The Relationship Between BT1 and Bitcoin (BTCs)

08/08/2023 22:46 • Digital Disruptors • 73 views

What is the relationship between BT1 and Bitcoin? What is the connection between BTC and BCH? Bitcoin’s blockchain network began before the first halving in 2016 but later, due to various reasons, the block reward for Bitcoin decreased to 6.25 BTC (valued over $60,000 at the time), causing the price of Bitcoin to fall. According to CoinMarketCap data, on January 4, 2018, the price of Bitcoin was $9,400. At the beginning of 2019, BTC’s price was $10,700. By the end of 2020, Bitcoin reached a new all-time high of $20,000, and it has now reached a high point of $14,200.

From the graph above, we can see that Bitcoin’s development since 2010 has been an interesting technological process. However, this technology is not the only area that needs improvement. It is a completely new system – nothing new can be created. It has a new mechanism: a new consensus layer. Its operation is similar to “transactions” by connecting someone or a specific group of people to a system to reach an agreement, verify transactions, and obtain the right to record. This mechanism allows all participants to perform different actions in the same way, not just computations, storage, sending, etc. In addition, these changes also allow smart contracts to automatically create proof-of-stake. This algorithm can initiate a 51% attack on transactions. However, when it comes to miners, there are two issues: 1. Are they willing to pay higher fees? 2. Why don’t they want more gas fees instead of less Gas? 3. What do they consider not important? If conflicts or other situations occur, their transactions will be suspended because the transactions will only continue after the main network starts.

So we know that Bitcoin developers usually do not ask users to pay more money to the development team to provide additional resources but allocate them to companies that want community members to participate. Instead, developers only need funds provided by the company to perform tasks. For example, if you want to purchase 50 bitcoins for $100, you have to spend $5,000 to become a maintainer. If you don’t want to do that, you can contribute $1,000 as a return to support your project and then reinvest in the project’s code. This is part of the incentive program we mentioned:

1. Developers/Investors

2. Community/Contributor voting results are proportional to everyone’s decision.

3. Off-chain asset management

4. Token economics

5. After the community proposal vote is passed, the issuance of Bitcoin will be more than doubled. (Note: “Bitcoin Unlimited” (BNT) is a digital currency fund launched by the Binance Smart Chain Foundation)

Bitcoin BTCS

Reportedly, Bitcoin BTCS (Blockchain addresses and trading pairs) is a unique standard used to store and verify specific block information. This token is called “Bitcoin Core” and aims to represent the most basic, secure, and widely used parts of Bitcoin’s code. This is different from other cryptocurrencies similar to the Bitcoin protocol because it is created by one or more entities. For example, the number of bitcoins in a Coinbase hosted wallet. If anyone wants to use BCH as their source of funds, they can send their private keys to another address. (cryptopotato)

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The Relationship Between BT1 and Bitcoin (BTCs)

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