The crypto world is no stranger to scams, but that doesn't make them any less damaging. Recently, I uncovered a fraudulent website called Joxdex.com, which claims to offer 0.2 Bitcoin for free through an activation code. However, as I delved deeper, it became evident that this was just another scam targeting unsuspecting crypto enthusiasts.
WHAT IS BITCOIN?

Would you like to understand what is Bitcoin and why it is so revolutionary?
If your answer is yes here is some information that might help you out:
- Blockchain: A blockchain is a special kind of database(database: a computer file that stores structured data). Actually, in the case of the blockchain, the database is distributed between a network of different computers; copies of the Bitcoin blockchain are sitting on thousands of computers spread across the world. Because all the copies have to match up, this combination of blockchain copies is unhackable.(This gives the famous safety that everyone talks about)
- The Bitcoin ledger: A ledger is a record of financial transactions. Originally ledgers were handwritten in books. Today, the Bitcoin ledger stores digital information about Bitcoin transactions in the Bitcoin blockchain. By the way, the Bitcoin ledger is not encrypted. It's a public open system that allows anyone to peer into the blockchain and see what's going on, using a "blockchain explorer."
- Bitcoin: Unlike fiat currencies (euro, dollar, franc, etc..) not only is there no physical Bitcoin, but there's no digital Bitcoin either. Instead, the Bitcoin is just represented by the ledger which confirms that bitcoin exists(through validation with a process that involves, the computer validating, in solving a cryptopuzzle called hash meanwhile hashrate stands for the difficulty of the cryptopuzzle to solve). In January 2009, information was added to the Bitcoin ledger - this is what's known as the Genesis Block(the first block) - saying, in effect, "50 Bitcoins were added to the ledger." From then on, Bitcoin existed because the ledger confirms so.
- The Bitcoin network: Just like the internet is home to an email network, and to the world wide web(a network of websites), there's also a Bitcoin network. The Bitcoin network is made up of thousands of computers all communicating together across the Internet. Some of these computers are nodes, which hold a full or partial copy of the blockchain. Some are also involved in the "mining" process in which new Bitcoin is created. But most are the wallet software programs employed by Bitcoin investors and users.
- Address: Inside the blockchain, all the Bitcoin is associated with various addresses, which are long, unique numbers. You may own an address that, in the Blockchain ledger, is associated with, say, a tenth of a Bitcoin (or a thousandth, or five Bitcoins, and so on). You control the address (and associated Bitcoin) through the use of cryptography.
- Transaction: A Bitcoin transaction occurs when someone sends a message to the blockchain saying, in effect, "Take x Bitcoin from my address, and move it over to this other address." Let's say you have 100 Satoshis(0.00000001 of bitcoin is called Satoshi), and want to convert it to dollars; you find someone willing to buy your Bitcoin - a Bitcoin exchange, for instance - and send a transaction to the blockchain moving the Bitcoin from your address to the buyer's address. The ledger will show a transaction saying, "0.00000100Bitcoin was moved from address x to address y".
- Wallet: No, a wallet is not where the Bitcoin is stored. There's no Bitcoin in a wallet! Rather, the wallet stores information that enables you to control the address in the blockchain with which your Bitcoin is associated. Software wallets allow you to send messages to the Bitcoin network and enter transactions into the Bitcoin ledger.
So why it is so revolutionary?The first thing comes in my mind is DECENTRALIZATION.
Why it is so cool this word?No it is not because it sounds like a kamasutra position..It is because it gives financial freedom and ownership to the users and last but not least it permits to cut out the infamous MIDDLE MAN(central authority) or in our society known as banks or other payment processors or governments.
If this is not enough, think about that Bitcoin has a finite supply that cannot be inflated(heard about inflation recently?) and you know finite resources when are running out increase in price given the increasing Demand, so it is not hard to see where this tokenomics is leading...
That said, I ain't a financial advisor, I just like crypto.
Until we meet again, stay true, stay cryptoniac.
Latest posts in our blog
Be the first to read what's new!
Welcome to MoonLounge 3.0 (MOON3.0), a new meme token experiment on the Solana blockchain, born on pump.fun with one quirky and straightforward mission: reach a $69K market cap without completely crashing the price! This playful experiment taps into the meme-driven culture of the crypto world, offering a unique opportunity to explore how far we...
Back from the Hiatus
Hello, fellow crypto enthusiasts! It's been a couple of months since my last post, but despite my temporary silence, I'm excited to see that many of the coins and tokens I've discussed before are showing good charts. And the best part? The blog's still buzzing with visitors, so I figured now's the perfect time to give you all an update....
Welcome back, Cryptoniacs! Today, we're diving into the bull case for GameStop (GME) stock, providing some analysis of why optimism around this stock continues to hold strong. Despite the mixed narratives in the media, there are several key factors that support a positive outlook for GME. Let's explore these factors in detail.