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What is bitcoins purpose

what is bitcoins purpose

Rezonansowy ( talk contribs ) 17:13, 31 December 2013 (UTC) To me the suggested image conveys that Bitcoin is a network. It is the miners who run specialised hardware however this is inconsequential to the recording of transactions VinceSamios ( talk ) 14:19, (UTC) Record means "set down in writing or some other permanent form for later reference, esp. But is there any real justification for a free person, if they so wish to take part in what is really a simple everyday activity(a game) in most parts of the world being prevented? Could you please elaborate on why you'd say that "miners are inconsequential to the recording of transactions?" Chris Arnesen 15:28, (UTC) My issue what is bitcoins purpose with the statement is that any computer can "mine record etc. Because they are not reprogrammable, asic chips are many times more efficient at processing SHA256 hashes than fpga's.

What are physical bitcoins today?

It is important to link open source software and the protocol. I made the change. They're used to interpreting vague pronouncements from Bejing.- John Nagle ( talk what is bitcoins purpose ) 05:23, 8 December 2013 (UTC) I agree. Each time the blockchain gives a reward, the mathematical equations that process the transactions and create the reward get harder to solve. 1, preceding unsigned comment added by ( talk ) 00:18, 9 December 2013 (UTC). Then we can buy stock and get further ahead of the depleted monetary system cause anything goes. How 'bout something like "seized 144,000 bitcoins from which were worth approximately US28.5 million at the time of the seizure." N2e ( talk ) 19:06, 23 December 2013 (UTC) It seems the optimal solution to give both the number. We could write a paragraph in this article, and link to a separate article called Bitcoin mining or similar. As we all know, that's not the case. Transaction systems are useful. (b) My sentences come from the main Bitcoin and b-money papers. Don't expect me to read what you've written prior. I was hoping for something of the lines of the Forbes article.

Org name"New Yorker Satoshi Nakamoto" url title The Crypto-Currency author Joshua Davis publisherThe New Yorker date accessdate name"New Yorker Satoshi Nakamoto" url title The Crypto-Currency author Joshua Davis publisherThe New Yorker date accessdate m/bitcoin/bitcoin Joshua Davis. The lack of a central authority is integral to Bitcoin, but I'm not sure what is bitcoins purpose it deserves such heavy focus in the lede. So why not write a few paragraphs that generalize the differences in regulations into two or three tiers and then mention each and every country that falls into these classes? I'm not in that group. The operators of this network, known as " miners are rewarded with transaction fees and newly minted bitcoins. Maybe if someone redeemed it for "real" money while slowly inflating the currencymaybe. But the thing that gets me is how can it be spent, not replicated, and done so digitally in a de-centralized manner? Miners perform the proof-of-work calculations that timestamp confirm transactions. Laser brain (talk) 20:11, 25 December 2013 (UTC) Was it a music service? Besides Fleetham, please fill the Edit summary to inform what you're doing with the article and provide a talk page entry when appropriate, for example : Removing open source statement per talk page.

What can I buy with bitcoins and its purpose?

Cheers, Chris Arnesen 03:18, 19 December what is bitcoins purpose 2013 (UTC) Chris Arnesen : Thanks. But I wouldn't call that a "huge" volume; it's like half of a percent of the total number of bitcoins in circulation. Try doing the very thing yourself, grow vegetables, herd milk animals, make your own cloths, shoes, glasses(if you can or even build your own home, and youll probably not do any of them very well, just. Wallets images are important as well. NorthBySouthBaranof ( talk ) 18:23, 22 December 2013 (UTC) Yes, all of it needs good citations from reliable sources. I wrote: Bitcoin creation rate will drop.5BTC in 2017. Among other things, that means that the sender(s) of the funds would have a hard time repudiating the fact that it was she (they) that sent the funds. Rezonansowy ( talk contribs ) 14:35, (UTC) That diagram is too technical for the Bitcoin article in its current form, and as such I suggest we move it to the more-technical Bitcoin protocol article. Rezonansowy ( talk contribs ) 23:54, (UTC) I know a lot about bitcoin transactions, but I still don't fully understand the sequence of actions depicted in the diagram, especially the hash part.

