Well mining is a process of generation of altcoin. There is two type of computing power. 1. CPU and 2. GPU

Base of altcoin formulation starts from its type of work and algorithm used for its generation.

In case of Bitcoin, Bitcoin is purely Proof of Work type based cryptocurrency, which have its own specification for formulation. Bitcoin is based on SHA256 algorithm which supports to encrypt mined data and store it securely within block with help of cryptography and hashing power. Now when block gets solved miner who supports to network to alive along with verify transaction and keep all record on ledger of blockchain, receive rewards for their contribution.

This is about Bitcoin but many other cryptocurrencies are based on various algorithm and various types of work.

Still people are thinking Bitcoin as a money or medium of exchange, but basically its not. Its a purely commodity. And value of this commodity can be affect by many factors along with its specification.

Bitcoin already have proved its importance, existence and value. So we have to learn what is Bitcoin and what are possibilities of use of Bitcoins in coming future.

Hey Folks,

I am bit more fascinated about cryptocurrency and in the means time I get information of formulation of cryptocurrencies. Its basically production of tokens done with any of algorithm with PoW/PoS of cryptography with blockchain. I dive little more and got information that Cryptocurrencies are combination of blockchain and cryptography, which are based on quantum physics and electronics.

Now if we see deeply, blockchain is a real innovation with decentralized and open ledger platform. Implementation of blockchain technology will really bring revolution in humans living by offering more decentralized, scalable, transparent and open source business solutions for everyone.

And my honest suggestion is spend time to learn what is bitcoin rather that investing on bitcoins, because knowledge is the power.

Many services as economics and finance already on the way of decentralization along with this advertising, content delivery, social media and few other platforms are also created their own existence, importance and value stand alone in crypto market.

So considering these facts if we look towards future then, price of Bitcoin will be at sky height as this is the first and only cryptocurrency which is also know as master or prime cryptocurrency. And many new ideas will born.

Digital currency is a one kind of open ledger transactions which can tracked and traced which will be more beneficial for any government to track and monitor it. But with fiat currency government cannot track and monitor it.

So basically its an advantage for any government to go decentralized. But many governments are against decentralization so they will keep flow of fiat currency to run local market, and this is necessary.

Rather I would like to say that its and open source opportunity and choice for everyone to go for decentralized technologies or with transitional ways.

First thing we mustn't have to underestimate power of media.  I personally belongs to advertising industry which have more share than production in market. Same as mediator. And for such type of mass audience can be drive towards any fact.

According to specification of Bitcoins as Peer to peer transaction, there is no middle men for authorizing such transactions of tokens.

I personally think that current media is totally centralized and manipulated as no one giving right information to end users.

Rather media must have to contribute at larger scale to expose potential of decentralized technologies and their features as well as future to common user to get aware.

Bitcoin is real innovative invention which is done in this century. We must have to be ready to accept and adopt it.

I personally think that, still whole world is not fully aware about blockchain and cryptography along with its features and future. But as more and more people will get aware about this innovative technology which is really changing businesses worldwide, due to limited supply of cryptocurrencies price of them will increase according to users interest and platforms offered by certain cryptocurrency.

Still it will take more time to correct price of Bitcoin, But price of Bitcoins will always volatile just because of decentralization.

Climbing price of Bitcoins against fiat is a great sign of people's interest in Bitcoin. But $10,000 was target for 2020 which was achieved by 2017. It means price will be skyrocket again in coming future. Many of new users are still in test phase of blockchain technology, more interest and implementation of decentralized technologies will take Bitcoin's price to certain height.

Read it, even read more news related to such context. I think anonymity is one of characteristic of Bitcoin, but here we are seeing this advantage of Bitcoin is used to make crime. So in such case what conclusion we can find ? Bitcoin anonymity is good or bad ?

I personally think that, how we consider it and accept it.

Yes its clear defeat of government as its accepting the really of failure of control with technology. BD belongs to tier 3 country means poor country. Governments of such countries are mostly dominated with political power, and if controller of such countries don't have mentality to adopt then its big loss of country's business, development, economy, future and growth . And such centralization will lead to undeveloped country.

