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Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

How much would a Bitcoin node handling 1GB blocks cost today? I did some back-on-the-envelope calculations.

1GB blocks would be able to confirm more than 5000tx/s. That would be VISA-level scale (which handles, on average, 1736tx/s). We often hear that we shouldn't raise the blocksize because then nodes would become too expensive to run. But how expensive exactly?
We have the following costs to take into account:
For now, I'm going to assume a non-pruned full node (i.e. a node that stores all transactions of the blockchain) for personal use, i.e. for a computer built at home. I'll add in the calculations for a pruned node at the end, which would likely be the prefered option for people who merely want to verify the blockchain for themselves. If you don't care about the assumptions and calculations, you can just jump right to the end of this post. If you spotted any error, please inform me and I'll update my calculation.

Storage

There's, on average, one block every 10 minutes, that is 144 every day and 4320 blocks every thirty days. I was able to find a 3TB HDD for $47,50 on Amazon, that is $0.018/GB. Storing all blocks with all transactions of a month (4320GB) would be $78.96/mo. Prices for storage halved from 2014 to 2017, so we can assume that to half in 2022, thus we can reasonably assume it'd cost around $40/mo. in 2022.
But would such an inexpensive hard disk be able to keep up with writing all the data? I found a comparable cheap HDD which can write 127MB/s sequentially (which would be the writing mode of Bitcoin). That would be enough even for 76GB blocks!
Edit: For the UTXO set, we need very fast storage for both reading and writing. Peter__R, in his comment below, estimates this to be 1TB for 4 billion users (which would make ~46,000tx/s if everyone would make 1tx/day, so id'd require about 10GB blocks). jtoomim seems more pessimistic on that front, he says that much of that has to be in RAM. I'll add the $315 I've calculated below to account for that (which would be rather optimistic, keep in mind).

Bandwidth

Bandwidth is more complicated, because that can't just be shipped around like HDDs. I'll just take prices for my country, Germany, using the provider T-online, because I don't know how it works in the US. You can plug in your own numbers based on the calculations below.
1GB blocks/10 minute mean 1.7MB/s. However, this is an average, and we need some wiggle room for transaction spikes, for example at Christmas or Black Friday. VISA handles 150 million transactions per day, that is 1736tx/s, but can handle up to 24,000tx/s (source). So we should be able to handle 13.8x the average throughput, which would be 1.7MB/s x 13.8 = 23.46M/s, or 187.68Mbit/s. The plan on T-online for 250Mbit/s (translated) would be 54.95€/mo (plus setup minus a discount for the first 6 months which seems to cancel out so we'll ignore it), which would be $61.78/mo. This plan is an actual flatrate, so we don't have to worry about hitting any download limit.
Note, however, that we don't order bandwidth for only our Bitcoin node, but also for personal use. If we only needed 2MB/s for personal use, the plan would be 34.95€, thus our node would actually only cost the difference of 20€ per month, or $22.50/mo. Nielsen's Law of Internet Bandwidth claims that a high-end user's connection speed grows by 50% per year. If we assume this is true for pricing too, the bandwidth cost for ~200Mbit/s/mo. would go down to 12.5% (forgot how exponential growth works) 29.6% of its today's cost by 2022, which decreases our number to $2.81/mo. $6.66/mo.
Edit: jtoomim, markblundeberg and CaptainPatent point out that the node would have a much higher bandwidth for announcing transactions and uploading historical blocks. In theory, it would not be necessary to do any of those things and still be able to verify one's own transactions, by never broadcasting any transactions. That would be quite leechy behaviour, though. If we were to pick a higher data plan to get 1000MBit/s downstream and 500MBit/s upstream, it would cost 119.95€/mo., however this plan isn't widely available yet (both links in German). 500MBit/s of upstream would give us max. 21 connected nodes at transaction spikes, or max. 294 connected nodes at average load. That would cost $39.85 in 2022 (with correct exponential growth).

CPU/Memory

CPU/Memory will be bought once and can then run for tens of years, so we'll count these as setup costs. The specs needed, of course, depend on the optimization of the node software, but we'll assume the current bottlenecks will have been removed once running a node actually becomes demanding hardware-wise.
This paper establishes that a 2.4GHz Intel Westmere (Xeon E5620) CPU can verify 71000 signatures per second... which can be bought for $32.88 a pair on Ebay (note: this CPU is from Q1'10). We'd need to verify 76659tx/s at spikes (taking the 13.8x number), so that pair of CPUs (handle 142,000tx/s) seem to just fit right in (given one signature per tx). We'd also have to account for multiple signatures per transaction and all the other parts of verification of transactions, but it seems like the CPU costs are neglegible anyway if we don't buy the freshest hardware available. ~$100 at current prices seem reasonable. Given Moore's Law, we can assume that prices for CPUs half every two years (transistor count x1.4162), so in three years, the CPU(s) should cost around $35.22 ($100/1.4163).
For memory, we again have to take into account the transaction spikes. If we're very unlucky, and transactions spike and there won't be a block for ~1h, the mempool can become very large. If we take the factor of 13.8x from above, and 1h of unconfirmed transactions (20,000,000tx usually, 276,000,000tx on spikes), we'd need 82.8GB (for 300B per transaction).
I found 32GB of RAM (with ECC) for $106, so three of those give us 96GB of RAM for $318 and plenty remaining space for building hash trees, connection management and the operating system. Buying used hardware doesn't seem to decrease the cost significantly (we actually do need a lot of RAM, compared to CPU power).
Price of RAM seems to decrease by a factor of x100 every 10 years (x1.58510), so we can expect 96GB to cost around $79.89 ($318/1.5853) in 2022.
Of course, CPU and memory need to be compatible, which I haven't taken into account. Chug a mainboard (~$150) and a power supply (~$50) into the mix, and the total would be just over $600 for today's prices. Even if mainboard and power supply prices remain the same, we'd still only have to pay around $315 for the whole setup in 2022.

