The Simplest Bitcoin Explanation On The Internet by ...

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Here's my technical explanation of bitcoin for the layman.

Nobody knows who created the Bitcoin protocol. In 2009, a person named Satoshi Nakomoto published a PDF detailing how an unhackable public currency could be created. And so it was.
Bitcoin is unhackable because it is a distributed ledger of all transactions. And it's all linked up in a blockchain (There are blocks. Inside the blocks are transactions. The algorithmic hash of all that shit make a header number like this: 000000000000000000342ddfad97e5e0e2bffbb3c358d5a1fda7353132e04a49. This number is special, and some mining computer was paid 12 bitcoins $30,513 USD because it is a very difficult number to calculate. It is the hash of the last one 000000000000000000a6c66c08ea701dffda7f7b51dc99fd8367355b488ad424 and it must have all those zeroes at the front.)
So everyone has a copy of every transaction ever made, and it's all linked up and encrypted. This allows people to transfer money without a third party like a bank. This was never possible before and blockchain technology has the potential to fuck up the entire world.
submitted by TimothyCrestwood to Bitcoin [link] [comments]

Please critique my attempt at a non-technical explanation of Bitcoin.

(Obviously this particular version is for those in the liberty movement. Details would be tweaked depending on the audience.)
Constructive feedback, please. Thanks!
Hi,
I listened to Jacob and Sheldon's brief discussion on Bitcoin, and I thought I'd take a stab at explaining it, non-technically, in an attempt to dry up the morass surrounding it.
The first thing to unlearn about Bitcoin is: Bitcoin is not just a currency.
#1 - Bitcoin (big-B), first and foremost, is a protocol.
The analogy often used is that it is similar to TCP/IP, the underlying communications protocol upon which the internet as we know it functions. Every time you send an email, or check Facebook, or buy something on Amazon, you're using TCP/IP.
Bitcoin's particular communications protocol and networking system is called big-B Bitcoin. It is a peer-to-peer, decentralized, distributed system that utilizes cryptography to organize a global ledger, which is called the blockchain.
What makes blockchain technology so amazing and innovative is that for the first time in human history, we have a solution to the problem of obtaining consensus on a network of trustless peers. This concept is key. In computer science, this was known as "Byzantine Generals' problem" (referencing the problem of trustless generals trying to attack a target at the same time), which up until 2009 was an intractable problem in distributed systems.
The way people tried to circumvent this problem in the past, such as E-gold, was to have a centralized authority determining who had a rightful claim on a thing (like a digital coin, for example) and to prevent "double-spending" (I send digital coin C to person A and person B at the same time). Obviously, since these solutions were centralized, they were vulnerable to coercive shutdown by hostile entities such as the State.
Blockchain technology solves these problems in an entirely decentralized and distributed manner, without a centralized authority. The authority is pure mathematics.
So what exactly is the blockchain? In brief, the blockchain is exactly what it sounds like: It is a series of blocks--a chunk of transactions--that are audited by a network of powerful computers (the "miners") utilizing a concept called "proof-of-work". Proof-of-work is simply the contribution of processing power to solve complex algorithms, which prevents malicious network disruption, double-spending most importantly. The "miners" (or auditors) are rewarded for this work with some bitcoins and the transaction fees. As transactions are confirmed--i.e., the algorithms are solved, and each block is audited, accepted and secured by the network--the chain of blocks grows.
[Insert the really technical stuff here.]
What's nice is that you don't really need to understand the technical details to realize how inventive, innovative and disruptive this technology is. Just like a car, or the internet itself, we may not fully understand it, but that's okay. We just need to know that it works and is secure. Well, since it's open source, the tech-savvy among us can actually peruse and audit Bitcoin's entire codebase. Many have, which is why so many of them are excited about it.
This leads us to...
#2 - bitcoins (small-b) are the currency within Bitcoin
Utility. The remarkable payment system that the blockchain enables is instant, global, pseudonymous and almost-free, with no third parties. Heretofore, all of these properties together have never been possible in human history. Person A sends value to person B--the beauty of simplicity. You can see why States, their banks, and others in power should be fearful.
Scarcity. Through its cryptographic algorithms, there will only be 21 million bitcoins "mined", a mathematically set amount is distributed as each block is confirmed, over a perfectly calculable amount of time (until the year 2140). No one can create new bitcoins outside of this model. Bitcoin's core code can only be changed through the acceptance of the entire global network.
So we can see that the Bitcoin protocol/network provides two things: Scarcity and utility. And where you have these two things, you have a value and a price.
As Andreas Antonopolos says, currency (bitcoins) are "just the first app" that will use this technology. There are some very exciting projects coming that deal with completely anonyomous transactions, smart contracts, distributed autonomous organizations, and more. It's a very exiciting time to be a libertarian / voluntaryist / agorist / market anarchist!
Hope this helps.
Bitcoin FAQ https://en.bitcoin.it/wiki/FAQ
Bitcoin Myths https://en.bitcoin.it/wiki/Myths
Bitcoin & the Byzantine Generals Problem http://expectedpayoff.com/blog/2013/03/22/bitcoin-and-the-byzantine-generals-problem/
Andreas Antonopolos on Bitcoin http://www.youtube.com/watch?v=c2CsJ2HMA2I
Bitcoin: An Experiment in Anarchism https://www.youtube.com/watch?v=hPY-5SR-jPQ
submitted by tormented-atoms to Bitcoin [link] [comments]

