Could miners collude to give themselves money or to fundamentally change the nature of Bitcoin? There are two questions in here. Let’s look at them separately. Could miners gang up and give themselves money? Mining itself is the process of creating new blocks in the block chain. Each block contains a list of all the … Read more
What is mining? Is mining used for some useful computation? Is it not a waste of energy? How does the proof-of-work system help secure Bitcoin?
Do I need to configure my firewall to run Bitcoin? How does the peer finding mechanism work?
Why do I have to wait 10 minutes before I can spend money I received? How much will the transaction fee be? Why is the fee so high? Why does my Bitcoin address keep changing?
Where does the value of Bitcoin stem from? What backs up Bitcoin? Is Bitcoin a bubble? Is Bitcoin a Ponzi scheme?
What is Bitcoin? Bitcoin is a distributed peer-to-peer digital currency that can be transferred instantly and securely between any two people in the world. It’s like electronic cash that you can use to pay friends or merchants. What are bitcoins? Bitcoins are the unit of currency of the Bitcoin system. A commonly used shorthand for … Read more
Bitcoin is a distributed peer-to-peer digital currency that can be transferred instantly and securely between any two people in the world. It’s like electronic cash that you can use to pay friends or merchants.
Basic Concepts Currency Alice wants to buy the Alpaca socks which Bob has for sale. In return, she must provide something of equal value to Bob. The most efficient way to do this is by using a medium of exchange that Bob accepts which would be classified as currency. Currency makes trade easier by eliminating … Read more