Electricity

I found the following power consumptions:
So we'd have 129W 147.6W + N*6W. Electricity cost average at 12ct/kWh in the US, in Germany this is higher at 30.22ct/kWh. In the US, it would cost $11.14 $12.75 + N*$0.52 (P*12ct/kWh / 1000 * 24h/day *30days / 100ct/$), in Germany 28.06€ 32.11€ + N*1.30€.
At the end of the first year, it would cost $20.12 $21.73/mo. in the US and 50.52€ 54.57€/mo. in Germany.
At the end of the second year, it would cost $29.11 $30.72/mo. for the US and 72.98€ 77.03€/mo. for Germany. It increases by $8.98/mo. per year in the US and by 22.46€/mo. per year in Germany.
Electricity prices in Germany have increased over time due to increased taxation; in the US the price increase has been below inflation rate the last two decades. As it's difficult to predict price changes here, I'm going to assume prices will remain the same.

Conclusion

In summary, we get:
If we add everything up, for today's prices, we get (E: updated all following numbers, but only changed slightly) $132/mo. (US), $187/mo. (DE) for the second year and $71.92/mo. $78/mo. (US), $115.79/mo. $124/mo. (DE) in 2022.
It definitely is quite a bit of money, but consider what that machine would actually do; it would basically do the equivalent of VISA's payment verification multiple times over, which is an amazing feat. Also, piano lessons cost around $50-$100 each, so if we consider a Bitcoin hobbyist, he would still pay much less for his hobby than a piano player, who'd pay about $400 per month. So it's entirely reasonable to assume that even if we had 1GB blocks, there would still be lots of people running full-nodes just so.
How about pruned nodes? Here, we only have to store the Unspent Transaction Output Set (UTXO set), which currently clocks in at 2.8GB. If blocks get 1000 times bigger, we can assume the UTXO set to become 2.8TB. I'll assume ordinary HDD's aren't goint to cut it for reading/writing the UTXO set at that scale, so we'll take some NVMe SSDs for that, currently priced at $105/TB. Three of them would increase our setup by $315 to $915, but decrease our monthly costs. E: However this UTXO set is also required for the non-pruned node, therefore the setup costs stay at $915. Even in the highest power state, the 3 SSDs will need only 18.6W in total, so we'll get a constant 147.6W for the whole system.
In total, this is:
In total, this is $35.25/mo. in the US and $58.57/mo. in Germany for today's prices, or (E:) $19.41/mo. (US) and (E:) $42.73/mo. (DE) in 2022's prices. Which looks very affordable even for a non-hobbyist.
E: spelling
E²: I've added the 3 NVEe SSDs for the UTXO set, as pointed out by others and fixed an error with exponentials, as I figured out.
submitted by eyeofpython to btc [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For some more great introductory videos check out Andreas Antonopoulos's YouTube playlists, he is probably the best bitcoin educator out there today. Also have to give mention to James D'Angelo's Bitcoin 101 Blackboard series. Lots of additional video resources can be found at the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here, here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
Some great introductions for new users are My first bitcoin, Bitcoin explained and ELI5 Bitcoin. Also, the following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
Also have to give mention to Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series. Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute. Bitcoin statistics can be found here, here and here. Developer resources can be found here, here and here. Peer-reviewed research papers can be found here. Potential upcoming protocol improvements here. Scaling resources here. The number of times Bitcoin was declared dead by the media can be found here (LOL!), and of course Satoshi Nakamoto's whitepaper that started it all! :)
Key properties of bitcoin

Where can I buy bitcoins?

Bitcoin.org, BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Gemini Bitstamp LocalBitcoins
Bitstamp Bitit Mycelium LocalTrader
BitFinex Cex.io LibertyX
Cex.io CoinMama WallofCoins
Xapo Spectrocoin BitcoinOTC
Kraken Luno BitQuick
itBit
HitBTC
Bitit
Bisq (decentralized)
Luno
Spectrocoin
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Samouari BreadWallet Electrum
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for some good options, some of the more commons ones are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, Overstock, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Hyphen.to, Coinsfer, More #1, #2 Bill payment
Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Streamium.io, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream, Rootstock and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

Establishing a smart contract commercial scenario: Chainlink, Zk-Snarks and sharding technology work together to make the ultimate killer

