A Beginner’s Guide to Understanding Bitcoin ...

Bitcoin for Beginners

Bitcoin for Beginners is a subreddit for new users to ask Bitcoin related questions. **Do not respond to strangers direct messaging you, as over 99% of these people are Scammers.** This subreddit allows open discussion where peer review occurs. /BitcoinBeginners is not for posting new websites, memes, faucets, affiliate links, news, concern trolling, blog articles, or promoting altcoins and ICOs. **Bitcoin related Questions only** No url shorteners (auto spam)

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.

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.

So True: Nearly No One is Interested in Understanding Bitcoin

So True: Nearly No One is Interested in Understanding Bitcoin submitted by wmredditor to CryptoCurrency [link] [comments]

[ CryptoCurrency ] So True: Nearly No One is Interested in Understanding Bitcoin

Topic originally posted in CryptoCurrency by wmredditor [link]
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Understanding Bitcoin’s Lightning Network - Part I

submitted by murtinjones to Bitcoin [link] [comments]

So True: Nearly No One is Interested in Understanding Bitcoin (x-post from /r/Cryptocurrency)

So True: Nearly No One is Interested in Understanding Bitcoin (x-post from /Cryptocurrency) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

So True: Nearly No One is Interested in Understanding Bitcoin

So True: Nearly No One is Interested in Understanding Bitcoin submitted by scgco to GGCrypto [link] [comments]

Help Understanding Bitcoin Security

I am somewhat of a newb to bitcoin and need some help understanding something. From what I understand bitcoin prioritizes security and simplicity so that it can be the most reliable and trusted form of sound money. This forces the blockchain to not be very scalable and to have higher transaction fees. This seems to incentivize off chain layer 2 solutions like the lighting network or some sort of third party intermediary. If a secure, fast and cheep layer 2 solution arises it could reduce transactions on the bitcoin blockchain significantly right? If transactions and transaction fees are reduced wouldn’t this compromise the security of the system in the future when the block reward is insignificant?
submitted by lenny1634 to Bitcoin [link] [comments]

New to bitcoin. Any great youtube videos to start learning and understanding bitcoin?

submitted by Calshan to BitcoinBeginners [link] [comments]

Bitcoin Secrets Revealed The Complete Guide to Understanding Bitcoin, Cryptocurrency, and the Bl...

DOWNLOAD LINK: megafile3.top/4441sdf9b/r35234s

submitted by Snoo-7697s3 to u/Snoo-7697s3 [link] [comments]

Help Understanding Bitcoin Security (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Understanding Bitcoin - Why is Bitcoin better than fiat?

Understanding Bitcoin - Why is Bitcoin better than fiat? submitted by guyfawkesfp to btc [link] [comments]

I need help understanding Bitcoin

I've been looking through posts off and on and to be honest I'm not making much headway. I want to get into Bitcoin. Its clearly the future, I just don't know where to start. Secondly can someone explain to me the difference between BTC and BCH? Who/where do I invest in?
submitted by LessSleepNeeded to Bitcoin [link] [comments]

Understanding Bitcoin Transactions

submitted by xbach to TREZOR [link] [comments]

Perfect example of someone repeating wrong points. This guy is "explaining" that price follows hashrate and hashrate follows the size of the mempool. This is the kind of people who invest in the #1 coin without understanding Bitcoin

Perfect example of someone repeating wrong points. This guy is submitted by doramas89 to btc [link] [comments]

Understanding Bitcoin

What are your favorite videos you show people to have them better understand Bitcoin?
Thanks for the links I’ll be checking them out!
submitted by whiskey6608 to Bitcoin [link] [comments]

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…

Bitcoin: The First Cryptocurrency

There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
  1. Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
  2. Store Value With nothing but a smartphone, you can become your own bank and store your own funds. Nobody can seize your assets. The funds are digital and stored on a blockchain. Your money no longer needs to be stored at a bank, in a vault, or under your mattress. I covered a few inspiring use-cases in a previous post. They include banking the unbanked, protecting assets from government seizure, mitigating the risk of a bank run, and protection against hyperinflation (like what recently happened in Venezuela).
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.
Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.

