Topic: Bitcoin is downloading money into your PC - page 3. (Read 706 times)
That is one of the worse analogies I have ever heard. Internet is free in most places, mining is not. And that's just looking at it from one angle. You also have to remember that the "bandwidth" of Bitcoin is its supply, which is limited. And to get new ones released into circulation you have to solve equations faster than others. And it doesn't matter how rich you are, you can't possible compete with the pools. More likely is, you will spend more money to "download money" and run at a loss.
But downloading or mining Bitcoin is such a costly venture you can lose a lot, you cannot compare it to movies or music that you can download free and easy, you need good specs and of course, you will have to run it the whole day and night, so it's a vague comparison.
that is a horrible analogy mainly because it is misleading.
you don't download "bitcoin" (money) in your PC, you literary work for it to earn it. and not to mention even when you run a full node you are still not downloading "bitcoin", you are downloading the database (aka blockchain) which everyone else also has and that contains the record of your transactions. in other words your "money" is not even on your computer, it is in the blockchain shared by thousands of others. you only hold the "key" to "unlock" that "money" and spend it.
you don't download "bitcoin" (money) in your PC, you literary work for it to earn it. and not to mention even when you run a full node you are still not downloading "bitcoin", you are downloading the database (aka blockchain) which everyone else also has and that contains the record of your transactions. in other words your "money" is not even on your computer, it is in the blockchain shared by thousands of others. you only hold the "key" to "unlock" that "money" and spend it.
I always try to choose the word carefully, for example I choose money, and I think download money is possible, it is true Bitcoin is a currency, but it isn't downloadable, or even designed to exceed 21m supply limit, so do you think money can be "downloaded" just like how the federal reserve fractioning one unit of USD into ten unit of USD, and what is the catch here, we can do it without the FED, by "download" the money instead. That's really interesting!
The title of this thread is attractive although it is misleading to most people who are in their beginning phase of learning about bitcoin. I think it is just another too high imagination of OP in hoping to see a way to earn money from the internet. Imagining money to be downloadable, indeed it is amazing but it wont never happen.
It was true money wasn't downloadable, because it is a piece of paper and distribute to the user, since money has became a fiat, basically a digital number on the screen, I don't know how to stop it from being download or being uploaded, I think it is possible, but it is all about how to download it, because it will not be an easy task to download money.
Bitcoin mining is a process that id totally different from downloading a file from the internet. It seems like you are confusing mining with downloading and you don't understand what mining is. Miners use a special software to solve math problems that allows them to chain together blocks of transactions.
That's correct it is solving a math, but I'm not sure I'm good enough to understand the technical aspect of the Bitcoin, the white paper are great, but I didn't fully understand it, I doubt anyone can read fully the idea behind the white paperIt is more of like you are - if you really like the DOWNLOADING term - downloading the record of bitcoin if you are a miner and then STREAMING your data from the network if you are just a client. Big difference.
Yeah I would prefer streaming because it's broadcasting to a big group of miners, the difference is big, for the corporate mining farm, but for individual miner, it make very little sense.
Literally If you see it that way you are correct but with the things you need to be able to get even a little amount of bitcoin I would't say it Downloading rather I would say investing in a very strange way, like for example you need some powerful equipment for mining and some other works to get a tiny amount of bitcoin. That just another way of investing not downloading though. remember "there is no Such thing such free Lunch".
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I think he is mean that if someone sends some amount to his wallet in his PC, he is making money because now, he has those coins which he can sell to fiat 
We are confused with he said and I think he needs to explain more about his words so we can know what the truth is. But bitcoin is different than other things you download. It's not music, file, movie, or even malware
Bitcoin is something that you can use to get money by converting it into your local fiat.
We are confused with he said and I think he needs to explain more about his words so we can know what the truth is. But bitcoin is different than other things you download. It's not music, file, movie, or even malware
Bitcoin is something that you can use to get money by converting it into your local fiat.
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What even more crazy are decade ago, everyone is dreaming of having their own free nation, to be completely escape from a usually monarchy gov system, with the introduction of Bitcoin, we're one big step closer to that goal, it's no longer a dream, but a reality that waiting to happen.
What even more crazy are decade ago, everyone is dreaming of having their own free nation, to be completely escape from a usually monarchy gov system, with the introduction of Bitcoin, we're one big step closer to that goal, it's no longer a dream, but a reality that waiting to happen.
With Bitcoin we have freedom, but not the complete freedom we are hoping we will experience.
Trading BTC or using it, we are still govern by the rules of the government, let's make it simple, the fact that we pay taxes, we still have no complete freedom.
Bitcoin needs to be more user-friendly to become as popular as some of the programs or apps that people regularly download. Over time we will get there. The Lightning Network is what will take bitcoin to mass adoption.
To ever own money you have to work for it or be gifted wit it, mining as you have said to be downloading money is not correct because the miner invest and work for the money they receive during mining, and the video, TeX and games and software you said have to be pay for with money. So I don't think there is downloadable money.
