Video - Bitcoin Overview - Khan Academy

Knowledge check

I understand that most analogies that attempt to explain blockchain/bitcoin will be inherently incomplete/flawed since the technology is so new, but I still think they are critical for new participants to get a grasp on what’s happening, at least for me personally.
Hoping to get some help as I am having trouble synthesizing a few concepts:
My understanding is that all transactions are broadcast to the network. Initially I thought the distributed ledger was analogous to 4 individuals playing monopoly. Instead of having a banker, each player writes down whenever a transaction takes place. This particular analogy lead me to believe transactions were recorded in real time (a player shouts out their transaction and immediately all players record the transaction).
Learning about the proof of work lottery required me to tweak my understanding a bit. (Except in the case of forking) I gather that only one individual in the entire network is mining a block (recording transactions) at any given time? Not sure if this is true, but assuming it is, that person records transactions in time sequential order (or so I thought). Somehow a public and private key are involved here: I decided a public and private key are analogous to a username and password (I think this is grossly over simplified). Anyway, providing the password that corresponds with your username allows you to conduct transactions (digital signature). There is some validation of each transaction before the transaction reaches the miner (mechanisms here are unclear).
As stated above, I was initially under the impression that the miner is recording transactions in time sequential order, but then I remembered transactions fees. This lead me to think of transaction fees like bidding on eBay: the higher transaction fee you pay moves your transaction to the top of the list. Therefore transactions are not recorded in real time.
When your block is full (is there a certain GB limit?) the network validates that everything checks out. You get a lil piece of the action (deposit of transactions fees and a reward for mining a block into your wallet). The proof of work lottery begins again.
Two unanswered questions remain:
  1. Is the proof of work lottery “paused” while someone is actively mining a block?
  2. I have become exposed to the idea of mining and non mining nodes... what exactly is a non mining node? Someone who conducts (and validates) transactions but doesn’t play in the proof of work lottery? Or just pretty much everyone who owns bitcoin but is not set up for mining?
Very grateful to anyone who can check my understanding. Most of what I've learned comes from the ebook Inventing Bitcoin, this Hackernoon article that dives a bit deeper into validation, and this 3Blue1brown Youtube video that provides a high level review of foundational concepts. In addition I've been watching the Khan Academy series on Bitcoin, and listening to the Unchained podcast pretty religiously, however since I still feel uncertain on these introductory topics, I feel like I can't be totally engaged with new content.
submitted by oswizzle to BitcoinBeginners [link] [comments]

Nuvmining | What Is Bitcoin, How Is It Various Than "Real" Cash and also How Can I Get Some?

