Bitcoin Forum
January 26, 2021, 06:21:25 AM *
News: Latest Bitcoin Core release: 0.21.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Bitcoin backing, blockchain.info?  (Read 548 times)
shockvibee
Newbie
*
Offline Offline

Activity: 34
Merit: 0


View Profile
March 20, 2013, 08:09:50 PM
 #1

So I have a question, is there anything ACTUALLY backing up btc?  I understand the process of obtaining btc but I might not have read in enough.  I noticed blockchain.info doesn't get any support, and that's where btc comes from, right?

If you aren't receiving any support from a website that is the center of btc, why would you put all of this money in to it?

Is it possible everyone could wake up one morning and blockchain.info be gone? What would happen to btc?
1611642085
Hero Member
*
Offline Offline

Posts: 1611642085

View Profile Personal Message (Offline)

Ignore
1611642085
Reply with quote  #2

1611642085
Report to moderator
1611642085
Hero Member
*
Offline Offline

Posts: 1611642085

View Profile Personal Message (Offline)

Ignore
1611642085
Reply with quote  #2

1611642085
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1611642085
Hero Member
*
Offline Offline

Posts: 1611642085

View Profile Personal Message (Offline)

Ignore
1611642085
Reply with quote  #2

1611642085
Report to moderator
1611642085
Hero Member
*
Offline Offline

Posts: 1611642085

View Profile Personal Message (Offline)

Ignore
1611642085
Reply with quote  #2

1611642085
Report to moderator
Maciek
Full Member
***
Offline Offline

Activity: 254
Merit: 100


amlt.coinfirm.io


View Profile WWW
March 20, 2013, 08:18:22 PM
 #2

Well Bitcoins does not come from blockchain.info.
It's just an online wallet.

Somebody will explain to you soon. But please read a little bit more Wikipedia... there is nothing about blockchain.info... it's all about distributed blockchain.

But don't worry. Everybody here had to learn a lot - because bitcoin is all new technology.

amlt.coinfirm.io - The token of compliance by Coinfirm
piuk
Hero Member
*****
Offline Offline

Activity: 910
Merit: 1001



View Profile WWW
March 20, 2013, 08:25:08 PM
 #3

I understand the process of obtaining btc but I might not have read in enough.  I noticed blockchain.info doesn't get any support, and that's where btc comes from, right?

You might be confusing the blockchain which is a distributed database which holds a record of every bitcoin transaction and is sort of where btc comes from and the website blockchain.info which amongst over things displays information about the blockchain database.

Is it possible everyone could wake up one morning and blockchain.info be gone? What would happen to btc?

Yes. Nothing, unless you have a wallet host at blockchain.info in which case a wallet backup can be imported into another client and be up and running again fairly quickly.

Gabi
Legendary
*
Offline Offline

Activity: 1148
Merit: 1008


If you want to walk on water, get out of the boat


View Profile
March 20, 2013, 08:44:37 PM
 #4

Blockchain.info is a website wich offer a online wallet service.

If blockchain.info disappear... well you were wrong in the beginning, so nothing happens.
Quote
If you aren't receiving any support from a website that is the center of btc,
Wrong wrong wrong

Foxpup
Legendary
*
Offline Offline

Activity: 3164
Merit: 2121


Vile Vixen


View Profile
March 21, 2013, 01:42:03 AM
 #5

If you aren't receiving any support from a website that is the center of btc, why would you put all of this money in to it?
I put all of money into Bitcoin precisely because there isn't a website that is the centre of it. There is not a single individual person, organisation, company, or government anywhere that you can point to and say "If anything bad happens to this person/organisation/whatever, then Bitcoin will fail."

For example, take Bitcoin's inventor, Satoshi Nakamoto. That's not his/her real name, and nobody knows what is. Nobody even knows if he/she was working alone or as part of an organisation. He/she hasn't been heard from in years, and may in fact be dead. And what does this mean for Bitcoin? Absolutely nothing! It doesn't matter in the slightest whether Satoshi Nakamoto is dead or alive. And the same can be said for every person and company that is or has been involved in Bitcoin.

Bitcoin is completely decentralised and distributed. Bitcoin as a whole cannot be stopped by the loss of any part of it. That is what backs it up.

Will pretend to do unspeakable things (while actually eating a taco) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
I am not on the scammers' paradise known as Telegram! Do not believe anyone claiming to be me off-forum without a signed message from the above address! Accept no excuses and make no exceptions!
Gator-hex
Hero Member
*****
Offline Offline

Activity: 490
Merit: 500


View Profile
March 21, 2013, 02:57:11 AM
 #6

The cost of equipment and electricity to produce a Bitcoin is it's backing as far as I'm concerned.
A miner won't sell their coins at a loss.  I always say to people, mine one, then you will know it's true value. Wink

Could the blockchain be destroyed. Possibly, they keep backups though, but the database is pretty funky and if there was a really high number of transactions, you never know. Some even called for banning certain gambling games with a high number of small transactions. (the recent fork issue). So not everything is ready for global transaction domination yet.

Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!