Bitcoin: Difference between revisions
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=See Also= | =See Also= | ||
*[[Open Source Bitcoin Mining Rig]] | *[[Open Source Bitcoin Mining Rig]] | ||
=Lex Comments= | |||
Saw your post about skycoin... | |||
I would say *any* crypto currencies that relies on CPU intensive mining is not "appropriate" technology. It's wasteful and dumb :-) | |||
Even the 2nd most popular crypto currency, Ethereum, is very actively looking to move away from wasteful mining and actually already is pushing out a new Proof-of-Stake algorithm: | |||
https://www.coindesk.com/ethereums-big-switch-the-new-roadmap-to-proof-of-stake/ | |||
Basically, look for anything other than PoW (Proof-of-Work). | |||
Here is a short primer on the various other census algorithms: | |||
https://www.coindesk.com/short-guide-blockchain-consensus-protocols/ | |||
=Useful Links= | =Useful Links= | ||
*Understanding Change Addresses - [https://bitzuma.com/posts/five-ways-to-lose-money-with-bitcoin-change-addresses/] | *Understanding Change Addresses - [https://bitzuma.com/posts/five-ways-to-lose-money-with-bitcoin-change-addresses/] | ||
*[https://en.wikipedia.org/wiki/Bitcoin Wikipedia Page on Bitcoin] | *[https://en.wikipedia.org/wiki/Bitcoin Wikipedia Page on Bitcoin] | ||
Revision as of 06:45, 31 January 2018
Basics
- The First Decentralized Cryptocurrency
- May not be the best, but it is widely in use compared to other cryptocurrencies
- Part of the Open Source Currency Construction Set
Notes
- The wallet is a public-private key pair
- Hardware wallet or paper copy is safest - ledger nano s, or https://trezor.io/
- The hardware wallet should have a display. The display is used to generate your key pair if you lose - you can recreate your key pair by 20 words that you write down or remember.
- Exchanges typically store your private key.
- Private key is what is used to access your wallet
- Miners - ant miners pay for themselves in a few month.
Hardware Wallets
See Also
Lex Comments
Saw your post about skycoin...
I would say *any* crypto currencies that relies on CPU intensive mining is not "appropriate" technology. It's wasteful and dumb :-)
Even the 2nd most popular crypto currency, Ethereum, is very actively looking to move away from wasteful mining and actually already is pushing out a new Proof-of-Stake algorithm:
https://www.coindesk.com/ethereums-big-switch-the-new-roadmap-to-proof-of-stake/
Basically, look for anything other than PoW (Proof-of-Work).
Here is a short primer on the various other census algorithms:
https://www.coindesk.com/short-guide-blockchain-consensus-protocols/
Useful Links
- Understanding Change Addresses - [1]
- Wikipedia Page on Bitcoin