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I dont get why Mining bitcoins makes BTC's?
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Topic: I dont get why Mining bitcoins makes BTC's? (Read 738 times)
box0214
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I dont get why Mining bitcoins makes BTC's?
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?
There are several different types of Bitcoin clients. The most secure are
full nodes
like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if
every
miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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c0rbin9
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Re: I dont get why Mining bitcoins makes BTC's?
June 14, 2011, 05:20:47 AM
#2
Scarcity.
swusc2
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Do your part for Bitcoin!
Re: I dont get why Mining bitcoins makes BTC's?
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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Re: I dont get why Mining bitcoins makes BTC's?
June 14, 2011, 07:38:26 AM
#4
Do you have a better idea on how to distribute the coins and prevent sabotage or monopoly?
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