A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.
Sorry if this is a FAQ but I was just wondering something about the two recent more significant bitcoin forks, particularly the total number of coins mined. It's still going to be 21m for BCH and bsv, right?
Bitcoins blockchain starts with the genesis block, and there will be a total of 21 million mined when we are done. I just wanna be sure I understand. When a hard fork occurs, all previous coins are effectively doubled because there are now two separate chains in the market, right? I remember when the BSV fork happened, what small amount I had in a BCH custodial wallet was suddenly also in a bsv wallet. So a currency created from a BTC hard fork is still going to yield a total of 21 million coins, right? It's not like somebody could come along after 20m mined coins, create a fork, and there be only 1m total of that particular coin. I think I have it right, I just need to be sure.
Salon mines in readers' browsers — usual false claims in FAQ about "unused computing power". Remember when they wrote in December 2017, "Bitcoin is a malignant development, and it’s getting worse"?
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I got this fancy computer sitting on my desk. How do I go about mining for bitcoins? I didn't see anything about software needed in the Getting Started or FAQ
Just information about WHAT mining is.... but it doesn't say HOW to mine.
I got this fancy computer sitting on my desk. How do I go about mining for bitcoins? I didn't see anything about software needed in the Getting Started or FAQ /r/Bitcoin
Alexa now has a Bitcoin category and subcategories (Exchanges; FAQs, Help, and Tutorials; Games; Mining; News and Media; Payment Processors; Services; Wallets)
FAQ#1: Can I mine Bitcoins using this old thing I found in my closet?
If you're wondering whether or not it is feasible to mine Bitcoin using your CPU, GPU (video card), cell phone, ps3, xbox, or original 1985 NES. The true answer to that question if you are being pedantic is: Yes, you can! The time required to get setup initially and the electrical efficiency of the hardware in question usually deduces the same answer from economically minded people, however. Which is: No! Bitcoin mining is a highly competitive technological arms race, and you should never bring a knife to a gun fight. The only two types of Bitcoin miners you want to be looking at right now are:
ASIC (Better option, if you can get one)
FPGA (Always available, not the best ROI at the moment however)
Feel free to kindly link any newbies asking a similar question to this post and downvote their original one, you can find this post stickied in the sidebar.
05-22 18:52 - 'This is the best tl;dr I could make, [original] reduced by 91%. (I'm a bot) ***** [quote] [quote] [quote] / ***** [**Extended Summary**] | [FAQ] | [Theory] | [Feedback] | *Top* *keywords*: **Bitcoin**^#1 **RSK**^#2 **mine**^#3 *...' by /u/autotldr removed from /r/Bitcoin within 0-8min
''' This is the best tl;dr I could make, [original]1 reduced by 91%. (I'm a bot)
Put simply, RSK is a two-way pegged sidechain that grafts smart contract functionality onto the bitcoin network. RSK does this by pegging, or matching, its smart token to bitcoin, so that the value of an RSK token is exactly that of a bitcoin. Essentially, a user's bitcoin goes into a type of reserve where it is locked up, and then used to back the RSK token, known as smartBTC. You can think of it as putting your bitcoin into a checking account, and then using the RSK network to spend that money.
05-22 18:52 - 'This is the best tl;dr I could make, [original] reduced by 91%. (I'm a bot) ***** [quote] [quote] [quote] / ***** [**Extended Summary**] | [FAQ] | [Theory] | [Feedback] | *Top* *keywords*: **Bitcoin**^#1 **RSK**^#2 **mine**^#3 *...' by /u/autotldr removed from /r/Bitcoin within 0-8min
''' This is the best tl;dr I could make, [original]1 reduced by 91%. (I'm a bot)
Put simply, RSK is a two-way pegged sidechain that grafts smart contract functionality onto the bitcoin network. RSK does this by pegging, or matching, its smart token to bitcoin, so that the value of an RSK token is exactly that of a bitcoin. Essentially, a user's bitcoin goes into a type of reserve where it is locked up, and then used to back the RSK token, known as smartBTC. You can think of it as putting your bitcoin into a checking account, and then using the RSK network to spend that money.
You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series. Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute. Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here. Potential upcoming protocol improvements and scaling resources here and here. The number of times Bitcoin was declared dead by the media can be found here (LOL!)
Key properties of Bitcoin
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Trustless - Bitcoin solved the Byzantine's Generals Problem which means nobody needs to trust anybody for it to work.
Secure - Encrypted cryptographically and can’t be brute forced or confiscated with proper key management such as hardware wallets.
Programmable - Individual units of bitcoin can be programmed to transfer based on certain criteria being met
Nearly instant - From a few seconds to a few minutes depending on need for confirmations. Transactions are irreversible after one or more confirmations.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Scalable - While the protocol is still being optimized for increased transaction capacity, blockchains do not scale very well, so most transaction volume is expected to occur on Layer 2 networks built on top of Bitcoin.
Divisible - Each bitcoin can be divided down to 8 decimals, which means you don't have to worry about buying an entire bitcoin.
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
There are several benefits to accepting bitcoin as a payment option if you are a merchant;
1-3% savings over credit cards or PayPal.
No chargebacks (final settlement in 10 minutes as opposed to 3+ months).
Accept business from a global customer base.
Increased privacy.
Convert 100% of the sale to the currency of your choice for deposit to your account, or choose to keep a percentage of the sale in bitcoin if you wish to begin accumulating it.
If you are interested in accepting bitcoin as a payment method, there are several options available;
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Earning bitcoins
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
Bitcoin-Related Projects
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit
Symbol
Value
Info
bitcoin
BTC
1 bitcoin
one bitcoin is equal to 100 million satoshis
millibitcoin
mBTC
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
bit
bit
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
satoshi
sat
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
0.001 BTC
1 mBTC
1,000 bits
100k sats
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
They have control over bitcoin just like gold. The value of gold is worth far more than stocks of gold. Bitcoin value should be closer to 1,000,000 according to McAfee.
Is miningcity is a legit? On theyre add they saying they using bitcoin vault. My close reliable freind told me to invest there. ( he already did invest there) my question is are they a legit company or they just scamming people? Thanks
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