Godlike Productions - Conspiracy Forum
Users Online Now: 2,508 (Who's On?)Visitors Today: 2,430,076
Pageviews Today: 3,294,501Threads Today: 703Posts Today: 13,650
10:40 PM


Rate this Thread

Absolute BS Crap Reasonable Nice Amazing
 

Please explain bitcoin

 
Anonymous Coward
User ID: 49328405
United States
11/17/2013 08:32 PM
Report Abusive Post
Report Copyright Violation
Please explain bitcoin
Just wtf is it, cyber currency? what does it look like? what can I buy with it?
Friskel

User ID: 35235211
United States
11/17/2013 08:46 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
It is an electronic currency in simple terms.

All bitcoins actually 'live' on the public ledger, meaning that when you 'own' a bitcoin, you basically just own the private key which is used to prove you are the only owner of the coin, and allows you to make transactions with it.

A bitcoin address looks like this -

14DCKSmAooFnFnS5y6Ab9ZLE7p56SYqdUu

That is the public address which you can use to send coins to. The address holds a balance, and you can see the balance and previous transactions of a bitcoin address by looking on blockchain.info -

[link to blockchain.info]

each Public key is paired with a PRIVATE KEY, which is used to unlock your coins and verify you own them if you want to send the coins to a different address. The private key should always be kept encrypted or safe somewhere because that is all you need to access and spend the coins.


Bitcoins can be used to purchase a lot of things. There are tons of retailers starting to accept bitcoin, and that number is growing every day. Lots of online websites are realizing that bitcoin is a great way to collect payment due to not having the possibility of chargebacks, and you can cash out your coins for the current exchange rate quite easily.

What I do to spend coins, however, is use sites like gyft.com and egifter.com to turn bitcoins into gift cards. You can get giftcards for basically anywhere, like walmart, bestbuy, CVS etc. Hundreds of stores.

Let me know if you have any more questions.. I tried to explain as best as I could.


Peace
Anonymous Coward (OP)
User ID: 49328405
United States
11/17/2013 09:01 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
Thanks that's the best description if read so far, almost sounds viable.
Friskel

User ID: 35235211
United States
11/17/2013 09:06 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
I can go into it more, I was just trying to keep it in terms that you would understand. It is awesome, and if you are just getting into it there is lots of very interesting things to learn about it.

If you are trying to get setup, I could post a quick tutorial on making a wallet and stuff.
Anonymous Coward
User ID: 49403972
11/17/2013 09:06 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
I have been mining bitcoin for about 4 days now and so far I am up to .0000348712

Woot!

I am running solo at 107.4Mhps :(
Friskel

User ID: 35235211
United States
11/17/2013 09:08 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
There is a lot of great sites that accept bitcoin, i'm trying to think of some but i'm too baked and just coming up blank. All I can really think of at the moment is PureBulk.com where I buy my supplements.
Friskel

User ID: 35235211
United States
11/17/2013 09:09 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
I have been mining bitcoin for about 4 days now and so far I am up to .0000348712

Woot!

I am running solo at 107.4Mhps :(
 Quoting: Anonymous Coward 49403972


Are you just mining with your desktop?
Anonymous Coward
User ID: 49403972
11/17/2013 09:12 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
Crappy video card. I have another PC with two old radeon 4870's I was going to try. I could be confused I am new. I am using Bitminter.
Anonymous Coward (OP)
User ID: 49328405
United States
11/17/2013 09:13 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
Where is the best place to buy it and how little can you start with?
Useless Cookie Eater

User ID: 29696048
United States
11/17/2013 09:14 PM

Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
Crappy video card. I have another PC with two old radeon 4870's I was going to try. I could be confused I am new. I am using Bitminter.
 Quoting: Anonymous Coward 49403972


Your odds of actually winning any coin is low.
Better chances in a pool....if at all.
Anonymous Coward (OP)
User ID: 49328405
United States
11/17/2013 09:14 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
I can go into it more, I was just trying to keep it in terms that you would understand. It is awesome, and if you are just getting into it there is lots of very interesting things to learn about it.

If you are trying to get setup, I could post a quick tutorial on making a wallet and stuff.
 Quoting: Friskel



Sure why not, my silver just sits there......
Anonymous Coward
User ID: 49403972
11/17/2013 09:15 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
Crappy video card. I have another PC with two old radeon 4870's I was going to try. I could be confused I am new. I am using Bitminter.
 Quoting: Anonymous Coward 49403972


Your odds of actually winning any coin is low.
Better chances in a pool....if at all.
 Quoting: Useless Cookie Eater


Just seeing what it is all about really. I read a post the other day about it so I started. Messing around nothing more.
Friskel

User ID: 35235211
United States
11/17/2013 09:31 PM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
Where is the best place to buy it and how little can you start with?
 Quoting: Anonymous Coward 49328405



