bitcoin and crypto and fiat currency

[cryptoboss2020]

you cant fake fiat currency and if you do you got problems with law.
how we know the btc and crypto is not faked...it means the creators can create any ammount of crypto as they want as there is no law to legit forces to check over btc and crypto creators

[20kevin20]

you cant fake fiat currency and if you do you got problems with law.
how we know the btc and crypto is not faked...it means the creators can create any ammount of crypto as they want as there is no law to legit forces to check over btc and crypto creators

This is one of the main reasons mining and the chain of blocks exists. The history of Bitcoin's blockchain is theoretically immutable, as in any little mistake you make now through BTC (like exposing your real identity) might affect the entire immutable history of yours.

Bitcoin's creator is Satoshi Nakamoto, and he does not own any kind of decisional power in the coin's governance. In fact, there is no central governance - it's a decentralized network. The network stays up at all times specifically due to the fact that there are people using it and helping it grow: full nodes, miners and users.

You may be interested in reading a bit about block rewards. This is how coins are being generated and introduced into circulation as a reward for miners. Unlike many of the centralized altcoins, Bitcoin's inflation rate is precise and gets cut in half every 4 years.

Besides maths and coding, there are no laws we need in order to protect ourselves from counterfeited coins. Welcome to the magic of programming.

[BlackHatCoiner]

I'm impressed you have 200+ posts on this forum and you haven't understood the basics of bitcoin.

First of all there are no creators, only one. The man behind bitcoin is the only one that created it and then left. The "creators" you are referring to must be the developers that check and update the code or the people that own bitcoin.org.

The reason they can't do that is because of the blockchain's rules. People, including developers, can't born bitcoins out of nowhere because all the nodes have to accept that the block was mined properly with the analogous proof of work. Inside the open source program, the code says clearly that only if the block's hash is below a target value, the computer will accept it. Otherwise, it will reject it. Imagine now, that if we have 10,000 of computers that will receive a random block hash, I just created, that generates a million bitcoins, they will reject it. If they receive a block's hash that is below the target value, they will all accept it, but I'm following the rules. In order to broadcast a block hash below the target I need CPU power. The more CPU power, the more possibilities I have to find a block hash below the target.

Thus, we've succeeded a payment system that computers accept the mathematical proof instead of trusting few developers that will decide when and where the money will be distributed. Consider reading this, it will clarify some things to you: learnmeabitcoin.com

P.S, @20kevin20, you kept me ahead  

[Oshosondy]

you cant fake fiat currency and if you do you got problems with law.
how we know the btc and crypto is not faked...it means the creators can create any ammount of crypto as they want as there is no law to legit forces to check over btc and crypto creators

Be deceiving yourself, or maybe you need correction, well that is why you bring it up here. In fiats, people spend fake money, I was given one some days ago, that is why physical fiats can be fake. Unlike bitcoin, only 21 million bitcoin is existing, in a way no new ones can be created except the 21 million, nothing like spending fake bitcoin, it is not possible because no fake bitcoin is existing.

[Fatemablabla]

I think you don't know how blockchain technology works. Bitcoin is a product of blockchain technology. Created by blocks. The creator Satoshi Nakamoto can't control it or use it for him self. Also you can't fake bitcoin. If it is possible than we could see many more bitcoin in the market. But the answer is no you can't fake BTC like fiat.

[dothebeats]

It is relatively easy to produce counterfeit fiat currencies than it is to fake bitcoin or any other cryptocurrency in general. Due to bitcoin's open-source code, people can manually check whether there had been some alterations on some crucial parts of the program, and if there is, the network would immediately react for a fix. There were a few incidents wherein bitcoin's hardcoded limit were changed momentarily and abused by people. It didn't last long, and soft forks were already coming an hour or two after the said change in the code.

[Sinjokubhi]

you cant fake fiat currency and if you do you got problems with law.
how we know the btc and crypto is not faked...it means the creators can create any ammount of crypto as they want as there is no law to legit forces to check over btc and crypto creators

Until now, existing coins cannot be faked, because they have a smart contract that cannot be manipulated, of course this is something different from fiat currency, because the printing method is very vulnerable to being faked.

This is of course very different from more specific digital currencies when we discuss the blockchain system and others.

[cryptoboss2020]

if the btc is really fake proof and the way how you all say here then the btc is best thing in the world after gold to be honest and its like beautiful master piece of the finest  art work.

[cryptoboss2020]

but.....is ethereum same fakeproof as bitcoin?

[claire_lovely]

you cant fake fiat currency and if you do you got problems with law.
how we know the btc and crypto is not faked...it means the creators can create any ammount of crypto as they want as there is no law to legit forces to check over btc and crypto creators

The supply of cryptocurrencies is backed by consensus algorithms so that no one user can simply generate it. To do so would require a 51% attack and this is incredibly expensive to execute on the main coins. Also even in such an event, users can fork onto a new chain and deem that one as the legitimate one.

