Bitcoin has been around since 2009 during that time we have seen some major price changes in a very volatile market. No one can know the price of bitcoin in the future, but if you have to guess! How much do you think one bitcoin be worth on the 1st of January 2015?
- CryptoJunction asked 3 years ago
- last active 3 years ago
I have seen some coins using SHA256d algorithm latley, what is the big difference between SHA256d and the SHA256 that bitcoin uses?
- Cryptorian asked 3 years ago
- last active 3 years ago
I have always wondered if it is possible to mine more than one cryptocurrency simultaneously with one machine?
I would like to mine Vertcoin, Peercoin and Dogecoin at the same time.
- Litzy99 asked 3 years ago
As I understand it, by running a full node like Bitcoin-QT or other software, I am helping confirm transactions and contributing to the Bitcoin network. As people send bitcoin over network small transaction fees are applied each time. Are these bitcoins distributed evenly between the people running the nodes, if so, how do I receive them?
- Phil Ster asked 2 years ago
If someone or a group of people with get 51% of the hashing power on the Bitcoin Network. What exactly could be done by these individuals? Could they for example create bitcoin out of thin air, create bitcoin transactions from other wallets, reverse transactions and so forth?
- BitBoi asked 2 years ago
I was just wondering if it is worth buying a bitcoin USB miner such as the ASICMiner Block Erupter USB (330MH/s) Sapphire Miner now? Will it be profitable or am I just wasting my time and electricity? :)
- Litzy99 asked 2 years ago
As I am trying to log in to my Blockchain.info web wallet i get the error code: 157 ‘Unknown error code’ from NDBCLUSTER’. I am able to login to my account by my current balance says 0 BTC and my transaction log is empty. Is Blockchain.info hacked? I am really worried that my bitcoins are lost!!
Can some one please shed some lite on this matter, help would be much appreciated!
- Cryptorian asked 2 years ago
- last active 2 years ago
Out of pure curiosity, how many Lisk will ever be minted? The information could be extremely useful as Lisk tires to find its price during the first ours of trade.
- Cheese asked 11 months ago
- last active 11 months ago
Is it possible to mine Lisk (LSK) after the ICO, if so how would I go about doing it? By the looks of it, Lisk uses Deligated proof of stake as a hashing algorithm.. which would indicate that mining is not possible. On the other hand as it is proof of stake would allow for staking or minting in some form or another.
Could someone please shine some light on the subject?
- James Cooler asked 11 months ago
I have been looking into building my own mining rig to mine myself some fresh Ethereum :)
I got two questions surrounding the matter:
What is the best over all GPU for mining Ethereum, the card with the most hashing power?
Which GPU is the most profitable in terms of power consumption, cost and hashrate?
- Bulby asked 10 months ago
Do you know what the best GPU for Monero mining is? If someone could point me to best GPU out on the market today I would be most grateful. necessarily not looking for the most Mh/s but rather bang for buck with a combination of electricity efficiency and hash power.
Due to the recent price hike, I am really keen to get started as soon as possible.
- Xeptra asked 8 months ago
- last active 8 months ago
Bitcoin is mined on a distributed computer network of users running specialized software; the network solves certain mathematical proofs, and searches for a particular data sequence (“block”) that produces a particular pattern when the BTC algorithm is applied to it. A match produces a bitcoin. It’s complex and time- and energy-consuming.
Only 21 million bitcoins are ever to be mined (about 11 million are currently in circulation). The math problems the network computers solve get progressively more difficult to keep the mining operations and supply in check.
This network also validates all the transactions through cryptography.
How does Bitcoin work?
Internet users transfer digital assets (bits) to each other on a network. There is no online bank; rather, Bitcoin has been described as an Internet-wide distributed ledger. Users buy Bitcoin with cash or by selling a product or service for Bitcoin. Bitcoin wallets store and use this digital currency. Users may sell out of this virtual ledger by trading their Bitcoin to someone else who wants in. Anyone can do this, anywhere in the world.
