Topic: The Bitcoin system (Read 202 times)

I'm sorry but I don't understand the diagram, and if you are learning bitcoin/blockchain technology it's not that complicated to be honest with you. OF course, some of what you point are valid, but everything can be controlled, or at least if depends on how you deal with your wallet like hackings.

Blockchain uptime is 99.99, hasn't been hacked or something.

Brokers? you mean traders? yeah, it's us, whales and average joes.

I also don't remember when it was hacked as there's no such incidence which is why it's secured network unlike all those central coins which can be hacked anytime.

I would say the network was congested for few days which pushed fees to ATH but that was not a threat to Bitcoin in general but people were avoiding making transactions due to that.But ordinals issue lasted few days and then fees was resolved also.

OP, why don't you make an infographic of your Bitcoin mind map. AFAIK, there are some pretty good software-as-a-service platforms, which can be used to create an infographic. Just find one on Google.
Anyway, you didn't mention anything about offchain/sidechain solutions like the Lightning Network. They are also a part of the Bitcoin ecosystem(even though they are kinda outside the BTC blockchain). I know that LN isn't very popular, but we have to bear in mind that such offchain solutions exist.
Also don't just put the term "exchanges" in your mind map. Why don't you differentiate centralized exchanges from decentralized exchanges(DEX)?
I think that the centralized exchanges are more like a Threat to the Bitcoin Network.

Your intentions are right but your diagram was confusing maybe as you made it according to your understanding because, when I have to prepare something for exams and the topics are long I simply make small graphs or pictorial representations to help me understand the topic again whenever I have to prepare it for future. But the flaw of my diagrams is other people could not understand it until I help them.

Take an example of your diagram here, like I am unable to understand why the government, alts, true, and fork are categorized under the threat section. And what is the relation of the government section with developers' code? Why the dark web is included in the network while we are talking about BTC and crypto? You should help us to understand your diagram here.

• Altcoins, hacking and trust; none of these are threats to Bitcoin. Altcoins have been around for a long time and majority of them are not worth a second look, Bitcoin is not affected by activities on altcoin except you're bothered by metrics like market cap or dominance.
Hacking is also not a Bitcoin problem, hence the trust people have on the network and its security.

• Do not associate the Bitcoin network with the Dark web, being privacy oriented does not mean shady or criminal.

---

If you're looking to learn about Bitcoin the basic component you should be looking at is;
• Wallet
• Private keys
• Security
• How to transact
• How to back up your keys (seed phrase)

Yes I would advise you to put it in a tabular form as it will make it more attracting to read and easily understandable. Learn how to create table from this thread. But before then you need to learn more about bitcoin. Read the link provided by tranthidung or go though this simplified guide on learn me a bitcoin.

Hacking

Bitcoin network is never threaten by hacking but rather it is your storage method. If you store your funds in places where they’re vulnerable to attack or misplace your keys, then it is your fault and not the bitcoin network.

Forks

They are not also threats because even hard forks like bitcoin cash or bitcoin gold that were created to solve some of the problems assumed to associated with bitcoin and up till now just like Alticoins they are still behind bitcoin in terms of popularity or adoption rate which signifies that there are no threat to bitcoin. Soft forks like segwit are actually a Consensus protocol that was actually an upgrade to make transactions faster and not really a threat

The only issue I'm having with his theory is that the diagram stand as contradictory branch that makes the readers not to understand exactly the point of views of op, the diagram could not pictures out what op have in mind of putting the diagram in place, I don't know if any one have understand the functions of the stipulated branches of op diagram

I have so far gotten my bitcoin working limited to the surface web rather than the dark web. Your grouping I think has not been fully proven. As an example of the "threats" component, some work on the user side, but all aren't really threatening to the bitcoin protocol.
Idk how you're gonna update it, I thought it was good to make another way of presenting bitcoins easier.

I think you need to distinguish the "Government" in Threats, and the one next to it, unless the development team of Bitcoin is itself a threat. 

Also, what's "Patents" in Data, and how exactly is ETF a Bitcoin thing, as it's well-known there is no Bitcoin ETF? Honestly, poor choice of words to describe Bitcoin as system.

