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Bitcoin WTF? anyone understand it?

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Ribenapigeon
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PostPosted: 19:24 - 11 Nov 2013    Post subject: Bitcoin WTF? anyone understand it? Reply with quote
Does anyone undefstand Bitcoin? I got a Bitcoin wallet for my Android device but god knows what you have to do to actually get Bitcoins.
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lllN30lll
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PostPosted: 19:42 - 11 Nov 2013    Post subject: Reply with quote
Search the forum for bitcoin , been discussed loads.
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covent.gardens
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PostPosted: 19:59 - 11 Nov 2013    Post subject: Reply with quote
In my experience it was a big fucking headache; got there in the end, but much research is needed. Reading for several hours is the only way Sad
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The Artist
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PostPosted: 20:46 - 11 Nov 2013    Post subject: Reply with quote
https://www.weusecoins.com/en/
https://www.bikechatforums.com/viewtopic.php?t=267863
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Ribenapigeon
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PostPosted: 21:11 - 11 Nov 2013    Post subject: Reply with quote
I lookednup the links. Still none the wiser except according to a faq, you cant huy bitcoins with paypal or credit cards, so still as clear as mud. I have got a eallet anf my owm address but fuckinel. grrrrrrr
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The Artist
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PostPosted: 21:25 - 11 Nov 2013    Post subject: Reply with quote
Boozehawk wrote:
I have got a eallet anf my owm address but fuckinel. grrrrrrr


It isn't that complicated, just read it all.

Buy on Bitbargain.co.uk
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Ribenapigeon
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PostPosted: 21:50 - 11 Nov 2013    Post subject: Reply with quote
A site called Uk bitcoinmarket says I can buy bitcoin using ukash but it seems to want me to sign up with them. Im guessing theyre a market place yes? so now im wndering what the "wallet" I installed on my tablet is exactly as it dousent seem to be any use. Im guessing Mt.Gox is also a marketplace ? do I sign up with one of these?
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The Artist
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PostPosted: 22:03 - 11 Nov 2013    Post subject: Reply with quote
Boozehawk wrote:
A site called Uk bitcoinmarket says I can buy bitcoin using ukash but it seems to want me to sign up with them. Im guessing theyre a market place yes? so now im wndering what the "wallet" I installed on my tablet is exactly as it dousent seem to be any use. Im guessing Mt.Gox is also a marketplace ? do I sign up with one of these?


What do you want to do? Just buy some bitcoin for speculation purposes? If so, go to Bitbargain, register, follow the insanely simple instructions and buy some.

Download some wallet software called electrum onto your PC. Withdraw the coins to that wallet, then back that wallet up onto a USB stick or something so you have more than one copy incase your PC dies.

Then in the meantime, read about how to move, sell and do anything else bitcoin related.
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Ribenapigeon
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PostPosted: 22:08 - 11 Nov 2013    Post subject: Reply with quote
The Artist wrote:
Boozehawk wrote:
A site called Uk bitcoinmarket says I can buy bitcoin using ukash but it seems to want me to sign up with them. Im guessing theyre a market place yes? so now im wndering what the "wallet" I installed on my tablet is exactly as it dousent seem to be any use. Im guessing Mt.Gox is also a marketplace ? do I sign up with one of these?


What do you want to do? Just buy some bitcoin for speculation purposes? If so, go to Bitbargain, register, follow the insanely simple instructions and buy some.

Download some wallet software called electrum onto your PC. Withdraw the coins to that wallet, then back that wallet up onto a USB stick or something so you have more than one copy incase your PC dies.

Then in the meantime, read about how to move, sell and do anything else bitcoin related.


Cheers that made more sense than all the websites on bitcoin.
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Ribenapigeon
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PostPosted: 10:52 - 13 Nov 2013    Post subject: Reply with quote
Well, I'm signed up to the bitcoin marketn got some UKash but still can't buy any coin as there's only one seller who recieves UKash and they're never online so I'm going to have to get an internet banking account started so I can purchase by bank transfer. Of course bitcoin value is going up all the time this faff is going on. It is amazingly frustrating.
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Hetzer
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PostPosted: 10:57 - 13 Nov 2013    Post subject: Reply with quote
Sounds like a bubble that's going to make a very loud pop.
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Ribenapigeon
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PostPosted: 11:23 - 13 Nov 2013    Post subject: Reply with quote
Hetzer wrote:
Sounds like a bubble that's going to make a very loud pop.


