Bitcoin: Difference between revisions
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*Private key is what is used to access your wallet | *Private key is what is used to access your wallet | ||
*Miners - ant miners pay for themselves in a few month. | *Miners - ant miners pay for themselves in a few month. | ||
=Hardware Wallets= | =Hardware Wallets= | ||
*About - https://en.bitcoin.it/wiki/Hardware_wallet | *About - https://en.bitcoin.it/wiki/Hardware_wallet | ||
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In regards to wasteful mining, that is why i find [[FairCoin]] more appealing than bitcoin. Really worth a look. I mainly added this page because bitcoin is really common, and it was the first major cryptocurrency to take off. | In regards to wasteful mining, that is why i find [[FairCoin]] more appealing than bitcoin. Really worth a look. I mainly added this page because bitcoin is really common, and it was the first major cryptocurrency to take off. | ||
=See Also= | =See Also= | ||
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*[[Open Source Bitcoin Mining Rig]] | *[[Open Source Bitcoin Mining Rig]] | ||
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*'''Bitcoin Whitepaper:''' https://bitcoin.org/bitcoin.pdf | *'''Bitcoin Whitepaper:''' https://bitcoin.org/bitcoin.pdf | ||
*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] | ||
*Article iun Wired 2014 - on the soul of bitcoin - [https://www.wired.com/2014/03/what-is-bitcoin/] | |||
Revision as of 07:33, 17 February 2021
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
Valuation
Stock to flow ratio of Bitcoin indicates that price would reach $100k by end of 2021 [1]
Seminal Books
- Andreas Antonopoulos - Mastering Bitcoin - [2]
- Top 3 books by Investopedia - [3]
- Article on Medium - follow this thread - simple nontechnical examples for aha moments - [4]
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
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/
Why People Don't Get Bitcoin in the USA
There is a very good talk by a bitcoin guy (Andreas M. Antonopoulos) of why average people in US don't really get bitcoin right away as compared to someone from a less stable country, I think the same applies to OSE (I see a lot of parallels between this talk and OSE):
https://youtu.be/QoiR4aNbTOw?t=136
Eric's Comments
In regards to wasteful mining, that is why i find FairCoin more appealing than bitcoin. Really worth a look. I mainly added this page because bitcoin is really common, and it was the first major cryptocurrency to take off.
See Also
Links
- Bitcoin Whitepaper: https://bitcoin.org/bitcoin.pdf
- Understanding Change Addresses - [5]
- Wikipedia Page on Bitcoin
- Article iun Wired 2014 - on the soul of bitcoin - [6]