A cryptographically hash function is a special kind of hash function where it is practically impossible to recreate the input data on which the hash value is based. These types of hash functions are particular important in the world of cryptographic signatures. The hash functions can be used to sign documents, contracts, messages, transactions, and anything else digitally over the Internet. With these systems, it’s easy to find out the public key of the signer, but the private key is not exposed.
Have you ever heard about “whales” in the cryptocurrency market? The big money Bitcoin players supposedly have almost mythical powers of moving the price up or down at any time. Moreover, they are often used as an excuse for losing money on the market.
Unlike whales, bots are not mentioned as much. In fact, most people are not aware of bots, or at least know about them partially. There seems to be a low interest to automated trade programs that enable gaining a profit. Really? Free money?
At the rise of Internet, users mostly consumed information than created content. In 1999, the whole picture changed while a new concept of Web 2.0 evolved. From this point, a global community stepped in and contributed to generating content. Wikipedia, the world’s largest encyclopedia in history, which “compiles the sum of all human knowledge” is a good example of a co-created and crowd-sourced effort.
Early days of Bitcoin seem to resonate with the early ones of Internet. Given that users can spend and trade Bitcoins, development of additional services is somewhat limited. While there is no infrastructure for users to create content on their own, they are mostly uninvolved or simply react to the changes in prices. What is necessary is a sort of decentralization, which happened to Web 2.0.