Bitcoin Explanation

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Picture of Blackx37 achievements

+13 1. Blackx commented 11 years ago

Picture of loadrunner54 achievements

+2 2. loadrunner commented 11 years ago

already 180 dollars a piece ( today)
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0 3. nZL commented 11 years ago

#2 what? where? it's been at 100 for a couple of days now
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0 4. MrG commented 11 years ago

Didn't understand one bit of the first part. Mining? Can I do some mining and earn 50 bitcoins? Where does those bitcoins come from? Bitcoins are worth money, so who gives out 50 bitcoins to the miners every 10 min?
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+1 5. ughlah commented 11 years ago

Bitcoins are under high volatile movement in its worth due to heavy speculation at the moment. Currently it's a really bad idea to buy them.
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+6 6. WildMonkey commented 11 years ago

Bitcoin, when cash isn't good enough...

I hate bitcoin, it's just another tool for criminals.

Oh I'm sorry, did I say criminals? Oh I meant smart techie guys trying to keep freedom alive via monetary freedom...yeah...that's the ticket...
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+1 7. mmmendal commented 11 years ago

Here is an article for those who want more info on the subject:
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+1 8. mosfet23 commented 11 years ago

So can I convert it to cash any time for the going exchange rate? If there's lots of catches or high conversion 'fees' then you're better off buying land on the moon.
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+6 9. Ash-BG commented 11 years ago

As far as i know, bitcoins are not something new under the sun.Bitcoins have been used for about 2-3 years know (pls correct me if im wrong). I read about some japanese guy who started this some time ago and set the limit of 21 million bitcoins max.
1.This new E-currency comes from servers called "Pools", which you use to "dig" them out.
2.All "pools" are connected to one big "chain" (the major site),so they share that limit i mention earlier.
3.There is a client software programms, which you use to connect to a "pool" of your choice, where you have already registered there and they give you an "unique key" , so the digged bitcoins are stored in your "wallet", which refers to that "unique key".

How does it work ?
So here is what's happend using the client software :
1.You've been given a mathematician calculations, which your "Video Card" or "CPU" must DO and you've been rewarded with bitcoins per second.According of how fast is your "VGA" or "CPU", you'll see a measurement on the client software like (150Mhash/s), which actually determines how fast is your PC and therefore how fast you dig the Bitcoins (there is a calculator Mhash>>Bitcoins>>Money).
2.The bitcoins are stored in your wallet after you finish using the software
3.Exchange the bitcoins on the market for money

Basically that's it, but there are even more stuff that you MUST know before you starting this.Im not going in details :D cuz this became,a really big boring post. :)
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+1 10. loadrunner commented 11 years ago

#8 There are no conversion fees, because there is nothing between you and the bitcoin, but a calculation. Only excanging them makes money for others. If you buy stuff directly, only the sellers of the products earn money. No bank no goverement will see any penny, it has no tax because it is not owned by any goverement. And that's why the govrement does not like it. They can't hold it.
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0 11. snotraddict commented 11 years ago

So using their software you perform some task to get the coins, might that be sending out malware or viruses or helping them to data mine? Seems really suspicious. Sounds like someone came up with another Pet Rock and wants people to "invest" in it. There are snake oil salesman everywhere for every time in humanity's history.
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-1 12. schlafanzyk commented 11 years ago

So, is there going to be a bitcoin rush with countries adapting it as their standard until some day, another great depression will hit and nations will get off the bitcoin standard back to a fiat currency to stimulate economic recovery?
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+1 13. loadrunner commented 10 years ago

For the history books : Today, November 30 2013 the bitcoin is worth around $750 . seven hundred and fifty dollar :o
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0 14. snotrfan89 commented 6 years ago

For the history books : Today, November 26 2017 the bitcoin is worth around $9178. I wish I had invested!!!!! :'(:'(:'(:'(:'(:'(:'(
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0 15. Belptly commented 1 year ago

One day I decided to try to earn my first money by investing in cryptocurrency. I was recommended the site and I decided to use it. And the biggest plus is that you can access the best interest rates, just earn interest on the platform and securely access it all in one place.