Bitcoin is a digital money. It does not exist in the kind of physical type that the currency & coin we're used to exist in. It does not even exist in a type as physical as Syndicate cash. It's electrons - not molecules.
nuv mining
Yet consider just how much cash you directly handle. You obtain an income that you require to the bank - or it's autodeposited without you even seeing the paper that it's not printed on. You after that utilize a debit card (or a checkbook, if you're old school) to access those funds. At finest, you see 10% of it in a money form in your pocket or in your pocketbook. So, it turns out that 90% of the funds that you take care of are online - electrons in a spreadsheet or data source.
nuvmining
However delay - those are UNITED STATE funds (or those of whatever nation you come from), safe in the financial institution and also ensured by the complete belief of the FDIC approximately about $250K per account, right? Well, not exactly. Your banks might just called for to maintain 10% of its deposits on down payment. In some cases, it's much less. It offers the rest of your cash bent on other individuals for approximately thirty years. It charges them for the funding, and also costs you for the advantage of letting them offer it out.
Just how does money obtain developed?
Your financial institution reaches produce money by offering it out.
State you deposit $1,000 with your bank. They then lend out $900 of it. Unexpectedly you have $1000 as well as another person has $900. Magically, there's $1900 floating around where prior to there was only a grand.
Currently claim your bank instead offers 900 of your dollars to another financial institution. That financial institution in turn lends $810 to an additional financial institution, which after that offers $720 to a client. Poof! $3,430 in an immediate - virtually $2500 produced out of nothing - as long as the bank follows your federal government's central bank rules.
Production of Bitcoin is as different from bank funds' creation as cash money is from electrons. It is not managed by a government's reserve bank, but rather by consensus of its customers as well as nodes. It is not developed by a restricted mint in a structure, however rather by dispersed open source software program and computer. As well as it needs a type of real work for production. Extra on that particular shortly.
Who created BitCoin?
The very first BitCoins remained in a block of 50 (the "Genesis Block") created by Satoshi Nakomoto in January 2009. It really did not really have any type of worth initially. It was simply a cryptographer's toy based on a paper published two months earlier by Nakomoto. Nakotmoto is an evidently imaginary name - nobody appears to know that she or he or they is/are.
That monitors everything?
Once the Genesis Block was developed, BitCoins have actually because been produced by doing the work of keeping track of all deals for all BitCoins as a kind of public journal. The nodes/ computers doing the computations on the journal are awarded for doing so. For each collection of effective calculations, the node is rewarded with a specific quantity of BitCoin (" BTC"), which are after that freshly produced right into the BitCoin community. For this reason the term, "BitCoin Miner" - because the procedure develops new BTC. As the supply of BTC increases, and also as the number of transactions boosts, the job essential to update the public ledger gets harder and also much more complicated. As a result, the variety of new BTC right into the system is created to be concerning 50 BTC (one block) every 10 minutes, worldwide.
Although the computer power for mining BitCoin (as well as for upgrading the public ledger) is currently boosting exponentially, so is the intricacy of the mathematics problem (which, incidentally, additionally needs a certain amount of thinking), or "evidence" needed to mine BitCoin as well as to settle the transactional publications at any type of provided moment. So the system still only generates one 50 BTC block every 10 minutes, or 2106 blocks every 2 weeks.
So, in a sense, everyone tracks it - that is, all the nodes in the network keep track of the background of every single BitCoin.
Just how much is there and also where is it?
There is a maximum variety of BitCoin that can ever before be produced, and that number is 21 million. According to the Khan Academy, the number is anticipated to peak around the year 2140.
Since, today there were 12.1 million BTC in flow
Your very own BitCoin are kept in a documents (your BitCoin purse) in your very own storage space - your computer system. The data itself is evidence of the number of BTC you have, and also it can move with you on a mobile phone.
If that data with the cryptographic key in your wallet obtains lost, so does your supply of BitCoin funds. And also you can't obtain it back.
Just how much is it worth?
The value differs based on just how much people believe it deserves - similar to in the exchange of "real cash." Yet due to the fact that there is no central authority trying to maintain the value around a certain level, it can vary a lot more dynamically. The very first BTC were generally worth absolutely nothing at the time, however those BTC still exist. Since 11AM on December 11, 2013, the general public value was $906.00 United States per BitCoin. When I completed composing this sentence, it was $900.00. Around the start of 2013, the value was around $20.00 United States. On November 27, 2013 it was valued at greater than $1,000.00 United States per BTC. So it's kind of unstable presently, yet it's expected to calm down.
The complete value of all BitCoin - since the period at the end of this sentence - is around 11 billion US bucks.
How can I get me some?
First, you have to have a BitCoin purse. This post has links to get one.
Then one method is to purchase some from one more private party, like these individuals on Bloomberg TV. One method is to purchase some on an exchange, like Mt. Gox.
As well as finally, one means is to dedicate a lot of computer power as well as power to the process as well as become a BitCoin miner. That's well outside the extent of this post. However if you have a couple of thousand extra dollars lying around, you can obtain rather a gear.
Exactly how can I spend it?
There are numerous vendors of all sizes that take BitCoin in payment, from cafes to auto dealers. There's also a BitCoin ATM in Vancouver, British Columbia for transforming your BTC to cash in Vancouver, BC.
And so?
Money has had a lengthy background - centuries in size. Somewhat recent tale tells us that Manhattan Island was bought for wampum - seashells & the like. In the very early years of the United States, different financial institutions printed their own money. On a recent visit to Salt Spring Island in British Columbia, I invested currency that was just good on the beautiful island. The common style among these was a trust agreement amongst its customers that specific currency held value. In some cases that worth was tied directly to something strong and physical, like gold. In 1900 the U.S. connected its currency straight to gold (the "Gold Requirement") and in 1971, ended that tie.
Currently money is traded like any kind of various other commodity, although a certain nation's currency worth can be propped up or decreased through activities of their reserve bank. BitCoin is an alternative money that is also traded as well as its value, like that of various other products, is figured out via trade, yet is not stood up or lessened by the action of any kind of bank, however rather straight by the activities of its individuals. Its supply is minimal as well as known nevertheless, and also (unlike physical money) so is the history of each and every single BitCoin. Its viewed worth, like all various other money, is based on its utility and also count on.
As a form of currency, BitCoin not specifically a new thing in Production, however it absolutely is a new means for cash to be created.
submitted by Nuvmining to u/Nuvmining [link] [comments]

