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Origin of Bitcoin Whitepaper

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bitcoin whitepaper

In the 9 years since its inception in 2009, Bitcoin has taken the digital world by storm. A decentralized digital currency, the creation of this peer to peer version of electronic cash has been credited to a certain Satoshi Nakamoto. It was released as an open source software in 2009. Till date it has been a mystery regarding the identity of Satoshi Nakamoto. No one knows if this is a single person, or a group of team of people who came together to introduce this new technology.

The domain “bitcoin.org” was registered on 18th August, 2008. A link to a paper authored by Satoshi Nakamoto, dubbed as the founder of Bitcoin, titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list later that same year in November.

No person or organisation has yet came forward to earn the credit for introducing this brilliant new innovation to the world. What many people wish to know is why would anyone go to such an extent to introduce to the world, a detailed decentralized and distributed system of peer to peer electronic cash transfer system, only to never come out in the open and receive any credit or appreciation for it? It is not just a matter of just gaining praises, accolades and rewards but there is no person as such who can even defend this technology for the people who have always been openly critical of this system and tagged it as just a fraud.

 

Satoshi Nakamoto: A libertarian

Considering the decentralized and distributed nature of the Bitcoin platform, where there is no single point of central control and no  government authority or centralized bank can meddle with its management and operations, people who have looked at the Bitcoin whitepaper hold the strong belief that whichever person or entity is behind the name of Satoshi Nakamoto hates the corrupt rich people and politicians and the highly corrupt banking systems. The incredible focus on making it a completely tamper free and fraud free platform has prompted people to come up with this conclusion.

It aims to make online payments directly between two willing parties without having to go via any financial institution. This is facilitated by the incorporation of digital signatures. Another major issue that this network aims to get rid of is the problem of double spending. This is tackled via the peer to peer network nature of the Bitcoin platform.

 

Anonymity for good reason

Humans have an inherent nature of always finding faults with even the things that benefit them. Such a new and different form of peer to peer electronic cash transfer system of course becomes the eye sore for some since they do not understand the technology that goes behind making it a decentralized platform. This is why maintaining anonymity over the owner or founder of such a revolutionary new technology that handles people’s cash was probably a very intelligent decision to take. Staying anonymous has helped Satoshi Nakamoto to avoid all sorts of severe legal consequences. This anonymity has kind of helped in making this currency and platform such a major hit.

Moreover, the original idea behind hosting this platform was to make no particular person or institution answerable for it. The idea was to not provide the government any central point of contact to communicate with or shut down the network. It only stands justified that the creator or founder of this open source platform stay anonymous. There have been several rumors time and again about many significant personalities in the information technology sector who could be the potential creators of this platform. However, all such claims have been shot down by each and every one of these personalities.

 

Bitcoin

Electronic cash or digital assets transactions over the Bitcoin network does not simply rely on trust. It incorporates intricate cryptographic methods to build secure medium for people to rely on when sending cash or making purchases online via this platform. The unstructured simplicity of the network brings about the robustness of the entire Bitcoin platform. The original white paper discusses the technicalities involved with the entire Bitcoin platform including details about ‘Transactions’, ‘Timestamp Server’, ‘Proof of work’, ‘Network’, ‘Incentive’, ‘Reclaiming Disk Space’, ‘Simplified Payment Verification’, ‘Combining and Splitting Value’, ‘Privacy’, and ‘Calculations’. Anyone wishing to go through the Bitcoin Whitepaper and visit the website bitcoin.org or access it directly here.

#Bitcoin Price Analysis

BTC to USD, 19th May: Bitcoin Price Analysis, $6000 or $9000?

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Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum.

Technical Indicators:

Support Levels: $7500, $7000, $6600

Resistance Levels: $8000, $8200, $8300, $8500

Key Points:

  • Bitcoin price started to recover massively after moving above $6800 level.
  • The bulls pushed the price back above $7000 and even $7500 resistance level.
  • Bitcoin price was also able to break above the bearish pattern line which was being formed on the hourly chart with resistance around $7300.
  • Currently, BTC seems to be eyeing towards $8000 resistance level.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum and might soon test $8000 resistance level to move towards $8500 and even $9000 levels if it remains above $7200 and $7000 support levels.

