How does the bitcoin protocol work? A person cannot mix indefinite bitcoins. The bitcoin protocol states that there will only be 21 million bitcoins to be produced by the miners. These bitcoins will then be subdivided into smaller bits. The smallest bit is called "satoshi" named after the bitcoin founder and the divisible amount is 100 millionth of a bitcoin. Bitcoin currency is based on mathematical formulas unlike our conventional currency that is based on gold and silver. Mathematics is used to generate or "mine" bitcoins. The software programs containing these mathematical formulas are made available to everyone. This means that anyone can access these formulas to ensure that it serves its purpose.
©2014 Yap Kee Chong (P)2014 Yap Kee Chong
This is best for the basic terminology and sense of what those terms represent. The part that seems cloudy to me are little booster phrases suggesting the prospective Bitcoin entrepreneur will or may get the great stuff some other earlier adopters with more sophistication have got, in terms of opportunities and rewards. The statements about these supposed prospects are oddly hedged, like (I paraphrase here, not a quote) a person can definitely maybe cash in on some really big rewards! Next to the cherry-picked stories of successes, this leaves me with an odd impression. I would say: study more before committing big resources to this. But as a first intro to very basic stuff, it does alright.
the author misses the point of bitcoin time and time again. he defines a few concepts in inaccurate ways and clearly does not have technical
familiarity with the block chain. it seems to be a collection of non expert info on the topic. it is nonetheless a good starting point for bitcoin if one has absolutely no idea what it is and what cryptography is.
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