Getting Started

Bitcoin 101

If you're getting started with Bitcoin, there are a few things you should know.

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Getting Started

Bitcoin is a peer to peer payment protocol and digital currency based on cryptography. Released to the world in 2009, by pseudonymous Satoshi Nakamoto, Bitcoin has proven robust and succeeded where many others have failed.

The Double-Spend (What Bitcoin’s White Paper Solved Forever) - Coi…

Bitcoin’s white paper solving the double-spend problem in the digital world makes near real-time commerce possible across the entire planet. The problem bitcoin solves - John Light - Medium - The problem that Bitcoin solves is the reversibility of electronic payments. In the seminal Bitcoin whitepaper, Satoshi Nakamoto wrote,

![https://cdn-images-1.medium.com/max/1200/0T9xceDyLrf7spyYG](https://cdn-images-1.medium.com/max/1200/0T9xceDyLrf7spyYG)

CryptoQuikRead_031 - Nobody Understands Bitcoin (and that’s ok) CryptoQuikRead_105 - Why You Can’t Understand Bitcoin CryptoQuikRead_040 - Why Bitcoin is Different

Cryptography

Blockchain

Oleg Andreev (@oleganza)

Blockchain is not a database, it’s a protocol for syncing the databases. The point of a blockchain is not to “store” or “distribute” data, it is to make sure mutually distrusting parties are all on the same page.

HODL

I AM HODLING - CryptoQuikRead_097 - I HODL

I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e. GF’s out at a lesbian bar, BTC crashing WHY AM I HOLDING? I’LL TELL YOU WHY. It’s because I’m a bad trader and I KNOW I’M A BAD TRADER. Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro. Likewise the weak hands are like OH NO IT’S GOING DOWN I’M GONNA SELL he he he and then they’re like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY’RE DOING buy back in but you know what? I’m not part of that group. When the traders buy back in I’m already part of the market capital so GUESS WHO YOU’RE CHEATING day traders NOT ME~! Those taunt threads saying “OHH YOU SHOULD HAVE SOLD” YEAH NO SHIT. NO SHIT I SHOULD HAVE SOLD. I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU. You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell.

Glossary