r/Bitcoin recap - November 2018

Hi Bitcoiners!
I’m back with the 23rd 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 November 2018
Adoption
Development
Security
Mining
Business
Research
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
Congratulations Bitcoin on about to be 1 Million subscribers! See you next month!
submitted by SamWouters to Bitcoin [link] [comments]

Why I believe we're on the cusp of the 3rd great Bitcoin bubble

We've recovered from the last crash
You might think it's a bit early (based on the time frame for the last recovery), but things are looking a lot different than in 2011. I would suggest its because the last bubble popped prematurely due to Mt. Gox's failure of a trading engine.
Interest in buying Bitcoins has gone up to its highest point since the last bubble.
There's a similar spike in general interest. Partly helped along by the Silk Road news.
The network is being used at the same rate as during the last bubble.
The Bitcoin ATM story (see below) is causing Bitcoin to trend in Canada on Google (was #1 for a bit). The $27 story (see below) will almost certainly cause a large spike worldwide in Google trends once they're updated up to yesterday.
Lots and lots of new businesses now accept Bitcoins
One legitimate criticism of Bitcoin last year was the lack of places to spend them. We basically just had Alpaca Socks, Reddit and Wordpress, we've grown a lot since then!
Charities and others are taking donations
The first Bitcoin I ever spent was to donate to Wikileaks. More and more places are setting up Bitcoin donation buttons, because why not?
The $27 story is going massively viral
I think the attention this story is getting took a lot of us by surprise. We're thinking "of course if you bought Bitcoins in 2009 you're rich" and it didn't make much of a splash. But to the rest of the world it's a very novel and interesting story.
The first Bitcoin ATM has been installed
Easier way for people acquire Bitcoins with cash. Lots of free publicity. More machines are on their way and will generate more and more news.
Institutional money is coming
Afraid with the price at $200 that it will be hard to find enough moms and pops to keep money coming in faster than miners are selling? Don't be, there are individuals out there with a net worth higher than the entire Bitcoin ecosystem.
Interesting new developments
Cool things that didn't exist before the last bubble (as far as I remember).
Governments are explicitly saying it's not illegal
More and more governments are either saying Bitcoins are legitimate currency, or releasing guidelines for exchanges to comply with anti-money-laundering laws.
New generation of exchanges
Mt. Gox's terrible trading engine was a huge factor in the last crash. They couldn't keep up with all the new interest.
This time around there are more exchanges in more countries, and not a single point of liquidity.
submitted by DTanner to Bitcoin [link] [comments]

Bitcoin 2017 a Comprehensive Timeline

Some of the most notable news and events over the past year:
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submitted by BitcoinChronicler to btc [link] [comments]

Zeus/Gaw ASIC Setup Guide for Linux/Raspberry Pi

So I recently I became quite interested in mining and cyptocurrencies in general. So interested in fact that I bit the bullet and decided to buy myself a GAW Fury.
I then spent some time doing research on how to set up a GAW or Zeus ASIC on Linux, in particular on a Raspberry Pi, and have found most guides to be awful. The reason they are so bad IMHO is that they assume quite a bit of prior knowledge, either with Linux or mining, and give very little instructions. So I have tried to put together a guide that requires very little prior knowledge.
It is my aim that anyone could get their shiny new asic up and mining in no time using this guide. Anyway, I present...

