What Is Bitcoin, and How Does It Work? - NerdWallet

Bitcoin - The Currency of the Internet

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.
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Bitcoin - The Internet of Money

/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
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Neutro

The Neutro Protocol solves the trilemma of scalability, security and decentralisation, allows for anonymous transactions and eradicates the need for centralised oracles. Neutro users can create decentralized version of almost any real-world market that exists now only in centralized system that we all use currently.
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Ask me anything about how bitcoin works.

So I'm pretty good at bitcoin. I've spent the last few years programming and figuring out how it works. Great fun would highly recommend.
Before all that though I used to play online poker, and I recently got back in to it. I've spent some time playing bitcoin poker sites, and I've written a guide based on my experience so far: https://www.thepokerbank.com/bitcoin/. I've tried to answer what I thought would be the most common questions about bitcoin, but I'm not sure I've covered everything.
Long story short, have you got any questions about how bitcoin works? Like, have you ever used it at a poker site and wondered why it works the way it does, or not got an exact answer for a question you've asked in the past?
Ask me anything you like. I'll give you the best explanation I can.
submitted by thepokerbank to poker [link] [comments]

If you always wanted to find out how Bitcoin works, you can do it now by reading The Crypto Mindset - get your beginner's guide to cryptocurrencies free on Kindle for the next 24 hours!

submitted by IvicaMil to FreeEBOOKS [link] [comments]

Great video for explaining how bitcoin works to your grandparents

Often it may be difficult to explain how bitcoin works to the average layperson. There have been many attempts at simplifications, some great, some less so.
The video at the bottom of this page is the best I have seen so far... in terms of simplicity, speed (2:22), and accessibility to folks that e.g don't know reddit exists, let alone bitcoin. It's not perfectly accurate sure, but that's not the goal.
https://www.bbc.com/news/world-us-canada-53774077
(Apologies I am not sure how to link directly to a BBC video - you need to scroll down to the video at the bottom)
submitted by SignedJannis to Bitcoin [link] [comments]

A Brief Summary of How Bitcoin Works

A Brief Summary of How Bitcoin Works submitted by PabloClarke to BITCOIN_INDIA [link] [comments]

HOW BITCOIN WORKS

HOW BITCOIN WORKS

Bitcoin Definition

Bitcoin is a digital store of value and a disinflationary digital currency designed to facilitate financial transactions without a centralized intermediary and government control.
You can read the original Bitcoin whitepaper by clicking on this link
https://preview.redd.it/6tyw59woq4p51.jpg?width=496&format=pjpg&auto=webp&s=7a1c96a3ecc42ce18a27f47f33eca96f1bc2df92

Bitcoin Characteristics

Bitcoin has the following unique characteristics and distinctive features.
  • Decentralized. No one controls Bitcoin as its blockchain is globally distributed.
  • Censorship-Resistant. Governments and central banks cannot take control over Bitcoin.
  • Trustless. Nobody has to trust anybody else in order the Bitcoin network to function.
  • Irreversible. Bitcoin transactions are irreversible unlike traditional banking transfers.
  • Anonymous. Bitcoin addresses do not contain any personal information.
  • Divisible. Every Bitcoin is divided into 8 decimal places (0.00000001 BTC).
  • Limited Supply. Bitcoin has a disinflationary economic model and a fixed supply of 21 million.
  • Fast Settlement. Bitcoin transactions are fast, cost-effective, and cross-border.
You can learn more about Bitcoin and its unique characteristics here.
Legal Disclosure: The information contained in this article is the property of Digital Finance LLC and cannot be republished without our prior permission.
Digital Finance is a Washington, DC, financial company that specializes exclusively in the Bitcoin market. We provide easy and compliant exposure to digital assets and help our customers from all over the world to instantly buy Bitcoin and earn up to 6% annually on their Bitcoin holdings.
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submitted by MaximNurov to u/MaximNurov [link] [comments]

A Brief Summary of How Bitcoin Works

A Brief Summary of How Bitcoin Works submitted by PabloClarke to crypt0snews [link] [comments]

A Brief Summary of How Bitcoin Works

A Brief Summary of How Bitcoin Works submitted by PabloClarke to Bitcoin_Maximalist [link] [comments]

For those here new to bitcoin, AMA about how bitcoin works. I’m in a helping mood this morning.

submitted by awertheim to Bitcoin [link] [comments]

Cryptocurrencies are on the rise once again! If you always wanted to find out how Bitcoin works, you can do it now by reading The Crypto Mindset - get your beginner's guide to cryptocurrencies free on Kindle for the next 24 hours!

