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Author Topic: Refer to 'VERIFYING' not mining when explaining the bitcoin  (Read 1004 times)
genjix
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May 27, 2011, 06:47:36 AM
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Hey,

When explaining to people about bitcoin, do yourself a favour by talking about bitcoins being introduced through the process of verifying transactions. The verifiers gain a reward for securing the network against attack.

People understand faster than when I use the ill fated gold mining analogy. Verifying more accurately conveys the nature of confirmations. Mining has the negative connotation of being a way for people to get free (gratis) money.
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May 27, 2011, 06:49:14 AM
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I call it "transaction processing" since that's pretty much what it is.

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May 27, 2011, 06:50:25 AM
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Excellent idea!

Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
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May 27, 2011, 07:04:11 AM
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But aren't bitcoins backed by teh compootah powah?!

Explain yourself!  Angry

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May 27, 2011, 07:35:23 AM
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But aren't bitcoins backed by teh compootah powah?!

Explain yourself!  Angry

Yes, they are.

If you read the source code, you will find the 50BTC reward is called a subsidy. The idea being that until the network is bootstrapped and a cash economy exists, transaction processors will need a reason other than transaction fees to process transactions (of which there were none for many thousands of blocks).

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May 27, 2011, 07:39:13 AM
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But aren't bitcoins backed by teh compootah powah?!

Explain yourself!  Angry

Yes, they are.

If you read the source code, you will find the 50BTC reward is called a subsidy. The idea being that until the network is bootstrapped and a cash economy exists, transaction processors will need a reason other than transaction fees to process transactions (of which there were none for many thousands of blocks).

I was just kidding. Bitcoins aren't "backed" by CPU cycles.

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May 27, 2011, 08:15:37 AM
 #7

Verifying the validity of a tx is super fast and easy. Burying is more like it. The more and more difficult blocks piled on top the harder it is to dig them back up.

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