Linked Questions

0
votes
0answers
34 views

basics of cryptocurrency [duplicate]

I recently became interested in cryptocurrency and its mining process but there are a few things I don't understand very well and I am still trying to learn the basics more before getting into trading ...
207
votes
21answers
93k 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 ...
194
votes
8answers
114k 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.
66
votes
9answers
92k 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?
54
votes
3answers
17k 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 ...
42
votes
5answers
27k 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 ...
15
votes
6answers
62k 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 ...
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 ...
3
votes
6answers
10k 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
6k 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
607 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, ...
4
votes
3answers
10k views

How could the dogecoin increase the limit of money supply?

As far as I know, Dogecoin will only have 100,000,000,000 coins in total. But how can the supply of coins remain uncapped? How could it produce unlimited dogecoins? Is there any specific skill to make ...
3
votes
2answers
667 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
786 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?
4
votes
3answers
465 views

What prevents miners from mining more bitcoin after 21million btc?

What prevents miners from mining more bitcoin after 21million btc was mined?
4
votes
1answer
447 views

Who decides the block reward in Bitcoin?

I know that when a miner mines a block, he will be rewarded with some bitcoins. But who decides how much bitcoin he will get? If it is decided by all the miners (as they are the ones verifying ...
1
vote
2answers
658 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 ...
1
vote
4answers
728 views

Do all Bitcoin alternatives need to have a coin limit?

In the Netherlands, it was just in the news the e-gulden was launched. Before we got the Euro (€) we had that currency in our country. An E-gulden (EFL) is currently 50 EFL = €1,50 But is there for ...
1
vote
1answer
591 views

When will there be no 'mineable' bitcoins left?

At today's rate of progression when will the market cap of 21 million be reached? If bitcoin increases at such a rate. In addition to this, is it true that when the market cap is reached, miners will ...
2
votes
2answers
121 views

Is it possible that bitcoin community along with core developers introduce new bitcoins into the system for the good cause?

I want to create a imaginary scenario here to clarify my question. Let's say, a bitcoin community is thriving at Cuba. Somehow few thousand Cubians manage to relocate at the remote location at Cuba ...
1
vote
1answer
330 views

Who will verify any transaction when the upper bound to total number of bitcoins is reached? [duplicate]

I've read that there will be around 21 million BTCs. (How many bitcoins will there eventually be?) Also, to my beginner understanding, it seems that miners verify the active transactions. (What are ...
4
votes
2answers
96 views

How do fees get processed in bitcoin? (protocol question)

If the fee isn’t written into the ledger, and it’s just the difference between the input transaction amount and the output transaction amount, how does the miner prove he has access in his wallet to ...
2
votes
1answer
182 views

How come the block reward keeps only getting halved but there is an upper limit for bitcoins in existance?

The maximum number of bitcoins that can exist is 21 million. New bitcoins are made by confirming that transactions happened. Every 4 years the amount of bitcoins people get when they solve a block is ...
1
vote
2answers
163 views

Beginner's Explanation [closed]

I'm interested in learning more about how bitcoin, mining, and blockchain technology work. I'm a student and don't have a strong background in computing, and I'm looking for a layman's explanation of ...
1
vote
1answer
61 views

Is it technically possible to change the total amount of Bitcoin?

Also, is it possible to change the reward cycle duration or the number of mining- reward coins?
2
votes
1answer
85 views

What is the exact value of upcoming block rewards?

Wrote a simple script that literally just halves 50 BTC (the initial block reward). Are these block rewards correct or are the satoshis being rounded up/down incorrectly? 50.00000000 25.00000000 12....