The Simplest Bitcoin Explanation On The Internet by ...
The Simplest Bitcoin Explanation On The Internet by ...
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Bitcoin: A Simple Explanation
Bitcoin: The Simplest Non-technical Explanation
New to Bitcoin? Confused? Need help? You've come to the right place.
Bitcoin is an internet based decentralised currency. Similarly to Bittorrent, but Bitcoin uses a public ledger called the blockchain to record who has sent and received money. It's very new, and for many very confusing. BitcoinHelp aims to rectify this. Whether it be explaining how it works, how to use it, how to buy Bitcoins, how to integrate Bitcoins into your business. Sharing your successes as well as failures in order to help others is also gladly received. Ask away!
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.
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
"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
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.
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Bitcoin is a decentralized peer-to-peer currency and online payments system. This "cash for the internet" may be a highly disruptive technology that causes great change in the monetary and banking systems of the world.
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!
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
"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
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
Bitcoin Address Generation Bitcoin addresses can be created using open-source libraries based on algorithmic hash functions. Users, most of the time, need more than one Bitcoin addresses to send coins to each other on the Blockchain. Bitcoin addresses are created based on the concept called Public-key cryptography; private keys are only known to the owner/users.… How Does Bitcoin Work – Technical Explanation. To start off with technical explanation, bitcoins need to be mined in order to supply the market. Miners establish their “farms” through purchase of specialized graphics cards with high hash power. Once awarded, miners get these blocks into their wallets and then transfer them to exchange markets to be sold of using either fiat money like ... The Simplest Bitcoin Explanation On The Internet. Nehemiah Isamotu. Sep 2 · 9 min read. Warning: This tutorial isn’t for you if you’re interested in sophisticated technical terms and ... Hey there, it's Greg.. I'll let you know about cool website updates, or if something seriously interesting happens in bitcoin. Looking for an absurdly in-depth technical explanation of how Bitcoin works. Close. 9. Posted by 10 days ago. Looking for an absurdly in-depth technical explanation of how Bitcoin works. Can anybody provide any resources? I already understand well enough how Bitcoin functions on a larger scale but after a while, you want to learn about the more obscure features of the protocol. I want to dive ...
BE CAREFUL!!! - Why Bitcoin is Pumping In Today's Bitcoin Video I will be taking a look at some simple explanations for Bitcoins price today, a word of caution surrounding how to approach BTC, and ... Bitcoin has been one of the most interesting currency of all times, when it plunged high recently. This gave rise to a lot of questions and specially what ex... A brief intro to the main ideas behind How Bitcoin Works, including how money is transferred, who keeps track of it, and how the whole thing is secured. Want... A short introduction to how Bitcoin Works. Want more? Check out my new in-depth course on the latest in Bitcoin, Blockchain, and a survey of the most excitin... The math behind cryptocurrencies. Home page: https://www.3blue1brown.com/ Brought to you by you: http://3b1b.co/btc-thanks And by Protocol Labs: https://prot...