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      "author": "mhtani",
      "body": "Bitcoin is a peer to peer electronic cash system (a digital cash system), contrary to the fiat currency system it has no central issuing authority to oversee its creation, distribution and regulation.\n\nhttps://mihanarz.com/wp-content/uploads/2018/02/New-Bitcoin-Wallet-Features-Plausible-Deniability-400x240.jpg\n\nIn the Bitcoin network transactions are directly between the two parties involved without an intermediary and are verified by network nodes secured with digital signatures. Digital signatures are made possible with the use of cryptographic key pairs to preserve a user’s anonymity i.e. the public key which is ones address is visible and accessible to anyone on the network while the private/secret key is only accessible to the owner. \n\nAt the start of a transaction, the system first checks if the amount to be transacted is available in the wallet before the user can sign the transaction message with his private key to generate a digital signature which is confirmed by the corresponding public key making it irreversible after which it is broadcasted to the entire network where its listened for by mining nodes and included in a block meaning that  each and every transaction in the system has got to be digitally signed to be considered valid so as to overcome the double spending problem. Double spending is when someone uses the same bitcoins (BTC) in multiple transactions. The creation of new bitcoin and security of the Bitcoin network is ensured by an incentivized group of people called miners who contribute computational power to secure the global decentralized ledger of transactions, the Blockchain. Each mining node has a copy of the Blockchain and their role is to listen for new transactions, make a block of those transactions  and compute the proof of work, which is a random number which when hashed with the SHA 256 (Secure Hash Function 256) produces a hash with a certain number of zeros, this difficulty is adjusted so as to ensure that the proof of work can be found in averagely ten minutes meaning that regardless of how simple or sophiscated the mining equipment is, the proof of work can only be discovered in an average of ten minutes. \n\nThe mining process, a way of harmonizing the Blockchain is a race with mining nodes competing to find the proof of work which qualifies the block as valid and the only condition on which the that block can be added onto the block chain for others to build on making it very difficult to make changes on one block of transactions as it would mean finding the proof of work of the previous blocks, an infeasible task. In competing to find the next valid block to add onto the Blockchain, the proof of work difficulty is increased thereby making it very hard for a single operator or a group of dishonest nodes to hijack the Network in a 51% attack.\n\nIn each and every transaction miners are allowed to add a transaction which generates them a certain number of bitcoins, this is called the block reward and is the only way new bitcoins are introduced into the network. The block reward is adjusted every after 210,000 blocks are created which takes approximately four years with the first block reward being 50 bitcoins in 2009, then halved to 25 bitcoins in 2012 and is currently 12.5 bitcoins and will keep reducing until the last Bitcoin is mined around 2140 which will make the total number of Bitcoins in circulation 21 million analogous of precious metal mining giving it its rarity property. One of the challenges to the security of the Blockchain is the 51% attack, a situation in which the mining nodes contributing the biggest percentage of network mining power (at least 50%) include invalid transactions in their blocks, force those blocks into the Blockchain and continue building on that false chain. This attack can only be successful for as long as the hijacking node/nodes beat the honest ones to finding the next valid block and continue propagating their false chain making it longer than the one on which the honest nodes (Nodes that are following the protocol rules) are building on. \n\nAt the current rate, given the increased difficulty of finding proof of work, the fact that miners are scattered all over the world, and the increased team work of the mining community, gathering computation power to make the 50% threshold capable of staging the 51% attack would prove to be a very costly venture, almost infeasible.\n\nThe only acceptable way of impacting the Blockchain is through a fork that is to say through change of the Bitcoin protocol rules. There are two types of forks namely the soft and hard fork. The soft fork happens when the previously valid blocks are made invalid while at the same time the old nodes consider the new blocks created after the software upgrade valid. A soft fork only requires a majority of the nodes to upgrade to the new software to enforce the new rules though it can also occur when the Blockchain is diverged as a result of miners using none upgraded nodes that violate new consensus rules that they don’t know about continuing to produce blocks leading to two different chains. This is however rectified by making the chain propagated by the old nodes stale resulting in the old nodes upgrading to the new software with new rules.\n\nhttps://static.interestingengineering.com/images/FEBRUARY/sizes/bitcoin-samsung-chip_resize_md.jpg\n\nOn the other hand a hardfork occurs when previously invalid transactions are considered invalid (and vice versa) with the new consensus rules requiring all nodes to upgrade to the new software for their blocks to be considered valid. In the event that some miners upgrade their nodes and others don’t, a permanent divergence of the Blockchain is effected resulting in two independent Blockchains with each following its own rules and only considering its transactions as valid. \n\nThe Bitcoin Cash hardfork that took place on 13 November 2017 is an example of hardfork happening on the Bitcoin Blockchain producing a new cryptocurrency, Bitcoin cash (BCH). The Bitcoin protocol rules keep changing to cater for the demands of a rapidly growing community, Issues such as scalability, transaction speed, transaction fees are some of the things that will pose serious development challenges that ought to be addressed for a better electronic cash system. \n\nThe history of transactions or the decentralized global ledger as a currency is only one of the many applications of the underlying technology, Blockchain whose resourceful use could contribute to and transform many aspects of life such as creating transparent voting systems, asset management, real estate management among others but that will take a while since the technology is still in its infancy.",
