“SHA-256 is very strong. It's not like the incremental step from MD5 to SHA1. It can last several decades unless there's some massive breakthrough attack.” - Satoshi Nakamoto

Exactly 15 years ago, Satoshi Nakamoto sent the 1st #Bitcoin transaction in history.

Today, the 1st ETFs are trading on Wall Street.

There are no coincidences

Unlocking Knowledge: Bitcoin in Plain Language

This series continues to translate the original white paper by Satoshi Nakamoto to plain language. The goal is to have easily shared content, and send new people directly to nostr to read it. The original content will be posted, with the plain language below.

Please show support by sharing or sending sats.

Original

1. Introduction Paragraph 1

Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.

Plain Language

When we buy things online, we usually rely on banks or other trusted companies to "handle" the money. It works fine most of the time, but there are some issues. For example, once we pay, it's not always possible to undo the transaction if there's a problem. Banks have to step in to solve disputes, which adds extra costs and makes small transactions more difficult.

This reliance on trust also means that merchants have to be careful with every customer, asking for more information than they would really need. There's always a risk of fraud, and we just accept that some amount of cheating is unavoidable.

When we use physical money in person, we can avoid these issues, but when it comes to paying over the Internet without involving a trusted middleman, there's currently no good system in place.

#bitcoin #crypto #btc #blockchain #cryptocurrency #hodl #digitalgold #decentralized #satoshi #cryptonews #satoshinakamoto #whitepaper #bitcoinwhitepaper #nostr #grownostr

Been a while. Time for some updates

Finney21 is a 21 person team of hardcore Wealth Consultants

Wealth = Health & #Bitcoin

Each team member has a unique specialty

Each team member is a guardian in our Fedimint

We gather every week on a 60 minute call to discuss a topic

We each contribute to and curate a world class resource library

We honour the legacy of Satoshi Nakamoto and Hal Finney by working together to accelerate the transition to scarce money

🤔 A busca pela verdadeira identidade de Satoshi Nakamoto é um mistério contínuo. Hal Finney é um dos nomes especulados.

Você acredita nessa teoria?

Do you mean ETF is fake? And you buy bitcoin etf is fucking stupid??

เป้าหมายของ Nakamoto คือการทำลาย ธนาคารกลางทิ้งซะเพราะเราไม่ไว้ใจตัวกลางของระบบ และพื้นฐานของธนาคารกลาง

ดังนั้นไอ้พวก ที่เย้วๆ กับ ETF ก็ไม่ต่างอะไรกับพวก Scam