Cryptocurrencies are on the rise once again! If you always wanted to find out how Bitcoin works, you can do it now by reading The Crypto Mindset - get your beginner's guide to cryptocurrencies free on Kindle for the next 24 hours! submitted by IvicaMil to FreeEBOOKS [link] [comments]

[ Bitcoin ] This Is How Bitcoin Works, Right??

[ 🔴 DELETED 🔴 ] Topic originally posted in Bitcoin by razorcatmodular [link]
So let’s say I purchase 1 BTC today and it has a value of $9000. If I hold onto the 1 BTC for a year and the value of BTC becomes $18000. Does that mean I could sell my BTC a year from now and get double my investment?
submitted by anticensor_bot to u/anticensor_bot [link] [comments]

The Halving Exposes Bitcoin to 51% Attacks – Here's What We Can Do... Face in Palm. So much education still needs to happen. Somebody please send Mastering Bitcoin to the people at the BIS, specifically Raphael Auer. BIS Economists proving how little they know about how Bitcoin works.

The Halving Exposes Bitcoin to 51% Attacks – Here's What We Can Do... Face in Palm. So much education still needs to happen. Somebody please send Mastering Bitcoin to the people at the BIS, specifically Raphael Auer. BIS Economists proving how little they know about how Bitcoin works. submitted by the420chronicler to Bitcoin [link] [comments]

Ever wondered how BitCoin works under the hood? Play Blockchain Battle and find out!

Ever wondered how BitCoin works under the hood? Play Blockchain Battle and find out! submitted by drfunky69 to playmygame [link] [comments]

Great video for explaining how bitcoin works to your grandparents (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

What's wrong with my detailed diagram of how bitcoin works? Trying to get my head around the mechanics of this thing!

What's wrong with my detailed diagram of how bitcoin works? Trying to get my head around the mechanics of this thing! <Noob alert! Be kind> submitted by model_it to Bitcoin [link] [comments]

I have no idea how Bitcoin works, Is there any material where someone can show me it works?

submitted by Poochij to BitcoinBeginners [link] [comments]

Learn how Bitcoin works before you put your money in.

Learn how Bitcoin works before you put your money in. submitted by cooriah to Bitcoin [link] [comments]

What's the best talk that explains how bitcoin works? It should show why the innovation is so important and roughly how the consensus mechanism is designed.

If possible in less than 30 minutes. I have the opportunity to bring a brilliant women I know into the space, don't let me down.
submitted by VLADIMIROVIC_L to Bitcoin [link] [comments]

07-03 08:35 - 'Please tell me youre trolling. You can't build smart contracts on Bitcoin. Thats not how Bitcoin works. Do you even know what a smart contract is? Ironic since you seem to be the ultimate Bitcoin shiller here. lmfao / &#x...' by /u/bronash removed from /r/Bitcoin within 172-182min

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Please tell me youre trolling. You can't build smart contracts on Bitcoin. Thats not how Bitcoin works. Do you even know what a smart contract is? Ironic since you seem to be the ultimate Bitcoin shiller here. lmfao

And to answer your question, yes Ive built countless smart contracts on Ethereum. Its literally not hard at all. But then again knowledge is relative, as evident here.
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Author: bronash
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How Bitcoin Works

How Bitcoin Works submitted by TommyofLeeds to Bitcoin_Maximalist [link] [comments]

There is no doubt that the world is entering a period of financial instability. That is why it is more important than ever to understand how Bitcoin works. Save $1.99 and get The Crypto Mindset, a beginner's guide to the world of cryptocurrencies - free today on Kindle!

submitted by IvicaMil to FreeEBOOKS [link] [comments]

Chances are we're entering a period of financial instability. If you always wanted to find out how Bitcoin works, you can do it now by reading The Crypto Mindset - get your beginner's guide to cryptocurrencies free on Kindle for the next 24 hours!

submitted by IvicaMil to FreeEBOOKS [link] [comments]

Amazing article that shows how bitcoin works in times of turmoil. Spoiler alert: not well.

