General

What is BitcoinEvo?

BitcoinEvo is a consensus-driven platform and a fully digital currency that works identically like Bitcoin. It operates as a decentralized peer-to-peer payment system that is managed by its users without a central authority or intermediary.

Who created BitcoinEvo?

BitcoinEvo embodies the concept of “cryptocurrency”, which was originally introduced by Wei Dai on the cypherpunks mailing list in 1998. The idea envisioned a new type of currency where creation and transactions would be governed by cryptography rather than relying on a central authority. The Genesis block was mined by Satoshi Nakamoto in 2009. Satoshi retired at the end of 2010 without revealing much about himself. The BitcoinEvo network was launched in 2024 with Satoshi Nakamoto’s 2009 Genesis block. Since then, the community has grown exponentially. BitcoinEvo takes over all updates and upgrades directly from Bitcoin itself.

Satoshi’s anonymity has often raised undue concerns, largely related to a misunderstanding of the open source model. BitcoinEvo is completely open source, which means that any developer worldwide can view, modify or compare the source code of with the source code of Bitcoin. The impact of changes depends solely on those made by others, which means that no single individual controls BitcoinEvo. Therefore, the identity of the inventor is probably as important today as the question of who invented the paper.

Who controls the BitcoinEvo network?

Just as no one owns the technology behind Bitcoin or email, no single entity controls the BitcoinEvo network. It is collectively managed by users worldwide. While the developers are working on improving Bitcoin and therefore BitcoinEvo at the same time, they cannot make any changes to the protocols, as each user is free to choose the software and version they want to use. To ensure compatibility, all users must adhere to the same rules.

How does BitcoinEvo work?

From the user’s perspective, BitcoinEvo is simply a computer program that provides a personal BitcoinEvo wallet that allows the user to send and receive bitcoinevos. For many users, this is how BitcoinEvo works.

In the background, the BitcoinEvo network maintains a public ledger, the so-called “blockchain”. This ledger records every transaction ever made and allows a user’s computer to verify the validity of each transaction. Digital signatures linked to sending addresses protect the authenticity of each transaction and give users full control over sending bitcoinevos from their BitcoinEvo addresses. In addition, anyone can use specialized hardware to process transactions and earn bitcoinevos as rewards, a process known as “mining”. More detailed information on how BitcoinEvo works can be taken directly from the original paper due to its identical functionality.

Why do people trust BitcoinEvo?

A significant part of the trust in BitcoinEvo stems from the fact that Bitcoin has proven itself since 2009, has been constantly developed further during this time and nothing has been able to reverse its positive development to date. Through these 15 years of experience and operation, Bitcoin has proven itself not only theoretically but also practically. BitcoinEvo brings with it all the positive aspects that have developed from this time of experience, decisions and use.

It requires no trust at all. BitcoinEvo is completely open source and decentralized, which allows anyone to access the entire source code at any time and compare it to that of Bitcoin. This allows developers worldwide to check exactly how BitcoinEvo works. All transactions and the output of bitcoinevos can be viewed transparently and in real time by anyone. Payments can be made without relying on third parties, and the system is secured by rigorous, peer-reviewed cryptographic algorithms, the same as those used for Bitcoin and similar to those used in online banking. No person or organization can control BitcoinEvo, and the network remains secure even if some of its users are not trustworthy.

Can I make money with BitcoinEvo?

You should never expect to get rich from BitcoinEvo or any other emerging cryptocurrency. It’s important to be wary of anything that seems too good to be true or goes against natural logic. It is important that each individual carefully weighs the costs and risks associated with such ventures.

Is BitcoinEvo fully virtual and immaterial?

BitcoinEvo is virtual as credit cards or online banking systems that people use every day. It can be used for payments both online and in physical stores, just like traditional money. BitcoinEvo balances are securely stored on a large distributed network to prevent fraudulent changes. In other words, BitcoinEvo users have full control over their funds, and bitcoinevos will not disappear just because they exist in a virtual form.

Is BitcoinEvo anonymous?

