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Learn About the BCH Network With Bitcoin.com’s ‘Mastering Bitcoin Cash’

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At Bitcoin.com, our web portal hosts a developer section aimed at providing Bitcoin Cash (BCH) developers with the resources and tools to program killer applications using the BCH protocol. The developer.Bitcoin.com section has now added an educational resource for newcomers and veterans called Mastering Bitcoin Cash. The documentation offers a comprehensive overview of BCH basics and technical operation of the protocol.

Also read: How to Spend and Give Bitcoin Cash Over the Holidays

Mastering Bitcoin Cash: A Lesson on the Most Innovative Technology of Our Time

Learn About the BCH Network With Bitcoin.com's Mastering Bitcoin Cash The developer.Bitcoin.com section of our website has recently added some literature based on the Creative Commons licensed book Mastering Bitcoin written by the well-known cryptocurrency educator Andreas Antonopoulos. Bitcoin luminary Antonopoulos has been educating the masses on this technology for years and his work has changed the lives of many individuals in the crypto space. Bitcoin.com’s Mastering Bitcoin Cash edition explains in great detail subjects like what bitcoin cash is, how it works, and the various public and private keys, addresses, and wallets tethered to the network.

Additionally, the literature teaches people about the network and blockchain, transactions, mining and consensus, and bitcoin cash security. For example, the “What is Bitcoin Cash (BCH)” introduction states:

Bitcoin Cash is a collection of concepts and technologies that form the basis of a digital money ecosystem — Units of currency called bitcoins are used to store and transmit value among participants in the Bitcoin Cash network.

Learn About the BCH Network With Bitcoin.com's Mastering Bitcoin Cash

The first chapter also explains that BCH users communicate with one another through the internet, but other networks can be utilized. It further explains the technology is a protocol stack that’s available to the open source development community. Essentially, bitcoin cash transfers can do anything traditional currencies can and more according to the Mastering Bitcoin Cash introduction. “Unlike traditional currencies, bitcoins are entirely virtual. There are no physical coins or even digital coins per se,” explains the first chapter. In the following four chapters, the book gives a great explanation of how BCH actually works and the basics of a bitcoin cash transaction.

“Transactions are the most important part of the Bitcoin Cash system. Everything else in Bitcoin Cash is designed to ensure that transactions can be created, propagated on the network, validated, and finally added to the global ledger of transactions (the blockchain),” explains the overview section on BCH transactions.

Understanding the Complex Technology Called Bitcoin

Learn About the BCH Network With Bitcoin.com's Mastering Bitcoin Cash The educational resource follows the slew of other services on developer.Bitcoin.com such as the tools made available for Wormhole, Bitbox, the Simple Ledger Protocol (SLP), faucet testnets for BCH and WHC developers, and more. Furthermore, in addition to the Mastering Bitcoin Cash book based off Antonopoulos’ first edition, individuals can sign up for free developer resources. The technical literature has a section at the bottom of the page that allows people to register for a wealth of Bitcoin.com’s free developer resources.

Learn About the BCH Network With Bitcoin.com's Mastering Bitcoin Cash

The 298 pages worth of Bitcoin Cash knowledge teach almost all there is to know about the new digital economy. If you are just learning about the benefits of the BCH network then Mastering Bitcoin Cash is the perfect resource. The Bitcoin Cash network is a nascent system that’s only ten years old but has the power to truly transform the world and Bitcoin.com wants you to read all about it.

“Bitcoin Cash is a completely new, unprecedented, and complex technology. Over time we will develop better security tools and practices that are easier to use by non-experts. For now, Bitcoin Cash users can use many of the tips discussed here to enjoy a secure and trouble-free experience,” explains the book’s conclusion.

Have you seen our Mastering Bitcoin Cash section? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Bitcoin.com, developer.Bitcoin.com, and Pixabay. 


Want to create your own secure cold storage paper wallet? Check our tools section.

 

The post Learn About the BCH Network With Bitcoin.com’s ‘Mastering Bitcoin Cash’ appeared first on Bitcoin News.

Study Finds Less Than 40% of BTC Addresses Are Economically Relevant

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The number of unique addresses on the Bitcoin Core (BTC) network is constantly growing but only 37 percent of them are “economically relevant,” according to a recent study by Chainalysis. The vast majority of them – 86 percent – are controlled by service providers and the rest are used by private investors. Another key finding is that just 20 percent of BTC transaction value is economic.  

Also read: Russians to Be Allowed ICO Investments up to $9,000 per Year

Researchers Say 27 Million Addresses Hold BTC

Study Finds Less Than 40% of BTC Addresses Are Economically RelevantBlockchain surveillance company Chainalysis sets the total number of BTC addresses at around 460 million as of December 2018. The research claims 172 million of these are economically relevant – in other words, controlled by people and companies that currently own bitcoin core. Yet only 27 million of these addresses actually hold BTC.

Chainalysis further notes that 86 percent of the economically relevant addresses, or 147 million, belong to named services such as cryptocurrency exchanges, merchants, gambling platforms or darknet markets. The other 25 million addresses are associated with private wallets holding cryptocurrency.

The authors of the study explain that the non-economically relevant addresses are mostly single-use addresses that hold bitcoin for short periods of time. Three quarters of them have held BTC for less than a day.

A total of 288 million addresses have limited economic value. These currently hold no balances and 93 percent of them have been used just once.

Study Finds Less Than 40% of BTC Addresses Are Economically Relevant

Only a Fifth of BTC Transaction Value Is ‘Economic’

In November, Chainalysis revealed that the use of bitcoin core for commercial payments has dropped significantly during the course of the bearish 2018. Its data showed that the value of BTC transacted by major payment processors has decreased by almost 80 percent between January and September.

Study Finds Less Than 40% of BTC Addresses Are Economically Relevant

According to its latest report, the majority of non-economically relevant addresses hold digital coins for a short time in order to facilitate payments between people and services. The study concludes that many of the addresses are created only to transfer BTC. The researchers also detail:

We estimate that on average only 20 percent of the bitcoin transaction value is economic, in that it is a final transfer between different people via economically relevant addresses. The remaining 80 percent is returned as change.

The authors have found that around $41 billion of transactions were executed between August and October of this year. However, the transactions that had real economic value were worth $9 billion. The majority of non-economically relevant addresses have been identified as either change addresses or “connective tissue.”

Chainalysis points out that the data about the number of addresses and the transaction volumes does not fully reflect the complex nature of the BTC network. The digital forensics company emphasizes that only a fraction of all created addresses actually hold coins and notes that a small proportion of the conducted transactions have economic value.

What do you make of the numbers in the Chainalysis report? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock, Chainalysis.


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The post Study Finds Less Than 40% of BTC Addresses Are Economically Relevant appeared first on Bitcoin News.