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.
Do stuff for some coin or give it away, it's just that easy!
Want to earn some coin? Want to give some coin? Want to exchange coin for tasks or objects no matter how serious or silly? Then this is the place for you! There are many subreddits that pay you for tasks but this one is just for cryptocurrency! That's right any cryptocurrency is welcome here so go a head and make a post! Contests are welcome too!
Background A group or person with the pseudonym Satoshi Nakamoto published the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008. Satoshi was active in the bitcoin community for the first few years in order for an initial community to be assembled to further develop the technology so that bitcoin is not led by one person or group. Satoshi Nakamoto stopped posting in online forums in 2011 and the onus to develop the bitcoin protocol shifted to the early community. Many theories remain as to the true identity of the creator of bitcoin and many people have come forward claiming to be Satoshi but they have provided little or no proof. There have been previous attempts to create digital currencies that are appropriate for the internet age over the past decade, however many have failed due to the centralisation of the currency and lack of trust in the project. The digital currencies were vulnerable to cyber-attacks and fraud. Digi Cash is a notable example. Ok but what the heck is it? Bitcoin is an open-source, peer-to-peer transaction system without a central authority to control it. In traditional fiat monetary systems (USD, GBP & EUR) , a central institution usually controls the money supply and interest rate in order to maintain financial stability. This role is typically fulfilled by a central bank. Bitcoins on the other hand, are created through a process called mining, which decentralises the currency issuance and clearing functions of a central bank. No central authority is able to influence the money supply. The total number of bitcoins that will ever be mined is 21 million and this might be reached in the year 2140. The rate of issuance for bitcoin follows a predictable model which can be validated through cryptography and the core code. Bitcoin issuance decreases with time, and over the long term, bitcoin is deflationary.
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So, what the heck is Bitcoin? [Did not join site to read, but first line: "Satoshi Nakamoto, a Japanese resident of California, is credited with creating the concept for the currency in 2009." Is journalism totally dead?]
[uncensored-r/Bitcoin] What the heck is Bitcoin Crash and why is using Bitcoin in the name? Somebody can bring me some l...
The following post by Diannao_Heike is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7cva12 The original post's content was as follows:
I don't get why it is rising in price when it looks like a poor clone. Why people is buying it?
Bitcoin can be obtained in two ways: (1) bought and sold between individuals; or, (2) virtually ‘mined’ with computer programs that crack an algorithmic code which then rewards you with freshly created units of Bitcoin. Like a stock, the value of Bitcoin will fluctuate throughout the day based on how many people are buying or selling it. Like a commodity, more Bitcoin can become available ... But first, what the heck is Bitcoin? We kick off our series with a Techsplainer from Harvard University’s Jonathan Zittrain. Zittrain says Bitcoin is a lot like all currencies, but also quite ... Whilst a Google search for “Bitcoin” returns 115 million results, chances are, you still won’t understand it. What is the Blockchain? Why are people mining? Here’s the basics – for ... Impersonating as Bitcoin recipients. Another option for you is to impersonate as a Bitcoin recipient. Lately, most Bitcoin hacking happened when the companies held fundraising events in the form of ‘initial coin offerings’ asking investors to send bitcoins to them. Now, that’s where you get the answer to the question of how to hack a Bitcoin address. Clever hackers can impersonate as ... Japan-based Bitcoin exchange Mt. Gox had been operating since 2010 and was the biggest Bitcoin exchange at the time. But very few know that this big exchange was not hacked only once, but twice. The first one happened in June 2011 when the hacker was able to get ahold of Mt.Gox’s auditor’s credentials and transferred 2609 bitcoins to an address for which Mt. Gox had no keys.
What the heck is a Bitcoin Halvening?? And why didn't we moon??