BitcoinEvo is not completely anonymous and does not offer the same level of privacy as cash. Transactions made with BitcoinEvo leave an extensive public record. BitcoinEvo is not more anonymous than cash. BitcoinEvo is not anonymous but pseudonymous.

What happens when bitcoinevos are lost?

If a user loses their wallet, the funds are effectively removed from circulation. The lost bitcoinevos continue to exist on the blockchain like all other bitcoinevos, but they remain inactive indefinitely as there is no way to recover the private keys needed to access and spend them. According to the law of supply and demand, as the number of available bitcoinevos decreases, the remaining bitcoinevos become more valuable as demand increases, leading to a market equilibrium.

Can BitcoinEvo scale to become a major payment network?

The BitcoinEvo network is capable of processing a high number of transactions per second. However, it is not yet fully designed to scale to the level of major credit card networks. Efforts are underway to address these limitations and future requirements are well understood. Since its inception, every aspect of the Bitcoin network, and therefore BitcoinEvo, has been continuously developed, refined and specialized. As transaction volumes increase, more users could use lightweight clients, while full network nodes could become a specialized service.

Economy

How are bitcoinevos created?

New bitcoinevos are generated through a decentralized and competitive process known as “mining”. In this process, individuals are rewarded by the network for their efforts in processing transactions and securing the system with specialized hardware and receive new bitcoinevos in return.

The BitcoinEvo protocol ensures that new bitcoinevos are generated at a fixed rate, making mining a competitive business. The more miners join the network, the harder it becomes to make a profit, forcing miners to improve efficiency and reduce costs. No individual or organization can manipulate the system to their advantage, as all BitcoinEvo nodes worldwide reject any changes that do not comply with the protocol.

bitcoinevos are generated at a steadily decreasing rate, with the number of newly issued bitcoinevos regularly halving until the maximum supply of 21 million bitcoinevos is reached. From this point onwards, the miners will probably only earn money through transaction fees.

Why do bitcoinevos have value?

The value of bitcoinevos derives from their utility and the experience of Bitcoin itself, as a form of money. BitcoinEvo shares the key properties of money – durability, transferability, fungibility, scarcity, divisibility and recognizability – but these are based on mathematical properties rather than physical ones like gold or silver, or the backing of central authorities like fiat currencies. The value of bitcoinevos comes from trust and acceptance as measured by the growing number of users, merchants and businesses. Like any currency, bitcoinevos are valuable because people are willing to accept them as a means of payment.

What determines bitcoinevo’s price?

The price of a bitcoinevo is determined by supply and demand. If the demand for bitcoinevos increases, the price also increases, and if the demand decreases, the price falls. As there are only a limited number of bitcoinevos in circulation and the number of new issues is predictably decreasing, demand must match the rate of inflation in order for prices to remain stable.

Can bitcoinevos become worthless?

Yes, just as other currencies have failed in history, such as the German mark during the Weimar Republic or the Zimbabwean dollar. Technical problems, competition or political factors could affect bitcoinevo’s value. Although BitcoinEvo has been reliable since its launch and shows potential for growth, no one can predict its future with certainty.

Is BitcoinEvo a bubble?

A rapid price increase is not necessarily an indication of a bubble. A bubble occurs when an asset is overvalued due to speculation rather than fundamental economic factors, leading to a sharp price correction. bitcoinevo’s price fluctuations are driven by market participants discovering its value.

Is BitcoinEvo a Ponzi scheme?

No, BitcoinEvo is not a Ponzi scheme. A Ponzi scheme pays returns to early investors with the money of new investors and eventually collapses when the new money runs out. BitcoinEvo, on the other hand, is a decentralized software project with no central authority. Its value and exchange rate fluctuate freely like Bitcoin or other major currencies, and it is used by thousands of users and businesses for legitimate payments.

Won’t the finite supply of bitcoinevos be a limitation?

The supply of BitcoinEvo is limited to 21 million bitcoinevos. Transactions can be denominated in smaller sub-units such as bits (1 bitcoinevo = 1,000,000 bits). bitcoinevos can be subdivided with up to eight decimal places (0.00000001), and smaller units can be introduced if required, ensuring flexibility as transaction sizes decrease.

