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What Is Bitcoin, and How Does it Work?
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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
New to Bitcoin? Confused? Need help? You've come to the right place.
Bitcoin is an internet based decentralised currency. Similarly to Bittorrent, but Bitcoin uses a public ledger called the blockchain to record who has sent and received money. It's very new, and for many very confusing. BitcoinHelp aims to rectify this. Whether it be explaining how it works, how to use it, how to buy Bitcoins, how to integrate Bitcoins into your business. Sharing your successes as well as failures in order to help others is also gladly received. Ask away!
We are forcing bitcoin explanation, bitcoin (and other coins) should explain themselves.
Yesterday i was thinking of that bitcoin meeting at a bar a few months ago, when i thought... what would happen if SWIFT was invented yesterday? and i go and try to convince and explain everybody that with a card with a magnetic band you can pay at any store in the world that will automatically take money from your bank account. After that i realized that i dont know enyone who can explain me how ther credit/debit card works, because they just use it and understand what they need. We are explaining bitcoin in very low levels to the common people, and that is why a lot of people dont want to use it. When bitcoin is avaiable as a payment option on many places then the common people will just use it without probably understand its decentralization, and all the tech inside bitcoin. But i think that trying to explain bitcoin so it gets more spread is like trying to explain SWIFT so more people uses credit/debit cards.
I've seen a couple posts and videos about how Bitcoin is actually less expensive than ETN, so I thought I'd condense them into a simple post.
To start: ETN has 2 decimals, so the smallest amount of ETN you can have is 0.01. BTC has 8 decimals, so the smallest amount you can have is 0.00000001 BTC
6.3 billion ETN divided by .01 (smallest unit)= 630,000,000 total pieces of ETN (units)
16.9 million BTC divided by .00000001 (smallest unit)= 1,690,000,000,000,000 total pieces of Bitcoin.
What does this mean? Basically it kinda controls the price of ETN somewhat. We won't have ETN reaching crazy prices because there aren't that many units of it when all is said and done. You can break a bitcoin down a lot, and most people don't have a full bitcoin. Most ETN holders can have a whole ETN (many thousands) which is a more realistic currency. This also serves to counter the idea that ETN can never reach a higher price because there are too many coins. Not true, Bitcoin has many more units. Basically there are enough ETN that we won't see crazy prices of say $40 or more, but few enough units that it has value in it's smallest unit. And therein lies the beauty of 2 decimal points
I know this sub is experiencing a lot of new users (welcome all by the way) thanks to the recent price spike, but much of what is said makes absolutely no sense to someone who is just learning what Bitcoin is. Hopefully I can clear up this saying When you "own Bitcoin" there isn't some folder on your PC that is worth a Bitcoin. When you create a wallet, whether it be desktop or mobile, the wallet is creating a pair of "keys," one public and one private. Your public key is that long string of nonsense numbers and letters that acts as your "Bitcoin address." The private key is another file that allows you to prove that you have control over that address, and that you have the right to spend the coins associated with it For anyone who is new and has more questions about common conversation that's flying way over your head, leave a comment and I'll do my best to explain!
[uncensored-r/Bitcoin] Striking similarity between Ellen DeGeneres' 2018 "Bitcoin Explanation" and 1994 Today's Show "Wh...
The following post by puttersworth is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7xzwtn The original post's content was as follows:
Your favorite Bitcoin explanation (preferably video)
Hi all, I wanted to ask for myself (and perhaps for the the community also) if you could share your favorite explanation or introduction to Bitcoin preferably in a video that I (or we) could copy-pasta to those that may be interested in learning more about Bitcoins. I'm hoping there would be different videos that explains it from financial stand-point, regulation stand-point, and technology stand-point. More variety the better. Thanks
How Does Bitcoin Work – Technical Explanation. To start off with technical explanation, bitcoins need to be mined in order to supply the market. Miners establish their “farms” through purchase of specialized graphics cards with high hash power. Bitcoin: A Simple Explanation Bitcoin is a new kind of digital currency that, unlike other forms of payment, is designed for a world in which we are all digitally connected. Other forms of payment, like cash and credit cards, have their place, and probably won’t be going anywhere soon, but they aren’t really suited to the way we are going ... Bitcoin works exactly like the notebook example. Each Bitcoin user has an identical copy of the Bitcoin “notebook” which publicly records all transactions. All notebooks get constantly compared to make sure they match. Additionally, Bitcoin stores all past transactions permanently so that there is a record of where all bitcoin currently are. Bitcoin has made Satoshi Nakamoto a billionaire many times over, at least on paper. It's minted plenty of millionaires among the technological pioneers, investors and early bitcoin miners. There is no centralized bank or credit system: the peer-to-peer network completes the encrypted transaction with the help of Bitcoin miners. The advanced explanation: The technical side of things is a bit more complex. Each new Bitcoin transaction is recorded and verified onto a new block of data in the blockchain.
A short introduction to how Bitcoin Works. Want more? Check out my new in-depth course on the latest in Bitcoin, Blockchain, and a survey of the most excitin... "We all have a crypto-friend who sounds like this guy. Gold back in 698BC was no different..." _____ Like our stuff? Want us to make m... Baffled by bitcoin? Confused by the concept of crypto-currencies? Well, fear no more. In 190 seconds we explain what bitcoin actually is, where the idea came... Whether or not it's worth investing in, the math behind Bitcoin is an elegant solution to some complex problems. Hosted by: Michael Aranda Special Thanks: Da... A somewhat technical explanation of how Bitcoin works. Want more? Check out my new in-depth course on the latest in Bitcoin, Blockchain, and a survey of the ...