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Author Topic: I dont get why Mining bitcoins makes BTC's?  (Read 608 times)
box0214
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June 14, 2011, 05:19:24 AM
 #1

hi im still new and need a few questions cleared up as to how BTC's are generated. I mean I keep reading about mining bitcoins, but in my head it just seems like leaving the computer on for SETI and looking for alien life. That I can understand, but bitcoins I dont understand why these codes have to be generated to then be used. Why can we just generate them with a click of a button?
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c0rbin9
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June 14, 2011, 05:20:47 AM
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Scarcity.
swusc2
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June 14, 2011, 05:30:10 AM
 #3

Every time some solves a Block it's 50 coins to the group of the individual that solves it. Solving a block confirms transactions. So in a way its how Bitcoin prints and distributes money.

It solving an algorithm. You don't get a block if it can't be confirmed. I doubt anyone has close to enough power to break SHA-256 encryption and "make their own bitcoins". If they did there would be a lot more issues then counterfeiting of bitcoins.

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Stardust
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June 14, 2011, 07:38:26 AM
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Do you have a better idea on how to distribute the coins and prevent sabotage or monopoly?
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