Will BitcoinEvo face a deflationary spiral?

The theory of the deflationary spiral states that people postpone purchases in anticipation of falling prices, which leads to a fall in demand and an economic depression. However, this theory is controversial among economists. Consumer electronics, for example, are experiencing falling prices but continue to grow. BitcoinEvo is not inherently deflationary; it is designed to expand in the early years and stabilize later.

What if someone bought all the bitcoinevos?

Only a portion of the total bitcoinevos in circulation are for sale. Even the most determined buyer would not be able to purchase all bitcoinevos due to the constant issuance of new coins.

Transactions

Why do I have to wait for confirmation?

Receiving a payment notification with BitcoinEvo is nearly instant, but there is a delay before the network confirms your transaction by including it in a block. A confirmation indicates that the network has reached consensus that the bitcoinevos you received have not been spent elsewhere and are now yours. Once your transaction is included in a block, it gets further confirmed with every subsequent block, reducing the risk of a reversal. Each confirmation takes anywhere from a few seconds to 90 minutes, with an average of about 10 minutes. Transactions with low fees or unusual characteristics may take longer to confirm. Users can decide when they consider a transaction fully confirmed, but 6 confirmations are typically regarded as being as secure as waiting several months for a credit card transaction.

How much will the transaction fee be?

While transactions can be processed without fees, those without fees may require waiting days or even weeks to be confirmed. Although fees may rise over time, current fees remain minimal.

Transaction fees serve two purposes: they protect the network from overload by deterring spam transactions and reward miners for securing the network. The fee amount is not tied to the value of the transaction but to the size of the transaction in bytes. More complex transactions, such as those involving multisig or many inputs, may incur higher fees than simpler ones. For most typical transactions, fees are low and reasonable.

What if I receive a bitcoinevo when my computer is powered off?

This is not a problem. The bitcoinevos will appear the next time you open your wallet application. bitcoinevos aren’t stored directly on your computer; instead, they are recorded on the public ledger (blockchain), which is shared across the network. When your wallet software reconnects, it will sync with the network, downloading any transactions that occurred while it was offline, and your bitcoinevos will appear as though they were just received.

What does “synchronizing” mean, and why does it take so long?

Synchronizing is the process required by full node clients, such as BitcoinEvo Core, to download and verify all previous BitcoinEvo transactions on the network. This ensures that your wallet can calculate your balance and make new transactions. Synchronization is resource-intensive and requires enough bandwidth and storage to handle the entire blockchain, which can take a significant amount of time, especially for users running a full node. Full node clients are essential for the security of the BitcoinEvo network, as they validate and relay transactions, keeping the system decentralized and secure.

Mining

What is BitcoinEvo mining?

Mining is the process of using computing power to validate transactions, secure the network and synchronize all participants. Unlike traditional data centers, BitcoinEvo mining is completely decentralized, with miners around the world ensuring that no single individual controls the network. This process is called “mining” because, like gold mining, it serves as a temporary mechanism for issuing new bitcoinevos. However, unlike gold mining, BitcoinEvo mining offers a reward in exchange for the essential services required to maintain a secure payment network. Even after all bitcoinevos have been issued, mining will still be necessary.

How does BitcoinEvo mining work?

Anyone who has mined in the Bitcoin Network or is still doing so can also mine in the BitcoinEvo Network. BitcoinEvo uses the same technology as Bitcoin and therefore also the same mining algorithm, SHA-256. The software listens to transactions that are transmitted via the peer-to-peer network and processes and confirms them. Miners are incentivized for this work through transaction fees and newly created bitcoinevos, which are issued according to a fixed formula.

For new transactions to be confirmed, they must be contained in a block with a mathematical proof of work, the creation of which is very computationally intensive. Miners must perform billions of calculations per second to find these proofs, and only then are their blocks accepted by the network so that they can receive a reward. The more miners join, the harder it becomes for the network to find valid blocks to achieve an average block creation time of 10 minutes. This ensures that no miner can usurp control of the blockchain.

