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It is 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 characteristics 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's the programmable money paradigm which needs no third party intermediaries or centralized governance for all users to agree and accept terms of using it collectively. .
Bitcoin is a technology its digital money backed by blockchain DLT a robust international network of payments and transactional/mercantile exchanges that are completely decentralized and is based on community consensus voting mechanism for its longest/honest chain. It doesnt depend on banks or governments to operate and its founder Satoshi Nakamoto is a group of ghosts.
Bitcoin breathed new life into trying times amidst real estate housing bubble and fractional lending credit debacle and came into existence in October 2008 following the publication of a whitepaper titled, Bitcoin: A Peer To Peer Electronic Cash System (created by the author under the name of Satoshi Nakamoto).
Satoshi combined the knowledge of prior digital currency developments (see the Nakamoto Institute) for example HashCash and B Money and finally got all of the pieces to the puzzle to fit. It was the first to succeed where others failed to engineer a practical, autonomous decentralized peer to peer cryptocurrency that requires no central authority for money emission, validation of transactions or settlements. .
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The main innovation in Satoshis Bitcoin invention is the development of a distributed computational hashing system known as the proof-of-work algorithm. It conducts global transaction validations each 10 minutes, allowing the decentralized network technology to return to consensus agreement regarding the condition of each transaction and if the funds are valid and needs to be confirmed for being secured into the next block created. .
The invention of Bitcoin represents the pinnacle of years of study in distributed systems and cryptography, its development combines 4 Important innovations that make the existence of Bitcoin possible:
There's far more to learn about the inner workings of the blockchain and how it works, but right now we will do our best to develop bite-sized pieces of digestible digital currency content like how to buy it, trade it, invest it, save it, send it, spend it, get it and even earn it. .
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Building the exchange software in-house: Gather a committed team of developers (friends, freelancers) to construct (and maintain) your exchange software. Ensure they understand the way an exchange operates in general, how cryptocurrency and blockchain technology functions, and that they implement the above-mentioned components.
From a programming language point of view, the selection of the proper language might also vary depending on which cryptocurrency you want to implement for your exchange (check out this post). Moreover, ensure that your software is compatible with various payment processing systems or banks to safeguard payment transactions within your exchange. .
Most importantly (this really is a no-brainer, but some people today seem to have unrealistic expectations), you need to gauge the costs and time associated with developing, maintaining, and constantly upgrading the software in-house. Due to its inherent complex nature, developing an exchange software from scratch will be quite costly and may require up 1-2 years (depending on your developers experiences) until it works correctly.
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Bear in mind though, these numbers are just a rough estimation based on our experience since so many different things need to be considered. .
Using free/open source scripts: If you check out GitHub or other forums, then you will discover quite a couple of open-source bitcoin exchange scripts. The big benefit obviously is the source code is free. Nevertheless, there are also a few 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 functions, will take some time and modifications to enable customization, will also require additional time and money.
There's no guarantee that the script is secure and reliable. It might be buggy, susceptible to hack efforts or in the worst case, includes malicious lines of code, which gradually but unnoticeably extract your funds or bitcoins.
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The amount of development support on an open source system is go to website quite sparse. The majority of the time, your team of programmers will probably be left on their own to determine how to fix bugs or improve performance. Worst case, when the project is abandoned, you'll be left with no assistance or whatsoever. .