Localbitcoins.com, you can buy with the following methods:

--Sending a moneygram/western union to the seller on localbitcoin (requires your real name)

--Sending a MoneyPak code (buy with cash at 7-11 or walmart/safeway/places like that) this way is mellow

--Meet up locally at a starbucks and buy with cash (mellow, but some people don't like meeting people face to face)

--Cash deposit to sellers bank account (requires you to go into bank, but no ID needed i'm pretty sure)


Also there is Coinbase.com, you need a credit card and it takes a couple days. the localbitcoin methods are instant.
Friskel

User ID: 35235211
United States
11/18/2013 12:04 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
If anyone would like to get started with bitcoin, send me your public BTC address and I will happily send you .001337btc to get you started :)
Anonymous Coward
User ID: 47095265
United States
11/18/2013 12:04 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
scam
Friskel

User ID: 35235211
United States
11/18/2013 12:16 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
scam
 Quoting: Anonymous Coward 47095265


1doh1

....How the fuck can bitcoin be a scam?
AtsuiPanda
Viva la revolucion!

User ID: 48829977
United States
11/18/2013 12:22 AM

Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
If anyone would like to get started with bitcoin, send me your public BTC address and I will happily send you .001337btc to get you started :)
 Quoting: Friskel


hey i seen some weed for that amount earlier LOL
How many feminists does it take to screw in a lightbulb? One. She stands there with the bulb in the socket and waits for the world to revolve around her.
Anonymous Coward
User ID: 9001040
United States
11/18/2013 12:23 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
scam
 Quoting: Anonymous Coward 47095265


1doh1

....How the fuck can bitcoin be a scam?
 Quoting: Friskel


Tell us why not.
eekers
GLP Tard

User ID: 38137469
United States
11/18/2013 12:25 AM

Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
It is an electronic currency in simple terms.

All bitcoins actually 'live' on the public ledger, meaning that when you 'own' a bitcoin, you basically just own the private key which is used to prove you are the only owner of the coin, and allows you to make transactions with it.

A bitcoin address looks like this -

14DCKSmAooFnFnS5y6Ab9ZLE7p56SYqdUu

That is the public address which you can use to send coins to. The address holds a balance, and you can see the balance and previous transactions of a bitcoin address by looking on blockchain.info -

[link to blockchain.info]

each Public key is paired with a PRIVATE KEY, which is used to unlock your coins and verify you own them if you want to send the coins to a different address. The private key should always be kept encrypted or safe somewhere because that is all you need to access and spend the coins.


Bitcoins can be used to purchase a lot of things. There are tons of retailers starting to accept bitcoin, and that number is growing every day. Lots of online websites are realizing that bitcoin is a great way to collect payment due to not having the possibility of chargebacks, and you can cash out your coins for the current exchange rate quite easily.

What I do to spend coins, however, is use sites like gyft.com and egifter.com to turn bitcoins into gift cards. You can get giftcards for basically anywhere, like walmart, bestbuy, CVS etc. Hundreds of stores.

Let me know if you have any more questions.. I tried to explain as best as I could.


Peace
 Quoting: Friskel


that is the best explanation I've heard too. I always thought it was like paypal.
"We shall not cease from exploration, and the end of all our exploring will be to arrive where we started and know the place for the first time." - T. S. Eliot
Anonymous Coward
User ID: 50076276
United States
11/18/2013 12:27 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
Just wtf is it, cyber currency? what does it look like? what can I buy with it?
 Quoting: Anonymous Coward 49328405


people shove coins up their asshole. fiat is going to be worthless. so we need a currency that won't be worthless and is impossible to shove up your asshole. Meet the bitcoin.
Friskel

User ID: 35235211
United States
11/18/2013 12:32 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
scam
 Quoting: Anonymous Coward 47095265


1doh1

....How the fuck can bitcoin be a scam?
 Quoting: Friskel


Tell us why not.
 Quoting: Anonymous Coward 9001040




It is a currency which value is determined by what people think it should be worth. You can look at the price from the beginning until now, and see how it has gradually grown due to many many different factors, such as implementation in a lot of stores.

For it to be a scam, there would have to be a victim of sort. With Bitcoin, you can invest in it by buying low and selling high, or buy some and use it to purchase goods, and if you purchase some and the price happens to go up, which it does a lot, you have made money and can now purchase more things than you could have with the fiat you used to buy the coins.

There is literally no way to get 'scammed' by the Bitcoin system. Please tell me why you think there is any chance at all you will get 'scammed' by using this new, secure technology. Please.
Friskel

User ID: 35235211
United States
11/18/2013 12:36 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
I can go into it more, I was just trying to keep it in terms that you would understand. It is awesome, and if you are just getting into it there is lots of very interesting things to learn about it.

