Got any Questions on Bitcoin? I'll answer it here!

[Shockeru]

How many people are there that could fake confirmations on the blockchain? How hard or how much $$ in equipment would that take?

Long story short: IMPOSSIBLE !!! (3 exclamation marks intended)

It's very very hard to fake a BTC transaction. Even with just 1 confirmation it's around 1% chance the transaction will fail.

After 6 confirmations its basically a done deal

Not true, you cannot fake transactions at all, no client in the network will accept invalid transactions

But to answer theguysaccount with a conspiracy theory: the only possibility to "fake" something / get rich would be to start a new block chain from zero and generate more blocks than the current official bitcoin blockchain (which seems to be at 400.000+ blocks) so your blockchain will become the main blockchain, and in the new blockchain you set yourself as the one who discovered each block (to reiceve +50 bitcoins, +25 bitcoins, +12.5 bitcoins per block), you would then have ~17.000.000 bitcoins. But you would also have to generate those 400k blocks using the same difficulty used by the official blockchain until now (which basically means you should be able to do all the mining done by all the miners in the world in the past 7 years instantly => not possible with any hardware/money/etc).

 

[xxx]

I love how bitcoin is instant, safe, and anonymous, which is why I use it daily.

One of the most stupid comment i always read about bitcoin.
Cryptocoins wont exist anymore in 3 years.
Bitcoin is a beta test to implement virtual money to the world.

Say hello to Visa India who is perfecting their new blockchain for virtual currency which they are going to introduce in the near future

 

[richjtf]

What wallet do you recommend?

 

[CRT]

One of the most stupid comment i always read about bitcoin.
Cryptocoins wont exist anymore in 3 years.
Bitcoin is a beta test to implement virtual money to the world.

Say hello to Visa India who is perfecting their new blockchain for virtual currency which they are going to introduce in the near future

You're so naive I can't even say anything

Long story short: IMPOSSIBLE !!! (3 exclamation marks intended)


Not true, you cannot fake transactions at all, no client in the network will accept invalid transactions

But to answer theguysaccount with a conspiracy theory: the only possibility to "fake" something / get rich would be to start a new block chain from zero and generate more blocks than the current official bitcoin blockchain (which seems to be at 400.000+ blocks) so your blockchain will become the main blockchain, and in the new blockchain you set yourself as the one who discovered each block (to reiceve +50 bitcoins, +25 bitcoins, +12.5 bitcoins per block), you would then have ~17.000.000 bitcoins. But you would also have to generate those 400k blocks using the same difficulty used by the official blockchain until now (which basically means you should be able to do all the mining done by all the miners in the world in the past 7 years instantly => not possible with any hardware/money/etc).

By faking I meant a double transaction, which means one of the transactions isn't valid. This is definitely possible especially when you send from a private wallet. The public bitcoin wallets don't allow you to send 2 transactions of the same amount of you don't have the funds to cover, but if you use your own cold storage wallet it's possible.

What wallet do you recommend?

Blockchain.info is great

 

[xxx]

You're so naive I can't even say anything

I know belivers never have any real arguments.Keep beliving

 

[SepticFish]

I know belivers never have any real arguments.Keep beliving

bitcoin is a direct competitor to credit card companies... If they adopt bitcoin, well... bitcoin holders will be pretty rich.

 

[virtualpurity]

One of the most stupid comment i always read about bitcoin.
Cryptocoins wont exist anymore in 3 years.
Bitcoin is a beta test to implement virtual money to the world.
Say hello to Visa India who is perfecting their new blockchain for virtual currency which they are going to introduce in the near future

Let me quote you :

"One of the most stupid comment i always read about bitcoin."

 

[JV1999]

I don't get bitcoin. It's basically like stocks, right? Totally impossible to trade with.

If, say, you wanted to buy something -- you'd always, always have to look up the current value of bitcoins before paying/accepting bitcoins.

Some people have wallets that link to visa/master card so they brag about buying irl items irl with bitcoin... but if you didn't look up the value of btc while purchasing, you wouldn't know if you got screwd or not?

am I right?

 

[virtualpurity]

I don't get bitcoin. It's basically like stocks, right? Totally impossible to trade with.

If, say, you wanted to buy something -- you'd always, always have to look up the current value of bitcoins before paying/accepting bitcoins.

Some people have wallets that link to visa/master card so they brag about buying irl items irl with bitcoin... but if you didn't look up the value of btc while purchasing, you wouldn't know if you got screwd or not?

am I right?

Answer to most of your questions :

http://www.coindesk.com/information/what-is-bitcoin/

https://en.wikipedia.org/wiki/Bitcoin

 

[CRT]

I know belivers never have any real arguments.Keep beliving

No I stated my arguments pretty clearly. Meanwhile you come in and say "bitcoin will die in 3 years" without any reasoning whatsoever.

Also, fix your english

 

[virtualpurity]

No I stated my arguments pretty clearly. Meanwhile you come in and say "bitcoin will die in 3 years" without any reasoning whatsoever.

Also, fix your english

Let him be, its not worth it , there will always be people like that saying btc will be gone in next 1-2 years, the problem is they are saying that for 10 years but yet btc is still around. And will be for much more years to come.

On topic @CRT do you use btc-e ? I`ve noticed recently they put 24 withdrawal holds after every buy or outside deposit. Was wondering if its site wide change or just specific members.

