|3 Jan 2009|
Total Coin Supply:
What is Bitcoin?
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
Who created Bitcoin?
Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.
Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.
What are the advantages of Bitcoin?
- Payment freedom
- Choose your own fees
- Fewer risks for merchants
- Security and control
- Transparent and neutral
What are the disadvantages of Bitcoin?
- Degree of acceptance
- Ongoing development
MEET THE CRYPTOCURRENCY TOOLS
Please click one of the tools below:
You can validate your Ethereum addresses by using this online address validation tool.
SHA3-256(Secure Hash Algorithm 3), SHA3-512(Secure Hash Algorithm 3), MD5, SHA-256(Secure Hash Algorithm), RIPEMD160(RIPE Message Digest) and Hexadecimal
You can generate Bitcoin addresses online by using this generator. The addresses created on this tool are only for educational usage. We never store or log your address generation requests or private keys on our servers.
This is a very simple Ethereum Address generator. You can create Ethereum public and private keys using this tool online.
You can encrypt and decrypt text / private keys using this tool. Then you don't need to store your private keys without and encryption and this provides additional security for you.
Learn more about our cryptocurrency course
Cryptocurrency private-public address generation course for you
- Complete ownership of your public and private keys for Bitcoin and Ethereum cryptocurrencies.
- Complete ownership of the source codes to create private keys — open-source software.
- Understand how the addresses are created step by step (with a simplified language) without depending on external parties such as companies providing software wallets or cold wallets also named as cold storage.
- You will be able to encrypt your private keys and store them in a safe place without the need to share anywhere, which provides you the opportunity to send some cryptocurrency to your offline address and store it for many years in a safe location.
- You don't need to depend on anyone apart from following this course — which is simplified and based on open-source software — while creating your cold/paper wallets.
- Understand Bitcoin and Ethereum, Blockchain, Crypto Wallet Types, and history of cryptocurrencies.
Our website provides tools for users to create their Bitcoin or Ethereum addresses. We believe that address generation from credible sources is the most important thing when anybody wants to have cryptocurrency addresses. We, as mycrypto.tools, provide secure address generation for Bitcoin and Ethereum cryptocurrencies, which can be used on your computer or online. So, this means that our users can use the tools provided online, or they can better attend our courses to learn how to create their addresses without having an internet connection.
When it comes to creating Bitcoin and Ethereum public and private key pairs, security becomes crucial. Having the right software code gives users the confidence to create as many as Bitcoin and Ethereum addresses offline without the need to download any commercial software on their computers or mobile phones. This is what we provide here to our users at mycrypto.tools — increasing the security of cryptocurrency key generation to a maximum level which is the offline key generation for Bitcoin and Ethereum cryptocurrencies.