There are smartphone apps for conducting mobile Bitcoin transactions and Bitcoin exchanges are populating the Internet.
How is Bitcoin valued?
Bitcoin is not held or controlled by a financial institution; it is completely decentralized. Unlike real-world money it cannot be devalued by governments or banks.
Instead, Bitcoin’s value lies simply in its acceptance between users as a form of payment and because its supply is finite. Its global currency values fluctuate according to supply and demand and market speculation; as more people create wallets and hold and spend bitcoins, and more businesses accept it, Bitcoin’s value will rise. Banks are now trying to value Bitcoin and some investment websites predict the price of a bitcoin will be several thousand dollars in 2014.
What are its benefits?
There are benefits to consumers and merchants that want to use this payment option.
Fast transactions – Bitcoin is transferred instantly over the Internet.
No fees/low fees — Unlike credit cards, Bitcoin can be used for free or very low fees. Without the centralized institution as middle man, there are no authorizations (and fees) required. This improves profit margins sales.
Eliminates fraud risk -Only the Bitcoin owner can send payment to the intended recipient, who is the only one who can receive it. The network knows the transfer has occurred and transactions are validated; they cannot be challenged or taken back. This is big for online merchants who are often subject to credit card processors’ assessments of whether or not a transaction is fraudulent, or businesses that pay the high price of credit card chargebacks.
Data is secure — As we have seen with recent hacks on national retailers’ payment processing systems, the Internet is not always a secure place for private data. With Bitcoin, users do not give up private information.
a. They have two keys – a public key that serves as the bitcoin address and a private key with personal data.
b. Transactions are “signed” digitally by combining the public and private keys; a mathematical function is applied and a certificate is generated proving the user initiated the transaction. Digital signatures are unique to each transaction and cannot be re-used.
c. The merchant/recipient never sees your secret information (name, number, physical address) so it’s somewhat anonymous but it is traceable (to the bitcoin address on the public key).
Convenient payment system — Merchants can use Bitcoin entirely as a payment system; they do not have to hold any Bitcoin currency since Bitcoin can be converted to dollars. Consumers or merchants can trade in and out of Bitcoin and other currencies at any time.
International payments – Bitcoin is used around the world; e-commerce merchants and service providers can easily accept international payments, which open up new potential marketplaces for them.
Easy to track — The network tracks and permanently logs every transaction in the Bitcoin block chain (the database). In the case of possible wrongdoing, it is easier for law enforcement officials to trace these transactions.
Micropayments are possible – Bitcoins can be divided down to one one-hundred-millionth, so running small payments of a dollar or less becomes a free or near-free transaction. This could be a real boon for convenience stores, coffee shops, and subscription-based websites (videos, publications).
Still a little confused? Here are a few examples of transactions:
Bitcoin in the retail environment
At checkout, the payer uses a smartphone app to scan a QR code with all the transaction information needed to transfer the bitcoin to the retailer. Tapping the “Confirm” button completes the transaction. If the user doesn’t own any Bitcoin, the network converts dollars in his account into the digital currency.
The retailer can convert that Bitcoin into dollars if it wants to, there were no or very low processing fees (instead of 2 to 3 percent), no hackers can steal personal consumer information, and there is no risk of fraud. Very slick.
Bitcoins in hospitality
Hotels can accept Bitcoin for room and dining payments on the premises for guests who wish to pay by Bitcoin using their mobile wallets, or PC-to-website to pay for a reservation online. A third-party BTC merchant processor can assist in handling the transactions which it clears over the Bitcoin network. These processing clients are installed on tablets at the establishments’ front desk or in the restaurants for users with BTC smartphone apps. (These payment processors are also available for desktops, in retail POS systems, and integrated into foodservice POS systems.) No credit cards or money need to change hands.
These cashless transactions are fast and the processor can convert bitcoins into currency and make a daily direct deposit into the establishment’s bank account. It was announced in January 2014 that two Las Vegas hotel-casinos will accept Bitcoin payments at the front desk, in their restaurants, and in the gift shop.
