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| Main / The Lounge - Smokers welcome / BitCoin? Search Forum | |
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| posted: 2017-08-11 06:18:51 (ID: 100111296) Report Abuse | |
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RavensFan wrote:
I also have a Bitcoin question: How do you get bitcoins? I've heard you get them through a process called bitcoin mining, but I have no idea what that is. Can anyone clear this up? You can purchase them - on webpages acting as broker between guys want to buy BTC, and others willing to sell. At least this is what I did, initially. |
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| posted: 2017-08-11 06:21:46 (ID: 100111297) Report Abuse | |
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marinarul10 wrote:
nice one....my next purchase will use bitcoins  |
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| posted: 2017-08-11 06:24:59 (ID: 100111298) Report Abuse | |
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RavensFan wrote:I've heard you get them through a process called bitcoin mining
And to answer this question: the bitcoin network relies on multiple confirmations of a transaction by third ones...this is called mining, since these guys receive a little reward for their work. This reward is basically the network fee the sender of bitcoin pays when sending money to another one. However, there are more exact descriptions out there... Wikipedia tells Mining[edit] Semi-log plot of relative mining difficulty.[note 4][33] Mining is a record-keeping service.[note 5] Miners keep the blockchain consistent, complete, and unalterable by repeatedly verifying and collecting newly broadcast transactions into a new group of transactions called a block.[30] Each block contains a cryptographic hash of the previous block,[30] using the SHA-256 hashing algorithm,[7]:ch. 7 which links it to the previous block,[30] thus giving the blockchain its name. In order to be accepted by the rest of the network, a new block must contain a so-called proof-of-work.[30] The proof-of-work requires miners to find a number called a nonce, such that when the block content is hashed along with the nonce, the result is numerically smaller than the network's difficulty target.[7]:ch. 8 This proof is easy for any node in the network to verify, but extremely time-consuming to generate, as for a secure cryptographic hash, miners must try many different nonce values (usually the sequence of tested values is 0, 1, 2, 3, ...[7]:ch. 8) before meeting the difficulty target. Every 2016 blocks (approximately 14 days at roughly 10 min per block), the difficulty target is adjusted based on the network's recent performance, with the aim of keeping the average time between new blocks at ten minutes. In this way the system automatically adapts to the total amount of mining power on the network.[7]:ch. 8 Between 1 March 2014 and 1 March 2015, the average number of nonces miners had to try before creating a new block increased from 16.4 quintillion to 200.5 quintillion.[36] The proof-of-work system, alongside the chaining of blocks, makes modifications of the blockchain extremely hard, as an attacker must modify all subsequent blocks in order for the modifications of one block to be accepted.[37] As new blocks are mined all the time, the difficulty of modifying a block increases as time passes and the number of subsequent blocks (also called confirmations of the given block) increases.[30] |
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RavensFan
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posted: 2017-08-12 16:30:26 (ID: 100111339) Report Abuse |
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pete wrote:
RavensFan wrote:I've heard you get them through a process called bitcoin mining
And to answer this question: the bitcoin network relies on multiple confirmations of a transaction by third ones...this is called mining, since these guys receive a little reward for their work. This reward is basically the network fee the sender of bitcoin pays when sending money to another one. However, there are more exact descriptions out there... Wikipedia tells Mining[edit] Semi-log plot of relative mining difficulty.[note 4][33] Mining is a record-keeping service.[note 5] Miners keep the blockchain consistent, complete, and unalterable by repeatedly verifying and collecting newly broadcast transactions into a new group of transactions called a block.[30] Each block contains a cryptographic hash of the previous block,[30] using the SHA-256 hashing algorithm,[7]:ch. 7 which links it to the previous block,[30] thus giving the blockchain its name. In order to be accepted by the rest of the network, a new block must contain a so-called proof-of-work.[30] The proof-of-work requires miners to find a number called a nonce, such that when the block content is hashed along with the nonce, the result is numerically smaller than the network's difficulty target.[7]:ch. 8 This proof is easy for any node in the network to verify, but extremely time-consuming to generate, as for a secure cryptographic hash, miners must try many different nonce values (usually the sequence of tested values is 0, 1, 2, 3, ...[7]:ch. 8) before meeting the difficulty target. Every 2016 blocks (approximately 14 days at roughly 10 min per block), the difficulty target is adjusted based on the network's recent performance, with the aim of keeping the average time between new blocks at ten minutes. In this way the system automatically adapts to the total amount of mining power on the network.[7]:ch. 8 Between 1 March 2014 and 1 March 2015, the average number of nonces miners had to try before creating a new block increased from 16.4 quintillion to 200.5 quintillion.[36] The proof-of-work system, alongside the chaining of blocks, makes modifications of the blockchain extremely hard, as an attacker must modify all subsequent blocks in order for the modifications of one block to be accepted.[37] As new blocks are mined all the time, the difficulty of modifying a block increases as time passes and the number of subsequent blocks (also called confirmations of the given block) increases.[30] Yeah, this I can definitely not comprehend. Thanks for trying, though  |
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Stanford87
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posted: 2017-08-12 18:11:47 (ID: 100111359) Report Abuse |
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RavensFan wrote:
pete wrote:
RavensFan wrote:I've heard you get them through a process called bitcoin mining
(...) Yeah, this I can definitely not comprehend. Thanks for trying, though It basically means that, unless you have hardware worth thousands of dollars, it's not even worth trying to mine BTC. |
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RavensFan
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posted: 2017-08-12 20:49:47 (ID: 100111372) Report Abuse |
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Stanford87 wrote:
RavensFan wrote:
pete wrote:
RavensFan wrote:I've heard you get them through a process called bitcoin mining
(...) Yeah, this I can definitely not comprehend. Thanks for trying, though It basically means that, unless you have hardware worth thousands of dollars, it's not even worth trying to mine BTC. Okay, that's better. I wasnt going to mine bitcoins, I was just curious. |
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cantalupe
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posted: 2017-08-13 13:21:50 (ID: 100111422) Report Abuse |
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RavensFan wrote:
I also have a Bitcoin question: How do you get bitcoins? I've heard you get them through a process called bitcoin mining, but I have no idea what that is. Can anyone clear this up? Do you want to know how are they generated or how does one acquire them? |
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RavensFan
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posted: 2017-08-13 21:57:47 (ID: 100111467) Report Abuse |
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cantalupe wrote:
RavensFan wrote:
I also have a Bitcoin question: How do you get bitcoins? I've heard you get them through a process called bitcoin mining, but I have no idea what that is. Can anyone clear this up? Do you want to know how are they generated or how does one acquire them? I don't know, I'm not that interested in learning about it, I've just heard about it before and wanted to know a little more about it. |
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| posted: 2017-09-12 23:57:53 (ID: 100114178) Report Abuse | |
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Jamie Dimon Thinks Bitcoin Is a ‘Fraud,’ But It Can Still Hit $100K
Okay...he might be right...Bitcoin could fizzle....I could believe that. But a Wall Street exec calling something a 'Fraud'....we have such short memories. Steve SD Blitz |
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| posted: 2017-09-13 08:20:54 (ID: 100114214) Report Abuse | |
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