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      "body": "You're welcome @mhtani!",
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      "body": "I share story especially with Tron and Verge, I really had great hope in them until the downward spiral started and so fast it went. Buying into your technique of buying back at a much lower rate, I have already started buying more of them",
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      "body": "A great read this is @cryptoasis",
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      "body": "Great information @cryptoletter. The various Altcoins springing up to address the weaknesses of Bitcoin only serve to show how much of work there is to make cryptocurrencies the best means of transacting business. More and better Altcoins are well on their way",
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      "body": "I actually thought I new about goals until I read this. Thanks @cryptotem",
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      "author": "mhtani",
      "body": "@jerrybanfield, your youtube videos were a big help in getting me started with steem. Thanks a bunch, following you is always refreshing!",
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      "author": "mhtani",
      "body": "The road to wide comfortable cryptocurrency adoption is still a slippery one owing to the fact that fiatcurrency  establishments are doing all they can to clamp down on cryptocurrencies. Great move by the Chinese, Russians and Koreans, their victory will be a victory for all of us",
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      "body": "Don't rush yet into buying, a lower low is on the way",
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      "author": "mirrors",
      "body": "I agree. Thanks.",
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      "author": "mhtani",
      "body": "The emergence of Bitcoin has taken the world by storm, epitomized by its drastic rise and fall, Bitcoin’s story is one that continues to defy traditional economics leaving many in awe of its disruptive nature. The early beginnings were covered in skepticism with established economists and powerful financial institutions expressing doubt over its potential yet many technologists and programmers had been convinced of the new technology’s capabilities and were deeply getting involved in it by the day. The attention given to Bitcoin would get one thinking that the technology behind it and other cryptocurrencies is a recent invention but that may be misleading since the underlying technology, Blockchain which neatly combines elements of cryptography and decentralized systems took painstaking years of study and research to make ready for use. Here, I will roll back the carpet and walk you through the build up to Cryptocurrency, Bitcoin in this case.\n\nCryptography, a major feature in the design of cryptocurrencies was mainly a reserve for the military and intelligence agencies with tight regulations surrounding its use until the late 70’s when the US Government eased down on its control attracting many developers and enthusiasts to participate in its development. One such developer was David Chaum a computer scientist and cryptographer known for research in anonymous systems whose work fuelled rapid progress in cryptography. He developed ecash an anonymous electronic cash application, the blind signature, an untraceable payment system that separated a person’s identity from the transaction in 1983 and many other cryptographic protocols which became a reference for anonymous communications research and an inspiration for the Cypherpunks cryptographic developments.\n\nIn the late 1980’s the Cyperpunks, a movement that advocated for social and political change through the use of strong cryptography for privacy and security based much of their work on David Chaum’s earlier research made advances in crypto currency with the proof of work systems. This group’s mailing list which started in 1992 later grew to about 700 people by 1995 with some of the members making breakthroughs in the field of cryptography and decentralized systems.\n\n Adam Back a British cryptographer invented Hashcash, a proof of work algorithm very similar to the one currently being used by Bitcoin in 1997. In the same year Wei Dai, a Microsoft researcher and a member of cypherpunks introduced B-Money merging concepts of decentralization and digital contracts sparking interest in cryptocurrencies. Both Adam Back and WeI Dai were contacted by Satoshi Nakamoto before Bitcoin’s launch. A year later Nick Szabo designed Bit gold, a mechanism for a decentralized digital currency. Although it was never implemented it is widely considered a direct precursor to Bitcoin.\n\nIn 2004 Hal Finney a cryptography activist and a member of the cypherpunks made a major breakthrough in cryptocurrency and decentralized systems when he developed the first successful reusable proof of work protocol (RPOW) based on Adam Back’s algorithm and later became the very first recipient of Bitcoin. Until his death in 2014, inspite of his terminal illness, he had been contributing to the development of Bitcoin.\n\nSatoshi Nakamoto the pseudonymous creator of Bitcoin is believed to have started coding the Bitcoin protocol in late 2007 through 2008 until its launch in January 2009 and was active in its development until 2010 when he handed over to Gavin Andresen who became the lead developer and later founder of the Bitcoin Foundation, a nonprofit organization that standardizes, protects and promotes the use of Bitcoin worldwide.\n\nhttp://thehill.com/sites/default/files/bitcoin.jpg\n\nIt is from here that other cryptocurrencies most of which basing their design on the Bitcoin protocol picked up leading to a flurry in the cryptocurrency space especially in the Initial Coin Offerings (ICOs) through which they raised funds to build projects a technique very similar to the Initial Public Offering (IPO) in traditional businesses.",
