Author Archives: satoshiNottingham

Why Inflation is Theft and Bitcoin is Number Go Up Technology, according to the AI!

BN: Explain why inflation is theft and how bitcoin fixes this because it is programmed to be deflationary.

AI: Inflation can be considered a form of theft because it erodes the purchasing power of money over time. As the supply of money increases, each unit of currency becomes worth less, which means that the same amount of money can buy fewer goods and services.

Bitcoin, on the other hand, is designed to be a deflationary currency. The total supply of bitcoins is limited to 21 million, and the supply of new bitcoins entering the market is halved every 210,000 blocks (roughly every 4 years), which helps to maintain the value of each bitcoin over time.

As a result, people who hold bitcoins can be more confident that their savings will hold their value in the long run, as opposed to being gradually eroded by inflation.

BN: Is that why bitcoiners call it number go up technology?

AI: Yes, “number go up” is a term used by some Bitcoin enthusiasts to describe the potential for the value of the cryptocurrency to appreciate over time, as a result of its scarcity and the increasing demand for it. The limited supply of bitcoins, combined with the increasing adoption of the technology, creates a situation where the price of Bitcoin could potentially increase over time, which is why some people refer to it as “number go up” technology.

The maximum number of Bitcoins that can be created is 21 million, and this number is set in stone by the Bitcoin protocol. This means that no more Bitcoins can be created once this number is reached. This is different from traditional fiat currencies, which can be printed in infinite quantities by central banks, leading to inflation and depreciation of the currency.

The halving of the block reward is a key part of the Bitcoin protocol, and is designed to control the rate at which new Bitcoins are created. This process ensures that Bitcoin remains scarce, and that the rate at which new coins are created is cut in half every 210,000 blocks, or roughly every four years. This helps to control inflation and ensures that the value of Bitcoin does not decrease over time.

The current block reward is 6.25 Bitcoins, and this will continue to decrease as the halvings continue. As the block reward continues to decrease, the rate at which new Bitcoins are created will also decrease, further increasing the scarcity of the digital currency. This scarcity, combined with increasing demand for Bitcoin, is likely to drive the price of the digital currency higher in the future.

In summary, the limited supply of Bitcoin is a crucial aspect of the digital currency, as it gives it value and scarcity. The halving of the block reward is a key part of the Bitcoin protocol, designed to control the rate at which new Bitcoins are created, and further increasing the scarcity of the digital currency. This scarcity, combined with increasing demand for Bitcoin, is likely to drive the price of the digital currency higher in the future.

On average Bitcoin has doubled in value year on year since it’s launch in 2009.

To begin accepting Bitcoin as a method of payment in your shop, restaurant or office click here today!

Only 21 Million Bitcoin will ever be made. Digital scarcity is the basis of the invention of Bitcoin. Never before has it been possible to create something that is only digital and is scarce. Over 90% of the 21 Million Bitcoin to be mined (or minted, if you prefer) have already been issued. As a result of The Bitcoin Halvings fewer coins are minted as time goes by. The very last bitcoin will take over 40 years to mine, and will take until the year approx 2140.

One way to begin receiving Bitcoin is with our innovative Bitcoin Lightning Instant Payment Address (a ‘blipa’) which can be used to receive payments in the same way you can give out an email address to receive messages.

Order your own blipa such as bitcoin@yourshopname.com from our Bitcoin Shop page

https://bitcoinnottingham.org/product/bitcoin-lighting-payment-address/

The Bitcoin white paper, entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” was authored by an individual or group using the pseudonym Satoshi Nakamoto and was first published on October 31st, 2008.

It was the first time the word “Bitcoin” was defined and the paper describes the design and implementation of a decentralized electronic cash system that allows for online payments to be sent directly from one party to another without the need for a financial intermediary.

The system is built on a decentralized peer-to-peer network and uses cryptography to secure and validate transactions.

The paper also describes the concept of “mining” as a way to create and add new bitcoins to the system, and it outlines a plan for the currency’s release and circulation.

If you are just starting to learn about Bitcoin, it is recommended to read the white paper for yourself. It is the first ever document published on the subject and even if you don’t understand it at first, it’s a good idea to read it as it’s a fundamental piece of literature to become Bitcoin literate.

The white paper can be found at https://bitcoinwhitepaper.co/

Satoshi Nakamoto is the pseudonym used by the mysterious creator or creators of the bitcoin digital currency. The true identity of this person or group of people is unknown and has been a topic of much speculation.

What is known about Satoshi is that they authored the original Bitcoin white paper in 2008, which outlined the concept and technical design of the digital currency. They also wrote and contributed to the original Bitcoin software, which was released as open-source code in 2009.

After releasing the software and white paper, Satoshi communicated with the early Bitcoin community through online forums and email, but their involvement gradually decreased until they eventually disappeared from the scene completely in 2011.

Despite the anonymity surrounding Satoshi, their contributions to the development of Bitcoin have had a profound impact on the world of finance and technology. The revolutionary idea of a decentralized digital currency, and the innovative technology behind it, has the potential to reshape the way we think about money and banking.

Various people have claimed to be Satoshi over the years so it’s worth mentioning that the only way someone could prove to be Satoshi Nakamoto would be by spending one of the first bitcoins ever created, from what is called the “genesis block” these coins have a unique characteristic that makes them different from all other bitcoins, because they can be traced back to the first block ever mined, and as such they could only have been mined and controlled by Satoshi. This is because when the first bitcoins were mined, the network was not yet in existence, so no one else could have mined them.

However, it’s important to note that even if someone were to prove that they have control over these bitcoins, it would not necessarily mean they are Satoshi Nakamoto, the pseudonym could have been used by a group of people or someone could have acquired control of these bitcoins from Satoshi.

Satoshi Nakamoto’s true identity may never be known, as the person or group behind the pseudonym has made a conscious effort to remain anonymous. However, the impact of their creation, Bitcoin, continues to more and more people every day throughout the whole world, what a legend!

Find out how to buy bitcoin from this public domain openkeywords.com post or come along to the next Bitcoin Meetup in Nottingham or find (or start!) your local meetup group