Link to the article: https://finance.yahoo.com/news/global-protests-reveal-bitcoin-limitations-175009109.html
Notable quotes:
protesters who tried mesh-network devices, which basically bounce a message or transaction across a web of devices until it finds a device with internet access, found they were “not useful for a confrontational situation.” Although many protesters use Telegram because it allows chatting without revealing the users’ phone numbers, he said tools that rely on mobile data providers offer limited functionality in times of turmoil.
As with protests in the Middle East, sources in Hong Kong said bitcoin and related technologies are not ready for usage in chaotic environments because the movement is still nascent and money generally relies on network effects. At this point, censorship-resistant technology can still be censored as long as it remains too niche.
Blockstream bitcoin satellite and mesh network technologies aren’t useful when you’re in a massive internet desert. “In situations where we don’t have physical connection none of these fucking technologies help us,” he said.
Whoa there goes the Mad Max champagne apocalypse bitcoin thesis. You won't rule the world with your few coins if shit hits the fan. Citadels won't exist, they are a meme. It's time to wake up from the dream. Nobody gives a fuck about your buttcoin satellite when there's no internet and the order crumbles.
After all, even if he got a transaction through, there are too few tech-savvy recipients to make digital transactions a worthwhile use of his time.
Two weeks ago, a few bitcoin traders found hackers had accessed their mobile phones and stolen cryptocurrency. Local social groups brimmed with concerns about which anonymous trader accounts could be trusted. As reported by the local outlet VDL News, the alleged hacker may have knowledge of the victims’ location and access to a network run by the telecommunications company Touch, because the hack involved intercepting messages at the service level.
“They can hijack WhatsApp, Telegram [accounts],” one alleged hacking victim said. “That means you can’t trust your mobile identity. … They [hackers] can create trouble between parties, fake accounts and impersonation.”
So this hack served as a wake-up call to the local community. In short, there is no substitute for in-person networking and long-standing relationships. Without them, the privacy created by avatars is also a liability.
Yeah but new trustless paradigm!? Surely those weak hands that lost their coins must understand that this was their own fault for not being grandmasters of cybersecurity high stakes speed chess? Why won't people get it? Just don't lose your coins, it's that simple!
LocalBitcoins data on peer-to-peer bitcoin trades in Hong Kong and Iran don’t show any relative spikes, reflecting the same narrative from over-the-counter Lebansese traders. Many bitcoiners prefer to stay deep underground these days, another Tehran-based bitcoiner said, fearful of attracting the attention of authorities on the hunt for people to suspect and arrest.
Scattered and fragmented communities offer scant liquidity on the ground.
In fact, Lebanese entrepreneur Dany Moussa told CoinDesk his homeland is predominantly a cash society, so even credit and debit cards might have a learning curve for some. It should also be noted that chatter in Lebanese groups shows hardware wallets don’t always work as designed, so users often need to help each other fix them.
FUD!
When global crypto exchanges and service providers ban a population due to sanctions or compliance concerns, as they have with Iranians and Lebanese people to some extent, ties to global communities can provide a lifeline. Across the board, sources said that connectivity and accessibility on the ground were the two fundamental challenges.
Bitcoin fixes this.
“I find it ironic that the first world talks about how bitcoin is freedom to the unbanked, but the unbanked have no way to get bitcoin,” he said. “Bitcoin feels like a novelty at times, or a privilege.”
Bitcoin helps hundreds of billions of unbanked across the world already. Surely this is only a minor obstacle on the road to mainstream adoption. As soon as the gubermint turns on the internet again we'll be gucci bro.
submitted by Cthulhooo to Buttcoin [link] [comments]

How Bitcoin Works Under the Hood - YouTube How Does BitCoin Work? - YouTube The Essence of How Bitcoin Works (Non-Technical) - YouTube Complete detail of how Bitcoin works - YouTube But how does bitcoin actually work? - YouTube

Bitcoin is a complex product: The concepts of cryptocurrencies in general are abstruse and abstract, and understanding how and why Bitcoin works requires a fair degree of technological knowledge. How Bitcoin Works. By Prypto . Bitcoin is changing the way people think about money by planting a seed of doubt in people’s minds — in a positive and thought-provoking way. Mind you, given the financial crises over the past decade, it’s understandable that some people are trying to come up with new and creative solutions for a better ... How Free Bitcoin Generator 2020 Works? We have launched Free Bitcoin Generator on an online server instead create software or apps. That is the right way to use Bitcoin Generator, and you can start it in a single click. It is fast loaded, secure with elegantly designed, and easy to use. You will get these all features in this online generator. To understand how bitcoin works, it helps to understand these terms and a little context: Blockchain : Bitcoin is powered by open-source code known as blockchain, which creates a shared public ledger. Each bitcoin math problem has a set of possible 64-digit solutions. A desktop computer, if it works nonstop, might be able to solve one bitcoin problem in two to three days, however, it might take longer.

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How Bitcoin Works Under the Hood - YouTube

If money is only valuable when we believe in it, how much is a BitCoin actually worth? Jonathan explains the virtual currency as well as how to mine it and t... A brief intro to the main ideas behind How Bitcoin Works, including how money is transferred, who keeps track of it, and how the whole thing is secured. Want... The math behind cryptocurrencies. Home page: https://www.3blue1brown.com/ Brought to you by you: http://3b1b.co/btc-thanks And by Protocol Labs: https://prot... Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X Bitcoin is the first decentralized digital currency. All Bitcoin transactions are docume... What is a blockchain and how do they work? I'll explain why blockchains are so special in simple and plain English! 💰 Want to buy Bitcoin or Ethereum? Buy fo...

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