Redpill me on Cryptocurrency

>>3154044

do your own research faggot

>>3154044
go fuck yourself, back to plebbit

>>3154044
It's like salty coins and milk in digital form.

Imagine a currency that is not under control of a government or centralized financial institution. That is, anyone can mint new money, handle transactions, and remain fairly anonymous to the extent that only a single unique thing, a seemingly random string of numbers and letters, is known about a person. This is the idea of Bitcoin: a cryptocurrency based around cryptographic hashes, using a peer-to-peer network to maintain balances, while shared processing power extends the block chain.

Early adopters of a big Ponzi scheme

>>3154044
only 5 will survive the huge crash in 2019
but will be stronger than ever before

95% of these coins aren't going to be around in 2 years

Sell when you make profits, because I guarantee you your shitcoin isn't going to catch LTC, ETH, or BTC

That was a rough description of the process.

Transactions are encrypted messages that are broadcast into the Bitcoin network. The network is a peer-to-peer system, similar to Bittorrent. Transactions only specify a Bitcoin address and transfer of ownership of bitcoins is via these addresses.

Every ten minutes a bundle of transactions, called a block, is verified through a process called mining.

Mining is a process that involves trying to figure out the encryption key used on the transaction using brute force. A block is considered mined when the key contains a signature that the system is looking for called the target difficulty. For example, the target difficulty could be the last 20 bits of the key has to be 0. On average over time, a computer would have to generate at least 2^20, or about a million, keys. Once a key that meets the target difficulty is found, it's added as a proof of work.

Once a block is verified, it's grouped into block chains, which are added to a public transaction database. This data based is shared across the Bitcoin network.

For every block verified, the miner gets 12.5 bitcoin as a reward. This is also how new coins are added into circulation.

Once block chains are verified, they cannot be changed without redoing the work. And as long as honest nodes who are verifying blocks are outpacing those who are trying to attack the system, then the system remains stable. This led up to something of an arms race, where people would develop customized chips designed to compute the algorithm. Every so often, the target difficulty is adjusted so that the process of mining keeps the 10 minute target time.

Cryptocurrency like Bitcoin isn't actually legal tender, and the majority of businesses won't actually accept it. Still, it does carry value. Which is what makes it a potentially lucrative speculative investment.

>>3154118
KEK

Altcoins will implode like the dotcom bubble. Big players might survive, bitcoin battling bitcoin cash might fuck it all up for everyone cos of onr chinese guys ego

retards trading with even bigger retards

no real uses except drug and sex trafficking

>>3154105
Okay, but why then a thousand of shitcoins is needed?

Just throw all your money in it and make thousands everyday. People are just trying to scare you to keep it to themselves.