If you are trying to get setup, I could post a quick tutorial on making a wallet and stuff.
 Quoting: Friskel



Sure why not, my silver just sits there......
 Quoting: Anonymous Coward 49328405



If you are really interested in getting started PM me.. I am way too tired right now to make a write-up on starting out with bitcoin, I would end up writing all night.

Do you think a bitcoin tutorial/wallet making tutorial would be something people would be interested in on this site? I might make a thread about it tomorrow.
Anonymous Coward
User ID: 45134377
Canada
11/18/2013 12:39 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
If anyone would like to get started with bitcoin, send me your public BTC address and I will happily send you .001337btc to get you started :)
 Quoting: Friskel


thats mighty generous of you...

I am a bitnoob...with 0 coins...I would appreciate your offer...

here is my code

1NTbMMtBpMfB43cCSTEdWwt2gEW6h93sp6

hf
Angelseverywhere
~Guardians of the Gates~

User ID: 44140691
United States
11/18/2013 12:41 AM

Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
I can go into it more, I was just trying to keep it in terms that you would understand. It is awesome, and if you are just getting into it there is lots of very interesting things to learn about it.

If you are trying to get setup, I could post a quick tutorial on making a wallet and stuff.
 Quoting: Friskel



Sure why not, my silver just sits there......
 Quoting: Anonymous Coward 49328405



If you are really interested in getting started PM me.. I am way too tired right now to make a write-up on starting out with bitcoin, I would end up writing all night.

Do you think a bitcoin tutorial/wallet making tutorial would be something people would be interested in on this site? I might make a thread about it tomorrow.
 Quoting: Friskel


yes...I am interested :)

hf
All God's angels come to us disguised.
~ James Russell Lowell

An angel can illuminate the thought and mind of man by strengthening the power of vision.
~ St Thomas Aquinas

Music is said to be the speech of angels.
~ Thomas Carlyle
Anonymous Coward
User ID: 50161391
United States
11/18/2013 12:45 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
Just made my first account I think.

1AQJa46qg5WkLrVwTqgHWVC9xgaBz3w6S2 to try it out. Thanks :)
Angelseverywhere
~Guardians of the Gates~

User ID: 44140691
United States
11/18/2013 12:50 AM

Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
18TJLGyqF6sDBw64v5NZo3Wd9FvGjSUpoh

I just clicked on the wallet from the link... set it up lol...but where do you go to earn bitcoins? Could this make you any money? no job so anything helps...

hf
All God's angels come to us disguised.
~ James Russell Lowell

An angel can illuminate the thought and mind of man by strengthening the power of vision.
~ St Thomas Aquinas

Music is said to be the speech of angels.
~ Thomas Carlyle
fishingnut

User ID: 2274197
United States
11/18/2013 12:50 AM

Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
It sounds like a scam to me.
Anonymous Coward
User ID: 47095265
United States
11/18/2013 12:50 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
scam
 Quoting: Anonymous Coward 47095265


1doh1

....How the fuck can bitcoin be a scam?
 Quoting: Friskel


its a bubble, over inflated like any other traded commodity
Friskel

User ID: 35235211
United States
11/18/2013 12:53 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
If anyone would like to get started with bitcoin, send me your public BTC address and I will happily send you .001337btc to get you started :)
 Quoting: Friskel


thats mighty generous of you...

I am a bitnoob...with 0 coins...I would appreciate your offer...

here is my code

1NTbMMtBpMfB43cCSTEdWwt2gEW6h93sp6

hf
 Quoting: Anonymous Coward 45134377


Just made my first account I think.

1AQJa46qg5WkLrVwTqgHWVC9xgaBz3w6S2 to try it out. Thanks :)
 Quoting: Anonymous Coward 50161391


18TJLGyqF6sDBw64v5NZo3Wd9FvGjSUpoh

I just clicked on the wallet from the link... set it up lol...but where do you go to earn bitcoins? Could this make you any money? no job so anything helps...

hf
 Quoting: Angelseverywhere



Just sent .001337 to all 3 of you. Enjoy peace
Friskel

User ID: 35235211
United States
11/18/2013 12:56 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
scam
 Quoting: Anonymous Coward 47095265


1doh1

....How the fuck can bitcoin be a scam?
 Quoting: Friskel


its a bubble, over inflated like any other traded commodity
 Quoting: Anonymous Coward 47095265



So you think the price is going to drop back down to under $100 after this 'bubble' pops?

Bitcoin is not a stock, or anything where insider investors can manipulate it.


The reason the price has been skyrocketing is due to the millions of Chinese and others around the world getting into it.
Anonymous Coward
User ID: 50161391
United States
11/18/2013 12:57 AM
Report Abusive Post
Report Copyright Violation
Re: Please explain bitcoin
Woot thanks for my first .001337 btc :) l33t for sure

News








We're dropping truth bombs like it's the end of days!