Topic: bitcoin and crypto and fiat currency - page 3. (Read 591 times)

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

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.

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.

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.

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.

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.

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  

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.

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