This text was translated from Chinese, open following link in Chrome and translate to see all images:
https://bihu.com/article/1242138347
EDIT: found an English text with pictures:
https://medium.com/@rogerfeng/making-smart-contracts-work-for-business-how-chainlink-zk-snarks-sharding-finally-delivered-8f268af75ca2
Author: Feng Jie translation: Liu Sha
“The highest state of technology is to integrate into the various scenes of everyday life, to fade away from high-tech outerwear and become a part of everyday life.” – Mark Weiser
People in the future will not even think that smart contracts are "innovative." By that time, smart contracts would permeate every aspect of life, and people couldn't even imagine what the era of non-digital currency would look like.
Later historians may divide human business history into two eras, the pre-smart contract era and the post-smart contract era. After all, digital money has brought unprecedented changes to the nature and patterns of business practices in the real world. An anonymous member of the Chainlink community once said: "Smart contracts can change the DNA of the business."
Of course, like all the technological revolutions of the past, smart contracts also need to reach a "tipping point" to truly achieve large-scale applications. So we need to ask ourselves two questions:
  1. What exactly is this so-called tipping point?
  2. As of August 2019, have we reached this tipping point?
To reach the tipping point means unlocking the ultimate nirvana of business.
Tipping point We can think about this issue from the perspective of mainstream companies. Imagine what a perfect smart contract platform should look like. What characteristics should this platform have? Or what features must be possessed?
To reach the tipping point, you must establish a public chain with the following four characteristics:
  1. Privacy protection
  2. In addition to the cryptocurrency, the transaction can also be settled in mainstream legal currency and comply with the regulatory requirements of financial markets such as ISO 20022.
  3. Achieve scalability without sacrificing decentralization or security, that is, solving the "impossible triangle problem."
  4. Connect the external data under the chain, that is, solve the "prophecy problem."
Now that we have Chainlink, zk-snarks and sharding technology, we have reached this tipping point.
Next, let's explore how this ultimate nirvana is actually made. Our discussion will be mainly from the perspective of Ethereum, which is still the top smart contract platform for community size and mainstream applications.
So what about the private chain?
Before delving into it, I want to take the time to solve an unavoidable problem. The mainstream view has always believed that the private chain is a more suitable solution for the enterprise. Therefore, we first dialectically analyze the two advantages and two major drawbacks of the private chain.
Disadvantages
  1. Centralization leads to relatively lower security
It's not surprising that IBM and Maersk's blockchain freight alliances have a hard time finding customers who are willing to join. How can other freight companies be willing to let their biggest competitors (Maersk) verify their trading data? Only madmen dare to do this.
  1. The staking of the horses occupy the hills:
This problem is even more serious than centralization. John Wolpert, co-founder of the IBM blockchain, wrote an excellent article called Breaking the Barriers to Realize Security: Why Companies Should Embrace the Ethereum Public Chain, which he covered in detail in the article.
If every company builds its own private chain, it will lead to chaos in the mountains. Today's B2B ecosystem is very complex. Imagine the innumerable private chains of the world intertwined to form a huge "spider web." This is not only cost-effective, but also not scalable.
The starting point of the blockchain is to break down barriers instead of building more barriers.
"One day, one of your big buyers called you to ask if you want to join their private chain. You promised. The next day you received a call from the wholesaler to ask you the same question. Then came the supplier, freight. Business, insurance company or even bank, and each company may have several private chains! Finally you have to invest a lot of time and cost to operate dozens of blockchains every day . If there are partners to let you join them at this time The private chain, you might say "Forget it, or fax me the order!" ”—Paul Brody (Ernst & Young)
“Every time you connect two private chains through a system integrator, you have to pay a lot of money .”
Advantage
  1. Scalability: With the Ethereum public chain implementing fragmentation technology, this advantage is rapidly shrinking.
  2. Privacy protection: At this stage, the classification of public chain / private chain is actually not very accurate. The Aztec , Zether, and Nightfall protocols (both based on the zk-snarks protocol) effectively provide a "private chain model" for the Ethereum public chain, allowing it to switch between the public and private chains. Therefore, a more accurate classification should be the alliance chain and the public chain.
By 2020, the label of the public chain/private chain will gradually disappear. The public and private chains will no longer be two opposing concepts. Instead, the concept of publicly traded/private transactions and confidential contracts/open contracts is changed, and the scope of these transactions and contracts varies according to specific needs, either bilaterally or multilaterally or even publicly.
All in all, the private chain has two major drawbacks compared to the public chain. Not only that, but the two major advantages of the private chain are also rapidly disappearing.
“Technology will evolve over time, so there will be a variety of solutions to solve existing problems. Ultimately, the public-chain platform will have the same performance, scalability and data privacy as the private chain, while at the same time ensuring security and Decentralized."
Feature 1: Privacy protection (predictive machine and public chain privacy)
Enigma founder Guy Zyskind once joked in his MIT graduation thesis that smart contracts can only become commercially valuable if they become "confidential contracts." He later proposed that zk-snarks and Trusted Execution Environment (TEE) are the most promising solutions. He said nothing wrong.
What is zk-snarks ? Zk-snarks is a zero-knowledge proof mechanism (ZPK). So what is the zero-knowledge proof mechanism? In short: a zero-knowledge proof mechanism allows you to prove that you own certain information without revealing the content of the information.
Vitalik Buterin explained this concept in detail from a technical point of view in an article published in 2017. Hackernoon also wrote an excellent article explaining the concept in an easy-to-understand way with the example of a five-year-old child and Halloween candy.
What is the trusted execution environment? The trusted execution environment lets the code run on closed hardware, and
1 ) The guarantee result cannot be tampered with
2 ) Protecting absolute privacy, even hardware running code can't get confidential information.
The most well-known trusted execution environment is Intel SGX. Chainlink has established a partnership with Intel SGX after acquiring Tom Crier.
Ernst & Young released the Nightfall agreement on Github on May 31, 2019. A well-known accounting firm with a history of 100 years will choose to add privacy features to the public chain instead of developing a private chain. This is a problem.
Since then, the community has been actively developing on this basis, not only to improve the code, but also to develop a plug-and-play Truffle Box for those who are not good at writing code. Blockchain communities and businesses generally rarely collaborate, so these collaborations fully demonstrate the popularity of Nightfall.
Prior to this, two zk-snark-based Ethereum public chain privacy protocols were introduced, namely AZTEC (Consensys) and Zether (Stanford, JPMorgan Chase). An obvious trend is slowly taking shape.
In the field of oracles, Chainlink uses both zero-knowledge proof and a trusted execution environment to complement each other. Trusted execution environments guarantee data privacy, even for nodes that cannot access data (this feature is critical for bank accounts and API keys).
Chainlink is still trying to implement a trusted execution environment, and nodes can access data temporarily, so authentication services are also needed. Although the credible execution environment is almost 100% foolproof, in theory, a strong shield has a spear that can penetrate it. Therefore, the team is currently trying to run zk-snarks in a trusted execution environment (Thomas Hodges mentioned this in the 2019 Trufflecon Q&A session). The combination of the two can form a very robust and complete system. The attacker must find a way to strip all the layers of an onion at the same time to make any effective attack (and it is already difficult to peel off a layer of skin).