 

[CRT]

Let him be, its not worth it , there will always be people like that saying btc will be gone in next 1-2 years, the problem is they are saying that for 10 years but yet btc is still around. And will be for much more years to come.

On topic @CRT do you use btc-e ? I`ve noticed recently they put 24 withdrawal holds after every buy or outside deposit. Was wondering if its site wide change or just specific members.

No I use circle as they have the lowest fees (and they accept debit cards)

 

[JV1999]

Answer to most of your questions :

h

I really only had one question, and the coindesk link gave general info about bitcoin that I already knew, without answering my only question.

Idek if you just copied and pasted those links because you didn't read my question and thought I was just asking what a bitcoin was... but can you quote in coindesk the passages that answer my question?

Since bitcoin values rise and fall so much that people can profit off of reselling bitcoins, I was asking whether you'd be fucked if you didn't check btc values before doing a transaction, like shopping irl with your debit card that's linked to bitcoin.

 

[xxx]

Bitcoin can be so easyly crashed if wanted but people are to stupid to realise it.
If the government would like to finish bitcoin they would just need to hit the transferagents (BTC -> USD)and btc is gone.
Another easy way would be to control over 50% of the blockchain.For a single person or most companies impossible but not for governments and companies like google.Bitcoin is a beta for Visa.I know you people are not able to understand it since you are getting your infos out of news websites and messageboards instead of companies reports.Blockchain was and is an invention of Visa which is being perfectionsed currently by Visa India.But you guys have no clue about it.Once Visa implements its blockchain private banking will be gone as we know and you can bet your home all other crypto currencies too.

But hey keep beliving and supporting the world wide virtual currency.It surely will do good for your and your future family .
About my writing skills.....at least i'm not so dumb to work on my own grave

Most supporters of this kind of shit just want to make a quick buck without understanding the purpose of that crypto shit and the damage they are doing themself

 

[richjtf]

So i made a wallet on blockchain.info as you advised. I plan to use it to accept bitcoin payments on my site.

Am i going to need to be looking for a new best wallet every few months? How do i exchange my blockchain.info wallet balance for say paypal balance, payoneer balance, or withdraw to my bank account?

 

[SEOMemj]

Is UPMCoins legit or a scam? Could be worth investing in if it's legit.

 

[virtualpurity]

I really only had one question

I don't get bitcoin. It's basically like stocks, right?

but if you didn't look up the value of btc while purchasing, you wouldn't know if you got screwd or not?

am I right?

You actually had 2 questions.

but can you quote in coindesk the passages that answer my question?

6. It’s fast

You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.

All shops that accept BTC are converting the price in USD to amount of BTC in real time according to the current market price.

To make it more simple for you :

If you have 1 btc with current value of 400$ and you want to purchase an item that is worth 200$ then on checkout you would have to pay 0.5 btc for that item.

If the price of BTC is changed to lets say for example 800$ in the meantime than the same item would cost 0.25 BTC.

That is why there is always a time limitation of usually 15-30 minutes on checkouts.
That allows you to send the payment in that timeframe before it recalculates the price.
This is set to protect buyers and merchants in the same time of big price fluctuations.

 

[JV1999]

Bitcoin can be so easyly crashed if wanted but people are to stupid to realise it.
If the government would like to finish bitcoin they would just need to hit the transferagents (BTC -> USD)and btc is gone.
Another easy way would be to control over 50% of the blockchain.For a single person or most companies impossible but not for governments and companies like google.Bitcoin is a beta for Visa.I know you people are not able to understand it since you are getting your infos out of news websites and messageboards instead of companies reports.Blockchain was and is an invention of Visa which is being perfectionsed currently by Visa India.But you guys have no clue about it.Once Visa implements its blockchain private banking will be gone as we know and you can bet your home all other crypto currencies too.

But hey keep beliving and supporting the world wide virtual currency.It surely will do good for your and your future family .
About my writing skills.....at least i'm not so dumb to work on my own grave

Most supporters of this kind of shit just want to make a quick buck without understanding the purpose of that crypto shit and the damage they are doing themself

Maybe stop drinking the koolaid, get back on your schizo meds, and keep away from conspiracy theory blogs?

The government can also buy up all the Microsoft and Google stocks and crash those. They can do lots of things -- will they?

you conspiracy nuts are so awesome.

btw, Citi is starting a citicoin, so yeah I'm sure bitcoin will not go down. a huge company wouldn't invest in a sinking ship.

 

[JV1999]

All shops that accept BTC are converting the price in USD to amount of BTC in real time according to the current market price.

To make it more simple for you :

If you have 1 btc with current value of 400$ and you want to purchase an item that is worth 200$ then on checkout you would have to pay 0.5 btc for that item.

If the price of BTC is changed to lets say for example 800$ in the meantime than the same item would cost 0.25 BTC.

That is why there is always a time limitation of usually 15-30 minutes on checkouts. That allows you to send the payment in that timeframe before it recalculates the price.
This is set to protect buyers and merchants in the same time of big price fluctuations.

Thanks man.

But still, why would anyone want to use BTC as a currency? It sounds kind of impractical.

If you're trying to keep a budget or plan financially, you can't go out and shop because you don't know how much money you have. While checking out it could be you had $20 in bitcoins, but since prices change you have $18.

It's a great investment, but not sure it's so good for spending money.

 

[xxx]

Maybe stop drinking the koolaid, get back on your schizo meds, and keep away from conspiracy theory blogs?

Am not going to argue with a kiddy who hasnt read any company reports in his entire life