Bitcoin addresses the #ByzantineGeneralsProblem through decentralized consensus via Proof of Work. Its network of nodes ensures no single entity controls the system, while PoW requires majority agreement to validate transactions.
Once confirmed, transactions are immutably recorded on the blockchain, deterring tampering. Miners are incentivized to act honestly through rewards and fees, aligning interests with network integrity.
Bitcoin's peer-to-peer network further enhances security by eliminating single points of failure. Together, these components create a trustless, secure system for peer-to-peer transactions, effectively solving the Byzantine Generals' Problem.
"The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. " Satoshi
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Michael Saylor's move is genius - he issues a convertible senior note in USD for Microstrategy to buy #Bitcoin when the USD loses value. If the valuation of the company rises, then he issues more convertible notes and repeats the cycle- securing profit while expressing confidence in Bitcoin's ability to appreciate over time! The innovative strategy shows how #BTC can be utilized as a hedge against inflation and provides an example of how businesses can incorporate digital assets into their investment portfolios.🚀 #USDollar #investment
Bitcoin has simple rules that are easy for everyone to follow, which aligns with Cicero's idea that "more laws often lead to less justice." Unlike traditional financial systems where complex regulations negatively impact average citizens, #Bitcoin operates on a transparent and fair system. It doesn't rely on centralized intermediaries and its principles are accessible to everyone - empowering individuals globally with monetary freedom! 🚀 #btc #financialsystem
In what cohort are you in STH or LTH?
The #Halving is coming…
#Bitcoin will be more scarce in a few days due to the #halving event, which occurs approximately every four years. During the halving, the reward for mining new blocks is reduced by half, thereby slowing down the rate at which new bitcoins are created.
This reduction in the rate of supply growth ultimately increases Bitcoin's scarcity, as the total supply approaches its cap of 21 million coins.
As demand for Bitcoin continues to rise, especially with increasing institutional interest, this diminishing supply will likely drive up its value over time.
Let’s do it!
thanks for commenting I appreciate sharing as well 🙏🤓
#Money has always flowed to those who create value in the economy, and this principle also holds true for #Bitcoin. The true Bitcoin millionaires of the future will not be those who simply bought early, but rather it will be individuals that generate more value within the economy. For these people, Bitcoin will simply serve as a valuable store of wealth- an asset that represents their hard work, creativity and ingenuity as they contribute positively to society! 🚀 #btc #crypto
I came to #bitcoin for the gains, I stayed for the revolutionary tool that bitcoin represents against human behaviour of manipulation of whatever that can be manipulated.
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#Gold and #Bitcoin share many similarities as store-of-value assets, yet their key difference lies in scarcity. While both are finite resources, Bitcoin's scarcity is mathematically predetermined, with a cap of 21 million coins.
This mathematical certainty is enforced by the Bitcoin protocol, making its scarcity provable and transparent to all participants. In contrast, gold's scarcity relies on physical availability and mining limitations, subject to fluctuations based on new discoveries and extraction technologies.
Therefore, while both assets offer hedge against inflation and serve as stores of value, Bitcoin's unique feature of mathematically provable scarcity distinguishes it in the digital realm.
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The economic incentives for not breaking the #21millionBitcoin limit are formidable. Firstly, maintaining scarcity enhances Bitcoin's value proposition, attracting investors seeking a hedge against inflation.
Secondly, any attempt to break the limit risks undermining trust in the cryptocurrency, leading to a significant loss of value.
Additionally, the decentralized nature of Bitcoin means that any attempt to alter the protocol would require consensus among miners, developers, and users, which is highly unlikely given their vested interests in upholding the integrity of the system.
Thus, the economic incentives for preserving the 21 million Bitcoin limit are indeed compelling and enduring.
#bircoin is hope 🤓🙏 nostr:note15fg85a3nefw6tg8casa6qp3xwnqeahfm5lx4unyjtqgx845xhtqsl4fqhv
Inflationary* 🤦🏽
The #Bitcoin database is intentionally kept small and tight for a specific reason- allowing thousands of entities from around the world to store it on their local devices, and constantly update it in a peer-to-peer network using predefined rules. This decentralization ensures that no single entity has control over the network, making it resistant to hacking attempts or external influence. Ultimately, this approach supports the idea of empowering individuals with greater autonomy for financial transactions, while simultaneously strengthening privacy and security measures for all parties involved! 🚀 #btc #crypto