“Chainlink combines a trusted execution environment with zero-knowledge proof to build what we call a defense-in-depth system, which means they provide all the tools needed for smart contract developers, including trusted execution environments, multiple nodes, and Data sources, fine margins, reputation systems, asymmetric encryption, zero-knowledge proofs, WASM, and OTP+RNG, these features allow smart contract developers to adjust the confidentiality and cost of contracts based on specific budget and security needs. Machine, Chainlink and its four major application scenarios》
In the future, zk-snarks may be upgraded to zk-starks (a fully transparent zero-knowledge proof mechanism) that protects the system from quantum computer attacks. And the best thing about zk-starks is that it's more scalable than zk-snarks. In other words, it can better protect privacy, and the cost of gas will not increase.
If you want to learn more about zk-starks, you can read a popular science article written by Adam Luciano.
Feature 2: Scalability (scalability of predictive machines and public chains) To understand this problem, we can make an analogy like this:
A public chain is like a large enterprise, and every employee (ie, a node) must attend each meeting (ie, confirm each transaction). Imagine how inefficient this company is! Only customers who have a lot of money (ie gas fees) can get their requests to the forefront. And this is not the most serious problem. The most serious problem is that the more employees (ie nodes) who join the company, the harder it is for the company to function properly! In the end, the company not only failed to expand linearly, but also became smaller and smaller. Although this guarantees decentralization and security to the greatest extent, the price is completely abandoning scalability.
There are various temporary fire fighting solutions, but no one solution can completely solve this "impossible triangle problem." For example, EOS uses the DPOS mechanism (share authorization certification mechanism), where only 21 super nodes (many of which are well-known nodes) are responsible for verifying all transactions.
Sidechains (such as Bitcoin's Lightning Network and Ethereum's lightning network) guarantee scalability and decentralization at the expense of security.
So how to use the fragmentation technology to solve this problem? Let's make another analogy:
In reality, there is only one company that is not too much to ask everyone to attend all meetings, that is, small start-ups (that is, private chains that limit the number of nodes).
In most cases, large companies divide employees into thousands of teams (ie, shards), and each team's principal (ie, the certifier) ​​is responsible for reporting to the senior management (ie, the main chain). If people from different teams need to collaborate (and sometimes also), then they can collaborate by cross-shard receipts. If a new employee joins the company, the team can be re-segmented (ie re-sharding). This allows for linear expansion.
In fact, the process of developing a start-up to a large enterprise is surprisingly similar to the process of Ethereum 1.0 developing into Ethereum 2.0.
“The Ethereum 1.0 period is that several people who are alone are trying to build a world computer; and Ethereum 2.0 will really develop into a world computer.” Vitalik Buterin said in the first piece of the workshop.
Since Ethereum was not originally built on the principle of fragmentation, it takes seven steps to achieve the goal (this is a bit like the word morphing solitaire game). The first step is planned for January 3, 2020.
At the same time, developers can use many other blockchain platforms designed based on the fragmentation principle. Some platforms, including Zilliqa and Quarkchain, are already compatible with Chainlink.
If you want to see more in-depth technical analysis of shards, check out an article by Ramy Zhang.
In the field of oracles, Chainlink has the following two characteristics:
1 ) Use Schnorr threshold signatures to quickly reach consensus in a cost-effective manner. The next version of the chain only needs 16,000 gas.
2 ) We have previously discussed the need to use trusted execution environment hardware to ensure that nodes cannot access sensitive data. Since you have hardware in your hand, you can use it to do some actual computing work, so that you can properly reduce the amount of computation on the smart contract platform.
"With the SGX system (Town Crier) and zero-knowledge proof technology, the oracle can be truly reliable and confidential, so the boundaries between the oracle and the smart contract are beginning to flow... Our long-term strategy... is to let The predictor becomes the key chain of computing resources used by most smart contracts. We believe that the way to achieve this goal is to perform chain operations in the oracle to meet various computing needs, and then send the results to the smart contract."Chainlink White Paper, Section 6.3 (26 pages)
Of course, this “long-term strategy” has certain risks, unless Chainlink can implement a trusted execution environment and its service provider ecosystem can achieve a qualitative leap. However, the Chainlink team's vision is absolutely forward-looking: under-chain computing is a key factor in ensuring that blockchains are not dragged down by large amounts of IoT data.
The Internet of Things has dramatically increased the current state of big data. At present, most of the data is still generated on the software side, and it is not real-time data, and most of the data in the future will be real-time data generated on the sensor side. One of the big drawbacks of real-time data is that it increases storage pressure. For example, Coughlin Associates expects an unmanned car to generate 1G of data per second. This means that the same car will produce 3.6T data per hour!
The only viable solution is to do real-time analysis of the data, rather than storing the data first. In the Global Cloud Index: 2016-2021 Forecast and Methodology White Paper, Cisco predicts that more than 90% of data in 2021 will be analyzed in real time without storage.
That is to say, the essence of data is that it can only exist in just one instant. The nature of the blockchain is not to be modified, so the two are as incompatible as water and oil.
The solution is to analyze the raw data under the chain, extract the meaningful results and send them to the blockchain. The combination of fragmentation technology and trusted execution environment forms a new computing architecture, similar to the cloud computing-fog computing-edge computing architecture.
It should be noted here that it is good to improve computing power, but this is not the main purpose of the blockchain.
The fundamental purpose of the blockchain is not to reduce the original cost of computing and data storage. After all, technology giants such as Amazon, Microsoft, Google, Salesforce, Tencent, Alibaba, and Dropbox have built world-class cloud services. The centralized server wins high computational efficiency (but the blockchain will greatly improve the computational efficiency through fragmentation technology, and will catch up with it one day). The value of the blockchain is to reduce the cost of building trust. Nick Szabo calls it "social scalability" (this is a relative concept to the "operational" scalability we have been talking about). Vitalik Buterin also made it clear that the meaning of smart contracts is to accept small arithmetic delay penalties in exchange for a substantial reduction in "social costs."
Alex Coventry of the Chainlink team once raised the question: "We have missed many opportunities for cooperation and reciprocity because we can't confirm whether the other party will fulfill the promise?"
Is there any potential for data storage projects like Siacoin and IPFS? What about decentralized computing projects like SONM and Golem?
Siacoin 's core value proposition is not that its computing efficiency is higher than traditional cloud services. The cost of computing is required to split, repeat, and reassemble data. And companies are more capable of buying the latest and greatest hardware than individuals. Siacoin's core value proposition is to process data in an Airbnb-like mode, so management fees will be lower than traditional models. It also generates additional social value, such as flood control, privacy and security, and anti-censorship.
