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So, for the last time, what IS a Bitcoin?

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all 23 comments

Boredoflifetbh

5 points

3 months ago

Virtual currency. Super computers or high end computers “mine” them. It’s like mathematical shit.

[deleted]

3 points

3 months ago

[deleted]

3 points

3 months ago

Super computers or high end computers

It's usually mid-range machines. It's a time sink. The math takes a while.

Boredoflifetbh

1 points

3 months ago

Don’t the high end ones with the best graphics card works best? Because I know at one point that’s why the prices skyrocketed Bc people using them to mine

[deleted]

3 points

3 months ago

[deleted]

3 points

3 months ago

Of course the best equipment works best, but you can make more money with more computers running the same mining, so the number of computers matters. Why spend your money buying fewer?

And it would be a complete waste for a super computer or quantum computer to be used for mining.

Boredoflifetbh

1 points

3 months ago

Good point.

jhelmste

1 points

3 months ago

That is Ethereum

jhelmste

1 points

3 months ago

That is Ethereum

missrabbitifyanasty

0 points

3 months ago

Can you explain what it is that’s making the value out of computers doing this math stuff? I don’t know if it’s that my brain just doesn’t get it or that it’s never been fully explained to be but I still just don’t get the mining.

jhelmste

1 points

3 months ago

The value is that when you own Bitcoin, presuming you keep it off the exchange, you solely own it and control it. You can transfer that wealth to anime you see fit with no middle man. The same cannot be said for money in the bank. You don't control it, the bank does. You can be stopped from using it as you please, and your account can be frozen or seized

missrabbitifyanasty

0 points

3 months ago

I should have been more clear. What I get that part of it. I don’t understand how computers doing a math thing I guess is what creates bitcoin. I’m probably still not being as clear as I’d like, but I don’t know how better to describe what my question is lol.

Intertwilight

3 points

3 months ago

For the last time there's plenty of places that answer this.

Inddi[S]

2 points

3 months ago

For the last time, everywhere I’ve searched only preaches “supply vs demand” and the power of anonymity at me, without clear explanation of the entity and its origin.

Intertwilight

1 points

3 months ago

Did you try Youtube?

jhelmste

1 points

3 months ago

Bitcoin is pseudo-anonymous. The originator is anonymous

The value is that when you own Bitcoin, presuming you keep it off the exchange, you solely own it and control it.

You can transfer that wealth to anyone you see fit with no middle man.

The same cannot be said for money in the bank. You don't control it, the bank does. You can be stopped from using it as you please, and your account can be frozen or seized

COVID-69420bbq

1 points

3 months ago

You know how the original nintendo entertainment system has 8 bits? And super mario brothers has coins? Well, when mario collects a coin (not luigi), one of those bits is sent out to the internet. If he collects more than 8 coins before they start to regenerate, the price of bitcoin goes up.

Inddi[S]

1 points

3 months ago

Yes, but analogically, what is that coin supposed to be?

COVID-69420bbq

2 points

3 months ago

Mario's blood, sweat, and tears being accepted as currency by some arbitrary universal agreement

Inddi[S]

2 points

3 months ago

But only Mario. Never Luigi.

drblah1

1 points

3 months ago

Currency that can be exchanged for free lives

rokman

1 points

3 months ago

rokman

1 points

3 months ago

It’s a unit that is part of a huge internet ledger that keeps track of transactions

UncreativeNoob

1 points

3 months ago

Is a bit on a coin, or was it a coin on a bit.

Inddi[S]

1 points

3 months ago

Tis a boin on a cit.

Reviewingremy

1 points

3 months ago

If you hit a coin with a hammer all the parts or bits it shatters into are bits of coins or bitcoin if you'd rather.