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Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.

 
Anonymous Coward
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10/31/2020 04:33 PM
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Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Same here. I've seen many threads about it but could never understand it at all.

My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.

We really don't get EXACTLY WHAT is being mined.

To me it seems much ado about nothing.

Anyone wish to give a short explanation ?

Bitcoin for dummies.
Anonymous Coward
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10/31/2020 04:35 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
New Madrid or something, old coral is forgotten and wiped out then? Just for progress?
Moses Born Again in L.A.

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10/31/2020 04:45 PM

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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
monopoly
crash
gotchabuglurkdead3
starving
dumpsterfire
bump4
Moses Born Again
Anonymous Coward
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10/31/2020 04:47 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Think of it like this.

It is a very, very long list of numbers that is eons bigger than any person or machine can guess with a key. Kind of like trying to pick the winning lottery numbers that are random and once you do, also having another lottery ticket winner to collect.

So you have this big ass list and you can assign a value to a segment in that list. So at spot 1827483834773, you can pick a string of digits on that list (that everyone can see) where you want to say you own and have x amount of money at.

Since the rules of how you get the money to that very random spot in that huge list of numbers is agreed upon, once you have money assigned there, everyone agrees.

It is quite a bit more complicated than that and perhaps I butchered it for a layperson but damn - this is complicated shit, even for a coder, esp when you get to the anon coins.

If I can offer anything to anyone wanting to get into crypto - create a private wallet and store your money there.

Look up "bitcoin cold storage". It means you have the only copy of the private keys for your address.

You do not want to be able to log into a website and see your keys there. If they have them, so can the army of hackers who will eventually get them.
Anonymous Coward
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10/31/2020 04:54 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
your wife is a keeper, she nicely said, explained, got it

What is bitcoin?
Simply put, bitcoin is a digital currency. No bills to print or coins to mint. It's decentralized -- there's no government, institution (like a bank) or other authority that controls it. Owners are anonymous; instead of using names, tax IDs, or social security numbers, bitcoin connects buyers and sellers through encryption keys. And it isn't issued from the top down like traditional currency; rather, bitcoin is "mined" by powerful computers connected to the internet.

How does one 'mine' bitcoin?
A person (or group, or company) mines bitcoin by doing a combination of advanced math and record-keeping. Here's how it works. When someone sends a bitcoin to someone else, the network records that transaction, and all of the others made over a certain period of time, in a "block." Computers running special software -- the "miners" -- inscribe these transactions in a gigantic digital ledger. These blocks are known, collectively, as the "blockchain" -- an eternal, openly accessible record of all the transactions that have ever been made.

Using specialized software and increasingly powerful (and energy-intensive) hardware, miners convert these blocks into sequences of code, known as a "hash." This is somewhat more dramatic than it sounds; producing a hash requires serious computational power, and thousands of miners compete simultaneously to do it. It's like thousands of chefs feverishly racing to prepare a new, extremely complicated dish -- and only the first one to serve up a perfect version of it ends up getting paid.

When a new hash is generated, it's placed at the end of the blockchain, which is then publicly updated and propagated. For his or her trouble, the miner currently gets 12.5 bitcoins -- which, in February 2018, is worth roughly $100,000. Note that the amount of awarded bitcoins decreases over time.

[link to www.cnet.com (secure)]

what happens once all the 21 million bitcoins are mined?
Anonymous Coward
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10/31/2020 04:59 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
It is actually nothing

Some bits and bytes

But your receipt of purchase using real currency makes it have value

It is used by criminals worldwide
Anonymous Coward
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10/31/2020 05:00 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
how can, do you even capitalize the money and withdraw money at the ATM, you can't right?

what a fucking scam all this together is

What are the risks?
Legal and regulatory hazards aside, as both an investment and currency, bitcoin is very risky. When you wake up in the morning, you know pretty precisely how much a dollar can buy. The financial value of a bitcoin, however, is highly volatile and may swing widely from day to day and even hour to hour. (Exhibit A: December 2017.)
Anonymous Coward
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10/31/2020 05:01 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
It is actually nothing

Some bits and bytes

But your receipt of purchase using real currency makes it have value

It is used by criminals worldwide
 Quoting: Anonymous Coward 69930490


bump

Bitcoin transactions cannot be traced back individuals -- they are secured but also obscured through the use of public and private encryption keys. This anonymity can be appealing, especially with companies and marketers increasingly tracking our every purchase, but it also comes with drawbacks. You can never be certain who is selling you bitcoin or buying them from you. Opportunities for money laundering abound; in 2016, authorities in the Netherlands arrested 10 men for just this.

Theft is also a risk. The bitcoin subreddit is rife with individuals' stories and even established exchanges are targets. Mt. Gox, based in Japan, "lost" 750,000 of its customers' bitcoins in 2014 and hackers took $60 million from NiceHash in December 2017. There are few avenues for pursuing refunds, challenging a transaction or recovering such losses. Once a transaction hits the blockchain, it's final.

