What Is Bitcoin Block Time?

BTC block time explained

Creating a decentralised network that anyone can plug into to either verify transactions, commit transactions to the database, or secure transactions to the ledger requires a blockchain. The blockchain allows you to verify exactly what is going on in the network, but since the chain is not stored but distributed, all copies of the ledger […]

What Is Simple Payment Verification?

BTC simple payment verification

To keep the bitcoin protocol running smoothly and protect the network, proof of work is required for security, fraud prevention, and trust-building. Independent data processors (miners) cannot mislead about a transaction because of its security. Proof of work is also used to protect bitcoin’s transaction history while making data changes more difficult over time. Once […]

What Is Faraday?

LND faraday explained

Bitcoin allows you to become your own bank, you custody your funds, you are the only one that can proof ownership, and you’re the only one that can move the funds. It’s a revolutionary way to manage your wealth, and we’re still getting to grips with it. While the bitcoin base-chain lays the foundation for […]

What Is A Point Time Lock Contract?

Point Time Lock Contract

After the scaling debate for bitcoin has settled on the idea of side chains and parallel protocols, we’ve seen the emergence of alternative networks where bitcoin can operate without the constraints of the base chain; of these new environments, none more popular than the Lightning network. Known as a bitcoin “second layer” because most of […]

What Is The Lightning Developer Kit?

Lightning Developer Kit Explained

Building out a payments infrastructure that doesn’t rely on the centralised banking system, can be used anywhere in the world, added to any internet-connected device is a hard problem to fix. No single company has been able to succeed, and it doesn’t look like it ever will. Instead, we would need a reliable network that […]

Bitcoin App: Lightning Loop

Lightning Loop

The Lightning Network has been a welcomed addition to the bitcoin stack as a method of moving transactions off-chain without having double spend issues and helps scale the network. Lightning provides fast and cheap transactions by moving bitcoin between parties through its protocol rules. Think of the bitcoin base-chain as a train; all transactions get […]

What Is A Bitcoin Mining Capitulation?

btc miner capitulation

Bitcoin mining is not some passive investment opportunity where you can print money using fancy computer equipment; it’s a cutthroat industry where individuals and companies compete to secure the next block. Bitcoin mining has elements you can control, such as the type of machine you’re using, your expenditure cost basis and the software you’re running, […]

How To Open A Bitcoin Lightning Channel?

open a lightning channel

The Lightning Network is a second-layer protocol designed to enable off-chain Bitcoin transactions, which are not recorded on the blockchain. By skipping the need to confirm every transaction and settling between channel partners, you remove the restrictions of the base chain, which gives the Lighting Network the ability to route payments faster and cheaper. The Lightning Network […]

How To Close A Lightning Channel?

closing a LN channel

The Lightning Network is a second-layer solution that lives on top of the bitcoin network, designed to facilitate faster transactions by removing the need to confirm all transfers of funds through proof of work on the base chain. The way funds are moved through the Lightning network is by locking up bitcoin in a hashed […]

Bitcoin And Creative Destruction

Creative destruction in Bitcoin

In life, we’re all taught through our experiences; if we do something constructive, we receive a positive outcome, a reward. Something that reinforces the behaviour and encourages us to repeat it and secure that carrot. On the opposite side is the stick. If we do something destructive, we receive a negative outcome. We get burned. […]