The same is true of Golem and SONM. Even with the most efficient protocol, it is inevitable that a small amount of delay will be imposed and fined to coordinate the hardware of different geographical locations. Therefore, under the condition that all other conditions are equal, the centralized hardware still has the advantage of faster computing speed. However, the core value proposition of the above project is to use the Airbnb-like model to reduce management costs.
We must strictly distinguish between "social scalability" and "operational scalability", and the two cannot be confused. I will explain these two concepts in detail when I discuss "Magic Bus and Lightweight Library" later.
Feature 3: Compatible with legal currency
Most mainstream companies do not regard cryptocurrencies as "real currencies." In addition, even if someone wants to use cryptocurrency for trading, it is very difficult to actually operate because of its high price volatility. I discussed the “price volatility problem” in detail in Chapters 8 and 9 of the previous article. These problems do not completely erase the existence value of cryptocurrencies, because cryptocurrencies also have many advantages that legal currency does not have. I am just emphasizing what we need to know more about the comfort zone of mainstream companies.
Chainlink acts as a universal API connector that triggers open banking payments. Chainlink is fully compliant with ISO 20022 and has established a long-term partnership with SWIFT (it is worth mentioning that SWIFT has not been updated for a long time and hopes to be updated after the SIBOS 2019 conference).
PSD2 will take effect on September 14, 2019. All banks in the EU will all comply with this new regulation by then. In other words, the bank must put all account data in the "front end" and can be called through the API. The approved third party (ie, the Chainlink node) can trigger the payment directly without the payment service provider.
Although the United States and Japan have not adopted similar laws, many banks still spontaneously promote the development of open banks. Banks open APIs to third-party developers to create new revenue streams and customer experiences that ultimately increase profitability. In addition, this will allow banks to better respond to competitors in the mobile payment and financial technology sectors in an APP-centric economic model.
As this open banking revolution continues, Chainlink will connect smart contracts with the world's major currencies (US dollar, euro, yen, etc.).
Only one external adapter is required to connect to the authenticated API. From a programming perspective, it is relatively simple to allow everyone in the community to contribute code to the code base (and thus achieve scalability). Chainlink has released adapters for PayPal and Mister Tango (European version of PayPal).
Feature 4: Data connection with the chain
Chainlink has been working on solving the "prophecy problem" and successfully succeeded on the main online line on May 30, 2019.
Chainlink has made many achievements in just a few months. Provable (formerly Oraclize) was successfully used on the Chainlink node and finally settled the debate about whether the predictor should be centralized or decentralized.
Synthetic Ether lost 37 million Ethercoins in a hack because it did not connect to Chainlink. Fortunately, the money was finally recovered and did not cause any loss. This lesson illustrates the importance of decentralized oracles.
In addition, both Oracle and Google have partnered with Chainlink to monetize their API data and create a virtuous circle to capture the market opportunities that Facebook missed.
There are new nodes coming online every week, and the network activity has been very high. The Chainlink team maintains a list of certified nodes in the documentation and Twitter releases. Twitter user CryptoSponge also set up a new development for the Tableau push update Chainlink team:
Regarding the importance of the current stage in the history of blockchain development, Brad Huston summed it up very brilliantly:
"The biggest problem with cryptocurrencies is to build bridges between cryptocurrencies, fiat currencies and big data. Chainlink is very beautifully narrowing the distance between the three. Now it can even be said: 'The bridge has been built.'"
Magic bus and lightweight library
Let's summarize what we discussed earlier. The real purpose of the blockchain is to reduce the cost of building trust and achieve "social scalability."
Therefore, according to this logic, the main application scenarios of platforms such as Ethereum 2.0 and Zilliqa should be in the B2B field. I quote a sentence I wrote in a previous article:
“My conclusion is: If the smart contract is successful, it will also succeed in the B2B field first.”
The private chain itself is self-contradictory and destined to fail. It has led to the phenomenon of occupying the hills, thus increasing the social cost, which is in opposition to B2B itself, and ultimately it is self-restraint. ”
Before the emergence of fragmentation technology, even simple games (ie, etheric cats) could not be smoothly run on the public chain, let alone dealing with complex B2B contracts and even changing commercial DNA. With the sharding technology, everything is ready.
Despite this, we can't use Ethereum 2.0 as an all-powerful platform. Just now we said that although it is a good thing to speed up the calculation, this is not the real purpose of Ethereum 2.0. And before we also said that due to the irreversible modification of the blockchain, it is not good to deal with a large number of fleeting real-time data of the Internet of Things. In other words, we must be soberly aware that Ethereum 2.0 will not replace traditional web 2.0. Instead, we should make better use of the real advantages of Ethereum 2.0:
“There is a new concept now, that is to think of the Ethereum main network as a global bus... We use the Ethereum 2.0 main network to treat various business resources as a working group on Slack: it can be easily built and integrated. And restructuring. The SAP inventory management system in your company, the dealer's JD Edwards ERP system, and the financial technology partner's tall blockchain system can seamlessly interface, eliminating the need to develop an infrastructure specifically for each partner." - John Wolper describes his ideal "magic bus"
Ethereum 2.0 should be an integration center, not a data center or computing center. It should be a library built specifically to store B2B contract terms (to be honest, even with fragmentation technology, the amount of data is large enough).
We should not expect Ethereum 2.0 to be an all-powerful platform, but rather develop it into a "lightweight library."
If we reorder the pyramid model just now, the architecture of the magic bus is obvious:
Of course, the positional relationship in the above model is not static. With the development of 5G technology, edge computing and IoT sensors, they may bypass the cloud to directly interact (or even bypass the fog end). If the collaboration between Iotex and Chainlink is successful, then the edge can interact directly with the trusted execution environment.
Time will tell if Airbnb's shared data storage and computing model can make management costs lower than the current mainstream Web 2.0 model. Time will also prove whether the market really needs anti-censorship, anti-tampering, security protection and privacy protection. Do users really care about these social values ​​and are willing to pay for them? Do they think these are just the icing on the cake or the most fundamental value?
in conclusion
Whether it is the battle between web2.0 and web3.0 or the battle between cryptocurrency and legal currency, one thing is beyond doubt:
We have reached the tipping point, and the era of smart contracts with commercial value has arrived.
In fact, the only problem at the moment is the time issue, and the main roadblocks have been basically cleared.
  1. When will Ethereum 2.0 finish these 7 stages and be officially released?
  2. When will Chainlink use a trusted execution environment on a large scale? If the cooperation between Intel SGX and Town Crier fails, what alternative plans are there? Will Chainlink communicate with other blockchain teams that plan to use a trusted execution environment (such as Dawn Song's Oasis Labs)?
At present, the main technical problems in the ecosystem have been solved, and now it is only necessary to recruit a group of enthusiastic developers to do the work of “connecting the line”.
Digital currency has changed commercial DNA, and the future is full of possibilities.
The only thing that hinders us now is our own imagination. The future is infinitely imaginative, and the future will be the world of developers. Dapps is already overwhelming. There is no doubt that we have found the ultimate nirvana.
This text was translated from Chinese, open following in Chrome and translate to see all images:
https://bihu.com/article/1242138347
submitted by QuantLink to LINKTrader [link] [comments]

