Plutoxy Bitcoin Researcher

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#Bitcoin

INTRODUCTION: WHAT IS BITCOIN?
1.Bitcoin is a collection of concepts and technologies that form the basis of a digital money ecosystem. Units of currency called bitcoin are used to store and transmit value among participants in the bitcoin network. Bitcoin users communicate with each other using the bitcoin protocol primarily via the internet, although other trans-

port networks can also be used. The bitcoin protocol stack, available as open source

software, can be run on a wide range of computing devices, including laptops and smartphones, making the technology easily accessible.

Users can transfer bitcoin over the network to do just about anything that can be

done with conventional currencies, including buy and sell goods, send money to peo-

ple or organizations, or extend credit. Bitcoin can be purchased, sold, and exchanged for other currencies at specialized currency exchanges. Bitcoin in a sense is the per-

fect form of money for the internet because it is fast, secure, and borderless.

Unlike traditional currencies, bitcoin are entirely virtual. There are no physical coins or even digital coins per se. The coins are implied in transactions that transfer value from sender to recipient. Users of bitcoin own keys that allow them to prove owner-

ship of bitcoin in the bitcoin network.
With these keys they can sign transactions to

unlock the value and spend it by transferring it to a new owner. Keys are often stored

in a digital wallet on each user's computer or smartphone. Possession of the key that can sign a transaction is the only prerequisite to spending bitcoin, putting the control

entirely in the hands of each user.

Bitcoin is a distributed, peer-to-peer system. As such there is no "central" server or point of control. Bitcoin are created through a process called "mining," which

involves competing to find solutions to a mathematical problem while processing bit-

coin transactions. Any participant in the bitcoin network (i.e., anyone using a device

#ZTCBinanceTGE
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Why Bitcoin Will Outlast Every Government & Every Fiat System
#Bitcoin #crypto

(B)

6️⃣ Bitcoin rewards conviction.
Weak hands trade.
Strong hands accumulate.
Masters understand one thing: volatility is noise — scarcity is signal.
#BitcoinMastery 🟠◼️

7️⃣ Every cycle, doubters fade and builders rise.
2025 isn’t about price — it’s about positioning.
Each block mined brings Bitcoin closer to its destiny:
The world’s reserve asset. 🌍💪

8️⃣ Bitcoin isn’t just a coin — it’s a consciousness.
It teaches patience, sovereignty, and self-custody.
It’s a mirror reflecting your discipline back at you.
When you master Bitcoin, you master yourself. 🧠🟧


9️⃣ Don’t chase hype. Build conviction.
The ones who study Bitcoin deeply now —
will lead when the world finally catches up.
Stay early. Stay focused. Stay sovereign. 🧡

10️⃣ Bitcoin Mastery Insight:

“The more you learn about Bitcoin,
the more you realize — it’s not money changing, it’s humanity upgrading.”


🔥 Call to Action:
Follow @BitcoinMastery1 for more daily Bitcoin wisdom, mastery threads, and long-term insights.
Where Bitcoin wisdom meets growth. 🟠◼️

#Bitcoin #BitcoinMastery #CryptoEducation

Why Bitcoin Will Outlast Every Government & Every Fiat System
#Bitcoin #crypto

(A)

1️⃣ Most people still don’t understand what Bitcoin really is.
It’s not just digital money.
It’s a monetary revolution — a system designed to outlive politics, banks, and borders.
Let’s break it down 👇

2️⃣ Bitcoin is the world’s first self-defending money.
No CEO.
No office.
No shutdown switch.
Every node is a guard, every miner is a soldier.
Decentralization is the shield. ⚡️

3️⃣ Governments can ban exchanges, not Bitcoin.
They can ban apps, not math.
They can’t stop 10,000 nodes validating truth every 10 minutes.
Bitcoin doesn’t need permission — only participation. 🧡

4️⃣ Every fiat currency in history has failed.
Roman denarius.
German mark.
Zimbabwe dollar.
History repeats itself when money is printed without restraint.
Bitcoin breaks that cycle — forever.