"In a database there is only one entry per item" is NOT a true statement (Source : I worked on the data infrastructure team of a large bank for two years and "duplicates" were the bane of my existence). So, I'm not sure the best thing to publish is something that suggests a course of action that could very well result in the loss of large sums of money for those who act. Every transaction uniquely identifies one or more unspent outputs from previous transactions. Chris Arnesen 19:20, (UTC) I think that's fine although when I looked for one I wasn't able to find a citation supporting the fact that cryptography is utilized in the creation of Bitcoins. DavidWBrooks ( talk ) 22:38, 7 December 2013 (UTC) I've added a definition to the main article - its a pretty important and oft miss-understood distinction. Chris Arnesen 22:40, (UTC) The above subtly links the open source-ness and the protocol. The maximum number of Bitcoins will be 22 million. The software that implemented the Bitcoin protocol was made open source.

Knowing where bitcoins come from helps knowing how to invest

Chris Arnesen 20:20, (UTC) "This master list of all transactions shows who owns what bitcoins currently and in the past and is maintained by a decentralized network that verifies and timestamps payments. As long as I get good analytical view points. Right now, this gives BTC only a tiny intrinsic value, but if it were to be used on a large scale with coloured coins, then this intrinsic value could increase dramatically. I agree with Fleetham though that dramatically expanding the lede section like that is not the right way forward. Chris Arnesen 17:57, 15 December 2013 (UTC) I suggest pending changes instead of this. Samwalton9 ( talk ) 21:17, 15 December 2013 (UTC) @ Samwalton9 : As always. Second, if you do accept Bitcoin Foundation as a reliable source, then see - this is a more truer definition.

ZAB ( talk ) 12:20, 28 November 2013 (UTC) I do not know why people are so gullible in case of physical bitcoins. Also Why in hell is this page protected? Silbtsc ( talk ) 18:18, 23 December 2013 (UTC) Bitcoin Foundation uses the terminology "open source protocol". Org and the Bitcoin Foundation are two separate entities. So now the reader has to dig down into the article to find why. Rather than discourage them from following the Wikipedia's guidelines, I want editors to reiterate what is bitcoins purpose their instinct to take a bold and neutral stance and evaluate reliability of each source regardless of how large the news organization. (within the first 2 mins). If everyone were to admit that the coins have no actual value then the price would fall. I am not an autoconfirmed user yet so I can't do the change myself. Users send payments by broadcasting digitally signed messages to their network peers.

How Does Bitcoin Work?

There's no non-important info to remove. Problems: First sentence uses "network" twice. Asic - Application Specific Integrated Circuit asic 's are Chips specifically designed to perform only one task, with their circuity physically locked to performing only one function over and over. Who says Bitcoin is more "fair" than central banks? They are irrevocable and non destructible. Since the announcement of the new All Inclusive Pricing Plan in October, along with the integration with Shopify in November, the number of new merchants has increased over 50 and the transaction volume has tripled. And theirs sources are strong - m, Forbes, etc. Chris Arnesen 20:21, 31 December 2013 (UTC) No reason to make the change.

What is, important to Know Before Investing

Rezonansowy ( talk contribs ) 18:00, 31 December 2013 (UTC) The difference is that that is Microsoft's font which is licensed as part of the logo. The protocol was designed to have transaction fees replace newly minted bitcoins as the miner's incentive. A bitcoin, on the other hand, is really truly only worth as much as I can find someone to pay for. Think of parents or grandparents that wish to give a significant amount of the wealth they have earned up in the course of their lives to their children or grandchildren. I'll give it another shot later. At some point during the processing, the mathematical equation that processes the coins runs into what is called a hash. Relay nodes (if you run bitcoin-qt you're one of them) verify and rebroadcast both individual transactions and blocks. Org is currently down, but hopefully it will come back.) John Nagle ( talk ) 21:27, 1 December 2013 (UTC) Thanks for the info, John. For one thing that's too verbose, and for another bitcoin. VinceSamios ( talk ) 22:28, 21 December 2013 (UTC) Vendor-purchased coins and paper wallets It should be clarified that a vendor-purchased paper wallet is probably the most insecure way to store BTC. Chris Arnesen 20:53, 12 December 2013 (UTC) Here's an article that might be a good reference on this subject bersalon.