Public Awareness

A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.

Ethereum: Programmable Money

When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.

Digital Gold Rush

Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.

DeFi: Decentralized Finance

So as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.

Wrap Up

I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

Understanding Bitcoin’s Economic Value Doesn't Have to be Complicated

Understanding Bitcoin’s Economic Value Doesn't Have to be Complicated submitted by Bitstocks_ to bitcoincashSV [link] [comments]

Understanding Bitcoin LevelDB Format (and messing up with bytes)

submitted by iMil to Bitcoin [link] [comments]

Understanding Bitcoin’s Economic Value Doesn't Have to be Complicated

Understanding Bitcoin’s Economic Value Doesn't Have to be Complicated submitted by Bitstocks_ to bitcoinsv [link] [comments]

To Understand Bitcoin, Close Your Eyes and Imagine Eternal Life

To Understand Bitcoin, Close Your Eyes and Imagine Eternal Life submitted by dumgenius to Bitcoin [link] [comments]

Understanding Bitcoin’s Economic Value Doesn't Have to be Complicated

Understanding Bitcoin’s Economic Value Doesn't Have to be Complicated submitted by Bitstocks_ to u/Bitstocks_ [link] [comments]

Understanding Bitcoin and It’s Fork, Bitcoin Cash

submitted by Czfacts to TheCoinRepublic [link] [comments]

Am I understanding bitcoin correctly?

I've never spent serious effort in thinking about crypto currencies in general but came across this video on how bitcoin works: https://www.youtube.com/watch?v=bBC-nXj3Ng4

According to the video it seems like one of the main reasons why bitcoin guarantees a "un-manipulated" ledger is because of the security these hash functions/algorithms like sha256 offer.

Again, my understanding is still quite surface-level. But, in theory, if we had sufficient computational ability or some easy way to solve these hash functions or find alternate "transaction data" that generates the same hash, then would bitcoin effectively cease to exist? Wouldn't that mean there is no longer high confidence that the ledger is accurate?
submitted by as1729 to Bitcoin [link] [comments]

Understanding Bitcoin - YouTube Bitcoin explained: How do cryptocurrencies work? - BBC ... How Bitcoin Works in 5 Minutes (Technical) - YouTube Bitcoin Basics (Part 1) - Understanding Bitcoin - Day 1: Private Keys, Nodes & Lightning

The basics for a new user. As a new user, you can get started with Bitcoin without understanding the technical details. Once you've installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. Once you start understanding that sound money is incredibly valuable, you'll realise that Bitcoin is worth the energy because of the benefits it brings to society. Bitcoin was born out of the financial crisis to offer an alternative for the failing financial system. Understanding Bitcoin and its implications in the world of finance is important no matter what your line of business. Let’s take a closer look at basics of the bitcoin: Bitcoin is a Digital Currency. Bitcoin is a digital currency, meaning there are no bills to print or actual coins to make. In other words, it is an electronic form of currency ... A Beginner’s Guide to Understanding Bitcoin. Don’t use or invest in bitcoin until you’ve read this first. A lot of guides have been written to describe the basics of bitcoin. They usually start with an analogy around gold and mining, and something called the blockchain. These guides are great, but they often get into the technical weeds ... Bitcoin 101: Understanding the Basics. by Natasha Stokes on March 21, 2018 in Tech 101, Tips & How-Tos, Shopping:: 1 comment. Techlicious editors independently review products. To help support our ...

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Understanding Bitcoin - YouTube

Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X Bitcoin is the first decentralized digital currency. All Bitcoin transactions are docume... Over the past decade, an alternative digital paradigm has slowly been taking shape at the edges of the internet. This new paradigm is the blockchain. After i... Understanding Bitcoin; Videos Playlists; Channels; Discussion; About; Home Trending History Get YouTube Premium Get YouTube TV Best of YouTube Music Sports Gaming ... 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... The Secret to Understanding Bitcoin & Cryptocurrencies in Under 10 Minutes - Duration: 15:05. andrarchy 17,512 views. 15:05. Language: English Location: United States