5️⃣ Inflation isn’t an accident. It’s policy.
Central banks print wealth out of thin air and call it “stimulus.”
Bitcoin doesn’t inflate.
It enforces mathematical honesty.
21,000,000 — never more. 🧱

PEER-TO-PEER MINING (P2POOL )
(B)
P2Pool mining is more complex than pool mining because it requires that the pool
miners run a dedicated computer with enough disk space, memory, and internet
bandwidth to support a full bitcoin node and the P2Pool node software. P2Pool min‐
ers connect their mining hardware to their local P2Pool node, which simulates the
functions of a pool server by sending block templates to the mining hardware. On
P2Pool, individual pool miners construct their own candidate blocks, aggregating
transactions much like solo miners, but then mine collaboratively on the share chain.
P2Pool is a hybrid approach that has the advantage of much more granular payouts
than solo mining, but without giving too much control to a pool operator like man‐
aged pools.
Even though P2Pool reduces the concentration of power by mining pool operators, it
is conceivably vulnerable to 51% attacks against the share chain itself. A much
broader adoption of P2Pool does not solve the 51% attack problem for bitcoin itself.
Rather, P2Pool makes bitcoin more robust overall, as part of a diversified mining eco‐
system.
$BTC
#Binance

$BTC
#bitcoin
BITCOIN PRICES ON HALLOWEEN DAY

2011: $3.27

2012: $11

2013: $201

2014: $337

2015: $312

2016: $669

2017: $6,369

2018: $6,332

2019: $9,172

2020: $13,537

2021: $61,837

2022: $20,624

2023: $34,494

2024: $70,886

Do You Hold BTC..!

Bitcoin Price 2025?

MINING POOL
(D)
Let’s return to the analogy of a dice game. If the dice players are throwing dice with a
goal of throwing less than four (the overall network difficulty), a pool would set an
easier target, counting how many times the pool players managed to throw less than
eight. When pool players throw less than eight (the pool share target), they earn
shares, but they don’t win the game because they don’t achieve the game target (less
than four). The pool players will achieve the easier pool target much more often,
earning them shares very regularly, even when they don’t achieve the harder target of
winning the game. Every now and then, one of the pool players will throw a com‐
bined dice throw of less than four and the pool wins. Then, the earnings can be dis‐
tributed to the pool players based on the shares they earned. Even though the target
of eight-or-less wasn’t winning, it was a fair way to measure dice throws for the play‐
ers, and it occasionally produces a less-than-four throw.
Similarly, a mining pool will set a (higher and easier) pool target that will ensure that
an individual pool miner can find block header hashes that are less than the pool tar‐get often, earning shares. Every now and then, one of these attempts will produce a
block header hash that is less than the bitcoin network target, making it a valid block
and the whole pool wins.
$BTC
#Mining

#bitcoin
THE EXTRA NONCE SOLUTION
Since 2012, bitcoin mining has evolved to resolve a fundamental limitation in the
structure of the block header. In the early days of bitcoin, a miner could find a block
by iterating through the nonce until the resulting hash was below the target. As diffi‐
culty increased, miners often cycled through all 4 billion values of the nonce without
finding a block. However, this was easily resolved by updating the block timestamp to
account for the elapsed time. Because the timestamp is part of the header, the change
would allow miners to iterate through the values of the nonce again with different
results. Once mining hardware exceeded 4 GH/sec, however, this approach became
increasingly difficult because the nonce values were exhausted in less than a second.
As ASIC mining equipment started pushing and then exceeding the TH/sec hash
rate, the mining software needed more space for nonce values in order to find valid
blocks. The timestamp could be stretched a bit, but moving it too far into the future
would cause the block to become invalid. A new source of “change” was needed in the
block header. The solution was to use the coinbase transaction as a source of extra
nonce values. Because the coinbase script can store between 2 and 100 bytes of data,
miners started using that space as extra nonce space, allowing them to explore a
much larger range of block header values to find valid blocks. The coinbase transac‐
tion is included in the merkle tree, which means that any change in the coinbase
script causes the merkle root to change. Eight bytes of extra nonce, plus the 4 bytes of
“standard” nonce allow miners to explore a total 296 (8 followed by 28 zeros) possibili‐
ties per second without having to modify the timestamp. If, in the future, miners
could run through all these possibilities, they could then modify the timestamp.
There is also more space in the coinbase script for future expansion of the extra
nonce space.
$BTC

