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Author Topic: What is Bitcoin?  (Read 815631 times)

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Offline cooorwinww

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Re: What is Bitcoin?
« Reply #60 on: February 09, 2017, 08:38:02 AM »
thanks


Offline the-bitcoiner

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Re: What is Bitcoin?
« Reply #61 on: March 01, 2017, 09:10:24 AM »
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Offline Liana

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Re: What is Bitcoin?
« Reply #62 on: March 05, 2017, 12:12:45 PM »
Bitcoin Basic Concepts

Bitcoin is a shared ledger.  It is essentially a spreadsheet that shows how many bitcoins each account contains.  All the complications come from the need to make sure it is valid and everyone see the same ledger.
 The current state of the ledger is determined by a decentralized and trustless consensus.  It cannot be controlled at any central point.
Bitcoin “mining” is the process of adding transactions to the ledger and is done by solving math problems that take substantial computational power.
The “consensus” is achieved by users and “miners” deciding to run compatible versions of the software and enforcing the consensus rules.
Users can run “nodes” using peer-2-peer connections that shares the ledger.  By running a full node a user can completely verify all transactions without the need of a third party service.
Nodes enforce the rules by only broadcasting transactions and sections of the ledger that fit within the consensus rules.
A user can easily verify the shared ledger took a huge amount of computational power to create as a way of trusting it is real.
Miners get transaction fees and “block rewards” as an incentive to use their computer power.
The “block rewards” are a way to initially distribute the currency and are cut in half about every 4 years until all 21 million bitcoins are distributed in 2140.  Due to the nature of “halving” most bitcoins are distributed during the first few halvings.  It was 50 Bitcoins for the first 4 years and is currently 25 Bitcoins.  In 2016 it will be 12.5 and in 2020 it will be 6.25.
Bitcoin addresses are secure because the numbers are so large that all the computers in the world cannot come close to cracking it.
A Bitcoin can be broken down to 8 decimal digits so each one has 100 million pieces.
A Bitcoin transaction can be used to indirectly store information in the permanent shared ledger without trusting a third party.

For more info check my blog --->>> tips-and-tricks-bitcoin.blogspot.com
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Offline brethheaden

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Re: What is Bitcoin?
« Reply #63 on: March 14, 2017, 04:28:11 PM »
For quick understanding, consider Bitcoins as Coins in the form of bits (010101.......). Yes it is a digital currency with a promising future.

Offline jiajiannnnn

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Re: What is Bitcoin?
« Reply #64 on: April 04, 2017, 12:45:52 PM »
Bitcoin is both a cryptocurrency and an electronic payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto

Offline tungsonmtp

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Re: What is Bitcoin?
« Reply #65 on: April 13, 2017, 02:28:26 PM »
I always watch this video everytime I forgot what bitcoin is.
Nice post. Thanks!
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Offline Genesis

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Re: What is Bitcoin?
« Reply #66 on: April 19, 2017, 02:55:51 PM »
Basically bitcoin is a digital currency that become success of so far and as we all know digital or virtual this isn't like a physical money and bitcoin can only be stored in your bitcoin wallet .Bitcoin as we all know was made by Satoshi Nakamoto but never been confirmed who is this person or is he really the maker of bitcoin.

Offline the-bitcoiner

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Re: What is Bitcoin?
« Reply #67 on: May 05, 2017, 10:38:22 AM »
I still don't understand completely how crypto currencies work

Offline squadus

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Re: What is Bitcoin?
« Reply #68 on: May 27, 2017, 11:55:45 PM »
The blockchain has so much potential. Not just for financial services, but digital assets of all kinds. :)

Offline stlords

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Re: What is Bitcoin?
« Reply #69 on: May 31, 2017, 11:38:44 AM »
Hey it's really cool.. I heard from my friend about this bitcoin, later even m using it and I'm getting usefull from this bitcoin.. Thanks a lot..

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Offline CryptoNews

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Re: What is Bitcoin?
« Reply #70 on: June 03, 2017, 05:48:45 AM »


I Have a passion for the Crypto world and have decided to open up an advising firm. Please help me and my family along this journey.


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Offline avsbsports.eu

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Re: What is Bitcoin?
« Reply #71 on: June 07, 2017, 07:37:21 PM »

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Offline rpggal33

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Re: What is Bitcoin?
« Reply #72 on: June 26, 2017, 06:00:49 AM »
I think it is a form of cybercurrency.

Offline oheysmith

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Re: What is Bitcoin?
« Reply #73 on: June 26, 2017, 07:15:00 AM »
Bitcoin has tremendous ultra potential value.

Offline John Perdyu

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Re: What is Bitcoin?
« Reply #74 on: June 30, 2017, 08:33:13 AM »
Crypto currency bitcoin is an excellent tool for making money. A very important factor is the place of its storage. I have been working with Bitcoin for a long time, and I recommend the wallet https://apibtc.com/ [nofollow]


 

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