What is BerniciaBlockchain and why is it important?

BerniciaBlockchain is a blockchain-based system on Bitcoin Network which is a peer to peer cash trasaction system on open ledger. Bitcoin is a currency born into the digital age. When using Bitcoin for the first time people should get an idea of how it works. Digital money is different from the traditional finance world is used to. It offers three core values in which many currencies cannot attain: Decentralization, Open Source, and Peer-to-Peer networking. It is important to get an idea of how to use Bitcoin before investing in it or opening a wallet. At Bitcoin.com we are very passionate about the protocol and want to help you learn along the way. There is a lot to learn, but it is not beyond your grasp. Bitcoin is a truly beautiful innovation, and it has the capacity to change the world.

Who developed Blockchain?

The original Blockchain  Bitcoin code was designed by Satoshi Nakamoto under MIT open source license. In 2008 Nakamoto outlined the idea behind Bitcoin in his white paper, which scientifically described how the cryptocurrency would function. Bitcoin is the first successful digital currency designed with trust in cryptography over central authorities. Satoshi left the Bitcoin code in the hands of developers and the community in 2010. Thus far hundreds of developers have added to the open-source code throughout the years.

What is the blockchain?

Bitcoin is dependent on the blockchain that underlies and structures the system. The blockchain is the vertebrae of the protocol and the glue that holds the network together. It is simply a vast, distributed public ledger of account. It keeps track of every transaction ever made in the network, and all transactions are timestamped and verified by network miners. This is how it works: miners with specialized computers compete to solve mathematical puzzles with other computers, and once they solve a puzzle they are awarded some Bitcoin, and they also add a “block” of completed transactions to the blockchain for future viewing and verifiability. Once a block is added to the chain the cycle repeats itself, and the computers continue to compete to solve these difficult problems. Every transaction on the blockchain is completely transparent and accounted for in its log. Anyone can see the public keys of any transaction they want (although there are no names associated with transactions). One could go all the way back and view the very first transactions ever made on the first block ever created; this block was called the Genesis Block.

What is double-spending?

Double-Spending is the act of using the same bitcoins twice. There is only a 21 million set limit on the protocol and no more can be produced. So the network protects against double spend by the verification of each recorded transaction. The blockchain ledger ensures that the transactions are finalized by its inputs confirmed by miners. The confirmations make each unique Bitcoin and its subsequent transactions legitimate. If one tried to duplicate a transaction the original blocks deterministic functions would change showing the network that it is counterfeit and would not be accepted.

How is the berniciablockchain different from other investment space? Why bother with bitcoin?

That’s the million-dollar question, and there’s probably a ton of answers you could give yourself. Are you fascinated by money and technology? Do you want to push the boundaries of money itself and participate in one of the biggest economic experiments of the past century?

At some point you’ll hear people say “Bitcoin is great, but you’ll never use it to buy your coffee every morning”. It’s a sign they haven’t really sat down to think about what money is, or how different people around the world use it. In fact, people are already using Bitcoin to buy their morning coffee and merchants are using it to accept Bitcoin daily.

Are you unserved or underserved by the current international banking system because you or your family live in an emerging economy, or freelance for clients overseas? Are you under 18, or work in an industry the credit card companies or PayPal approve of? Have you ever had an account frozen for some random irregularity, or had to pay over $20 in international money transfer fees just to send your funds to a friend or loved one? Bitcoin is the perfect solution to all of those issues.

If you’re a merchant – either online or brick-and-mortar – accepting Bitcoin is faster and cheaper than credit cards, and all payments are final. Fees are lower and there’s no risk of fraudulent chargebacks.

Perhaps you think the value of Bitcoin will increase in future and want to invest in it. Or maybe you’ve been reading about the existing fiat currency/central banking and international financial system, realize something’s not quite right with it and want to place control of your money back in your own hands. Bitcoin allows you to do this.

How it will help to remove the world's poverty?

BerniciaBlockchain.com is driven by  Local Investor Guide registered on www.BerniciaBlockchain.com Any one can register themself as Local Investor Guide just they need to go on Google Map search for business for whom they want to raise money and mark as Fund seeker. On the basis of reviews and popularity, our blockchain will help to maintain the Initial  Public Offering for he business in minutes your business will be published to millions of other Local Investor Guide which are actually nodes of our whole blockchain.Any one can raise money now through BerniciaBlockchain IPO.

How it will be fraud avoided investment?

www.berniciablockchain.com will allow the users to meet in person to conduct their investment. This way they can ensure the deal is fully completed before parting ways. Obviously, this limits trade opportunities to the specific location a trader resides in. Hence, the local investor guide of the service will setup a node on investor & investee digital device will act as a justified tradeoff for increased security. Before an investment begins, both counterparties have to deposit a certain amount of Bitcoins. If all goes well and the trade completes uncontested, those deposits return back to the users.

If a dispute does take place, an arbitrator appointed by the community (in most of the cases it will be Local Investor Guide ) hears both sides and resolves it. The deposits are then used to compensate the victim of the fraud and the arbitrator’s services. A reputation system for arbitrators is also in place to ensure that they do not abuse their powers. Investment return will be based on smart contract certificate issued by www.berniciablockchain.com. Here is the sample of the certificate.