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Can anyone learn Bitcoin’s code? Let’s analyze

An unknown person or a group of people known by the pseudonym Satoshi Nakamoto published a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This decentralized and open-source program is the financial bitcoin revolution that today is known as bitcoin. In the article, we analyze how someone can access bitcoin’s code. The first time […]

Read full post Can anyone learn Bitcoin’s code? Let’s analyze on Chaintimes.com.

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An unknown person or a group of people known by the pseudonym Satoshi Nakamoto published a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This decentralized and open-source program is the financial bitcoin revolution that today is known as bitcoin. In the article, we analyze how someone can access bitcoin’s code.

The first time the term “cryptocurrency” was used by the cypherpunk Wei Dai on the cypherpunks mailing list, where a suggested the idea of a new form of money that uses cryptography to control its creation and transaction, instead of a central authority. That was the only definition of what is crypto till then. Bitcoin was the first implementation of that proposed concept.  

Any developer can review the bitcoin code

Bitcoin software is open-source software, and any developer around the world can review the code or make their own modified version of the Bitcoin software. Satoshi Nakamoto quit the bitcoin developers team in late 2010, without ever revealing his true identity. Since then, the community has grown exponentially, and many developers from around the world are working on bitcoin. 

Who controls the Bitcoin Network?

Bitcoin is truly decentralized, and no one owns the Bitcoin network. Bitcoin users around the world control the bitcoin, and any changes are made with the consensus of all the users. The network can only work correctly with the consensus of all users. Therefore, all users and developers have a strong incentive to protect this consensus, but anyone can access the bitcoins code platform.

How to access bitcoin source code?

The Bitcoin source code can be hosted on anything ranging from a raspberry pi to AWS. You can also read the bitcoin source code on Github without any hassle. From a user’s perspective, bitcoin works like any other mobile app or a computer program that provides a personal bitcoin wallet and allows users to send and receive bitcoins among them. But behind the scenes, the technology that allows bitcoin to be decentralized is known as the blockchain. 

Note:  Bitcoin’s reference implementation is mostly written in C++, but there are other clients written in different languages, including Python and Java. 

How to become a bitcoin developer?

If you want to become a bitcoin developer, the first thing that you need to do is read the 9 page Bitcoin whitepaper published by Satoshi Nakamoto. If you want to become a bitcoin developer, then it is important to learn how blockchain works. The other main aspect of the bitcoin network is the process of mining. Mining is a process of producing new coins and adding them to the bitcoin network. Mining works on the proof-of-work principle. 

Note: The original Bitcoin Core was coded by Satoshi Nakamoto using C++. 

Conclusion

Bitcoin is an open-source and decentralized, which means that anyone can access the entire source code at any time, and anyone can trade it. All bitcoin transactions and issued coins into existence can be transparently consulted in real-time by anyone. Bitcoin source can be reviewed on Github by anyone and learn them to develop the network with the consent of all the users. 

Source: https://chaintimes.com/can-anyone-learn-bitcoins-code-lets-analyze/

Blockchain

Three reasons why Cardano is going on this price trajectory

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Rising trade volume across spot and derivatives exchanges have supported Cardano’s ongoing price rally over the past few weeks and months. The altcoin, at the time of writing, was trading at the $2.32-level, with the crypto gaining by 20% in 24 hours to touch one ATH after the other. The aforementioned hike in price and trade volume were evidenced by the increase in market capitalization as well.

Thanks to the aforementioned factors, Cardano is now ranked third among the market’s top-10 altcoins, based on data from CoinMarketCap.

What’s more, based on the attached chart, currently there is more ADA staked than in the past 30 days. In fact, it is at nearly half a million. With 100% of its HODLers profitable at the press time price level, ADA’s rally is likely to be a long one, especially with the altcoin’s staking rewards data offering a similar conclusion. With a relatively high percentage of ADA staked, a direct relationship has emerged between staked ADA and ADA’s price.

While the current on-chain sentiment is slightly bearish, the net network growth stood at a positive 5%. Further, while there has been a slow drop in large transactions, that could mean that more retail traders are buying ADA v. HODLers and institutions. Unless trade volume drops and cascading sell-offs occur, the price is likely to hold at its current price level.

In the case of Cardano, the concentration by large HODLers has remained largely below 30% and this is key to its ongoing rally. Top memecoins and altcoins that are rallying like DOGE, LINK, BNB, and ETH, among others, have a high concentration by large traders. This is essential to supporting the price at its key levels.

$80 billion worth of large transactions have transpired over the past week and the inflows are anticipated to increase even more. Less than 15% HODLers have held ADA for over 12 months, despite YTD gains of over 500%. And, ADA’s HODLers are lower in numbers than expected. Ergo, the short-term ROI could be the key reason for the short HODLing duration.

