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Bitcointalk Username: minersday
Segwit BTC Address: bc1qm8qjkt9ntrcgug4qy83fa5l6pn5ag3yryk30xl
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I've been trying to understand the concept of bitcoin for a while now, especially its technical aspects, so I've been doing some personal research on my own, but I still find it difficult to comprehend some parts of it.
I learned during my research that a node is a computer on the blockchain network that sends and receives transactions with other nodes while also validating and storing those transactions and I also read that transactions on the blockchain are kept and encrypted within blocks and that a block's transactions needs to be verified in order for a new block to formed.
I need more explanation because I still don't understand how a node confirms a transaction and determines whether a block is valid, it seems too complicated.
Consensus is the mechanism by which nodes validate blocks and confirm transactions. Consensus procedures in a blockchain network guarantee that all nodes concur on the ledger's current state, including which transactions are legitimate and which blocks ought to be added to the chain. When a transaction is broadcast across the network, it propagates to all nodes. Each node checks the transaction to ensure that it fits particular conditions, such as having a valid digital signature, spending no more than the sender's balance, and so on. |
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In terms of application, Bitcoin will find it difficult to replace all fiat currencies. Bitcoin is a financial innovation that has several advantages over the existing financial system. It was not intended to completely replace fiat currency, but rather to give an alternative.
Bitcoin, like the Internet, is a revolutionary innovation that offers new ways of existence... however, while the Internet is widely recognized, not everyone in the world has access to it and is surviving.
So, don't let your fear of change lead you to assume that Bitcoin will reduce employment opportunities, because Bitcoin has generated and will continue to create many jobs.
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Any investment choice, including Bitcoin, should be founded on thorough study, research, and awareness of the dangers involved. The value of Bitcoin is very speculative and fluctuates. Its value may change significantly over brief intervals, which might result in big gains or losses. If you're considering buying Bitcoin, keep the following things in mind:
The price of Bitcoin is notorious for being extremely volatile. Despite the possibility of large profit possibilities, this volatility carries a considerable risk for investors.
It's critical to conduct a study about Bitcoin, its underlying technology (the blockchain), and its possible applications before making an investment.
Think about your risk tolerance and investing objectives. Bitcoin's price can fall dramatically in a short period of time, so only invest what you can afford to lose.
It's also important to keep in mind that the Bitcoin market is continuously changing and that new innovations, technologies, and rules may have an influence on its dynamics. Take the time to educate yourself fully if you're thinking about investing, and base your selections on your financial status, risk tolerance, and investment objectives.
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Username: minersday
BTC SegWit Address: bc1qarmyngw6v4wug60r4g6s3gyj5z5lak5nc7pcda
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I believe bitcoin and banks are well renounced investment platforms but many people prefer bitcoin investment despite is very risky because of high demands and rising price interest and banks on the other hand saves millions of people finances all over the world yet their investment interest is very small but less risky than bitcoin. Which do you preferred your money to be save in as investment? Bitcoin or bank! What's your reason?
Your risk tolerance, financial goals, and personal circumstances will influence your decision between Bitcoin and banks as an investment alternative. Bitcoin has the potential for larger rewards, but it also has higher volatility and hazards. Banks offer a more conservative and regulated environment with lower profits, but they also provide more stability and security. It is critical to thoroughly assess your personal financial circumstances, examine your risk tolerance, and diversify your investment portfolio depending on your own requirements and preferences. Consulting with a financial expert might also help you make an educated decision. |
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Here's a crazy idea. Rather than embedding stupid jpegs in the witness data, what about embedding solidity scripts? The capabilities of Bitcoin could potentially be expanded tremendously. Opinions?
The idea of embedding Solidity scripts directly into Bitcoin's witness data is intriguing, but it is important to analyze the consequences and practicality of such an approach. The scripting language used by Bitcoin is based on a stack-based language that differs from Solidity, the programming language used in Ethereum smart contracts. Embedding Solidity scripts would require considerable changes to the Bitcoin protocol and difficulty in obtaining consensus among network members. Additionally, Bitcoin was created with simplicity and security in mind, so introducing more extensive scripting capabilities may increase the attack surface and potentially jeopardize Bitcoin network security. To ensure integrity and dependability, extensive audits and testing would be required. |
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Education is very crucial to increasing financial literacy, particularly in the context of bitcoin. These are some of the reasons why I feel education is essential.