#bitcoin
#Binance
MINING AND THE HASHING RACE
Bitcoin mining is an extremely competitive industry. The hashing power has
increased exponentially every year of bitcoin’s existence. Some years the growth has
reflected a complete change of technology, such as in 2010 and 2011 when many min‐
ers switched from using CPU mining to GPU mining and field programmable gate
array (FPGA) mining. In 2013 the introduction of ASIC mining lead to another giant
leap in mining power, by placing the SHA256 function directly on silicon chips speci‐
alized for the purpose of mining. The first such chips could deliver more mining
power in a single box than the entire bitcoin network in 2010.
The following list shows the total hashing power of the bitcoin network, over the first
eight years of operation:
2009
0.5 MH/sec–8 MH/sec (16× growth)
2010
8 MH/sec–116 GH/sec (14,500× growth)
2011
16 GH/sec–9 TH/sec (562× growth)
2012
9 TH/sec–23 TH/sec (2.5× growth)
2013
23 TH/sec–10 PH/sec (450× growth)
2014
10 PH/sec–300 PH/sec (3000× growth)
2015
300 PH/sec-800 PH/sec (266× growth)
2016
800 PH/sec-2.5 EH/sec (312× growth))
In the chart in Figure 10-7, we can see that bitcoin network’s hashing power increased
over the past two years. As you can see, the competition between miners and the growth of bitcoin has resulted in an exponential increase in the hashing power (total
hashes per second across the network).
$BTC

#Binance
#bitcoin
BLOCKCHAIN FORKS
(E)
All nodes that had chosen “triangle” as the winner in the previous round will simply
extend the chain one more block. The nodes that chose “upside-down triangle” as the
winner, however, will now see two chains: star-triangle-rhombus and star-upside-
down-triangle. The chain star-triangle-rhombus is now longer (more cumulative
work) than the other chain. As a result, those nodes will set the chain star-triangle-
rhombus as the main chain and change the star-upside-down-triangle chain to a sec‐
ondary chain, as shown in Figure 10-6. This is a chain reconvergence, because those
nodes are forced to revise their view of the blockchain to incorporate the new evi‐
dence of a longer chain. Any miners working on extending the chain star-upside-
down-triangle will now stop that work because their candidate block is an “orphan,”
as its parent “upside-down-triangle” is no longer on the longest chain. The transac‐
tions within “upside-down-triangle” are re-inserted in the mempool for inclusion in the next block, because the block they were in is no longer in the main chain. The
entire network reconverges on a single blockchain star-triangle-rhombus, with
“rhombus” as the last block in the chain. All miners immediately start working on
candidate blocks that reference “rhombus” as their parent to extend the star-triangle-
rhombus chain.

It is theoretically possible for a fork to extend to two blocks, if two blocks are found
almost simultaneously by miners on opposite “sides” of a previous fork. However, the
chance of that happening is very low. Whereas a one-block fork might occur every
day, a two-block fork occurs at most once every few weeks.

Bitcoin’s block interval of 10 minutes is a design compromise between fast confirma‐
tion times (settlement of transactions) and the probability of a fork. A faster block
time would make transactions clear faster but lead to more frequent blockchain forks,
whereas a slower block time would decrease the number of forks but make settlement
slower.
$BTC

#Binance
#bitcoin
BLOCKCHAIN FORKS
(D2)
Forks are almost always resolved within one block. While part of the network’s hash‐
ing power is dedicated to building on top of “triangle” as the parent, another part of
the hashing power is focused on building on top of “upside-down triangle.” Even if
the hashing power is almost evenly split, it is likely that one set of miners will find a
solution and propagate it before the other set of miners have found any solutions.

Let’s say, for example, that the miners building on top of “triangle” find a new block
“rhombus” that extends the chain (e.g., star-triangle-rhombus). They immediately
propagate this new block and the entire network sees it as a valid solution as shown
in Figure 10-5.
$BTC

#Binance
#bitcoin
BLOCKCHAIN FORKS
(D1)
In the diagram, a randomly chosen “Node X” received the triangle block first and
extended the star chain with it. Node X selected the chain with “triangle” block as the
main chain. Later, Node X also received the “upside-down triangle” block. Since it
was received second, it is assumed to have “lost” the race. Yet, the “upside-down tri‐angle” block is not discarded. It is linked to the “star” block parent and forms a secon‐
dary chain. While Node X assumes it has correctly selected the winning chain, it
keeps the “losing” chain so that it has the information needed to reconverge if the
“losing” chain ends up “winning.”
On the other side of the network, Node Y constructs a blockchain based on its own
perspective of the sequence of events. It received “upside-down triangle” first and
elected that chain as the “winner.” When it later received “triangle” block, it connec‐
ted it to the “star” block parent as a secondary chain.
Neither side is “correct,” or “incorrect.” Both are valid perspectives of the blockchain.
Only in hindsight will one prevail, based on how these two competing chains are
extended by additional work.
Mining nodes whose perspective resembles Node X will immediately begin mining a
candidate block that extends the chain with “triangle” as its tip. By linking “triangle”
as the parent of their candidate block, they are voting with their hashing power. Their
vote supports the chain that they have elected as the main chain.
Any mining node whose perspective resembles Node Y will start building a candidate
node with “upside-down triangle” as its parent, extending the chain that they believe
is the main chain. And so, the race begins again.
shown in Figure 10-5
$BTC