Yes Bitcoin is not money or currency, it's a digital asset/tokens or we can say commodity. But still due to characteristics of bitcoin's specifications, bitcoin offer a platform with p2p network to make transaction of such tokens within network and such tokens can be exchanged against fiat currency globally. Now this is advantage that Bitcoins can be mined.



Faith in Blockchain and Cryptography, which gives more security and value to these tokens. These tokens have mined with strong proof of work as well as encrypted algorithm which have back up of Proof of Work and Proof of Existence.

So, Just imagine future !

I see people are still considering bitcoin as platform of investment, but its actually a tool, which offer to enter into cryptomarket. As newbies many bitcoiner  just thinning for holding them to get higher returns on selling at higher exchange price, but except this trading is a great option to divert your investment into crypto currencies. Along with trading HOLDER can get rewards for holding bitcoins according to forks and other distributions.

So I don't think there is risk with Bitcoin investment. But before making any investment get proper knowledge its totally open source.

yes number of user of bitcoins increasing daily with higher volume, it means more and more people are getting involved in to Bitcoin platform in expectation of higher returns. But I personally think that increasing number of community must have proper information, they can spend more time to learn it.

Bitcoin is very popular now a days, but its really very innovative concept which have bring to world by satoshi Nakamoto, by combining blockchain and cryptography together. Bitcoin is very higher level of quantum physics theory, which is quite complected to understand to common person without any tech knowledge. But use of Bitcoin is very user friendly and more secure. Trust within network gives more value to Bitcoins, and due to limited supply price of Bitcoin will sky rocket in coming future.

My honest suggestion is before buying just only Bitcoins, spend more time to understand it.

I personally think that, anything(Bitcoin) get value in first glance according to there demand and supply. This is common thing we, everyone can consider mathematically. But, Bitcoin is not anything its an exception with limited supply and process of generation. Bitcoin is a formulation of tokens with open ledger can be transacted and stored electronically only. And in such scenario Bitcoin have strong back up of proof of existence and proof of work, which gives more value to Bitcoin, rather than taking Bitcoins price down. More awareness about Bitcoin will increase more trust and trust will increase price of Bitcoins in future.

Yes I completely agree as blockchain is a base of future businesses. And for more transparent and convenient businesses there are many altcoins are already working on large efforts to give more practical decentralized solutions. In such movement bitcoin will be stand alone with its own existence, importance and value with quite bigger exchange price against fiat in coming future.

While other altcoins will be dominated more and preferable according to their structure of nature of environment of blockchain.

Yes user just only need internet connectivity to connect to network via qt client. Which can be accessed with various platform as Windows, Linux, Mac, Android etc. internet is the only need to connect to node where user can access their own wallet with client to transact or store cryptocurrencies.

I completely agree. Phone is just a platform or tool which can give users more friendly accessibility, control and mobility with safety and security. Phone is a very person thing of use and with phone user can access internet easily with domestic network provider.

Sure, Bitcoin is a pioneer of cryptocurrencies and every cryptocurrency measured in BTC or we can say evaluated in BTC units. These units can be traded independently on exchanger against BTC and Fiat as well. In such scenario if price of Bitcoin goes down its doesn't means Price of that independent cryptocurrency  will also goes to down. There are possibilities of rise of new cryptocurrencies, more fair and useful than Bitcoin which can overtake Bitcoin in every aspect.

I just stumbled with this Tread.

I checked it out, Its service from ViaBTC. But is this really accelerate transaction or just gimmick or trick to rob some of Bitcoins.

Because I personally check ViaBTC not responding to transaction ID and BTC.com is requesting payments in BCH.

 

Well explained I agree with SamReomo. Still, since from 2008 people are saying Bitcoin is scam by comparing it with other things, but my straight question is if you believe in Bitcoin then you will be sole responsible for results and outcomes.

I see in forum many newbies are in frustration, due to huge increase in price of Bitcoins against fiat currency globally.

The fact is, Bitcoin is a combination of Blockchain and Cryptography which have basically zero value, but algorithm and power used for Proof of Work is very costly. More interest of user is taking bitcoin price to higher level and in future adoption of blockchain and decentralized technologies will give more dominance, growth, importance, security and value to Bitcoin. Now its up to user how they accept truth of future.