Understanding the Technology: Cryptocurrencies are based on sophisticated technologies such as blockchain. Individuals may gain a better understanding of the underlying principles, the operation of decentralized networks, and the possible advantages and concerns related to this technology through education.
Risk Awareness: Cryptocurrency investments come with unique risks, such as market volatility, regulatory uncertainty, and security threats. Individuals are educated to detect and analyze risks, allowing them to make informed decisions and take necessary safeguards.
Education gives knowledge of numerous investing methods, risk management measures, and portfolio diversification. It enables users to establish smart investing strategies by assisting them in understanding the variables impacting cryptocurrency values, market trends, and technical analysis.
Understanding bitcoin wallets, private keys, and security best practices is critical for safeguarding one's digital assets from theft or hacking. Individuals are empowered by education to preserve their cash and handle the complexities of bitcoin storage and custody.
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People need to understand and remember that investing has risks, and there are no guarantees of profit. Continuous learning, adaptation, and a long-term perspective are required. You may boost your chances of success in investing by equipping yourself with information, being disciplined, and properly managing risks.
To be successful in investing, you must approach it with the correct mentality, knowledge, and tactics. Consider the following fundamental principles:
Research and education: Learn about various investment vehicles, markets, and techniques. Understand the concepts of risk and reward, diversification, and asset allocation. Keep up with market movements and news.
Set Specific Goals: Determine your financial objectives and time span for investing. This will help you make investment decisions and determine the proper amount of risk.
Risk Assessment: Evaluate the risks involved with each investment. Diversify your portfolio by diversifying across asset classes and locations. Review and adjust your portfolio on a regular basis.
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Before the existence of bitcoin they're many other digital economic assets that is in line with government policies like crude oil, gold and much more, government where comfortable with this assets trading online, including forex but crypto currency like bitcoin that would have change lives and alienates poverty from the world, government are afraid of its cumulative value.
Bitcoin is an assets that we shouldn't lose or allow to dies off, if you check history of all money weather digital or paper bitcoin circulate faster in values and distributions. As highly respected as dollars not all countries have it but bitcoin is 14 years now, the world is aware of it. Do you think bitcoin will stay if government totally remove their hands or stand against it?
Government rules and cultural acceptability are only two of the many elements that will affect the development and sustainability of bitcoin. Despite the fact that Bitcoin has become incredibly well-known and widely accepted, it is vital to remember that governments are very critical in determining the regulatory landscape for cryptocurrencies. Governments might significantly affect Bitcoin's acceptance and use if they take a strong position against it and impose stringent rules. Government policies may have an impact on how investors feel, how stable the market is, and how people see cryptocurrencies in general. It is important to note that Bitcoin has some resistance to and independence from political control due to its decentralized structure. Transactions may take place on its peer-to-peer network without the involvement of middlemen or centralized authority. Due to this quality, Bitcoin has remained popular and has survived regulatory difficulties in the past. It is unclear if Bitcoin would continue to exist and thrive in the absence of government intervention. While it may retain its value and circulation, it may encounter difficulties in attaining widespread adoption and integration into established financial systems in the absence of government collaboration or acceptance. Bitcoin's future is determined by a complex interaction of elements such as technological improvements, legislative developments, societal acceptance, and market dynamics. |
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The price of Bitcoin can be attributed to several things happening at the moment. Take the war between Ukraine and Russia which has led to highly fluctuating market trends globally. In addition, the bull run seems to be over so market is currently having a general correction as expected. Hopefully we can bounce back pretty hard after June.