Thread: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Anonymous Coward
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10/31/2020 05:02 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
It is a 64 digit password
Anonymous Coward
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10/31/2020 05:25 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Bitcoin is a “trustless” monetary system held on many
Multiples of digital tech (computers)

TRUSTLESS means the opposite of what you think

It means it CANNOT be appropriated or changed BY HUMANS as every single digit is PUBLIC record - not identifying who has it but anonymously showing exactly how much is in numbered accounts

Therefore it is LIMITED ... cannot be inflated by politicians or the treasury

A SPECIFIC number of coins were established as a LIMIT and it will NEVER EXCEED that number

Hence . The VALUE of each coin I s expected to rise as demand increases

For instance - donations to politicians - payments by governments - ALL FLOWS are PUBLIC and PUBLISHED as they happen ... no more funny money and printing to Infiniti to hide it inninflation

This is called BLOCKCHAIN transactions - public but still anonymous

I think it’s great because any super large amounts can be tracked and possible identified by the alphabets as illegal or money laundering - or would just seem suspicious and people would follow where that money flowed

Blockchain is a technology of digital storage that originallynwas downloaded on each owners computer .... so EVERYONE in the chain had the ENTIRE CODE and it couldn’t be changed or lost .

That’s not possible anymore - the code is too huge - so PARTS are held on each computer ... and high holders can run NODES that carry significant proportions of the code

BitCoin is like “McDonalds” as being FIRSTnfor digital assets

Other coins and tokens are invented constantly - most for a specific function or industry to enhance the trade in that business

There are entertainment platform tokens - industrial tokens - coins for every business under the sun people have invested in because they believe the DEMAND to use them will increase because they are specifically useful .

Eh - I believe BLOCKCHAIN systems of “currency” will change our world MORE than the internet
Anonymous Coward
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10/31/2020 05:32 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Same here. I've seen many threads about it but could never understand it at all.

My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.

We really don't get EXACTLY WHAT is being mined.

To me it seems much ado about nothing.

Anyone wish to give a short explanation ?

Bitcoin for dummies.
 Quoting: Anonymous Coward 21256830


Your wife totally nailed it there. That's exactly what bitcoin is: Another stupid concocted Monopoly money system, only even worse than all the ones we already had, because it actually wastes resources on a mindboggling scale.
Anonymous Coward
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10/31/2020 05:36 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Same here. I've seen many threads about it but could never understand it at all.

My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.

We really don't get EXACTLY WHAT is being mined.

To me it seems much ado about nothing.

Anyone wish to give a short explanation ?

Bitcoin for dummies.
 Quoting: Anonymous Coward 21256830


The price goes up dramatically faster. Why?

In is then more rare.

About 18.5 million have been mined, it will take 120 more years to mine it all. After that, read on.....

....Even when the last bitcoin has been produced, miners will likely continue to actively and competitively participate and validate new transactions. The reason is that every bitcoin transaction has a small transaction fee attached to it.

These fees, while today representing a few hundred dollars per block, could potentially rise to many thousands of dollars per block, especially as the number of transactions on the blockchain grows and as the price of a bitcoin rises. Ultimately, it will function like a closed economy, where transaction fees are assessed much like taxes.....
[link to www.investopedia.com (secure)]
Anonymous Coward
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10/31/2020 05:53 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Same here. I've seen many threads about it but could never understand it at all.

My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.

We really don't get EXACTLY WHAT is being mined.

To me it seems much ado about nothing.

Anyone wish to give a short explanation ?

Bitcoin for dummies.
 Quoting: Anonymous Coward 21256830


The price goes up dramatically faster. Why?

In is then more rare.

About 18.5 million have been mined, it will take 120 more years to mine it all. After that, read on.....

....Even when the last bitcoin has been produced, miners will likely continue to actively and competitively participate and validate new transactions. The reason is that every bitcoin transaction has a small transaction fee attached to it.

These fees, while today representing a few hundred dollars per block, could potentially rise to many thousands of dollars per block, especially as the number of transactions on the blockchain grows and as the price of a bitcoin rises. Ultimately, it will function like a closed economy, where transaction fees are assessed much like taxes.....
[link to www.investopedia.com (secure)]
 Quoting: Anonymous Coward 79274923


Unlike taxes, you choose to participate in crypto. Actual taxes you have no choice and they will come with guns if you are late on a payment.
Anonymous Coward (OP)
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10/31/2020 06:49 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Same here. I've seen many threads about it but could never understand it at all.

My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.

We really don't get EXACTLY WHAT is being mined.

To me it seems much ado about nothing.

Anyone wish to give a short explanation ?

Bitcoin for dummies.
 Quoting: Anonymous Coward 21256830


Your wife totally nailed it there. That's exactly what bitcoin is: Another stupid concocted Monopoly money system, only even worse than all the ones we already had, because it actually wastes resources on a mindboggling scale.
 Quoting: Anonymous Coward 77780881


Haha that’s funny, thank you i just read your reply to my better half as she peels our garden potatoes to prepare mashed Ps, - this was after i hadread her all then previous posts.

She laughed and said ‘So I figured it out in less than five minutes ?!’