The Bitcoin System is simply the entire parts of Bitcoin body working together in harmony to keep Bitcoin properly functional, according to its laid down rules and its principles

Whatever is not according to the principles and rules is not part of the Bitcoin system. They could be considered foreign bodies which are potentially harmful to the system.

I'm not agree with some of the points of the mind map, so let's talk about htos points:

Threats > Forks: Forks are not always something bad for bitcoin, is important to remember hos some forks have saved the coin, just like the time when a user made a transacion with millions of coins by exploiting a vulnerability and it get's fixed with a fork.

Network:
On this point i would add blockchains, since bitcoin is a protocol that run in it's own port, that' why i consider it a network.

Crypto Markets:
you should add the P2P trades, not all the trades are done online, there are some people in real life selling their coins to family and friend.

Dear op, you did made a beautiful representation about different components but i am unable to understand the meaning of terms and how they are interconnected because i can understand the connection between them but according to my knowledge.

What if the connection i am making among different components is not the one you are thinking.

So, i do appreciate yours efforts here and i also agree that different things are interconnected with each other. But you should add some explanation too please.

If what you want is to better understand Bitcoin, it is best to concentrate on reading and understanding what others have written, diagrams included, rather than creating one. To most of us who have been at this for a while, that diagram doesn't tell us anything,


Without wanting to discourage you in your desire to understand Bitcoin, I think you have to leave creativity for a while, when you have a better understanding of it.

Bitcoin can't be hacked, you can show when was Bitcoin got hacked.

Shitcoins will never become a threat, they can't replace Bitcoin even though there are more than 20K coins.

Scams mostly happen on centralized sites, that's why choose decentralized one.

Government can't stop Bitcoin, anyone can still able to send and receive Bitcoin through P2P.

I'd say BRC-20 token was a threat for Bitcoin because this shitcoin run in Bitcoin network, this make on chain Bitcoin transaction cost a lot fees.

I can not understanding what you thought when writing this diagram. It is non sense (sorry but I have no different word to say about this one). If you can not display it directly in your post, you can draw it on a paper and make a screenshot. It is for visual only because your mindmap is not good so a screenshot can not make it better.

Mastering Bitcoin - The Bitcoin network. I guessed you are wanting to learn about Bitcoin network.

The Figure 3. The extended Bitcoin network showing various node types, gateways, and protocols contains what you are learning.

One of the most interesting part of it is the one you discover and finds challenging with government regulations in some aspects of it, but being decentralized make it all the best rescue against all forms of control under centralized authorities, another interesting part is to learn how bitcoin could be held in a decentralized wallet whenever you have any, this is one of the means that could make it looks unlike the old financial system of the use of the traditional currencies, there are many hirrachy in their order to form a bitcoin system when consider alot of diversifications with bitcoin network when ot comes to where they were being applicable.

A mind map of "The Bitcoin System" has been created. The goal of this visual representation is to draw attention to the fundamental components that go into making Bitcoin a functional technological advancement.

My motivation for undertaking this project is to gain a deeper understanding of Bitcoin as a system, which is defined as a collection of interconnected or interdependent components. In particular, I firmly believe that people who want to learn more about Bitcoin should have a basic understanding of these components. These elements act as important markers that would be routinely evaluated in order to determine the course of Bitcoin's evolutionary development over time.
Can the elements be better presented or simplified to aid understanding?

Once I have the feedback I will update the mind map and show it to the Bitcoin community.



Government                                                                       Miners                            
Altcoins                                                                             Developers code
Hacking---Threats                                     Government---Bitcoin protocol
Trust
Forks                                      
Scams


                                   BITCOIN SYSTEM


Internet                                                                             Exchanges
Dark web                                                                           ETF
Transaction------Network                         Crypto Market--Brokers
Miners (nodes)                                                                   Trading strategies
Wallets                                                                               Liquidity
Times stamp
                    



                                          
                                           Data
                             Bitcoin blochain   
                             Research (analysis)
                             Patents
               

Source: understanding bitcoin system