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First and foremost, people need to understand what the word centralization is. Knowing and understanding what centralization is, will help people from believing or having an assumption that the government has any chance of making bitcoin centralized. Bitcoin will forever remain a decentralized asset and digital currency. It's quite unfortunate that people still have doubts and don't understand what decentralization and blockchain technology is all about.
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Friends, I would like to know what is the fastest blockchain at the moment. I heard about the Tectum blockchain but there is very little information about them. Please kindly share your opinion.
Thanks.
You will need to specify to help people understand what mean when you say the fastest blockchain. There are various ways of ranking and rating blockchain networks. These include: which blockchain network is faster in terms of transaction speed, which is faster in terms of mass adaption, which is faster in terms of increasing marketcap and volume, which is faster in terms of trading volumes per day, week, or year. So you need to be specific with your question. |
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Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=229588Current amount of posts (including this one): 1619 Amount of EARNED merit in the last 120 days: 4 bech32 BTC Address for Payouts: bc1qjsrucapdzv06ax4te2vwcwtruwlgw3udq0qtjj will change signature once accepted |
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It is very true that Bitcoin has some disadvantages, but you should also understand that there nothing that does not have disadvantages. The disadvantages of bitcoin are what makes it unique. We just need to accept the flaws of Bitcoin and try to understand these flaws in order to take full advantage of Bitcoin in terms of building a decentralized financial ecosystem. Disadvantage is the risk and volatility, the lack of notification and understanding, with incomplete functions, but which are developing, so Bitcoin is not perfect.
Yes, Bitcoin is not perfect. You should also understand that nothing is actually perfect in this ecosystem we find ourselves. We don't need bitcoin to be perfect. |
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How bad will the bear market of 2021 get? How low will BTC go?
Considering the market pattern of Bitcoin in 2017, 2018, 2019 and 2020, it is likely that we might see the market value of bitcoin go below $30k or $25k. The Bitcoin market is also full of surprises, I will be surprised if we see Bitcoin drop below $25k. Also, the market value can potentially go beyond $40k. |
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I have thought that one key advantage crypto (bitcoin, litecoin, Dash, monero etc.) has over gold is that its supply level is fixed and transparent, but can this or features make crypto more valuable than gold?
Once the entire world hasn't fully recognized cryptocurrencies as financial entities, there is no possible way that cryptocurrencies will be more valuable than gold. Gold represents a commodity resource of the financial ecosystem and backs the currencies of some countries. Cryptocurrencies, on the other hand, do not back any real assets or resources... |
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I started off Bitcoin years ago, my family never believed it and said it was all a scam and I should stop (of course I didn't), when Bitcoin was making progress over the years, the influence on people starts to get stronger as time goes by, more and more are starting to believe that there is a thing called "Cryptocurrency".
From telling me to not do Bitcoin because I'm just wasting time to "son, can you teach me your knowledge about Bitcoin?", this is where I realized that Bitcoin is definitely the future to be, to see is to believe and they started to believe me, they did because they saw the value going higher and higher each year, 2020 was the year Bitcoin's value exploded to $20,000 and this was the year that they are convinced that Bitcoin is real, they were so down thinking that it's too late for them, but it really isn't and they can definitely keep up, I hope your family is convinced as well that Bitcoin is real by now and not a joke, I've opened their minds and I hope you can open your friends, or the people that matter to you, because it can definitely help them.
Well, this world we find ourselves, people are always sceptical about things they either have no knowledge or little knowledge about. But, once you present them will concrete evidence being either your financial success or something tangible, they become believers. A lot of people believe Bitcoin is a scam due to what the media has preached to them. I believe once the media portray the true identity of Bitcoin, people will have a different perception of what Bitcoin is and its purpose in the financial ecosystem. |
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Is it possible to still make a good return from Bitcoin?
Yes, it is always possible to make a good return from Bitcoin but it will all depend on your investment plans and strategies. In the space of investment, understanding the market is one key fact in making good returns. You don't need to hold unto Bitcoin for a long term before you can make good returns. Daily trading seems to be a good avenue. For a week now, I have been doing daily trading and its been very good. All you need is to know and understand the Bitcoin market. |
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