Author Topic: Bitcoin, anyone? Making money, out of nothing... at all...  (Read 1349 times)

Offline bravoexo

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Bitcoin, anyone? Making money, out of nothing... at all...
« on: February 11, 2011, 01:59:12 AM »
This was the topic in today's Security Now! podcast @ Twit.tv

http://www.bitcoin.org/faq

General Questions

What is Bitcoin?

Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network.

How does Bitcoin work?

Bitcoin utilizes public/private key digital signatures (ECDSA). A coin has its owner's public key on it. When a coin is transferred from user A to user B, A adds Bs public key to the coin and signs it with his own private key. Now B owns the coin and can transfer it further. To prevent A from transferring the already used coin to another user C, a public list of all the previous transactions is collectively maintained by the network of Bitcoin nodes, and before each transaction the coins unusedness will be checked

What can I buy with Bitcoin?

Check out the Trade-page. If you have a service provider you often buy from, ask if they'd like to accept Bitcoin as payment!

Where does the value of Bitcoin stem from? What backs up Bitcoin?

Bitcoins have value if they are accepted as payment by many.

When we say that a currency is backed up by gold, we mean that there's a promise in place that you can exchange the currency for gold. In a sense, you could say that Bitcoin is "backed up" by the price tags of merchants a price tag is a promise to exchange goods for a specified amount of currency.

It's a common misconception that Bitcoins gain their value from the cost of electricity required to generate them. Cost doesn't equal value hiring 1,000 men to shovel a big hole in the ground may be costly, but not valuable. Also, even though scarcity is a critical requirement for a useful currency, it alone doesn't make anything valuable. For example, your fingerprints are scarce, but that doesn't mean they have any exchange value.

How are new Bitcoins created?

New coins are generated by a network node each time it finds the solution to a certain calculational problem (i.e. creates a new block), for which an average solution time can be calculated. The difficulty of the problem is adjusted so that in the first 4 years of the Bitcoin network, 10,500,000 coins will be created. The amount is halved each 4 years, so it will be 5,250,000 in years 4-8, 2,625,000 in years 8-12 and so on. Thus the total number of coins will approach 21,000,000 over time.

What's the current total amount of Bitcoins in existence?

The number of blocks times the coin value of a block. The coin value is 50 bc per block for the first 210,000 blocks, 25 bc for the next 210,000 blocks, then 12.5 bc, 6.25 bc and so on.

As of October 30th 2009, there are about 26,000 blocks in the block chain, which means 26,000 * 50 bc = 1,300,000 bitcoins in existence. You can see the up-to-date number of blocks in the status bar of the Bitcoin main window.

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Offline bravoexo

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Re: Bitcoin, anyone? Making money, out of nothing... at all...
« Reply #1 on: February 11, 2011, 02:11:45 AM »
So, it's like cryptography + bittorrent + folding + community contest + annonymity = digital currency, that's actually worth something and can be used to buy/pay for stuff

Whoa...
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Offline wheelee

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Re: Bitcoin, anyone? Making money, out of nothing... at all...
« Reply #2 on: February 11, 2011, 09:41:02 AM »
is dat you?

try mo ngang mag send sa  add na ito >>> 1FJLth4sZdKAdeFm72HjHCt9XyHerEkErH

Offline wheelee

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Re: Bitcoin, anyone? Making money, out of nothing... at all...
« Reply #3 on: March 01, 2021, 09:48:00 AM »
mine using your phone & be a Pioneer!
- Pi is a new digital currency developed by Stanford PhDs
- Pi does not use data or drain your phone, once you hit the Green Lightning Button, you can mine even when the app is close
- make sure to use real name & all info are correct for future crypto currency claim

check it out guys! open using phone since the app is for mobile
https://minepi.com/Wheelee

minePi white paper para sa mahilig magbasa
https://minepi.com/white-paper

Offline wheelee

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Re: Bitcoin, anyone? Making money, out of nothing... at all...
« Reply #4 on: March 01, 2021, 09:50:44 AM »
BTW made a few $ using computta, at nag try akong mag load ng phone ko galing sa earnings pumasok naman sya, so if you have an idle PC let it work for you!

https://computta.com/?ref=163046

Offline dom_08

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Re: Bitcoin, anyone? Making money, out of nothing... at all...
« Reply #5 on: June 20, 2021, 09:02:23 PM »
kung may time machine lang. HAHAHAHA