Here is more about the Bitcoin supply:
https://en.bitcoin.it/wiki/Controlled_supply

[DarkDays]

you cant fake fiat currency and if you do you got problems with law.
how we know the btc and crypto is not faked...it means the creators can create any ammount of crypto as they want as there is no law to legit forces to check over btc and crypto creators

]

There are measures in place for this, and one of them is called 'proof of work'. This is to say that on the blockchain a miner needs to have a 'code' if you want to call it that which proves his addition of the block to the blockchain. Since, the consensus is that once blocks are added to the blockchain these are immutable one in theory can't fraud any parts of the block to say they mined it as they one won't have proof of that block and second they can't delete it in an attempt to fabricate the proof of work.

Additionally, all of this is on the network and can be accessed by pretty much anybody, and so because this can be checked, it acts as a counter-check against false crypto assets (which you can think of them in terms of blocks).

Thus in theory any attempt of illegitimate crypto mining or crypto coin/token won't be allowed or permitted on the network (unless, somehow, maybe they'll be tweaks to the smart contracts but this I'm not sure is possible)

[jossiel]

That's an absurd question.

Bitcoin cannot be faked. There's only one chain where bitcoin is running and the faked bitcoins that you probably are thinking are those bitcoin forks.

you cant fake fiat currency

This is wrong.

If you go turn in on some articles, news or videos, search and you'll get to see how many frauds including fake cash were used by sindicates.

[cryptoboss2020]

Wow so many experts here ?
How do you know about BTC so much?  
what is the main source of knowledge?
are you guys all programmers and it tech guys?

[wanted sliter]

Blockchain technology can't be tampered with and it's more transparent than any other technology we have. The use of blockchain transaction confirmations ensures that blocks and transactions are recorded in the blockchain ledger.
Bitcoin is mined using the POW method based on miners. They are creating bitcoin and it has real value. Bitcoin cannot be tampered with, it's transparent on the blockchain.

[Little Mouse]

No, you can't create fake bitcoin. There will be only 21 million BTC in total and all of them are fixed (like- imagine all of the bitcoin has a number and everyone knows the number) so, bitcoin can't be faked. Someone may create fake bitcoin but the due to being decentralized network, there will be no chance for them to use the fake bitcoin. On the other hand, fake notes are being still used. In fact, it's one of the biggest industry in crime world.

[Debonaire217]

Perhaps, there are teams who audit smart contracts of different projects especially their own cryptocurrency. In this way, it could prove the legitimacy of the cryptocurrency such as if it has the capability to be minted or the total supply is fixed. But I can say, you cannot make a fake cryptocurrency such as those that exist on the contract address of a legit one. You can fake a crypto by creating your own currency with your own contract address. But that was just on the ethereum blockchain. There will be more complex procedures when we talk about this in terms of other blockchains.

[btc_angela]

you cant fake fiat currency and if you do you got problems with law.
how we know the btc and crypto is not faked...it means the creators can create any ammount of crypto as they want as there is no law to legit forces to check over btc and crypto creators

For bitcoin? I doubt that you can fake it, but for the rest of the Altcoins, they can't create enormous supply, and that's why others point out the market capitalisation is not a good gauge because they can artificially inflate it. There are projects that hire third party to audit their smart contracts, but still it is not an assurance that everything will look good in paper.

[Wexnident]

Wow so many experts here ?
How do you know about BTC so much?  
what is the main source of knowledge?
are you guys all programmers and it tech guys?

The age where only those in that field knows knowledge about it is already over man. Anyone can be knowledgeable in different fields as long as you give time in studying it, there's a vast amount of resources available on the internet, and if that isn't enough, you can freely ask people on the know on various forums. They may or may not be saying the truth, but it's not like you're asking only for an opinion of one person, nor are you stupid enough to actually accept whatever opinion comes your way, that's why you have your own brain, to understand things yourself.

google is a thing, using your brain is also another. Might as well use it lest yours degrade into nothingness.

[adzino]

you cant fake fiat currency and if you do you got problems with law.
how we know the btc and crypto is not faked...it means the creators can create any ammount of crypto as they want as there is no law to legit forces to check over btc and crypto creators

No, you are wrong. You can "fake"/counterfeit fiat currency with ease. It is just that if "you" get caught, you will get into problems. If its smaller amount of bills, highly likely people won't check and will getaway with it. But that is not the case with bitcoin or other crypto currencies (currencies which are legit. Not those shit coins). You can't create "fake" bitcoin. Even the creators of bitcoin can't create "any amount" of coins. As long as the coin is completely decentralized, the protocol can't be changed without majority of people supporting it. You should learn about how crypto currencies and blockchain works .

[michellee]

Wow so many experts here ?
How do you know about BTC so much?  
what is the main source of knowledge?
are you guys all programmers and it tech guys?

We are not an expert, but we spend time to learn more to get more lesson. We learn from many sources, especially from this forum, because you can find so many lessons from other people, giving you more info. The main source of knowledge is how you can have a passion for learning, and you can spend your time searching for more details. Some of us know about programming, while others know other fields, but we want to learn something.