It sounds good – so what’s the catch?
Business owners should consider issues of participation, security and cost.
• A relatively small number of ordinary consumers and merchants currently use or understand Bitcoin. However, adoption is increasing globally and tools and technologies are being developed to make participation easier.
• It’s the Internet, so hackers are threats to the exchanges. The Economist reported that a Bitcoin exchange was hacked in September 2013 and $250,000 in bitcoins was stolen from users’ online vaults. Bitcoins can be stolen like other currency, so vigilant network, server and database security is paramount.
• Users must carefully safeguard their bitcoin wallets which contain their private keys. Secure backups or printouts are crucial.
• Bitcoin is not regulated or insured by the US government so there is no insurance for your account if the exchange goes out of business or is robbed by hackers.
• Bitcoins are relatively expensive. Current rates and selling prices are available on the online exchanges.
The virtual currency is not yet universal but it is gaining market awareness and acceptance. A business may decide to try Bitcoin to save on credit card and bank fees, as a customer convenience, or to see if it helps or hinders sales and profitability.
Are you thinking about accepting Bitcoin? Do you already use it? Share your thoughts and experiences with us.
You can learn all about bitcoin mining, block chains (the database), miner pools, wallets, and transactions at https://bitcoin.org/en/ as well as YouTube videos.
- alexander leytan asked 7 months ago
- last active 2 months ago
I’m very aware that many people around the world are aware of what I’m writing here and it is nothing new for them. They decided to wait for the human conciseness to raise on a higher level and they let the time to kill the Capitalism.
Capitalism has a bug. It is called greed. The patch was provided by Satoshi in 2009 but the bug is still not fixed as of today.
Let me tell you my story. I have found out that I’m a storyteller during the years growing up in a very small beautiful village 100 km from the sea side.
All the pieces came together after intensive drinking sessions for like a month combined with not sleeping at all. After some time I was diagnosed as bipolar and most of the things were clearer to me.
I believe that Satoshi was very very aware of this and what his formula will do to the world. Therefore he decided to stay incognito.
Since the era of computers and internet, few very important moments happened:
Diffie Helman - formula which allows us to communicate securely in a crowded environment.
Open Source. The birth of Linux.
ToR - I think Snowden used it (or variation of it, possibly combined with something else, to achieve ultimate security and anonymity on Internet). I'll be very happy if he open the "code" for his shell script. Blockchain - formula which solved the equation and allows the humanity to get rid of the global rigid stupid greedy LEGACY financial system.
In my opinion thats the 4 formulas that humanity need to enter the Jacques Fresco Era. I hope he is fine and he can read or listen to this message. I contacted his best friend Roxanne over the phone in 2014 but she couldn’t understand me and proposed to me to start taking small baby steps and to move forward. She also explained to me that when the time will come, I will know. That’s one of the best advises that I got in my life from a person that I just called few minutes ago. Insane. Now since Mr President Trump got his hands on the keys for the nuclear bombs I’m fully confident that it is the right time. For some reason I was not 100% sure about Mr Obama as he was surrounded by stupid greedy idiots (Paulsen, Greenspan etc…)
I would like to start the humans with anomalies to start sharing the paranormal stuff as I have experienced something that I’m not sure we’ll be able to write shell script or I’m missing some very important detail.
I would like to understand if there are someone watching from far away and maybe they also wait for this moment to come.
Last thing… I had band named “Tool” playing on my headphones while I was writing this. I’m 1000% sure that they are aware. Lateralus helped me to try to get all the pieces together. I would like to personally thank to them for keeping me sane for the last 10-12 years. Pink Floyd is still my favorite band though. One more thing, I would like to hear the opinion of Mr. Slavoj Zizek as although I haven’t read all his stuff I’m big fan of his work.
Now I should stop writing. Time to act. I’m offline. The big party can start now. Goodbye.
- Itar Pejo asked 3 months ago
- last active 3 weeks ago