Yes but all I want to do is make a thirty quid punt on it for a couple of months. There's a good chance it won't pop till after all the Bitcoin has been mined.
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The Artist
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PostPosted: 11:41 - 13 Nov 2013    Post subject: Reply with quote
Boozehawk wrote:
Well, I'm signed up to the bitcoin marketn got some UKash but still can't buy any coin as there's only one seller who recieves UKash and they're never online so I'm going to have to get an internet banking account started so I can purchase by bank transfer. Of course bitcoin value is going up all the time this faff is going on. It is amazingly frustrating.


Do you have paypal? I can do a small amount through paypal for you.
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The Artist
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PostPosted: 11:42 - 13 Nov 2013    Post subject: Reply with quote
Hetzer wrote:
Sounds like a bubble that's going to make a very loud pop.


Hetzer, you uninformed opinion is showing again.

Sure the price may be over valued right now but long term, we are still under valued.
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The Artist
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PostPosted: 11:43 - 13 Nov 2013    Post subject: Reply with quote
Boozehawk wrote:
Hetzer wrote:
Sounds like a bubble that's going to make a very loud pop.


Yes but all I want to do is make a thirty quid punt on it for a couple of months. There's a good chance it won't pop till after all the Bitcoin has been mined.


That is totally wrong as the number of bitcoins mined will not affect the price like that. FYI they won't all be mined till ~2040 so you have a bit of a wait. Laughing
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c_dug
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PostPosted: 11:52 - 13 Nov 2013    Post subject: Reply with quote
I've tried to read into this but I am still none the wiser, what exactly is a bitcoin? When they "mine" coins what do they mine for? I presume it is computers calculating something but what is the answer they need to find be a coin?
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Derivative
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PostPosted: 12:13 - 13 Nov 2013    Post subject: Reply with quote
c_dug wrote:
I've tried to read into this but I am still none the wiser, what exactly is a bitcoin? When they "mine" coins what do they mine for? I presume it is computers calculating something but what is the answer they need to find be a coin?


Cryptographic work is done that propagates the transaction chain. Essentially the 'mining' is used to provide the system's security.

The coin itself is... well it's not really anything, just like £1 in your bank account isn't anything. But your bank has a secure record (double entry bookkeeping) of how much is in your account.
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c_dug
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PostPosted: 12:15 - 13 Nov 2013    Post subject: Reply with quote
So the mining process itself is not trying to calculate a specific type of number?
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Derivative
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PostPosted: 12:20 - 13 Nov 2013    Post subject: Reply with quote
c_dug wrote:
So the mining process itself is not trying to calculate a specific type of number?


Well, numbers are calculated, but the numbers themselves are not inherently useful. It's not like the Mersenne Prime Search or anything like that.

Outside of the Bitcoin network, mining is a huge waste of electricity - however, you could say the same of banks themselves - the tellers, the computer network, the physical buildings would be utterly wasted, if not for the value generated by the existence of the banking system.
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c_dug
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PostPosted: 12:27 - 13 Nov 2013    Post subject: Reply with quote
Ok, but what I mean is what process do they use to determine the number that then becomes a coin?

What is to stop me deciding that 245789776556788866 is a coin?
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The Artist
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PostPosted: 12:51 - 13 Nov 2013    Post subject: Reply with quote
c_dug wrote:
Ok, but what I mean is what process do they use to determine the number that then becomes a coin?

What is to stop me deciding that 245789776556788866 is a coin?


Rules written by the original development team. That cannot be changed.
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c_dug
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PostPosted: 12:57 - 13 Nov 2013    Post subject: Reply with quote
Still doesn't answer the question though? Did they decide on set numbers? Or is it some kind of equation?

If the latter how/why is it limited to a certain amount? If there is no person/organisation in control then what is to stop people running the same equation, who would know and how would they tell?
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Ribenapigeon
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PostPosted: 13:04 - 13 Nov 2013    Post subject: Reply with quote
The Artist wrote:
have paypal? I can do a small amount through paypal for you.


Unfortiunatly no. I'm going to call my bank and get banking software, maybe even open an account just for this sort of thing as I would like to keep my main account as seperate from the net as possible. Thanks for the offer though.
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Ribenapigeon
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PostPosted: 13:06 - 13 Nov 2013    Post subject: Reply with quote
Derivative wrote:


Outside of the Bitcoin network, mining is a huge waste of electricity - however, you could say the same of banks themselves - the tellers, the computer network, the physical buildings would be utterly wasted, if not for the value generated by the existence of the banking system.


I wonder what the Carbon cost of a Bitcoin is then?
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Hetzer
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PostPosted: 13:08 - 13 Nov 2013    Post subject: Reply with quote
'Mining' bit coins is the same as digging up gold ore and processing it into bullion or printing paper banknotes.

It all relies on abstract faith though.
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