The Complete Noobs Guide to Setting Up a Zeus or Gaw ASIC on Debian/Ubuntu/Raspberry Pi

Resources

About Cyrptocurrencies and Their Jargon

If you are new to cryptocurrencies and how they work I suggest taking a look at this series of KhanAcademy videos. They are for Bitcoin but the theory is the same. I found them very helpful when it came to understanding what mining actually does and the mechanics of cyrptocurrencies.
Also take a look at sircamm22 his info found here, is great and breaks down a large number of concepts. I slightly disagree with no. 21 regarding preordering. Just exercise common sense.

Linux

If you are new to Linux you could follow along by simply typing in the commands. However I highly recommend taking the time to learn what you are doing. This course is a great place to start.

Computer Setup

By the end of this section you will have your device turned on, fully setup and connected to the internet with.
Note: Commands to be typed into the command line will be displayed like this:
echo Hello World

Desktop/Laptop

For laptops and desktops already running Ubuntu or Debian I will assume you have setup your internet setup as part of the installation.
If not: There are plenty of guides out there and the installation/setup process is very easy. A good place to start for Ubuntu is here.
Now open up a terminal window. Ctrl + alt + t on a standard Ubuntu installation.
If you plan on using this PC without a monitor I would suggest installing an SSH Server.
These commands will be discussed later on in the guide.
sudo apt-get -y install openssh-server
sudo service openssh-server start

Raspberry Pi

The Raspberry Pi Foundation has put together a great guide in PDF format.
Use NOOBS it will save you a lot of trouble. NB: Some SD cards don't support NOOBs but will work fine if the image is put on using a different method.
Here is a great guide for setting up the Raspberry Pi SD card from Elinux.org. In fact it's a great place to start for anything RPi related. Raspberry Pi hub at Elinux.
Once the SD card is setup you will need to insert it into the Raspberry Pi and boot. Install Raspbian from the NOOBs menu and wait.
Follow this guide by Adafruit for first time setup. You will need to enable SSH Server.
I suggest not starting the desktop on boot. It can be easily run from the command line by typing startx.
Follow this guide by Adafruit to setup your network. Found here. No need to do this if you set up previously in the first time config.
We will also at this point want to setup ssh. Again I will point you to an Adafruit guide.
Once done exit back to a standard command line interface. This can be done in LXDE by using the power off menu located in the bottom right corner.

Miner Setup

Installing BFGMiner

If you want to the Raspberry Pi or PC without a monitor go ahead and SSH into your device.
So now you should be staring at a command line interface whether on the device with a monitor or via SSH.
First things first lets make sure we are all up to date. This will update our package list from the repositories and upgrade them to the newest version. "-y" Will simply say yes to any prompts.
sudo apt-get update && sudo apt-get -y upgrade
We are going to need to install some useful tools. Git-core is how we will clone and download BFGMiner from GitHub and Screen allows multiple command line instances and means if we exit out of ssh session or quit Terminal on Ubuntu, BFGMiner will continue to run.
sudo apt-get install git-core screen
We also need to download some other tools/dependencies to ensure that BFGMiner will compile successfully.
sudo apt-get -y install build-essential autoconf automake libtool pkg-config libcurl4-gnutls-dev libjansson-dev uthash-dev libncursesw5-dev libudev-dev libusb-1.0-0-dev libevent-dev libmicrohttpd-dev libc-bin
Ok now change into your home directory.
cd ~
And clone BFGMiner by Darkwinde.
git clone https://github.com/Darkwinde/bfgminer.git
Once the download has completed move into the bfgminer directory.
cd bfgminer
The following steps may take a while.
Now run autogen.sh
sudo ./autogen.sh
You will need to make the configure script execuitable.
sudo chmod +x ./configure
Now configure bfgminer
sudo ./configure CFLAGS="-O3" --enable-scrypt
Now lets make!
sudo make
Install BFGMiner
sudo make install
One more thing...
sudo ldconfig