Here's my technical explanation of bitcoin for the layman. /r/Bitcoin

Here's my technical explanation of bitcoin for the layman. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Good semi-technical explanation of Bitcoin / Blockchain for Newbs /r/Bitcoin

Good semi-technical explanation of Bitcoin / Blockchain for Newbs /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Technical explanation of how bitcoin gets onto ethereum

Technical explanation of how bitcoin gets onto ethereum submitted by rustedpopcorn to ethtrader [link] [comments]

Interesting and thorough non-technical explanation of how Bitcoin actually works

Interesting and thorough non-technical explanation of how Bitcoin actually works submitted by PuzzleheadedSpinach to videos [link] [comments]

"Instead of offering a technical or economic critique of Bitcoin Cash these people refer to Bitcoin Cash as “bcash” on social media in hopes that this nickname will lead to confusion and diminish adoption rates." - Great explanation from Bitcoin.com

submitted by MemoryDealers to btc [link] [comments]

Need Bitcoin Cash high quality videos to add to CoinsCabin the Netflix of cryptocurrency.

Check it out: https://coinscabin.com
With the recent surge in interest in cryptocurrency and blockchain, it's important that individuals understand what they are investing in. Often it's incredibly hard to know where to start, what to believe, or what friend has the correct information.
CoinsCabin will be a great start for people to sumberse themselves in the world of blockchain and cryptocurrency. Content will range from beginner to expert, and we would love to add our own original content in the future.
We're looking to add more videos and cryptocurrencies. Please leave feedback below!
Looking for the best Interviews, and technical explanations of Bitcoin Cash.
submitted by VeeLuciano to btc [link] [comments]

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What's your best elevator pitch for bitcoin?

I was trying to articulate bitcoin to someone I was having a conversation at a bar with last night, and had a hard time giving him a short summary of what bitcoin is and why it matters. I figured most people you meet at a bar that have heard about bitcoin, but have misconceptions or just don't know what it is don't want to spend a couple hours of their Friday night listening to a 30-60 minute technical explanation of bitcoin and why it matters. So I'm asking you, bitcoin, to help me develop a succinct but effective summary of what bitcoin is and why it matters that I'd be able to share with someone to spark interest and possibly a more in depth conversation about bitcoin. Ready, go!
submitted by an_albino_rhino to Bitcoin [link] [comments]

How Bitcoin mining REALLY works - an in-depth technical explanation of the proof-of-work algorithm that makes Bitcoin the most secure currency in the world

How Bitcoin mining REALLY works - an in-depth technical explanation of the proof-of-work algorithm that makes Bitcoin the most secure currency in the world submitted by SimilarAdvantage to BitcoinAll [link] [comments]

This is the non-technical explanation of why Bitcoin has value geared towards beginners

This is the non-technical explanation of why Bitcoin has value geared towards beginners submitted by almosthereman to videos [link] [comments]

04-18 23:15 - 'BashCo tried to monetize r/Bitcoin by running and promoting a scam they called 'UASF' (technical explanation of the way it was intended to steal bitcoins [here]) and removing comments which called them out for it. / PS...' by /u/BashCoIsAScammer removed from /r/Bitcoin within 56-66min

'''
BashCo tried to monetize Bitcoin by running and promoting a scam they called 'UASF' (technical explanation of the way it was intended to steal bitcoins [here]1 ) and removing comments which called them out for it.
PS: This comment will probably be removed by BashCo and his bootlickers, but reddit admins can still see it!
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: BashCoIsAScammer
1: https://github.com/bcoin-org/bcoin/pull/205
submitted by removalbot to removalbot [link] [comments]

The Economist explains Bitcoin. An old article from 2011, but a VERY good non-technical explanation of how Bitcoin mining works

The Economist explains Bitcoin. An old article from 2011, but a VERY good non-technical explanation of how Bitcoin mining works submitted by alanX to Bitcoin [link] [comments]

Technical explanation of the Blockchain in Bitcoin from Computerphile

Technical explanation of the Blockchain in Bitcoin from Computerphile submitted by frankenmint to Bitcoin [link] [comments]

"Instead of offering a technical or economic critique of Bitcoin Cash these people refer to Bitcoin Cash as bcash on social media in hopes that this nickname will lead to confusion and diminish adoption rates." - Great explanation from Bitcoin.com

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

How Bitcoin Works Under the Hood. A somewhat technical explanation of how Bitcoin works.

How Bitcoin Works Under the Hood. A somewhat technical explanation of how Bitcoin works. submitted by Natali_P to blockchain_startups [link] [comments]

A technical but simple explanation of how bitcoin transactions work

I have written a detailed (but as simple as possible) explanation of the way transactions are created and verified in bitcoin here in my personal website for everybody who may be interested to learn stuff like this: https://cyrussh.com/?p=85
submitted by cyrus_sh to Bitcoin [link] [comments]

A technical but simple explanation of how bitcoin transactions work /r/Bitcoin

A technical but simple explanation of how bitcoin transactions work /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Technical explanation of blockchain and Bitcoin at Computerphile

Technical explanation of blockchain and Bitcoin at Computerphile submitted by knahrvorn to Bitcoin [link] [comments]

Technical Analysis or explanation for rise of BTC recently? /r/Bitcoin

Technical Analysis or explanation for rise of BTC recently? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Question: Give technical, (attempted) non-biased explanation of the difference between Segwit and BU's 2mb hard fork /r/Bitcoin

Question: Give technical, (attempted) non-biased explanation of the difference between Segwit and BU's 2mb hard fork /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

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Why Is Bitcoin is Pumping? BE CAREFUL!

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