IOTA and Tangle discussion/info, scam or not?

In the past weeks I heard a lot pros and cons about IOTA, many of them I believe were not true (I'll explain better). I would like to start a serious discussion about IOTA and help people to get into it. Before that I'll contribute with what I know, most things that I will say will have a source link providing some base content.
 
The pros and cons that I heard a lot is listed below, I'll discuss the items marked with *.
Pros
Cons
 

Scalability

Many users claim that the network infinitely scales, that with more transactions on the network the faster it gets. This is not entirely true, that's why we are seeing the network getting congested (pending transactions) at the moment (12/2017).
The network is composed by full-nodes (stores all transactions), each full-node is capable of sending transactions direct to the tangle. An arbitrary user can set a light-node (do not store all transactions, therefore a reduced size), but as it does not stores all transactions and can't decide if there are conflicting transactions (and other stuff) it needs to connect to a full-node (bitifinex node for example) and then request for the full-node to send a transaction to the tangle. The full-node acts like a bridge for a light-node user, the quantity of transactions at the same time that a full-node can push to the tangle is limited by its brandwidth.
What happens at the moment is that there are few full-nodes, but more important than that is: the majority of users are connected to the same full-node basically. The full-node which is being used can't handle all the requested transactions by the light-nodes because of its brandwidth. If you are a light-node user and is experiencing slow transactions you need to manually select other node to get a better performance. Also, you need to verify that the minimum weight magnitude (difficulty of the Hashcash Proof of Work) is set to 14 at least.
The network seems to be fine and it scales, but the steps an user has to make/know are not friendly-user at all. It's necessary to understand that the technology envolved is relative new and still in early development. Do not buy iota if you haven't read about the technology, there is a high chance of you losing your tokens because of various reasons and it will be your own fault. You can learn more about how IOTA works here.
There are some upcoming solutions that will bring the user-experience to a new level, The UCL Wallet (expected to be released at this month, will talk about that soon and how it will help the network) and the Nelson CarrIOTA (this week) besides the official implementations to come in december.
 