I always wondered when I’d seen all these threads about it ‘Whoah im too far gone to ever enter into that domain.’
WhenTheSaxonsBegan2H8​

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10/31/2020 07:49 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Same here. I've seen many threads about it but could never understand it at all.

My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.

We really don't get EXACTLY WHAT is being mined.

To me it seems much ado about nothing.

Anyone wish to give a short explanation ?

Bitcoin for dummies.
 Quoting: Anonymous Coward 21256830


Imagine working for something of substance say a gold coin. Wait wait wait, they took those away in 1933, or maybe a silver coin, wait wait wait, they took those away in 1972. Maybe you work for a green piece of paper with the word NOTE on it, (Note- not money but a promissory note to pay when they is money), no money since 1934 (H.R.192), now you get to work for something digital that can go away with the pull of a plug, or if you do not comply at a later date that has no intrinsic value whatsoever.

It is the next level of thievery and financial control over your life, and everybody wants a piece of that bit-coin.
WhenTheSaxonsBegan2H8
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But the greatest is love.....

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10/31/2020 08:13 PM

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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Same here. I've seen many threads about it but could never understand it at all.

My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.

We really don't get EXACTLY WHAT is being mined.

To me it seems much ado about nothing.

Anyone wish to give a short explanation ?

Bitcoin for dummies.
 Quoting: Anonymous Coward 21256830


Imagine working for something of substance say a gold coin. Wait wait wait, they took those away in 1933, or maybe a silver coin, wait wait wait, they took those away in 1972. Maybe you work for a green piece of paper with the word NOTE on it, (Note- not money but a promissory note to pay when they is money), no money since 1934 (H.R.192), now you get to work for something digital that can go away with the pull of a plug, or if you do not comply at a later date that has no intrinsic value whatsoever.

It is the next level of thievery and financial control over your life, and everybody wants a piece of that bit-coin.
 Quoting: WhenTheSaxonsBegan2H8


Well, that sounds fucking amazing.
"She isn't real.....I can't make her real"

"Somewhere between the sacred silence and sleep...Disorder, Disorder, Disorder"

"The World is a business Mr Beale..."

"You depend on our protection yet you feed us lies from the tablecloth......"
Anonymous Coward
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10/31/2020 08:29 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Bitcoin does not create money, or wealth.
It is in fact a greater Ponzi scheme. Can you make money off of it? Yes

You can also loose a lot of money too.

While people argue that it is a more freedom loving way of doing business without fear of gov or central bankers, a lot of bad actors use it too for those same reasons. So, you are playing in shark infested waters.

Finally, unless you start bartering memory sticks, the end game is to cash out. Cash- USD, EURO, etc cash. Let me repeat...CASH. Fiat Money.
But honestly the same applies to gold. The only difference is a DoS attack or an EMP or a fire at a server farm, or misplacing your laptop will not make your gold go puff.
Anonymous Coward (OP)
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10/31/2020 10:33 PM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Same here. I've seen many threads about it but could never understand it at all.

My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.

We really don't get EXACTLY WHAT is being mined.

To me it seems much ado about nothing.

Anyone wish to give a short explanation ?

Bitcoin for dummies.
 Quoting: Anonymous Coward 21256830


Imagine working for something of substance say a gold coin. Wait wait wait, they took those away in 1933, or maybe a silver coin, wait wait wait, they took those away in 1972. Maybe you work for a green piece of paper with the word NOTE on it, (Note- not money but a promissory note to pay when they is money), no money since 1934 (H.R.192), now you get to work for something digital that can go away with the pull of a plug, or if you do not comply at a later date that has no intrinsic value whatsoever.

It is the next level of thievery and financial control over your life, and everybody wants a piece of that bit-coin.
 Quoting: WhenTheSaxonsBegan2H8


Well, that sounds fucking amazing.
 Quoting: Just Passing Through.....


SERIOUSLY. Beyond Sir real
Anonymous Coward
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05/17/2021 03:50 AM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
its a digital cash exchange with a fluctuating rate of withdrawl based on how many monkeys they can get in the tree .. the winners are those who buy it for next to nothing while encouraging the rest to buy and sell the thing at varying rates to encourage more into the tree .. then when the tree hits 50 grand the founders shake the fucker till all the monkeys fall on their head
MISTER-BEE

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05/17/2021 04:01 AM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
In the U.S.A. don't you have to pay yearly capital gains taxes on your BITCOIN profit?
How do you solve a problem?

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05/17/2021 04:03 AM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
To me it is like the modern day South Sea Bubble .....

People invested money and lost it all.
Anonymous Coward
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05/17/2021 04:33 AM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
Same here. I've seen many threads about it but could never understand it at all.

My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.

We really don't get EXACTLY WHAT is being mined.

To me it seems much ado about nothing.

Anyone wish to give a short explanation ?

Bitcoin for dummies.
 Quoting: Anonymous Coward 21256830


It is computer code.
S._Clancy

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05/17/2021 04:34 AM
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Re: Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
It is a rule
a currency
a store of wealth





GLP