At block 478559 bitcoin cash started mining its own blockchain away from the original bitcoin chain. Eli5 bitcoin cash bch by gal crypto bitcoin cash is a bitcoin core fork from august 2017. But let s say we have a digital dollar and we want to do the same.
That dollar is yours now to do whatever you like with it. We didn t need anybody else to verify the transaction and i can t take it back unless you give me it back. I gave the dollar to you and now you have it and i don t.
Let s just say there s you and i in a room and i hand you a dollar. A large percentage of bitcoin enthusiasts are libertarians though people of all. You might be interested in bitcoin if you like cryptography distributed peer to peer systems or economics.
There is no government company or bank in charge of bitcoin. Bitcoins are issued and managed without any central authority whatsoever. Bitcoin is a distributed worldwide decentralized digital money.
Bitcoin moves an amount from one place to another place with rules. It seems either explanations are either too. I know there have been other explanations on here but i d like to throw in mine too.
Bitcoin mining xpost in eli5 ok so i ve seen several places where bitcoin has been explained but there is one thing about it that always seems kinda glossed over. Posted by 7 years ago. Bitcoin mining xpost in eli5 close.
Explain like i m five is the best forum and archive on the internet for layperson friendly explanations don t panic.
Bitcoin reddit eli5. The top comment current explains mining pretty well but doesn t really explain the merits of bitcoin in an eli5 way. I m going all in here. Imagine you re at a table with some friends. You come up with a set of rules to create a type of money that you can only use between each other.
You decide that math is really hard but doable given enough time and energy. Mining increases the bitcoin network s security and fights fraud by calculating what s effectively a checksum for transactions. By contributing their computing power to the bitcoin network for mining individuals are rewarded with newly minted bitcoins by the community. This also provides a way to distribute new bitcoins in a fair manner.
Why is raw egg white okay to drink in fancy cocktails but considered dangerous when eating raw cookie dough. People always freak out about eating raw cookie dough for fear of salmonella due to the raw eggs. Yet raw egg whites have been a common ingredient in fancy cocktails for ages and its never been questioned or regarded as dangerous. Bitcoin is a distributed worldwide decentralized digital money.
Bitcoins are issued and managed without any central authority whatsoever. There is no government company or bank in charge of bitcoin. You might be interested in bitcoin if you like cryptography distributed peer to peer systems or economics. A large percentage of bitcoin enthusiasts are libertarians though people of all.
A large percentage of bitcoin enthusiasts are libertarians though people of all. You might be interested in bitcoin if you like cryptography distributed peer to peer systems or economics. There is no government company or bank in charge of bitcoin.
Bitcoins are issued and managed without any central authority whatsoever. Bitcoin is a distributed worldwide decentralized digital money. Yet raw egg whites have been a common ingredient in fancy cocktails for ages and its never been questioned or regarded as dangerous.
People always freak out about eating raw cookie dough for fear of salmonella due to the raw eggs. Why is raw egg white okay to drink in fancy cocktails but considered dangerous when eating raw cookie dough. This also provides a way to distribute new bitcoins in a fair manner.
By contributing their computing power to the bitcoin network for mining individuals are rewarded with newly minted bitcoins by the community. Mining increases the bitcoin network s security and fights fraud by calculating what s effectively a checksum for transactions. You decide that math is really hard but doable given enough time and energy.
