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Learning Bitcoin

Learning Bitcoin

By : Caetano
3 (3)
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Learning Bitcoin

Learning Bitcoin

3 (3)
By: Caetano

Overview of this book

The financial crisis of 2008 raised attention to the need for transparency and accountability in the financial world. As banks and governments were scrambling to stay solvent while seeking a sustainable plan, a powerfully new and resilient technology emerged. Bitcoin, built on a fundamentally new technology called “The Blockchain,” offered the promise of a new financial system where transactions are sent directly between two parties without the need for central control. Bitcoin exists as an open and transparent financial system without banks, governments, or corporate support. Simply put, Bitcoin is “programmable money” that has the potential to change the world on the same scale as the Internet itself. This book arms you with immense knowledge of Bitcoin and helps you implement the technology in your money matters, enabling secure transactions. We first walk through the fundamentals of Bitcoin, illustrate how the technology works, and exemplify how to interact with this powerful and new financial technology. You will learn how to set up your online Bitcoin wallet, indulge in buying and selling of bitcoins, and manage their storage. We then get to grips with the most powerful algorithm of all times: the Blockchain, and learn how crypto-currencies can reduce the risk of fraud for e-commerce merchants and consumers. With a solid base of Blockchain, you will write and execute your own custom transactions. Most importantly, you will be able to protect and secure your Bitcoin with the help of effective solutions provided in the book. Packed with plenty of screenshots, Learning Bitcoin is a simple and painless guide to working with Bitcoin.
Table of Contents (10 chapters)
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9
Index

Peercoin


Introduced in August 2012, Peercoin is an alt-coin that's mostly based on the original Bitcoin software. Prior to its release, a public announcement was made so that everyone had a fair notice to participate in its public offering. Peercoin's innovative ideas helped increase the energy efficiency of protecting the network with the aim of allowing for greater long-term scalability.

During its launch, new peercoins were issued through a proof-of-work mining process, similar to bitcoins. While the distribution of peercoins is supported through proof-of-work mining, the coins can also be issued through a "minting" process based on an alternative distribution method called proof-of-stake.

Proof-of-stake

Bitcoin's mining process requires a large amount of computing power to generate the proof-of-work needed to create a valid block of confirmed transactions. Designed as an alternative to proof-of-work, the proof-of-stake minting process issues new coins on the basis of the minter's ownership...

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