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      "author": "mhtani",
      "body": "The social media wave came with a bang and swept many off their feet, defying boundaries and weaving global webs of connections. Platforms like Twitter, Reddit, Facebook among others boast millions of users and continue to grow by the day thanks to the ever increasing internet access most especially in developing countries and their ever improving features making it possible for them to rake billions of dollars while gathering staggering amounts of data mostly from hobbyists usually exchanging casual messages though others hold accounts strictly for business purposes. In the thick of the Social media explosion emerged cryptocurrency whose drastic rise and fall defies normal economics let alone the disruptive underlying technology, Blockchain that is threatening to redefine many aspects of life. Hundreds of cryptocurrencies are in circulation today with each designed to address a certain need or concern with many playing similar roles. Steem combines the best of both worlds, merging concepts from social media and cryptocurrency to deliver an incentivized blockchain-based, public content platform. In as much as social media platforms exceeded expectations in executing their primary role, facilitating interaction, Steem’s transparent system of incentivization for content creation threatens to redefine the social platform playing field. This and a whole lot of other exciting features are some of the indicators that Steem means business and is here for the long haul.\n\nThe world today faces many security threats, is a common excuse fronted by centralized institutions of authority to censor communication deciding what messages are appropriate while nibbling away at people’s privacy. As a core principle of the platform, Steem preserves and encourages free speech a cornerstone for societal development in a bid to build a free society. Great ideas are endangered when authorities confine speech and mistakes are reinforced as a mechanism for constructive criticism is not in place. Steem being a decentralized public platform would be very difficult to crackdown and compromise thereby positioning itself as a safe haven for free speech, a desire for many.\n\nThe Steemit platform constitutes the infrastructure to facilitate a free market economy, a system by which each and every contribution made is openly recognized and rewarded accordingly through a collective process of upvoting posts (a show of appreciation of the post and approval of reward) and curation. With such a clear accounting system, productivity is greatly boosted since recognition of effort however small it may be means a lot and fuels content creation yet still  as a sure way of earning more, one would only have to create content that meets the demands of the market in this case content that is more appreciated by the Steem community thereby ensuring that the readers or the consumers are given  a run for their time consequently making the Steem platform a hub for top quality information that many people would love to be. \n\nSplitting in half the rewards and designating one half as Steem power (SP) held for a period of 13 weeks (vesting) ensures that the platform’s investment is intact and keeps growing to facilitate its expansion before giving the user a chance to power down that is if they choose to and if not still retain it. The vesting fund is always guaranteed a significant sum owing to the fact that a participant’s voting power is derived from Steem power (SP) an access token that everyone in the community ought to have for complete and satisfactory use of the platform.\n\nThe steemit platform equally values the contribution be it money or content generated or time invested to curate content for others which fuels contribution in many a different way possible meaning that everyone can enjoy the flexibility of contributing and being a part of Steem in a way they deem convenient.\n\nSteem’s design tending towards self-containment enables it to grow a genuine and enduring community as the products or contents are produced for and rewarded by the community. An interaction of community members addressing each other’s’ needs through cost free transactions keep the platform going steady even without an influx of new users. An added advantage of elimination of transaction fees enables many people to get started let alone enable the platform retain the current users. It’s a common tendency for people to get drawn to things that don’t bother them with parting with their money however little it may be, the exclusion of transaction fees still makes for smooth transactions giving Steem an edge over many cryptocurrencies in the market.\n\nThrough a reliable reward system, many users have earned handsomely from the platform thereby reinforcing many people’s faith in the system and attracting many others to Steem greatly contributing to the expansion of the platform.\n\nI would however not recommend any Steemian to approach it from the earning point of view. Earning is only a consequence of providing quality content to the market, the users only have to invest time, energy and mental resources into providing the very best content they can.\n\nhttps://i2.wp.com/andysmancave.com/wp-content/uploads/2017/07/steemit.jpg\n\nIn a world epitomized by censored speech, manipulated markets whose assessment of value is far from clear, biting transaction fees; Steem stands out as a possible exit for which free speech is not only permitted but encouraged, reward for productivity clearly defined while still maintaining the benefits of a social media platform. A system that mimics fairness in many facets of life would be hard to do away with.",
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      "author": "niceedueng",
      "body": "Nice to meet you, please advise me. ^^",
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