Someone not using his real name ( talk ) 23:56, 25 December 2013 (UTC) The sections have been merged. It has just a link to the bitcoin. That's true but the ones that are specialized (asics) provide the vast majority of the network hash rate. Martijn Meijering ( talk ) 18:04, 24 December 2013 (UTC) Well, flatly, I disagree. Fleetham ( talk ) 03:56, 31 December 2013 (UTC) You're right, "has burgeoned" or similar would be fine. Another way to look at this separation of Bitcoin and its open source software is to compare it with http: http Bitcoin Official Protocol Definition RFC 2616 text Bitcoin client source code in Github Where implemented? This has invoked various articles in mainstream web media such as Forbes, Business Insider, The Street, cnbc, The New York Times, LA Times, The New Yorker and many more cherry pick and magnify the negatives on Bitcoin or are just plain confused about the topic. I think it's more important to have the graph near a relevant paragraph than retain all of the pics. The fact that it's a Currency is only a small part.

What is, bitcoins and how it works?

You cant buy anything what is bitcoins purpose with bitcoins. Coinbase is totally legit. Every entry made in a Bitcoin block is permanent. In a distributed currency such as Bitcoin, a different solution was needed to distribute new currency units. We're no longer able to automatically undo that changeset due to intervening edits, so we will have to redo those manually.

what is bitcoins purpose

Should You Invest

I'd say that's pretty definitive. Comment if you disagree. So to a computer dude like myself, "record" is more ambiguous than "database". Therefore this article need not adhere to the currencies manual of style. Even if Bitcoin is never much used for buying things it has an excellent use as a store of value(how many people use gold or silver to buy milk today and in this purpose alone it can be considered.

This seed also serves the purpose of proving mathematically that the Bitcoins have been transferred from the particular Bitcoin wallet. What we'd really like to see is an article that describes how widespread a phenomenon this is, and also how much fraud there has been involving said physical bitcoins. Rezonansowy ( talk contribs ) 16:14, 31 December 2013 (UTC) I don't really see the value in applying pending changes at this point. Chris Arnesen 04:15, 9 December 2013 (UTC) Huzzah, here's a perfect reference for Casacius coins Chris Arnesen 15:05, 12 December 2013 (UTC) I think we should mention these sorts of trinkets if only because so many news articles feature an image of physical coins. It's just something some dude put up on a Bitcoin forum, just like the "wallpaper" image. I'm a bit suspicious that this is just POV, plain and simple. Participants known as miners verify, timestamp, and record transactions into a shared public database called the block chain, for which they are rewarded with transaction fees and newly minted bitcoins.7 How does that sit with everybody? Once the equation comes across a hash, 12 Bitcoins are produced and given to the person whose computer was in use when the hash was discovered.

How many bitcoin are there in circulation?

If no one wanted to buy gold, gold would not have a market price. However, you can ask at Wikipedia:Requests for page protection if you want to make a case for. Rezonansowy ( talk contribs ) 16:19, 31 December 2013 (UTC) Done David Hedlund made edit. I understand the desire to highlight the fact that Bitcoin functions without a central authority, but we should focus on Bitcoin is, not what it's not. Moreover, some of the paragraphs talk about a technology (e.g., asic) and even asics do better hashes, but don't say much about bitcoin. Chris Arnesen 17:09, (UTC) By the way, I'm happy to address the two legitimate question that you brought up in your edits. More to the point, unless we have reliable sources describing bitcoin as having intrinsic value, we can't say that it does. No reason to changing the image, wordmark should be included if available, this is standard and present on many articles. There are all sorts of different kinds : Relational database (which is what you have in mind, I'm sure Nosql database.