Even at my 0.2675€/KWh (0.35$/kWh), GPUs could mine LTC at <1.4$, according to the calculator. So if you intend to mine on used hardware, there is little to loose. The difficulty will go up, and so will the exchange rates.

It's hard to stop thinking in $ at this time. You have something other people want and it immediately switches your mindset.

But the Bitcoin did not crash. Every Change in value ends up in a correction in the opposite direction. It's still worth a lot more than 2012.

Isn't the private key like 256 Bit? But then again, you might be lucky.

You'll only get opinions from other people that do not necessarily know more than you.

I would not sell at this time. I believe that they will rise once again, though it could take a while, because the btc did not really crash in my opinion.

I never bought any btc, to answer your question.

Why not make use of the SI-prefixes. I think they're handy. It's already in use, btw.

1 µBTC, 1 nBTC.

Bit has already a meaning in computing.

E: 1 Satoshi = 10 nBTC. In computing the term "bit" is used for the smallest possible amount of data. The Satoshi is not the smallest possible amount.

@nightminer

That is a really nice explanation. Is that similar to a pool working on a block that is already mined into the blockchain, due to lag? And when the nonce is found by said pool, the block is considered stale?

You don't need to be online to accept a deposit in your wallet-client.

Transactions can be created offline. They will be mined into a block when you connect the client.