What is bitcoin?

  • Thread starter Deleted member 108676
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Deleted member 108676

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I understand it is a cyber currancy, but where does it come from? Where is it mined from?


Basically, is there an easy to comprehend video or website somewhere to explain this? Maybe I'm not smart enough to comprehend it based off of whats out there, but I'm curious.

I have no intent to start mining it, not because I think it'll crash in a year or whatever, but because I don't want to set up a rig and spend that money.

Thanks.
 
this thread will end well :rolleyes:

I think to sum it up, it is a protocol.

It supports transfer of units of account in near real time over a globally distributed network with a transparent, public ledger.

It utilizes principles of dual key encryption to do this. Your public key is your bitcoin address or wallet. Your private key is how you own control of that address. Any actual value attributed to an address is noted in the public ledger, called the blockchain.

The most powerful computing effort ever assembled by humans solve SHA256 hashes in a scheme that generates consensus on what constitutes the one true blockchain. Block difficulty is adjusted approximately weekly to keep the network solving pretty close to one block every 6 minutes. Any new transactions between addresses broadcast to the network should be included in the next solved block.

The process above is what is called mining. The miner that solves a given block is rewarded with 25BTC at this time.


Thanks for having an open mind OEM.
 
magic beans that everybody wants but most are too stupid/lazy to be capable of getting into it.

It's just not easy
 
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