Running BFGMiner

If you haven't already plug in your ASIC.
Just confirm your system is recognising the ASIC.
lsusb
Its output should look similar to this (no need to type this in):
Bus 001 Device 005: ID 10c4:ea60 Cygnal Integrated Products, Inc. CP210x UART Bridge / myAVR mySmartUSB light
Yep there it is our ASIC listed as device 005. There is no need to install any drivers, unlike in windows, as they come in the kernel.
Now lets actually start BFGMiner.
You will want to start a screen session to ensure BFGMiner doesn't quite when you exit.
"-S" is the option for starting a new screen session. You can replace "miner" with anything you like.
screen -S miner
Now you can run the commands below.
Here is a sample of what you should type. You will need to replace somethings with your own values.
sudo bfgminer --scrypt -o stratum+tcp://URL:PORT -u USERNAME -p PASSWORD --zeus-cc CHIPCOUNT --zeus-clk 328 -S zeus:/dev/ttyUSB0
Where:
URL:PORT is the address and port of the pool you wih to use. Now I won't suggest a pool. I will leave that decision up to you. If you do wish to mine DOGE take a look at this site for a list of pools and comparisons.
USERNAME this is the username you use on the pool. Every pool is different. Check your pool's website for details. PASSWORD same as above. Specific to your pool, not every pool requires one.
CHIPCOUNT this is specific to which ASIC you are using.
For GAWMiner ASIC's:
  • War Machine: 256
  • Falcon: 128
  • Black Widow: 64
  • Fury: 6
For ZeusMiner ASIC's:
  • Blizzard: 6
  • Cyclone: 96
  • Hurricane X2: 48
  • Hurricane X3: 64
  • Thunder X2: 96
  • Thunder X3: 128
Now to make sure you don't stop mining when you exit ssh or terminal. Press:
ctrl + a + d
To come back to the BFGMiner screen simply run:
screen -r miner
You're done!!

Start on Boot

First off you will want to make sure you have BFGMiner running correctly. Ensure you have the miners set up properly and your pool correctly configured.
Start a BFGMiner instance, detailed above.
Once the instance has started and you are happy with how everything is working press "s" on your keyboard to enter the settings menu.
Now press the "w" key. Don't press enter. We want to specify where our config will go. Type:
/home/USERNAME/bfgminer.conf
Substitute USERNAME for your user. On a standard RPI install its pi. On ubuntu it's what you set during the instillation.
Now press the enter key to return back to the main BFGMiner screen. Press "q" on your keyboard to exit BFGMiner. You should now be back in the command line.
Now we want to edit a file called rc.local. Any commands in this file will be executed on boot.
sudo nano /etc/rc.local
Depending on your system this file may already contain some commands. Be careful not to delete them.
After the last command and before "exit 0" type the following on one line:
sudo -u USERNAME screen -d -m sudo bfgminer --config /home/USERNAME/bfgminer.conf
Where USERNAME = your username
Hit ctrl + x then y to save and exit nano.
The above command will create a new screen session and run bfgminer using the config we created earlier. All while as our username so that we can easily reattach.
Lets reboot to ensure it is working correctly:
sudo reboot
Once rebooted and logged in, show all running screen sessions:
screen -ls
Reattach to the session. You only need to use the numbers before the first dot.
e.g Mine looks like: 2480..hostname (13/07/14 12:02:09) (Detached). So I type:
screen -r 2480
Verify everything worked as expected. Then ctrl + a + d to exit.
You have now setup BFGMiner to restart on reboot.

