From 07bbb649d234550dc0c5c41f14aaa235b8d1bc30 Mon Sep 17 00:00:00 2001 From: mynodebtc <50158688+mynodebtc@users.noreply.github.com> Date: Sat, 15 Jun 2019 22:27:55 -0500 Subject: [PATCH] Update README.md --- README.md | 26 ++++++++++++++++++++++++++ 1 file changed, 26 insertions(+) diff --git a/README.md b/README.md index 0740e018..b9d05941 100644 --- a/README.md +++ b/README.md @@ -62,3 +62,29 @@ TODO (explain how to download pre-built images) ## Building myNode Images TODO (explain how to build images) + +## What is Bitcoin? +Bitcoin is a unique form of digital money that enables users to send money over the Internet securely without the need for banks or other 3rd parties. This enables anyone with Internet access the ability to participate in the global economy no matter where they live - anywhere from rural Africa to Venezuela to Antarctica to space! + +Bitcoin is also unique in that it is deflationary and only has a finite amount of Bitcoin that will ever exist - 21 million. This is similar to land or other valuable natural resources that are limited in their supply. This limited supply is based on computer software algorithms built into the Bitcoin protocol. No person, company, or government can change that limit. This makes Bitcoin valuable to many people who want to save money. + +Bitcoin works by a large network of computers constantly working to verify transactions. Every 10 minutes a new set of transactions is included in a new block. Once a transaction is included in a block, the money belongs to the recipient and only they have the ability to spend their newly acquired Bitcoin. These blocks build on top of one another forming what is referred to as the blockchain. + +The Lightning Network is another layer on top of Bitcoin, speeding up the rate at which Bitcoin can be sent. Bitcoin transactions are very secure, but can take 10 minutes or more to fully confirm. The Lightning Network allows people to send Bitcoin back and forth without the need to wait for each transaction to get included in a Bitcoin block. + +There is much more to Bitcoin and the Lighting Network than is mentioned here. For more information, start with these links. + +Ultimate Bitcoin Guide + +Explain Bitcoin Like I’m Five + +Bitcoin Information + +## Security +There are many reasons to run a Bitcoin Full Node, like a myNode device will give you. It helps keep the Bitcoin network secure and reduces the trust you are giving others when using 3rd party Bitcoin Explorers or Bitcoin Light Wallet servers. They can track you or give you false information, reducing your security. A “full node”, like the Bitcoin node running on your myNode device, personally validates all blocks in the Bitcoin blockchain making sure your Bitcoin transactions and Lightning network use is built on the strongest, most trusted foundation possible. + +By using myNode for your Lightning Wallet, Bitcoin Wallet, and Block Explorer, you no longer have to trust others to give you the correct information! This increases your security when protecting your valuable assets. + +Please note, we are not responsible for any lost funds while using your myNode device. We have taken significant measures to protect your assets by securing myNode devices, but lightning wallets are meant to be online and used for spending where risks are greater. Please do your own research into Bitcoin and the Lightning Network before investing in cryptocurrency. + +For long term storage of cryptocurrency assets, please consider using a hardware wallet, like a Ledger or Trezor.