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Author Topic: A small misunderstanding about Bitcoin  (Read 154 times)
Puppy01
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July 06, 2018, 04:04:16 PM
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 #1

Recently, i saw on a web page the timeline of Bitcoin. The first point was: '2009. January 3: The first 50 bitcoins are mined by Satoshi Nakamoto, the pseudonymous inventor of bitcoin.'
Now, my question is: Is this wrong or Bitcoins can really be mined? Or are the blocks the ones that are mined (solving the mathemathical problems (hash))?
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BitcoinNewbie15
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July 06, 2018, 04:45:28 PM
 #2

Recently, i saw on a web page the timeline of Bitcoin. The first point was: '2009. January 3: The first 50 bitcoins are mined by Satoshi Nakamoto, the pseudonymous inventor of bitcoin.'
Now, my question is: Is this wrong or Bitcoins can really be mined? Or are the blocks the ones that are mined (solving the mathemathical problems (hash))?

There really is no difference. Mining a block = mining Bitcoin. It is valid to both say that Satoshi mined Bitcoin or Satoshi mined the Block. They both produce the same result: newly minted Bitcoin. I think the webpage likely just said that the first 50 Bitcoin were mined to keep it simple. It's easier for the laymen to understand. When you start talking about blocks and solving hashes it starts getting technical.
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July 08, 2018, 01:20:22 PM
 #3

Recently, i saw on a web page the timeline of Bitcoin. The first point was: '2009. January 3: The first 50 bitcoins are mined by Satoshi Nakamoto, the pseudonymous inventor of bitcoin.'
Now, my question is: Is this wrong or Bitcoins can really be mined? Or are the blocks the ones that are mined (solving the mathemathical problems (hash))?

Of course you're right.
It's just that the website you're talking about tries only to make things simple. But in fact, it's a case of misuse of language.
If you want to learn more on "why miners don't mine BitCoin, they mine blocks instead", I invite you to read that good thread on the subject:
https://bitcointalk.org/index.php?topic=4565838
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July 08, 2018, 06:35:51 PM
 #4

Recently, i saw on a web page the timeline of Bitcoin. The first point was: '2009. January 3: The first 50 bitcoins are mined by Satoshi Nakamoto, the pseudonymous inventor of bitcoin.'
Now, my question is: Is this wrong or Bitcoins can really be mined? Or are the blocks the ones that are mined (solving the mathemathical problems (hash))?
People started their adventure with bitcoin from mining it, after that it has developed to investing or trading but the first one was mining and it doesn't matter if we name it mining bitcoin or mining a block.

 
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Jet Cash
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July 20, 2018, 06:42:05 PM
 #5

I gave this guy a couple of merits for asking the question, and nobody has really addressed the topic. I think it is an important distinction as Bitcoin becomes a store of wealth, and the cost of releasing individual Bitcoins from the initial pool becomes a factor in asset valuations.

FreeBitcoinBets.com is for sale - PM me to buy it.

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July 21, 2018, 04:51:04 AM
 #6

www.Cryptonix.co.uk

As mentioned above mining = solving equations. More information on Mining, wallets etc is available at the above site.  If your new and just starting to learn the basics before entering the market to invest the site is perfect for you. Plus allot of other valuable information to help on your journey..

Best Wishes

logitechwow
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October 22, 2018, 08:14:27 PM
 #7

He was the first to launch a Bitcoin mining system, this is normal.
Mining block, this is bitcoin mining.
Same.
Although they already answered it, but I decided to reply again
Chiko.fun
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October 22, 2018, 11:00:32 PM
 #8

Bitcoin is the use of a computer system to solve the algorithm in return for a certain amount of bitcoin. Digging bitcoins is becoming more and more familiar to everyone, but to do this we need to spend a great deal of capital to invest in machinery, which can be very costly.
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October 23, 2018, 01:59:43 AM
 #9

Recently, i saw on a web page the timeline of Bitcoin. The first point was: '2009. January 3: The first 50 bitcoins are mined by Satoshi Nakamoto, the pseudonymous inventor of bitcoin.'
Now, my question is: Is this wrong or Bitcoins can really be mined? Or are the blocks the ones that are mined (solving the mathemathical problems (hash))?

Actually blocks are mined  or in other words they are solved.  Solving a block triggers a transactions known as Coinbase transaction. Earlier solving the block (in 2009) triggers Coinbase transaction  that gave rewards of 50 bitcoin.
Block rewards are getting halves on every four year, so it become 25 in 2012, 12.5 in 2016  and next block halving will be done on 2020.

I think you should should read this book.

https://github.com/bitcoinbook/bitcoinbook


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