Bitcoin explained: Here's everything you need to know - CNET
Bitcoin explained: Here's everything you need to know - CNET
Category:Technical - Bitcoin Wiki
What is Bitcoin - Explained by Technical Ustad in Easy words
Here’s Why Bitcoin Is in No Man’s Land From a Monthly ...
Bitcoin Price Poised for a Breakout, Technical Analysis Shows
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!
I often saw some Bitcoiners counter the altcoin shillers with the following argument: "Bitcoin is the first so it has the network effect, so your altcoin will always worth less" This is not totally wrong but I think this argument is bad. Using it implies implicitly that you admit that Bitcoin is technically less capable than altcoins with their higher transaction rate, fast blocks, instant confirmation, without fees and smart contract support.... And this is WRONG ! Bitcoin price is higher, because Bitcoin is already TECHNICALLY BETTER than any other altcoin and not because of network effect. In 2017, Bitcoin dominance was lower, some altcoin reaches almost the same level than Bitcoin. So network effect is not what prevents an altcoin to take the lead but it is the fact that almost all altcoin that pretend to be better than Bitcoin are technically flawed. Why ? They use bigger blocks, DAGs (Directed Acyclic Graphs, like used in IOTA or Nano) or wtf they created to disturbe you and make you believe they are better than the good old Bitcoin blockchain. But they have at least one of these two weak points: validation time oand bandwidth. If they use biggefaster blocks, validation time of block is higher and so block propagation is slower. Less nodes can operate as they may not be able to validate blocks fast enough to keep up with the tip of the chain. You end up like Ethereum that has less and less full verification nodes leading to centralization of the network. If they use DAGs, they achieve consensus through a "proof-of-stake" vote and always at the cost of bandwidth (quadratic cost in number of node, linear in transaction rate). DAGs are often presented as "each node has its own ledger" but the reality is that the only global ledger you should trust is the complete DAG of the ledgers of each node. Only servers with a shitload of download bandwidth can maintain it as debunked here and here. To not look (in fact be) centralized, some DAG altcoins doesn't, opening the door to history rewrite by buying account that owned a big stake before and still use a lot of bandwidth to reach consensus. Bitcoin just add 80 bytes of proof-of-work data on a block of 1-2MB to achieve it and protect from history rewrite, almost zero cost for the network (that's why we pay fees to miners who carry the cost). You only have those problems when it reaches a critical level of usage and only then we can see how much those limits where ignored. Until now, very few altcoins reached the limit (maybe Ethereum, and IOTA shows us it is centralized already by stopping the network) Bitcoin has the highest price because Bitcoin is technically the only possible decentralized king (and a centralized cryptocurrency worths nothing). Yes maybe 1MB limit was too conservativ, yes fees are higher, yes 10 minutes is slow. But if everyone wants their coffee payment to be settled onchain, 1MB or 8MB or 32MB each 10 minutes, minutes or secondes will never be enough while it is a big difference for the network health. You only need the blockchain for settlement, for payment you have Lightning Network that can already destroy PayPal's transaction rate. So next time you feel convinced by an altcoin that pretend to be better than Bitcoin while being decentralized by design, evaluate the requirement to be a fully validating node and what the overhead of bandwidth needed to achieve consensus. The chances are high that they didn't take care of one of these two issues and end up centralized or broken. You don't need the network effect argument.
Bitcoin, simply explained for non-technical noobs.
I started a github page where I answer the most common non-technical questions I get from noobs about Bitcoin in a simple way. bitcoineasy.github.io If you are a noob let me know what you would like to know about Bitcoin. What are the most common questions or criticisms of Bitcoin you get?
How to explain Bitcoin to teenagers, children and non-technical people?
Bitcoin and blockchain are difficult concepts to explain. Even I felt difficulties in understanding Bitcoin for the first time. Any suggestions how to explain this phenomenon to children or teenagers? In my current country I can say 80% of teens don't know the specifics of Bitcoin. If children and teens are not familiar with cryptocurrency or Bitcoin, how can we as a Bitcoin community expect these economic changes to be fully adopted by society in a timely manner?
[uncensored-r/Bitcoin] For any newcomers - technicals of SegWit explained
The following post by wejrwer934 is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7mupqp The original post's content was as follows:
Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto [email protected] www.bitcoin.org Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still ... A technical analysis chart of bitcoin prices suggests that the digital currency's value is likely to shoot higher, restarting the bull run. Getting Bitcoin blockchain explained is essential to understanding how blockchain works. The Bitcoin blockchain is a database (known as a “ledger”) that consists only of Bitcoin transaction records.There is no central location that holds the database, instead, it is shared across a huge network of computers. I simplified quite a bit … But that system I explained exists. It’s called the Bitcoin protocol. And those digital apples are the bitcoins within the system. Fancy! So, did you see what happen What is Bitcoin – Explained by Technical Ustad. By. Syed Balal Rumy-September 18, 2017. 2. Bitcoin has been one of the most amazing currencies to watch in the history of mankind. First of all, the value of Bitcoin is only as strong as the trust that the Bitcoin community places in it, which means it holds an intrinsic value and not a real value such as gold, silver or land. Those commodities ...
Free Bitcoin - How is Works + learn & explain Technical
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain ... 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... We’ll stop supporting this browser soon. For the best experience please update your browser. Close. This video is unavailable. 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...