Centralization

We all know that currently (2017) IOTA depends on the coordinator because the network is still in its infancy and because of that it is considered centralized by the majority of users.
The coordinator are several full-nodes scattered across the world run by the IOTA foundation. It creates periodic Milestones (zero value transactions which reference valid transactions) which are validated by the entire network. The coordinator sets the general direction for the tangle growth. Every node verifies that the coordinator is not breaking consensus rules by creating iotas out of thin air or approving double-spendings, nodes only tells other nodes about transactions that are valid, if the Coordinator starts issuing bad Milestones, nodes will reject them.
The coordinator is optional since summer 2017, you can choose not implement it in your full-node, any talented programmer could replace Coo logic in IRI with Random Walk Monte Carlo logic and go without its milestones right now. A new kind of distributed coordinator is about to come and then, for the last, its completely removal. You can read more about the coordinator here and here.

Mining-Blockchain-based Cryptocurrencies

These are blockchain-based cryptocurrencies (Bitcoin) that has miners to guarantee its security. Satoshi Nakamoto states several times in the Bitcoin whitepaper that "The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes". We can see in Blockchain.info that nowadays half of the total hashpower in Bitcoin is controlled by 3 companies (maybe only 1 in the future?). Users must trust that these companies will behave honestly and will not use its 50%> hashpower to attack the network eventually. With all that said it's reasonable to consider the IOTA network more decentralized (even with the coordinator) than any mining-blockchain-based cryptocurrency
You can see a comparison between DAG cryptocurrencies here
 

IOTA partnerships

Some partnerships of IOTA foundation with big companies were well known even when they were not officialy published. Some few examples of confirmed partnerships are listed below, others cofirmed partnerships can be seem in the link Partnerships with big companies at the pros section.
So what's up with all alarming in social media about IOTA Foundation faking partnerships with big companies like Microsoft and Cisco?
At Nov. 28th IOTA Foundation announced the Data Marketplace with 30+ companies participating. Basically it's a place for any entity sell data (huge applications, therefore many companies interested), at time of writing (11/12/2017) there is no API for common users, only companies in touch with IOTA Foundation can test it.
A quote from Omkar Naik (Microsoft worker) depicted on the Data Marketplace blog post gave an idea that Microsoft was in a direct partnership with IOTA. Several news websites started writing headlines "Microsoft and IOTA launches" (The same news site claimed latter that IOTA lied about partnership with Microsoft) when instead Microsoft was just one of the many participants of the Data Marketplace. Even though it's not a direct partnership, IOTA and Microsoft are in close touch as seen in IOTA Microsoft and Bosch meetup december 12th, Microsoft IOTA meetup in Paris 14th and Microsoft Azure adds 5 new Blockchain partners (may 2016). If you join the IOTA Slack channel you'll find out that there are many others big companies in close touch with IOTA like BMW, Tesla and other companies. This means that right now there are devs of IOTA working directly with scientists of these companies to help them integrate IOTA on their developments even though there is no direct partnership published, I'll talk more about the use cases soon.
We are excited to partner with IOTA foundation and proud to be associated with its new data marketplace initiative... - Omkar Naik
 

IOTA's use cases

Every cryptocurrency is capable of being a way to exchange goods, you pay for something using the coin token and receive the product. Some of them are more popular or have faster transactions or anonymity while others offers better scalablity or user-friendness. But none of them (except IOTA) are capable of transactioning information with no costs (fee-less transactions), in an securely form (MAM) and being sure that the network will not be harmed when it gets more adopted (scales). These characteristics open the gates for several real world applications, you probably might have heard of Big Data and how data is so important nowadays.
Data sets grow rapidly - in part because they are increasingly gathered by cheap and numerous information-sensing Internet of things devices such as mobile devices, aerial (remote sensing), software logs, cameras, microphones, radio-frequency identification (RFID) readers and wireless sensor networks.
 
It’s just the beginning of the data period. Data is going to be so important for human life in the future. So we are now just starting. We are a big data company, but compared to tomorrow, we are nothing. - Jack Ma (Alibaba)
There are enormous quantities of wasted data, often over 99% is lost to the void, that could potentially contain extremely valuable information if allowed to flow freely in data streams that create an open and decentralized data lake that is accessible to any compensating party. Some of the biggest corporations of the world are purely digital like Google, Facebook and Amazon. Data/information market will be huge in the future and that's why there so many companies interested in what IOTA can offer.
There are several real world use cases being developed at the moment, many of them if successful will revolutionize the world. You can check below a list of some of them.
Extra
These are just few examples, there are a lot more ongoing and to explore.
 

IOTA Wallet (v2.5.4 below)

For those who have read a lot about IOTA and know how it works the wallet is fine, but that's not the case for most users. Issues an user might face if decide to use the current wallet:
Problems that could be easily avoided with a better understand of the network/wallet or with a better wallet that could handle these issues. As I explained before, some problems during the "congestion" of the network could be simply resolved if stuff were more user-friendly, this causes many users storing their iotas on exchanges which is not safe either.
The upcoming (dec 2017) UCL Wallet will solve most of these problems. It will switch between nodes automatically and auto-reattach transactions for example (besides other things). You can have full a overview of it here and here. Also, the upcoming Nelson CarrIOTA will help on automatic peer discovery for users setup their nodes more easily.
 

