Bitcoins?

Vox Populi · Feb 20, 2014

I'm reading different topics, watching videos, looking at the stickys..

I'm still flabbergasted as to what BitCoins are, exactly? How they are obtained, how they are purchased\sold, where they are purchased\sold, etc.

Emperor Nero · Feb 20, 2014

They're essentially data that is proof of work. The proof of work is obtained by 'mining' or by having a PC work at solving an ever more complex set of problems. When one problem is solved you get proof of work in the form of BTC. They are purchased/sold on markets or exchange sites. I am sure you read about the most prominent markets in the stickies.

Xenophis · Feb 21, 2014

The Bitcoin network is essentially a decentralized public ledger system that allows for transfer of monetary value from one person to another quickly, with negligible costs, and securely. Bitcoin protocol is based on mathematical cryptography to validate ownership of BTC (the cryptocurrency used throughout the Bitcoin network) and each coin has a designated value determined by the free market. Each individual coin can be broken down into values divisible by up to 8 decimal places which means that you'd be able to make transactions with values much less than what a full bitcoin is worth today.

For the every day user, mining won't be of any concern, as it's far too late to make a dent in the hashrate of massive data center operations costing hundreds of thousands to millions of dollars.

Exchanges are the most feasible way to obtain them in a safe manner at the moment. Bitcoin ATM's are on the rise and have been slowly trickling out in various countries, but won't be seen widespread for at least another year or two.

seanwilliam1988 · Apr 4, 2014

Bitcoin is basically an open-source decentralized digital currency that circulates in a p2p system. It is obtained through mining, or you can buy it in a bitcoin exchange website. You can use this to purchase goods and services. To know more about this, go to www.betcoin.tm/wiki.