The proof of work also depends on the previous block, enforcing a chronological order in the blockchain. This makes it extremely difficult to undo previous transactions, as this would require a recalculation of the proof of work for all subsequent blocks. If two blocks are discovered at the same time, miners work on the first block they receive and switch to the longest chain as soon as the next block is found. This helps mining maintain a global consensus based on computing power.

BitcoinEvo miners cannot cheat by increasing their own rewards or processing invalid transactions, as all BitcoinEvo nodes reject any block that violates the protocol’s rules. This decentralized verification ensures the security of the network, even if not all miners are trustworthy.

Isn’t BitcoinEvo mining a waste of energy?

Securing and operating a payment network requires energy, and BitcoinEvo is no exception. Just like traditional payment systems (banks, credit cards, armored vehicles), BitcoinEvo also incurs energy costs, although the overall consumption of these traditional systems is not as transparent or measurable as this one.

BitcoinEvo mining is designed to become more efficient over time, with specialized hardware consuming less energy. If mining becomes too competitive or unprofitable, some miners may stop mining, which naturally regulates energy consumption. Furthermore, the energy used in mining is eventually converted into heat, and the most efficient miners are those who use this heat productively. In an ideal scenario, mining would not consume any additional energy, and miners strive for this efficiency through economic incentives.

How does mining help secure BitcoinEvo?

Mining creates a competitive environment where it becomes extremely difficult for anyone to manipulate the blockchain by adding new blocks one by one. This process ensures that the network remains neutral and prevents individuals from blocking transactions or reversing their own spending to defraud others. Mining makes it exponentially more difficult to undo past transactions, as all subsequent blocks must be rewritten.

What do I need to start mining?

BitcoinEvo mining can be operated by anyone. In this case, no additional special mining hardware is required by anyone who mines or has mined in the Bitcoin Network. BitcoinEvo uses the same technology as Bitcoin and therefore also the SHA-256 mining algorithm. Otherwise, special mining hardware is required, so-called ASIC miners.

Security

Is BitcoinEvo secure?

The BitcoinEvo protocol and cryptography have a strong track record in security, which has been proven in Bitcoin over a long period of time. Most vulnerabilities in are due to user error, such as accidental deletion, loss or theft of private key wallet files similar to the loss of physical cash in digital form. However, users can employ sound security practices to protect their funds or rely on service providers that offer a high level of security and insurance against theft or loss.

Can BitcoinEvo be hacked?

BitcoinEvo’s protocol rules and cryptographic foundations have been proven reliable by Bitcoin, which shows that the system is well designed. Any security vulnerabilities discovered in various software implementations have been quickly fixed.

Misconceptions often arise about thefts and security breaches at exchanges and businesses, but these incidents have nothing to do with the hacking of BitcoinEvo itself. Just as a bank robbery does not jeopardize the currency it holds, these breaches do not indicate inherent vulnerabilities in BitcoinEvo. However, better security practices and intuitive solutions are needed to further protect users. Over the years, features such as wallet encryption, offline storage (cold wallets), hardware wallets and multi-signature transactions have significantly improved security.

Could users collude against BitcoinEvo?

It is not easy to change the BitcoinEvo protocol. Any client that does not adhere to the established rules cannot force changes on others. Under the current protocol, double spending or spending bitcoinevos without a valid signature is impossible. Users cannot generate new bitcoinevos out of thin air, spend other people’s money or corrupt the network.

While powerful miners might try to block or reverse current transactions, BitcoinEvo relies on consensus among users. For major changes to be made, a large majority of users must agree, making protocol changes difficult. It is unlikely that BitcoinEvo users will accept changes that would jeopardize the security of their own funds.

Is BitcoinEvo vulnerable to quantum computing?

Yes, most systems that rely on cryptography are vulnerable to quantum computers, including traditional banking systems. However, there are not yet any quantum computers that could pose a threat to the cryptography used in these areas, and there are unlikely to be any in the near future. In the event that quantum computers could pose an immediate threat to BitcoinEvo, the protocol could be upgraded to use post-quantum algorithms. Considering the significance that this update would have, it is safe to assume that it would be thoroughly reviewed by the developers and accepted by all users.