Bitcoin price gained bullish momentum last week and broke above $7000 resistance level. The buyers were also able to push the price above $7200, $7500 and $7800 resistance level. BTC even moved over the $8000 level to record a new yearly high at around 8360. However, bitcoin price started to correct downwards later on and fell below $8000 level. The selling pressure increased massively and BTC also broke below $7000 support level which turned the overall momentum into negative. However, Bitcoin price found decent support around $6650 level where buyers were able to stop further losses.

Bitcoin price soon started to recover back upwards and broke above the resistance formed around $7000. BTC was also able to break through $7200 resistance level as well as the bearish pattern line that was being formed on the hourly chart with resistance around $7300. Bitcoin price also moved above $7500 resistance level and is currently trading well above this range.

With BTC currently trading around $7800, the overall momentum seems positive and Bitcoin price might soon test the $8000 resistance zone above which it might test the $8200, $8300 and $8500 levels. However, if bitcoin price started to correct downwards again, it is very essential for BTC to maintain its position above $7000 to remain bullish. If BTC falls below $7000 and $6600 support level, it might turn towards $6000 and even $5500 level in the short term.

BTC to USD Price Chart 19th May

BTC to USD Price Chart 19th May

The chart shows that bitcoin price was able to recover nicely after falling towards $6650 level. The overall momentum seems bullish and BTC might test $8000 level to move towards $8200, $8300 and $8500 resistance levels. On the downside, BTC is currently supported at $7500, $7000 and $6600 level below which the momentum might turn bearish.

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#Bitcoin Price Analysis

BTC to USD, 15th May: Bitcoin Price Analysis, $8500 or $7000?

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Technical Indicators:

Support Level: $7600, $7500, $7200

Resistance Level: $8100, $8350

 

Key Points:

  • Bitcoin price started to correct downwards sharply after rising up to around $8350.
  • The sellers pushed the price below $8000 and BTC tested the $7600 support level.
  • A bearish pattern is being formed on the hourly chart with resistance around $8100 which might push the price back downwards.
  • Bitcoin price might test the $7600, $7500 and even $7200 support levels before it starts a fresh upside move.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to correct downwards and fell below $8000. BTC is currently supported at $7600 and $7500 and might soon test the $8100 and $8350 resistance levels again.

 

Bitcoin price broke above the $8000 resistance level yesterday with bullish momentum. The buyers even pushed the price above $8100 and $8300 resistance levels, however, there were a lot of sellers placed around $8350 resistance level and thus after reaching up to $8340, bitcoin price started to correct downwards. During the downward correction, BTC delined below $8200 and $8000 support levels.

 

As the price declined below $8000, the selling pressure increased and the bitcoin price was pushed back to the $7600 support level. BTC reached up to $7631 before the buyers were able to control the situation and stop further losses. Currently, Bitcoin is trading well above $8000 and trying to move towards $8100 level. Also, there is a bearish pattern being formed on the hourly chart with the resistance at $8100 which might push the price back downwards. Thus, it is very essential for bitcoin price to break above this level in the short term to stay bullish.

 

The current resistance lies around $8100 above which BTC might test the $8350 resistance level again. A close above this range would take bitcoin to the $8500 and $8700 levels. However, if BTC falls below the $7600 support level, it might fall back towards $7200 and even $7000 level below which the momentum might turn bearish.

 

BTC to USD Price Chart 15th May

BTC to USD Price Chart 15th May

The chart shows that the bitcoin price is currently trading above $8000 and trying move towards $8100 level. Most likely, bitcoin price might fall down towards the $7600 support level again before starting a fresh upward move. As long as bitcoin remains above $7600 level, it will stay in an uptrend and might soon test $8350 and $8500 resistance levels.

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#Bitcoin

Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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