What does “Vires in Numeris” Mean?
“Vires in Numeris,” is a motto you’ll find at the entrance of BtcTurk’s head offices. It’s a Latin phrase used to illustrate how Bitcoin’s power is derived from people and mathematics. Because Bitcoin is encrypted, it is protected by strings of code. If you have questions like what is Vires in Numeris? or why is it an important concept in Bitcoin? you will find the answers in this article.
What does Vires in Numeris Mean?
Vires in Numeris, a Latin phrase, means “the power of numbers.” Vires in Numeris, now used as a motto for Bitcoin, has been appropriated to describe Bitcoin’s robust infrastructure and strength. Since Bitcoin is a digital currency encrypted with cryptography, it consists of code using various sequences of numbers. These codes create a strong infrastructure for Bitcoin and give it the ability to draw power from individuals.
Bitcoin, which is not controlled by a central authority, distributes control to users through its decentralized structure. Decentralization has established trustlessness as a key tent of cryptocurrency. This collective principle of trustlessness, means users can perform their financial transactions anonymously without the need for an intermediary.
Bitcoin not only transformed the concept of money by introducing a new type of finance but lead to people challenging their perceptions of value and trust. Satoshi Nakamoto introduced Bitcoin to the world on 31 October 2008 with an email to a cryptography messaging group. The introduction of blockchain technology and the concept of cryptocurrency have been the starting point of this revolution in finance.
Cryptographic Hash Functions
To better understand the concept of Vires in Numeris, it may be helpful to look at some of Bitcoin’s technical attributes. Hash functions are the conversion of different sized strings of data into a standardized mathematical format. Even the smallest transaction will lead to an automatic change in the algorithm. All Bitcoin transactions are recorded on the blockchain, and anyone can view and access these transactions. For this reason, there is no need for the third party that would typically guarantee the legitimacy of a two-party transaction. The party that creates trust is the blockchain itself. So, every user can perform their financial transactions without a central authority.
An algorithm called SHA-256 is used to perform the hashing process in Bitcoin. The SHA-256 algorithm ensures that data is converted into a 256-bit digest, regardless of the original data’s size. This way, data is securely encrypted and hidden. Hash codes encrypted with SHA-256 are virtually impossible to decrypt.
The cryptographic hash function has been influential because high-dimensional data now can be encrypted and converted into a standard form. Any input is rendered as a 64-character mathematical code. People’s inability to decode converted hash forms means that Bitcoin stays reliable. This way, all information is securely stored on the blockchain, and transactions are carried out anonymously. This cryptographic infrastructure, giving Bitcoin it’s amazing security, is the key feature that gives Bitcoin Vires in Numeris.
What is Hash Rate?
Hash rate refers to the total processing power present in the Bitcoin network at a given time. Changes in the hash rate influence the difficulty level for miners in the Bitcoin network. Increasing the hash rate also causes the difficulty level to increase. A decrease in the difficulty level reduces the profitability of mining operations. However, given the network’s total amount of processing power, fluctuations are naturally offset. To conclude — the scale of the Bitcoin network’s processing power is an excellent example of how Bitcoin gets its power from numbers.
A Great Place to Work
BtcTurk, which started its journey to allow Turkish people to buy and sell Bitcoin easily in 2013, continues this mission by growing its team. The BtcTurk office has also been designed with the power of Bitcoin behind it. BtcTurk has been awarded a “Great Place to Work” certificate after an evaluation from the Great Place to Work Institute. It also proudly displays the Vires in Numeris motto at its entrance.
