nivek
As Above So Below
I had to look it up as I don't understand how it works either lol...
This is a simplified version I found and read through, here's an excerpt:
Here's What You Actually Need to Know About Bitcoin
How does bitcoin work?
Bitcoin is a cryptocurrency that is conducted on a public ledger, the "blockchain." Digitally transferred, it exists only online. Much like gold, it can have monetary value while also being a commodity, but it’s still its own currency. It is also decentralized and not managed by a single entity, but rather a group of people who process transactions, called miners. This means it is not subject to government regulations when traded or spent, and you don't need a bank to use it.
Explain this blockchain.
Miners are in charge of making sure bitcoin transactions made by users are recorded and legit. Simply put, they do this by grouping every new bitcoin transaction made during a set time frame into a block. Once a block is made, it is added to the chain, which is linked together with a complex cryptography. This chain of blocks is the public ledger, and its extreme complexity is what currently protects transactions.
Is bitcoin infinite?
No, at the maximum, the system is designed to top out at 21 million bitcoin. At that point, bitcoin will stop being released. Most people think that will be around the year 2140.
You see, miners don't build blocks just from the kindness in their hearts. When a miner builds a block, they also have to solve a series of complex math puzzles. If they can do it before any other miner, they unlock a predetermined amount of bitcoin that they can keep—a prize for being both smart and quick. The way this competition for bitcoin will last until 2140 is through “halving events.”
The first time bitcoin was mined, the founder, Satoshi Nakamoto, released 50 bitcoin, which he kept. Moving forward, when a miner completed a puzzle, he or she got 25 bitcoin. In the summer of 2016, that was halved again to 12.5 bitcoin. That amount will continue to be halved periodically until all 21 million bitcoin have been released.
Is it safe?
By the estimation of many bitcoin experts, that public ledger is pretty bulletproof. To change the ledger, you not only would have to harness a ton of computer power, but you’d also have to do it in very public space where thousands of other computers and users can see exactly what you’re doing. What one person or computer does affects the entire blockchain, and everyone can police the transactions.
.
This is a simplified version I found and read through, here's an excerpt:
Here's What You Actually Need to Know About Bitcoin
How does bitcoin work?
Bitcoin is a cryptocurrency that is conducted on a public ledger, the "blockchain." Digitally transferred, it exists only online. Much like gold, it can have monetary value while also being a commodity, but it’s still its own currency. It is also decentralized and not managed by a single entity, but rather a group of people who process transactions, called miners. This means it is not subject to government regulations when traded or spent, and you don't need a bank to use it.
Explain this blockchain.
Miners are in charge of making sure bitcoin transactions made by users are recorded and legit. Simply put, they do this by grouping every new bitcoin transaction made during a set time frame into a block. Once a block is made, it is added to the chain, which is linked together with a complex cryptography. This chain of blocks is the public ledger, and its extreme complexity is what currently protects transactions.
Is bitcoin infinite?
No, at the maximum, the system is designed to top out at 21 million bitcoin. At that point, bitcoin will stop being released. Most people think that will be around the year 2140.
You see, miners don't build blocks just from the kindness in their hearts. When a miner builds a block, they also have to solve a series of complex math puzzles. If they can do it before any other miner, they unlock a predetermined amount of bitcoin that they can keep—a prize for being both smart and quick. The way this competition for bitcoin will last until 2140 is through “halving events.”
The first time bitcoin was mined, the founder, Satoshi Nakamoto, released 50 bitcoin, which he kept. Moving forward, when a miner completed a puzzle, he or she got 25 bitcoin. In the summer of 2016, that was halved again to 12.5 bitcoin. That amount will continue to be halved periodically until all 21 million bitcoin have been released.
Is it safe?
By the estimation of many bitcoin experts, that public ledger is pretty bulletproof. To change the ledger, you not only would have to harness a ton of computer power, but you’d also have to do it in very public space where thousands of other computers and users can see exactly what you’re doing. What one person or computer does affects the entire blockchain, and everyone can police the transactions.
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wwkirk
Divine
Thanks. So far, though, normal money still seems preferable. Both the ceiling on how much of it can exist, and its claimed security make me a little uneasy. Computing power is growing all the time; no one can guarantee that the public ledger won't be cracked in the future.
I concede that if I were trying to dodge taxes or were engaged in shady activity, I might be interested. But I'm not doing those things.
I concede that if I were trying to dodge taxes or were engaged in shady activity, I might be interested. But I'm not doing those things.
The shadow
The shadow knows!
Who or what determined what it's worth?
wwkirk
Divine
Oops! Wasn't cryptocurrency was supposed to be super-safe and unhackable?
Feds seize $3.6B in stolen Bitcoin, arrest NYC couple in DOJ's largest crypto bust to date
Feds seize $3.6B in stolen Bitcoin, arrest NYC couple in DOJ's largest crypto bust to date
nivek
As Above So Below
I saw that earlier today, yeah seems there's people who know how to scam bitcoin, I'm sure these 2 aren't the only ones, they just got caught and that sure is a lot of bitcoin they had, geez...
...
Dejan Corovic
As above, so bellow
BitCoin is very good market for day-trading.
Only problem its very difficult to spend once you earn it. One can't just go and buy a car or TV with bitcoin.
I would call it a video game with real money.
Only problem its very difficult to spend once you earn it. One can't just go and buy a car or TV with bitcoin.
I would call it a video game with real money.
The shadow
The shadow knows!
A bit coin is nothing. I don't know who or what controls it's value.
It's like investing in nothing.
It's like investing in nothing.
wwkirk
Divine
Okay, I actually own some crypto right now. It's not actually Bitcoin, but Litecoin. As of this moment, Its "available value" is $10.48. The only reason I bought it was to send it as a donation to a recipient who preferred crypto. But after several days PayPal (or somebody) is still "processing" it, so I can't send it.
I wound up donating normal (aka real) money instead. So, now what am I supposed to do with this stupid cryptocurrency?
I must say, any "currency" that has to be "processed" does not give me the feel or confidence of money or currency at all. At best, it's some kind of investment.
I wound up donating normal (aka real) money instead. So, now what am I supposed to do with this stupid cryptocurrency?
I must say, any "currency" that has to be "processed" does not give me the feel or confidence of money or currency at all. At best, it's some kind of investment.