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Bitcoin

Bitcoin (BTC) is the world’s first decentralised cryptocurrency. It was the first digital currency to fix the double spend problem.

What is the lightning network?

As the name suggests, the lightning network is a solution created to make transactions on the Bitcoin blockchain faster by processing multiple transactions at once before they are recorded on the chain. First proposed in 2015, the lightning network allows…

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What is a node?

A node refers to computers that make up the Bitcoin network and are used to verify transactions on the blockchain. Nodes are spread across the world and talk to each other using the internet, sharing data to update Bitcoin’s distributed…

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How does Bitcoin differ from gold?

Cryptocurrency investors argue that Bitcoin is the digital equivalent of investing in gold, in the sense that it is a hedge against inflation and turbulence in the financial markets. In other words, investors have long invested in gold as a…

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What is a Schnorr signature?

A Schnorr signature is a type of digital signature used to verify and authorise transactions on the Bitcoin blockchain. Think of a digital signature as an electronic version of a physical signature that is virtually impossible to fake. It was…

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What is Taproot?

The Taproot upgrade was implemented to improve Bitcoin’s network speed, privacy, and security features. It did this by making it possible to process transactions in batches. This means it takes less time to process transactions, allowing Bitcoin to continue to scale…

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What is a soft fork?

We all go through the process of downloading and installing updates to our phones or laptops. Cryptocurrency also relies on similar updates and upgrades to improve its efficiency. However, while it may take just a few clicks or taps of…

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What is a multi-signature wallet?

When you send bitcoin, you aren’t really moving it between addresses. The bitcoin is essentially stored in a digital vault where it stays regardless of the owner. What you’re actually doing is changing the locks to fit the recipient(s)’s key…

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What determines the price of Bitcoin?

The Bitcoin price is determined by the age-old economic principle of supply and demand. Supply and demand applies to virtually every asset and good – be it gold, property, currencies or cryptocurrencies. Bitcoin is special, though, because its supply is ‘programmed…

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What is a Bitcoin Improvement Proposal (BIP)?

A BIP (Bitcoin Improvement Proposal) is the document standard used for proposing changes to Bitcoin.  Proposals are usually first roughly outlined using a mailing list of developers, where feedback and their feasibility are assessed before a decision is made to…

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What will happen once all Bitcoin are mined?

Bitcoin is created through a process called mining, and the people doing the mining are called miners. Using supercomputers, these miners confirm transactions on the Bitcoin blockchain and are rewarded for their efforts in the form of newly-created Bitcoin. These…

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Why is mining necessary?

The process of mining gold can be understood as it is a mineral found deep underground that can only be reached and salvaged using mining equipment. But can the same be said for something that only exists on computers?  While…

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What is a mining pool?

The more active miners there are on a blockchain, the harder the mining process is, with fewer rewards given each time a new block is mined. To continue a viable business with regular payouts, many crypto miners are turning to…

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