Based on data from Messari, the ROI over the past week was nearly 40%.

Why Cardano's price rally is a long one

ADA short-term ROI || Source: Messari

In the past year, the ROI was over 700%. This is a relatively high gain for HODLers, despite several dips.

ADA’s latest developments and the increasing demand in the second phase of the altseason make it one of the hottest altcoins to buy and HODL. In fact, one can argue that ADA continues to remain undervalued at the press time price level.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/three-reasons-why-cardano-is-going-on-this-price-trajectory

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Blockchain

Data shows the ‘Bitcoin price drops ahead of CME expiries’ claim is a myth

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Historically, activity surrounding the Bitcoin (BTC) monthly futures and options expiry has been blamed for weakening bullish momentum. A few studies from 2019 found a 2.3% average drop in BTC price 40 hours before the CME futures settlement date. 

However, as Cointelegraph reported in June 2020, the effect faded away. While 2020 seems to have rejected the potential negative impact of CME expiries, so far, the current year appears to validate the theory. Bitcoin’s price has been suppressed ahead of futures and options expiry in the first three months of 2021.

Bitcoin performance before and after CME expiry, USD. Source: TradingView

Some investors and traders have pointed out that Bitcoin’s incredible rally after the recent futures and options expiry dates has become a trend.

BTC has effectively rallied in the days following the expiry, but expanding this analysis uncovers a less-than-satisfactory trend.

Three consecutive events don’t prove a trend

The past 13 months have been nothing short of spectacular for Bitcoin, as the cryptocurrency posted 788% gains. August 2020 turned out to be the worst month, as BTC presented a 7.5% negative performance. Thus, choosing random starting points within the month will likely show a similar positive trend.

For example, if one uses the “last quarter” moon phase as a proxy, the odds that a rally takes place after each event are very high.

Bitcoin performance after “Last Quarter” moon, USD. Source: TradingView

As depicted above, indeed, Bitcoin rallied after five out of the last six instances. The only conclusion might be that positive trends are the norm rather than the exception during bull runs.

Although there might be some explanation to the reason behind Bitcoin’s end-of-the-month underperformance, these are only hypotheses.

While market makers and arbitrage desks could benefit from suppressing the price after a rally, other forces, including leverage futures longs and call option holders, would balance that out.

Bitcoin price did not drop in three of the last seven expiries

Therefore, it makes sense to analyze the potential price suppression ahead of the expiry instead of looking for explanations for a rally during a bull market.

Bitcoin performance before and after CME expiry in 2020, USD. Source: TradingView

Both October and December 2020 expiries failed to present any negative pressure ahead of such dates. Meanwhile, the 12% positive performance on the five days that preceded the most recent April 30 expiry also puts a big question mark on how meaningful the CME event really is.

Considering there hasn’t been a price decrease ahead of monthly futures and options expiries in three of the last seven instances, this evidence should put a nail in the coffin of the unfounded myth.

As mentioned earlier, trying to develop theories on why sellers acted more aggressively on specific dates is unlikely to yield results.

As shown above, Bitcoin’s price failed to underperform in three out of the last seven expiries. A 57% success rate should not define a trend when a positive performance after a specific date has been proven common during a bull run.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/data-shows-the-bitcoin-price-drops-ahead-of-cme-expiries-claim-is-a-myth

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Bitcoin still on track to $100K despite growing risks, says strategic investor Lyn Alden

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Strategic investor Lyn Alden is convinced Bitcoin has still the potential to reach $100K in the current bull cycle — despite growing uncertainty and increasing volatility. 

“We are seeing a lot of froth throughout the industry”, she said, referring to the latest rally in a number of meme coins such as Doge.

“Those are kind of warning signs for the cycle”, she added.

Alden said that with the bull run slowing down and growing risks of a correction, it makes sense for some investors to take some money off the table and put it into some other assets.

“For people who would have trouble with drawdowns or periods of volatility, it can make sense to rebalance”.

Overall, Alden’s position remains bullish given her confidence in the strong fundamentals of the Bitcoin network:

“I have a pretty high conviction on it. And so I’m fine with maintaining a pretty large position.”

Despite a number of altcoins outperforming Bitcoin this year, she doesn’t think Bitcoin is anywhere near losing its leading position in the crypto market. Most altcoins, she pointed out, didn’t manage to sustain the same degree of growth throughout multiple business cycles.

“ I’d be more concerned if I saw protocols that chip into Bitcoin’s market dominance in one cycle and then chip even more into it in the next market cycle”.

Don’t miss the full interview on our YouTube channel and don’t forget to subscribe!

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-still-on-track-to-100k-despite-growing-risks-says-strategic-investor-lyn-alden

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