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What are Bitcoins??

Discussion in 'Making Money' started by zsimpson22, Apr 9, 2013.

  1. zsimpson22

    zsimpson22 Regular Member

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    Does someone care to explain this whole bitcoin thing to me. At first I didnt care anything about them, but then I just did some research and found the value of these things lately. So now im interested. Lol I dont understand completely how they work or what they are even for? Some type of online currency?
     
  2. Zapdos

    Zapdos Power Member

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  3. Yupefer

    Yupefer Regular Member

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  4. beLonger

    beLonger Newbie

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    Bitcoin is getting hot now, many people are talking about it. Basically, it is a new currency like any other. But different in many ways. First: you can buy it to use online to make payment, it is an investment. You can buy and later it will worth much more.

    I think that the value of Bitcoin now is hitting $100 or so. That's why many people are crazy about it.

    Second: Bitcoin can be made form a computer, but not any computer, you need to build a computer t let it crack the algarithms. This process is called mine and every time you find/crack the code, you put the coin in your wallet, a virtual program that is used to store the coin.

    There are people making something around $100 of Bitcoin daily letting the PC on all day.

    U can get more info here: bitcoin.org / en / how-it-works

    Just put everything together to form the link.
     
  5. Furious George

    Furious George Supreme Member Premium Member

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    It's not bitcoins.

    It's bitcoin.

    Would you say I wanna buy 7 golds? No, you wouldn't. You'd sound like an idiot.

    Bitcoin is basically a magic bullet formula for giving you six pack abs and a thick dong.
     
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  6. boot2all

    boot2all BANNED BANNED

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    A decentralised digital currency created in 2009

    Bitcoins can be exchanged through a computer or smartphone locally or internationally without an intermediate financial institution.[SUP][/SUP]In trade, one bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal points.[SUP][/SUP]

    Bitcoin is not managed like typical currencies: it has no central bank or central organization. Instead, it relies on an internet-based peer-to-peer network. The money supply is automated and given to servers or "bitcoin miners" that confirm bitcoin transactions as they add them to a decentralized and archived transaction log approximately every 10 minutes.

    The transaction log is authenticated by end-users through hashed ECDSA digital signatures (similar to a username and password) and added to through calculations of varying difficulty, performed by dedicated servers called bitcoin miners. Each 10-minute portion or "block" of the transaction log has an assigned amount of bitcoins that is awarded to miners (who can then sell them at their discretion) once it is added to the log and confirmed by other miners. The amount of bitcoins per addition depends on how long the network has been running and how much in transaction fees has been paid. Currently, 25 new bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140.[SUP][/SUP][SUP][/SUP]
     
  7. zsimpson22

    zsimpson22 Regular Member

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    Thank you guys for the replies. Definitely helped me get an understanding. I would think if this mining shit was easy everyone would be doing it lol must be harder than it sounds. Off to do some research.
     
  8. zsimpson22

    zsimpson22 Regular Member

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    thanks for the link, but I have already googled. Wasnt looking to get a repeat answer which is why I asked here. Wikipedia and other sites I looked at on google seemed not to understand that everyone isnt a computer programmer and what not, and used language that was pretty techy. Wouldnt have asked here if i wouldnt have googled it first. Never do and never will.
     
  9. Furious George

    Furious George Supreme Member Premium Member

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    wtf did you think the wizards at BHW were going to tell you? Weren't looking to get a repeat answer to a question like:

    "Hey, I have absolutley zero knowledge about ________." I have an internet connection..... hmmmmmmmmmm... I guess I'll go over the BHW and see if I can get those guys to give me basic answers for information that is widely available on the internet. Fuck, if only there were a service that crawled the internet and cached information to deliver to people on request in some kind of delivered search format that ranked in order of relevance and popularity. Oh well, off to start another thread."
     
  10. zsimpson22

    zsimpson22 Regular Member

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    Would you say you wanted 3 coin? No, you wouldn't. You'd sound like an idiot. See, in the english language you add an s on the end of plurals and assuming you would have more than one bitcoin, I assumed it would be bitcoins. My assumption may have been wrong, but I was simply taking what I learned in literature class, and applying it to the english language. Must be habit. Sorry about that.
     
  11. zsimpson22

    zsimpson22 Regular Member

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    Why would I look through pages and pages of google after not understanding the results on the first few pages, when I can get a simplified answer right here on one of the best tools I have and in a quick fashion? Whats your problem anyway bro? geez, you need some pussy.
     
  12. jumboaffe

    jumboaffe Registered Member

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    Check out this thread, it sums up everything pretty good: https://bitcointalk.org/index.php?topic=7269.0

     
  13. thesameprice

    thesameprice Registered Member

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  14. Furious George

    Furious George Supreme Member Premium Member

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    GTFO - :tool:
     
  15. futurestunner

    futurestunner BANNED BANNED

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    once i asked a beggar "what you do with the coins?
    he replied, "Exchange them with BitCoins"
     
  16. internetlol

    internetlol Regular Member

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    @ op. bitcoin is a electronic currency. Just like how your bank 'wires' your money to your card when you get paid. Only it's not government controlled. Simple answer.