Bitcoin’s open-source code (software), launched in 2009 by an anonymous developer, or group of developers, that are known only by the pseudonym Satoshi Nakamoto. This ingenious codebase enabled a completely trust-less network between strangers. And both sender and receiver can remain anonymous, if they so desire. Bitcoin is sent and received just like an email (but with military-grade encryption), almost instantaneously to anyone, anywhere in the world. Every 10 minutes, various numbers of transactions containing varying amounts of Bitcoin are sent and received between it’s users. Once the Bitcoin software is downloaded and installed by a user, they can communicate with others that have also installed the Bitcoin software.
Bitcoin (symbol: BTC) is not printed by a government or issued by a central bank or authority. Bitcoin is created by ingenious open-source code (software) installed on thousands of peer-to-peer computers worldwide. These computers running Bitcoin software solve complex math equations to confirm that every transaction on the network is authentic and original. This happens every 10 minutes and has been happening uninterrupted every 10 minutes since Bitcoin open-source code was published in 2009.
Each of these confirmations of a transaction(s) is called a block. Think of a block as a cube or building block. Every block contains all of the Bitcoin transactions sent during the past 10 minutes. And every new block, 10 minutes apart, is stacked on top of the previous one. Every block ever created since launch makes up what is known as the blockchain. Bitcoin (digital currency) is essentially money of the internet. Accessible by anyone, anywhere in the world, using a smartphone or computer with Bitcoin software installed and a connection to the internet.
An open transaction ledger, known as the blockchain, is viewable and searchable by anyone at anytime. The transaction participants can remain anonymous since the sender and receiver are only identified by a unique string of numbers and letters. This unique string of numbers and letters can be used to verify that funds were sent, amount that was sent and when funds were sent and received. All that is needed to verify this is either the sender’s unique string of numbers and letters (sender’s address) or the recipient’s unique string of numbers and letters (deposit address). These are provided between parties transacting on the Bitcoin network to pay for goods/services and to verify receipt. This verification of transaction details is performed by either party using a Bitcoin block explorer.
Every confirmation (block) on the blockchain, since Bitcoin code was first published in 2009, from Bitcoin’s 1st transaction to the most recent also has an identifying number as well. This unique identifying number is called a hash or txid (transaction identification) number. Verifiable, by anyone, at anytime. Minutes later or years later. Every transaction in the 10+ year history of Bitcoin is available to search, review and verify by anyone.
The Bitcoin network is completely decentralized. Thousands of computers around the world running specialized software confirm that every transaction sent on the Bitcoin network is authentic and hasn’t already been sent/spent before. Once confirmed as being authentic, this transaction (block) is added to the blockchain. Bitcoin transactions cannot be reversed. Once sent and confirmed as being authentic, it’s recorded in the blockchain. There is no “chargeback” capability with a Bitcoin transaction.
The total number of Bitcoin that will ever be created is capped at 21 Million. And so far to date, approx 18.5 Million have already been created (mined). Mining is the process of creating Bitcoin. Every 10 minutes, those thousands of specialized computers all around the world that are confirming transactions are authentic are all competing to receive the block reward. This is their incentive for verifying or confirming transactions on the Bitcoin network. The lucky computer that is first to solve the ever increasingly complex and unique math equation every 10 minutes, receives a reward for their effort. And this is how all new Bitcoin are created. It is the only way new Bitcoin have ever been created, all 18.5 Million, since the 1st block confirmation and reward for solving it occurred in 2009.
Every 210,000 blocks, approximately every 4 years, this block reward halves. In 2009, the lucky computer that verified a block, received 50 Bitcoins as their block reward. And this occurred every 10 minutes. The block reward today is 12.5 Bitcoins. And is scheduled to halve once again down to 6.25 Bitcoins in 2024. The computing power required to solve the ever increasingly complex equations has grown substantially over the years. What was once possible using a basic home computer in 2009, now takes a large data center of specialized servers to even stand a chance.
