Linked Questions

182
votes
21answers
89k views

What is a good way to concisely explain Bitcoin?

Often I'm asked to explain Bitcoin to someone and occasionally I come up with something stellar that really nails it, but most times it's a rambling incoherent mess. What I would like to see is a ...
167
votes
8answers
104k views

What exactly is Mining?

I have heard that mining is for people with ready hardware and blah blah blah... But what exactly is it? Does it operate like real mining? I mean, people talk about it like you are physically mining.
63
votes
9answers
79k views

Where do bitcoins come from and what gives them their value?

Where do bitcoins come from? From the WeUseCoins.com video it appears they are just being produced by "miners" and sold to people. So who backs Bitcoin or gives it its value?
39
votes
3answers
12k views

Will there be 21 million bitcoins eventually?

Every x blocks the mining reward is halved. Will the reward be halved forever such that we never quite reach 21 million bitcoins, or will we reach 21 million bitcoins at some point and will the reward ...
40
votes
5answers
26k views

What will happen to mining after the 20 999 999th Bitcoin?

After the 21 millionth bitcoin or 20,999,999th bitcoin is mined, what will happen to bitcoin mining? - will it just stop, or will we make a further division of the satoshi thanks to Bitcoin's infinite ...
11
votes
4answers
3k views

Why destroy bitcoins?

I keep seeing references to destroying bitcoins by sending them to addresses that nobody can own (e.g., addresses derived from impossible public keys). What would be the reason for doing this? It's ...
13
votes
5answers
44k views

Mining pool hashrate effect on a miner's income

Newbie miners have many misconceptions about how the hashrate of the pool they mine in will affect their mining income. If a big miner joins the pool there are some unhappy miners who think that now ...
3
votes
6answers
7k views

Who issues bitcoins and how?

I can't find information on who actually issues the bitcoins. I understand that miners generate new bitcoins but what party is responsible for issuance?
6
votes
3answers
9k views

Do bitcoin miners actually make money [duplicate]

Possible Duplicate: How can I compute mining profitability? Do bitcoin miners like the one depicted in the video below with 24 server clusters actually profit from bitcoins at the current prices? ...
8
votes
3answers
5k views

How exactly do new bitcoins come into existence?

I understand that currently new bitcoins are awarded during the validation/mining process. However, how exactly does the system determine that bitcoins that were previously nonexistent should be ...
4
votes
5answers
599 views

Does bitcoin improve on “hard” currencies in any way?

Question is in the title. Anyone who's toyed sufficiently long enough on the foreign exchange understands that currencies are largely driven by sentiment or manipulated on the odd occasion. Plus, ...
3
votes
2answers
636 views

Could speculation some day rise bitcoin to the moon? [closed]

I saw too many questions about bitcoin losing value. But in my view, 21 million bitcoins is relatively less money (ie., units) than other currencies. Why wouldn't Bitcoin's value rise simply due to ...
2
votes
2answers
775 views

Will mining in the (far) future produce a payout? [duplicate]

According to this question, there will only be 21 million bitcoins at most. These coins are being produced logarithmically by mining, so the payout will decrease as time goes by. When all 21 million ...
1
vote
1answer
2k views

Why is the hashrate getting so high?

The Bitcoin hash rate is MASSIVE right now. What exactly causes the hashrate to increase?
1
vote
2answers
589 views

When you mine bitcoin, where does it come from?

When I ask the real concept, that's because I can't understand how those math processing can generate something, I mean, if you think in a way to generate "money". I know it may sound like stupid ...

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