Sunday, November 13, 2011

Bitcoin LLTS Podcast

Why is something valuable?

1) Tough to obtain
2) limited quantities

The Dollar is Fiat money is money that has value only because of government regulation or law.

What is Bitcoin?

I call it a cryptographic currency. Wikipedia says:Bitcoin is a decentralized, peer-to-peer network that tracks and verifies transactions. Satoshi Nakamoto created Bitcoin in 2009 and described his work in a self-published paper.[3] The term Bitcoin is also used to refer to the digital currency implementation that users transact over that network, as well as the client software which users employ to access the network and conduct transactions.

I believe that bitcoin has more value than Fiat money.
A Bitcoin takes a significant investment to make, it is not just ink on paper, it takes time, skill & money to make.

When will the last Bitcoin be generated:

In the year 2140, the final bitcoin will be generated. Once the final Bitcoin is generated, there will be a total of 21 million Bitcoins.

How is that possible?

The difficulty of the cryptographic algorithm is changed ever 2048 blocks so that a block of 50 bitcoins is solved ever 10 minutes.

How divisible are Bitcoins?

Technically, a Bitcoin can be divided down to 8 decimals using existing data structures, so 0.00000001 BTC is the smallest amount currently possible. Discussions about and ideas for ways to provide for even smaller quantities of Bitcoins may be created in the future if the need for them ever arises.

What is the total number of Bitcoins in existence?

What is the current difficulty?

Block Explorer queries


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