Each of the decentralized, specialized devices running Bitcoin code on their computer/smartphone/etc is called a node. A node is any device that has downloaded the entire Bitcoin blockchain onto their device and now assists in supporting the Bitcoin network by contributing their computing power to verifying transactions. Over 10,000 independent Bitcoin nodes currently exist all around the world. A massive peer-to-peer, decentralized computer network. Unstoppable by any government or centralized power. The only way to stop Bitcoin now, is literally to shut down the internet.
To sum it up, Bitcoin is not oil-money or military-superpower money. Bitcoin is MATH money. A cleaner, more honest version of money. Money created of the people, by the people, for the people. Bitcoin enables anyone to self-bank. Simply by using the smartphone already in your pocket (or hand). It levels the playing field. Bitcoin gives everyone with access to the internet, the ability to participate in the Bitcoin revolution.
One of the major hurdles to retail-level acceptance of Bitcoin is it’s 10 minute block time. A customer would need to wait at least 10 minutes for a single confirmation to prove that the Bitcoin just paid to the business is indeed authentic. And this is simply not realistic for most retail-level, daily consumer transactions. NYC Coin is an “alt-coin”, alternative coin, which forked from the Bitcoin blockchain and launched on March 6th, 2014. New York Coin reduced the confirmation time from 10 minutes to every 30 seconds and completely eliminated any fees charged. Creating the first no fee, retail-level cryptocurrency.
Every time the original Bitcoin code has been modified it is called a “fork”. A new, original blockchain resulting from the modified Bitcoin code is then installed onto various computers (nodes) worldwide. This new blockchain (alt-coin) is given a different name and symbol by their developer(s) to differentiate this new code from the original Bitcoin code. An alt-coin of value will make an improvements to usability of its predecessor’s; ie. faster confirmation time, lower network fees, more energy-efficient mining, privacy features, etc.
NYC Coin has endured a bumpy road since it’s launch in 2014 by an anonymous developer. Initially languishing for years with no active development, just the support of miners and early cryptocurrency enthusiasts that saw it’s future potential as a retail-level solution. In 2018, Charlie Kartchner opened The New York Coin Center in the SoHo district of lower Manhattan to help raise awareness about the retail-level specs of NYC Coin. It was one of the first brick-and-mortar cryptocurrency information centers in the world. Operating on a “pop-up lease” for 6 months from March 2018 through September 2018, The New York Coin Center assisted in educating the general public about Bitcoin, the blockchain and the retail-level crypto named after their vibrant city, NewYorkCoin.
In late 2020, a Head Developer joined the NYC Coin open-source project and began updating the codebase to implement modern security improvements, ease-of-use functionality and new application interoperability. An experienced cryptocurrency developer with numerous contributions at GitHub, CryptoLover705, discovered the worldwide potential of this established blockchain project as a no fee, retail-level payment solution and decided to dedicate some of his time and resources to help advance NYC Coin development.
Initially based on Dogecoin (symbol: DOGE), CryptoLover705 is in the process of testing and releasing the following updates to NYCoin:
1. Update codebase to 1.14.2 to vastly improve security and application interoperability
2. Update core wallets for faster load and sync times using recent checkpoints and dedicated seed nodes
3. Implement Electrum lightweight, ultra-fast sync wallets
4. Implement Node.JS and Dead Simple Wallet
5. Add address indexing and updater scripts
6. Create proprietary mobile NYC wallets (Android and iOS)
7. Wrapped NYC (DeFi)
8. Create web/browser-based NYC wallets
Charlie Kartchner, Crypto Enthusiast
167 Mott St
New York, NY 10013
New York Coin (symbol: NYC) has weathered the storm. Survived when many other coins haven’t. Still standing tall. Original blockchain cryptocurrency with worldwide usable retail-level specs. THE ORIGINAL LIGHTNING-FAST, NO FEE CRYPTO SINCE 2014.
This release was published on openPR.