#Binance
#bitcoin
BLOCKCHAIN FORKS
(C)
Let’s assume, for example, that a miner Node X finds a Proof-of-Work solution for a
block “triangle” that extends the blockchain, building on top of the parent block
“star.” Almost simultaneously, the miner Node Y who was also extending the chain
from block “star” finds a solution for block “upside-down triangle,” his candidate
block. Now, there are two possible blocks; one we call “triangle,” originating in Node
X; and one we call “upside-down triangle,” originating in Node Y. Both blocks are
valid, both blocks contain a valid solution to the Proof-of-Work, and both blocks
extend the same parent (block “star”). Both blocks likely contain most of the same
transactions, with only perhaps a few differences in the order of transactions.
As the two blocks propagate, some nodes receive block “triangle” first and some
receive block “upside-down triangle” first. As shown in Figure 10-4, the network
splits into two different perspectives of the blockchain; one side topped with a trian‐
gle block, the other with the upside-down-triangle block.
$BTC

#Binance
#bitcoin
BLOCKCHAIN FORKS
(B)
A “fork” occurs whenever there are two candidate blocks competing to form the
longest blockchain. This occurs under normal conditions whenever two miners solve
the Proof-of-Work algorithm within a short period of time from each other. As both
miners discover a solution for their respective candidate blocks, they immediately
broadcast their own “winning” block to their immediate neighbors who begin propa‐
gating the block across the network. Each node that receives a valid block will incor‐
porate it into its blockchain, extending the blockchain by one block. If that node later
sees another candidate block extending the same parent, it connects the second can‐
didate on a secondary chain. As a result, some nodes will “see” one candidate block
first, while other nodes will see the other candidate block and two competing versions
of the blockchain will emerge.
In Figure 10-3, we see two miners (Node X and Node Y) who mine two different
blocks almost simultaneously. Both of these blocks are children of the star block, and
extend the chain by building on top of the star block. To help us track it, one is visual‐
ized as a triangle block originating from Node X, and the other is shown as an upside-
down triangle block originating from Node Y.
$BTC

#Binance
#bitcoin
BLOCKCHAIN FORKS
Because the blockchain is a decentralized data structure, different copies of it are not
always consistent. Blocks might arrive at different nodes at different times, causing
the nodes to have different perspectives of the blockchain. To resolve this, each node
always selects and attempts to extend the chain of blocks that represents the most
Proof-of-Work, also known as the longest chain or greatest cumulative work chain.
By summing the work recorded in each block in a chain, a node can calculate the
total amount of work that has been expended to create that chain. As long as all nodes
select the greatest-cumulative-work chain, the global bitcoin network eventually con‐
verges to a consistent state. Forks occur as temporary inconsistencies between ver‐
sions of the blockchain, which are resolved by eventual reconvergence as more blocks
are added to one of the forks.

The blockchain forks described in this section occur naturally as a
result of transmission delays in the global network. We will also
look at deliberately induced forks.

In the next few diagrams, we follow the progress of a “fork” event across the network.
The diagram is a simplified representation of the bitcoin network. For illustration
purposes, different blocks are shown as different shapes (star, triangle, upside-down
triangle, rhombus), spreading across the network. Each node in the network is repre‐
sented as a circle.
Each node has its own perspective of the global blockchain. As each node receives
blocks from its neighbors, it updates its own copy of the blockchain, selecting the
greatest-cumulative-work chain. For illustration purposes, each node contains a
shape that represents the block that it believes is currently the tip of the main chain.
So, if you see a star shape in the node, that means that the star block is the tip of the
main chain, as far as that node is concerned.
In the first diagram (Figure 10-2), the network has a unified perspective of the block‐
chain, with the star block as the tip of the main chain.
$BTC

