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Thread: What is Bitcoin?

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    Default What is Bitcoin?



    Bitcoin (sign: BTC) is a decentralized digital currency based on an open-source, peer-to-peer internet protocol. It was introduced by a pseudonymous developer named Satoshi Nakamoto in 2009.

    Bitcoins can be exchanged through a computer or smartphone locally or internationally without an intermediate financial institution. In trade, one bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal points.

    Bitcoin is not managed like typical currencies: it has no central bank or central organization. Instead, it relies on an Internet-based peer-to-peer network. The money supply is automated and given to servers or "bitcoin miners" that confirm

    bitcoin transactions as they add them to a decentralized and archived transaction log approximately every 10 minutes.

    The transaction log is authenticated by end-users through hashed ECDSA digital signatures (similar to a username and password) and added to through calculations of varying difficulty, performed by dedicated servers called bitcoin miners. Each 10-minute portion or "block" of the transaction log has an assigned amount of bitcoins that is awarded to miners (who can then sell them at their discretion) once it is added to the log and confirmed by other miners. The amount of bitcoins per addition depends on how long the network has been running and how much in transaction fees has been paid. Currently, 25 new bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140.

    Bitcoin is the most widely used alternative currency[3][14] and accepted by various merchants and services internationally. As of March 2013, the monetary base of bitcoin is valued at over $1 billion USD. The large fluctuations in the dollar value of bitcoin has evoked criticism of bitcoin's economic suitability and legitimacy as a currency.






    Read more here - Bitcoin - Wikipedia, the free encyclopedia
    Last edited by wicked; 09-04-2013 at 17:41.

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    Default Re: What is Bitcoin?

    I am still very puzzled at what it is.

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    Default Re: What is Bitcoin?

    Quote Originally Posted by criss_glitch666 View Post
    I am still very puzzled at what it is.
    You're not alone my friend.

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    Default Re: What is Bitcoin?

    So it's essentially free money?

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    Default Re: What is Bitcoin?

    At this point the amount of hardware and electricity it takes to generate bitcoins is pretty prohibitive. Litecoin is an easier alternative, though the value of litecoin vs bitcoin is much lower... but hobbyists can still make money at it.

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    Default Re: What is Bitcoin?

    Here's a bit more about it from my editorial on the front page of the site I posted about an hour ago: Editorial: BitCoins & LiteCoins; Mining the Future? | Pure Overclock

    Let me know if helps and/or if you need further explanations and I will do my best to shed more light on the subject. I will gladly answer as many questions as I can too. Of course, I am sure there are members of our site than can enlighten us even better than I can.
    Last edited by dgstorm; 09-04-2013 at 18:16.

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    Default Re: What is Bitcoin?

    I get it and this seems pretty cool. One question though: are my rigs powerful enough to bother mining for bitcoins or should I stick to litecoins?
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    Default Re: What is Bitcoin?

    Like Criss im clueless but very intrigued by BitCoins. How much strain does mining put on your system?

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    Default Re: What is Bitcoin?

    Essentially if you have an ATI/AMD GPU -- you can mine either. I wouldn't bother with CPU mining, either Bitcoin or Litecoin -- though if you want too, Litecoin mining with CPU is still "OK" if you essentially have free electricity.

    With an ATI GPU though you can make a dent in either.

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    Default Re: What is Bitcoin?

    Quote Originally Posted by johng View Post
    Essentially if you have an ATI/AMD GPU -- you can mine either. I wouldn't bother with CPU mining, either Bitcoin or Litecoin -- though if you want too, Litecoin mining with CPU is still "OK" if you essentially have free electricity.

    With an ATI GPU though you can make a dent in either.
    Well thanks. I have two rigs - one with two 7970's and the other with two 7870 Tahiti cards. I should be good to go then. Now I just have to figure out how to get started.
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    Default Re: What is Bitcoin?

    Quote Originally Posted by SamCR3 View Post
    Well thanks. I have two rigs - one with two 7970's and the other with two 7870 Tahiti cards. I should be good to go then. Now I just have to figure out how to get started.
    First you need to decide if you want to mine Bitcoin or Litecoin -- then you need to pick a pool. It doesn't make sense to mine "alone" now a days. Then after that you can decide which software you want to run -- but most people end up testing out a couple of different ones to find out which works best with their system and produces the most hashes and is the most stable.

    For litecoin its really 2 choices: cgminer or reaper.

    I prefer to mine using Linux but many people mine on Windows as well. Even mac is supported with some miners...

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    Default Re: What is Bitcoin?

    Where do we find that cgminer or reaper software?

    And, how does it relate to the software found on the litecoin site?

    And... should we get the client or the source?

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    Default Re: What is Bitcoin?

    John, Dan, is there any way you can post min specs for a system to do this, and does it have to be AMD only, or can members with Intel systems help also ?

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    Default Re: What is Bitcoin?

    There are no minimums to get started, you just get more computational power with certain graphics cards. For the most part the CPU doesn't matter. You can use either Intel or AMD. For graphics cards AMD just calculates this particular algorithm much faster than NVIDIA cards. I posted this in another thread, as did Dan, but here it is again: https://github.com/litecoin-project/...i-ATI_AMD_GPUs

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    Default Re: What is Bitcoin?

    As said above, it's just the AMD cards that seem to do better in this application compared to NVIDIA.

    Hmm. How much is a single BC worth? I might have to fire up my only option. The GTX 570... although it would be rather loud I'd imagine. Also, a 7300GT for what it's worth. LOL.

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    Default Re: What is Bitcoin?

    A single bitcoin is worth about $215USD right and a single litecoin is worth $4.50, but either one would take you decades to mine by yourself just to get one coin. That's why John was mentioning it's best to join a pool.

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