Power Failure

If you are using a Raspberry Pi and it loses power it will automatically reboot on receiving power again.
For standard desktop PCs there is an option in some BIOS/UEFI to turn the computer on when it receives power. Consult your motherboard's manual and manufacturer's website.

Sources

Here is where I got my info from.
And of course /dogemining

Wrap Up

Congrats you've done it. You have managed to successfully get your shiny new asic mining away.
I do plan to make another guide detailing how to setup and use StarMiner a ready to go RPi mining distro.
So I hope this is helpful for you guys. I have seen lots of posts asking the exact same questions again and again and I have tried to answer these as best I can. I am still learning about this stuff so if there is something I have missed or a mistake I have made please tell me.
Anyway good luck. And I'll see you at the moon.
Cheers Frogsiedoodle
Edit 1: Layout and formatting.
Edit 2: Added instructions for screen which I initially forgot.
Edit 3: Removed 1 unneeded dependency
Edit 4: Added section on start on reboot and power failure.
submitted by Frogsiedoodle to dogemining [link] [comments]

The idea for Bitcoin video. Geometrical Explanation of How Bitcoin Works.

Okay, maybe writing this on Reddit isn't the greatest idea, but I'm usually repeating myself constantly and this is not the only place where I shared my idea.
I already proposed this idea to Khan Academy. Now I want to propose for anyone who may be more closer to video editing than I am.
The whole video will show some explanation which original videos and existing videos on YouTube miss.
1) First of all I would start with explaining Bitcoin basics, then my main idea is comparing Bitcoins to some geometrical surface. There's some comparison which I always use for Bitcoin - if you would purchase 100 bitcoins it would almost equal to purchasing some significant amount of New York lands 300 years ago.
2) Also its pretty easy to compare Bitcoin to real estate - it is like dividing huge properties to use each valueable parts and provide it to belong to one owner. You can purchase any amount of it.
3) Some people have difficulty understanding where's the value comes from - but at the same time they have no problem with understanding where does the value comes from for any little Manhattan apartment which has 10 times more cost than any other same sized apartment downtown. The same thing about Bitcoin - Bitcoin is one space where we rent some limited amount of space which is once taken can't be taken by anyone else. And since Bitcoin is 1 space, then more people will want to live in that virtual space, less space available, more money needed to buy existing spaces.
Now imagine that this concepts could be beautifully displayed in a video, right? You can do it. Do ett blizz. You can do ett.
1) In the same video then you could explain such things as that lottery - also geometrically shown how does it work. People love to see physical things, some mechanisms and how they work are best of all depicted in geometrical forms - that's hwy I'm so eager to see this kind of video, which will explain everything. That kind of video I needed myself when I spent nights to understand what Bitcoin finally is.
2) Also it would be awesome to depict how the personal wallet file key works - so that people would never confused account systems versus cryptography based protection. This moment could be depicted in a detailed view - I would show how Bitcoin uses encoded address to scan the whole blockchain from the beginning of times for seeing which inputs belongs to the wallet which is searched. This process just must be depicted somewhere in such way that kids would understand the fact that if you don't holding that secret key (encrypted wallet.dat with your password), then you can't touch those blockchain inputs which once belonged to you.
3) And finally in such kind of video I don't want to confuse audience with such technical term as "mining" - in that kind of video I would just describe that miners will get only % per overall Bitcoin revenue, by outlining the fact that miner's income isn't unlimited, in fact, its strictly limited by the system, and system design is so awesome that it lets miners to be rewarded in an internal currency - in Bitcoins.
I just really wanted to see such simple video which gives people idea how the Bitcoin market works.
0 confusion. Understandable for everybody, once and forever.
submitted by efxco to Bitcoin [link] [comments]

bitcoinupdate.com - Folge 25

Neues Update für diese Woche: http://bitcoinupdate.com Bitcoin Update Folge 25
submitted by apetersson to BitcoinDE [link] [comments]

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