Can someone please explain this concept to me in easy English?
Re: bitcoins?
Its a decentralized digital crypto currency, duh, thats the definition anyway. In easy english, its a form of currency generated and distributed online, yes again, that doesnt make much sense. Let see how it works, there is a blockchain (a database) that records all the transactions and newly created bitcoins. The transaction chain is a complicated crypto math and the complication of that process increases with the increase in the number of bitcoins circulating at any time. Bitcoins are generated by verifying this transaction record and adding a new block to the block chain. There is no central authority (like a bank or treasury) to control the value or transactions, so the transactions are anonymous. You will have a digital wallet that stores your bitcoin credentials (public key/private key combo), and you do transactions with a bitcoin client software. The entire bitcoin system is based on peer to peer network that connects the blockchain with miners (people who are calculating the transaction records), sellers (websites that sells physical goods for bitcoin), buyers (people who use bitcoins to buy items online) and Bitcoin exchanges (where you can buy/sell bitcoins for real world money).
Now, how to generate them? you need to run the mining software, its pretty competitive now, you wont make any profit running bitcoin mining on your personal computers, there are specific computers build for it (ASIC based). Currently bitcoin is valued at around 630 USD and it touched 1000 USD few months back. In 2008, when it was started, was fairly easy to generate a coin and it wasn't even worth a single USD.
Re: bitcoins?
Ok let me read it and try to digest. I am sure I will have follow up questions. Thanks for the info bro.
Re: bitcoins?
Investors got 1000 x increase followed by a drubbing. For extreme speculators. That's all i know.
Re: bitcoins?
Listen to this podcast
Re: bitcoins?
Can someone please explain this concept to me in easy English?
With regular currency there is a legal tender "The State" With bitcoin there is no such thing. That's the biggest difference.
Re: bitcoins?
Dell is accepting bit coin payments. Today wsj
Re: bitcoins?
I should catch up on this as well. Never paid it any attention.
Re: bitcoins?
I started my masters in 2009 and at the very time bitcoin was started. I started mining them. At that time I never realized its potential and whatever I used to mine, I used to pay towards my personal server and other online stuff. There were very selected vendors who used to accept bitcoin. and then I stopped mining them :(
I mined around 100 BTC in like a year or so.
Re: bitcoins?
Thanks man. Will listen to it soon.
Re: bitcoins?
If you’d held on to them you’d a “multi-ten-thousandaire”. Downpayment to a nice little house 