#Binance
#bitcoin
ASSEMBLING AND SELECTING CHAINS OF BLOCK
(B)
Sometimes, as we will see in “Blockchain Forks” the new block extends a
chain that is not the main chain. In that case, the node will attach the new block to
the secondary chain it extends and then compare the work of the secondary chain to
the main chain. If the secondary chain has more cumulative work than the main
chain, the node will reconverge on the secondary chain, meaning it will select the sec‐
ondary chain as its new main chain, making the old main chain a secondary chain. If
the node is a miner, it will now construct a block extending this new, longer, chain.
If a valid block is received and no parent is found in the existing chains, that block is
considered an “orphan.” Orphan blocks are saved in the orphan block pool where
they will stay until their parent is received. Once the parent is received and linked
into the existing chains, the orphan can be pulled out of the orphan pool and linked
to the parent, making it part of a chain. Orphan blocks usually occur when two
blocks that were mined within a short time of each other are received in reverse order
(child before parent).
By selecting the greatest-cumulative-work valid chain, all nodes eventually achieve
network-wide consensus. Temporary discrepancies between chains are resolved even‐
tually as more work is added, extending one of the possible chains. Mining nodes
“vote” with their mining power by choosing which chain to extend by mining the
next block. When they mine a new block and extend the chain, the new block itself
represents their vote.

In the next section we will look at how discrepancies between competing chains
(forks) are resolved by the independent selection of the greatest-cumulative-work
chain.
$BTC

#$BTC $BTC $BTC
ASSEMBLING AND SELECTING CHAINS OF BLOCK
The final step in bitcoin’s decentralized consensus mechanism is the assembly of
blocks into chains and the selection of the chain with the most Proof-of-Work. Once
a node has validated a new block, it will then attempt to assemble a chain by connect‐
ing the block to the existing blockchain.
Nodes maintain three sets of blocks: those connected to the main blockchain, those
that form branches off the main blockchain (secondary chains), and finally, blocks
that do not have a known parent in the known chains (orphans). Invalid blocks are
rejected as soon as any one of the validation criteria fails and are therefore not
included in any chain.
The “main chain” at any time is whichever valid chain of blocks has the most cumula‐
tive Proof-of-Work associated with it. Under most circumstances this is also the chain
with the most blocks in it, unless there are two equal-length chains and one has more
Proof-of-Work. The main chain will also have branches with blocks that are “siblings”
to the blocks on the main chain. These blocks are valid but not part of the main
chain. They are kept for future reference, in case one of those chains is extended to
exceed the main chain in work. In the next section (“Blockchain Forks”),
we will see how secondary chains occur as a result of an almost simultaneous mining
of blocks at the same height.
When a new block is received, a node will try to slot it into the existing blockchain.
The node will look at the block’s “previous block hash” field, which is the reference to
the block’s parent. Then, the node will attempt to find that parent in the existing
blockchain. Most of the time, the parent will be the “tip” of the main chain, meaning this new block extends the main chain. For example, the new block 277,316 has a ref‐
erence to the hash of its parent block 277,315. Most nodes that receive 277,316 will
already have block 277,315 as the tip of their main chain and will therefore link the
new block and extend that chain.
#Binance #bitcoin

$BTC $BTC $BTC
VALIDATING A NEW BLOCK
The third step in bitcoin’s consensus mechanism is independent validation of each
new block by every node on the network. As the newly solved block moves across the
network, each node performs a series of tests to validate it before propagating it to its
peers. This ensures that only valid blocks are propagated on the network. The inde‐
pendent validation also ensures that miners who act honestly get their blocks incor‐
porated in the blockchain, thus earning the reward. Those miners who act
dishonestly have their blocks rejected and not only lose the reward, but also waste the
effort expended to find a Proof-of-Work solution, thus incurring the cost of electric‐
ity without compensation.
When a node receives a new block, it will validate the block by checking it against a
long list of criteria that must all be met; otherwise, the block is rejected. These criteria
can be seen in the Bitcoin Core client in the functions CheckBlock and CheckBlock
Header and include:
• The block data structure is syntactically valid
• The block header hash is less than the target (enforces the Proof-of-Work)
• The block timestamp is less than two hours in the future (allowing for time
errors)
• The block size is within acceptable limits
• The first transaction (and only the first) is a coinbase transaction
• All transactions within the block are valid using the transaction checklist dis‐
cussed in “Independent Verification of Transactions”

$BTC $BTC $BTC
RETARGETING TO ADJUST DIFFICULTY
(C)
The difficulty of mining is closely related to the cost of electricity and the exchange
rate of bitcoin vis-a-vis the currency used to pay for electricity. High-performance
mining systems are about as efficient as possible with the current generation of sili‐
con fabrication, converting electricity into hashing computation at the highest rate
possible. The primary influence on the mining market is the price of one kilowatt-
hour of electricity in bitcoin, because that determines the profitability of mining and
therefore the incentives to enter or exit the mining market.