Hi guys,
I am pretty new to bitcoin and I want to understand the following stuffs
1. What is fullnode?(I understand it as transaction confirmation points) Is it same as Blockchain?
No, a full node is not the same as the blockchain and it is not transaction confirmation points. A full node is a peer on the p2p network which will verify and validate every single block and transaction it receives according to the built in consensus rules. If the transaction or block validates, then it will be relayed to all of its peers. The consensus rules are built directly into the code so an upgrade is required to change them. Full nodes also store the entire blockchain locally and provide it to others when requested.
2. Is bitcoin as an application decentralized or blockchain?
The blockchain is decentralized since there is no central authority that governs it. Not sure what you mean by bitcoin as an application being decentralized.
3. What happens if there is only one fullnode on Earth?
Then that full node is the only one that can provide the blockchain to others and it will become the central authority. Since SPV wallets rely on full nodes to supply the right data, that one full node could in theory rewrite history and make things up with the blockchain and no one would know about it.
4. Why is bitcoin always priced based on Dollars?
It isn't. It is just that the US Dollar is the most prominent reserve currency in the world so Bitcoin just happens to be typically priced in dollars. However go to exchanges and you will find trades for Euros, Yen, Yuan, and many other currencies around the world.
5. Who is bitcoin community? What are they doing to keep bitcoin in the limelight for common people?
The Bitcoin community is everyone who is involved in Bitcoin.
6. Why does supply halving done? will it not be a loss for miners?
The block reward halves in order to control the supply of Bitcoin. If the block reward did not continue to halve and eventually go to zero, then Bitcoin would constantly be inflationary and over time the value of Bitcoin would drop. Being deflationary is one of the most important aspects of Bitcoin.
7. How is data in the blockchain not editable?
The blockchain uses cryptography to ensure that the data stored within blocks cannot be edited. Each block is referenced by its hash. The hash is a cryptographic function which converts all of the data in a message (in this case the block) into a long 256 bit number represented in hex. This number will change depending on the data in the block. If anything changes, then the hash will not match and the block is invalid. To prevent data in transactions from being changed, the transaction uses signatures, which also use hashes. If any data that was signed does not match the signature, then the transaction is invalid. Since transactions are stored in blocks, changing a transaction will result in making the block invalid as well.
8. What happened in Mt. Gox incident? was all the bitcoins lost?
It went bankrupt. Supposedly the Bitcoin was stolen, but people aren't sure.
9. How do we know how much bitcoins are lost & how does it affects the economy?
We don't know how many bitcoins were lost.
10. Why do we have so many bitcoin startups coming up? what do companies other than exchange does?
There are many use cases for Bitcoin and the blockchain. Specifically the blockchain can be utilized to store data but this is not recommended. Many of these companies are utilizing the decentralized nature of Bitcoin and the blockchain to do stuff.
11. Why do we do pool mining? Isnt it unfair for other miners who dont use pool?
Pool mining is to pool people's resources together so that more mining can be done. It ensures that the miners in the pool will get paid something, and it also ensures that the network will continue to stay alive. If we didn't have pools, the mining would become more discouraged because your odds of getting any reward is very little. Through pools, people are incentivised to mine since there is always some payout for mining with a pool.