IOTA Vulnerability issue

On sept 7th 2017 a team from MIT reported a cryptographic issue on the hash function Curl. You can see the full response of IOTA members below.
Funds were never in danger as such scenarios depicted on the Neha's blogpost were not pratically possible and the arguments used on the blogpost had'nt fundamentals, all the history you can check by yourself on the responses. Later it was discovered that the whole Neha Narula's team were envolved in other concurrent cryptocurrency projects
Currently IOTA uses the relatively hardware intensive NIST standard SHA-3/Keccak for crucial operations for maximal security. Curl is continuously being audited by more cryptographers and security experts. Recenlty IOTA Foundation hired Cybercrypt, the world leading lightweight cryptography and security company from Denmark to take the Curl cryptography to its next maturation phase.
 
It took me a couple of days to gather the informations presented, I wanted it to make easier for people who want to get into it. It might probably have some mistakes so please correct me if I said something wrong. Here are some useful links for the community.
This is my IOTA donation address, in case someone wants to donate I will be very thankful. I truly believe in this project's potential.
I9YGQVMWDYZBLHGKMTLBTAFBIQHGLYGSAGLJEZIV9OKWZSHIYRDSDPQQLTIEQEUSYZWUGGFHGQJLVYKOBWAYPTTGCX
 
This is a donation address, if you want to do the same you might pay attention to some important details:
  • Create a seed for only donation purposes.
  • Generate a address and publish it for everyone.
  • If you spend any iota you must attach a new address to the tangle and refresh your donation address published before to everyone.
  • If someone sends iota to your previous donation address after you have spent from it you will probably lose the funds that were sent to that specific address.
  • You can visualize how addresses work in IOTA here and here.
This happens because IOTA uses Winternitz one-time signature to become quantum resistent. Every time you spend iota from a address, part of the private key of that specific address is revealed. This makes easier for attackers to steal that address balance. Attackers can search if an address has been reused on the tangle explorer and try to brute force the private key since they already know part of it.
submitted by mvictordbz to CryptoCurrency [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com is a very helpful site for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, GreenmanGaming, and Coinplay.io For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, Rakuten, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg, TigerDirect and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

r/Bitcoin recap - April 2019

Hi Bitcoiners!
I’m back with the 28th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in April 2019
Adoption
Development
Security
Mining
Business
Education
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

Forget Mining BITCOIN, Start MINING LITECOIN with Home Built LITECOIN MINING RIG Warum man NIEMALS einen PC auf AMAZON kaufen sollte! - YouTube Teenage Bitcoin Miner Demos His Hardware  Forbes USB Bitcoin Miner - The Power of 1000's Computers - YouTube 11 Ways to Earn Bitcoins & Make Money with Bitcoin - YouTube

The 21 Bitcoin Computer is produced by 21 Inc, one of the most prominent Bitcoin startups funded by the famous venture capital firm Andreessen Horowitz.It is also known as the first Bitcoin computer in the world. Given the reputation of its manufacturer and the anticipation and excitement of the Bitcoin community, I decided that it was worthwhile to buy this Bitcoin device and learn more about it. Online retail giant Amazon is now shipping 21 Bitcoin Computers, the first product from the industry’s best-funded startup 21 Inc. 21 began accepting orders on 21st September, when it revealed ... Amazon yesterday began shipping 21 Inc’s mini bitcoin miner, the 21 Bitcoin Computer. The device achieved Amazon bestseller in the electronics category, after pre-ordering began in September.. 21 Inc is positioning the $400 computer as a platform that mines a small but constant stream of bitcoins to purchase digital goods through micro-payments. Buy The 21 Bitcoin Computer online at low price in India on Amazon.in. Check out The 21 Bitcoin Computer reviews, ratings, features, specifications and browse more products online at best prices on Amazon.in. The 21 Bitcoin Computer is the first computer with native hardware and software support for the Bitcoin protocol It is designed for developers to easily build Bitcoin-payable apps, services and devices Operate it as a standalone computer, or connect it to any Mac, Windows, or Linux machine Has a suite of pre-configured Bitcoin-dependent software, and includes a 128 GB SD card loaded with a ...

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Forget Mining BITCOIN, Start MINING LITECOIN with Home Built LITECOIN MINING RIG

Watch this 16 year-old from California show FORBES how he put together a custom computer rig specialized to mine Bitcoin. Subscribe to FORBES: https://www.yo... The virtual goldrush to mine Bitcoin and other cryptocurrencies leads us to Central Washington state where a Bitcoin mine generates roughly $70,000 a day min... For each Bitcoin discovered, the reward is down to 25 BTC and will continue to be halved on a regular basis until 2040 when the maximum supply is reached capped at 21 million. Mining ... 👽Mein Partner für seriöse & günstige Windows 10 Lizenzen, Office & mehr: 👽Windows 10 kaufen: https://www.lizengo.de/microsoft/windows-10-betriebssystem?utm_s... SUBSCRIBE FOR MORE HOW MUCH - http://shorturl.at/arBHL GekkoScience NewPac USB Miner - https://bit.ly/2RIQgdX GekkoScience 8 Port USB Hub - https://bit.ly/2x...

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