When you use online Banking, you only download a piece of software that gives you access to their database and then you can shift money around on their database. The same thing happens with Bitcoin, because you download some desktop wallet that gives you the capability to access a decentralized Blockchain that holds your coins.
Your private key, gives you the capability to interface with your coins and to shift those coins to other Bitcoin addresses.
The coins are not stored on your computer, the tokens stays on the Blockchain.
Your private key, gives you the capability to interface with your coins and to shift those coins to other Bitcoin addresses.
The coins are not stored on your computer, the tokens stays on the Blockchain.
OP thought is wrong. Downloading anything from internet and mining bitcoin can't be same. You are getting rewards from mining. Its can't be download. Perhaps you need download only wallet to receive rewards. Most likely OP want to compare mine with download. But you know for download anything from internet you need to spend too much internet, but for mining's you don't need to spend too much internet. So download and mining is totally different.
bitcoin is a currency that can be obtained with a variety of ways by online:). With the trade, following the campaign, investment, mining, etc.
The sentences that you give are confusing, I get your point that it is "like" downloading money if you are mining but its NOT.
it still doesn't make sense even for mining because when you mine you still aren't downloading anything! you are working (hence the name Proof of Work or PoW) and you are using your computing power to find a hash which is some cryptography math that you are solving and finding a solution to get a reward for that. there still is no "download" involved.
The title of this thread is attractive although it is misleading . Imagining money to be downloadable, indeed it is amazing but it wont never happen.
your right its verry attractive but its not misleading . its true actually because op did mention the term mining and mining is basically simillar to downloading . the only difference is that mining works pretty slow when compare to downloading but i think this issue can be fix in the future is inventors can create a super mining hardware .I kind of understand what OP is trying to say but downloading money with Bitcoin sounds wrong because in mining you don't need to have the fastest internet when competing against other miners. On one of OP's reply above he's referring to altcoins he should replace the title to cryptocurrency instead of Bitcoin.
The sentences that you give are confusing, I get your point that it is "like" downloading money if you are mining but its NOT.
Bitcoin is a type of digital currency that offers a decentralized system.
Bitcoin is a type of digital currency that offers a decentralized system.
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Bitcoin Mining is a peer-to-peer computer process used to secure and verify bitcoin transactions—payments from one user to another on a decentralized network. Mining involves adding bitcoin transaction data to Bitcoin's global public ledger of past transactions. Each group of transactions is called a block. -source Google.com
The title of this thread is attractive although it is misleading . Imagining money to be downloadable, indeed it is amazing but it wont never happen.
your right its verry attractive but its not misleading . its true actually because op did mention the term mining and mining is basically simillar to downloading . the only difference is that mining works pretty slow when compare to downloading but i think this issue can be fix in the future is inventors can create a super mining hardware .
I think it is just another too high imagination of OP in hoping to see a way to earn money from the internet.
its not imagination but its real and its now happening . we can use the internet to make money because there are now lots of jobs online that you can do aside from mining .
Probably what he meant is 'downloading money' into our bitcoin wallet.
Anyways, maybe the OP is just ecstatic to see the price of bitcoin going to $5k again and seeing his "downloaded money" growing in his desktop or laptop.
He also touch based on having freedom as well. Yes, it has given us financial freedom, but I don't think we can get away from governments though and I don't think that we can see a nation ditching their own fiat and adopt bitcoin. Crypto will still need to be regulated by any nations.
Anyways, maybe the OP is just ecstatic to see the price of bitcoin going to $5k again and seeing his "downloaded money" growing in his desktop or laptop.
He also touch based on having freedom as well. Yes, it has given us financial freedom, but I don't think we can get away from governments though and I don't think that we can see a nation ditching their own fiat and adopt bitcoin. Crypto will still need to be regulated by any nations.
The title of this thread is attractive although it is misleading to most people who are in their beginning phase of learning about bitcoin. I think it is just another too high imagination of OP in hoping to see a way to earn money from the internet. Imagining money to be downloadable, indeed it is amazing but it wont never happen.
that is a horrible analogy mainly because it is misleading.
you don't download "bitcoin" (money) in your PC, you literary work for it to earn it. and not to mention even when you run a full node you are still not downloading "bitcoin", you are downloading the database (aka blockchain) which everyone else also has and that contains the record of your transactions. in other words your "money" is not even on your computer, it is in the blockchain shared by thousands of others. you only hold the "key" to "unlock" that "money" and spend it.
you don't download "bitcoin" (money) in your PC, you literary work for it to earn it. and not to mention even when you run a full node you are still not downloading "bitcoin", you are downloading the database (aka blockchain) which everyone else also has and that contains the record of your transactions. in other words your "money" is not even on your computer, it is in the blockchain shared by thousands of others. you only hold the "key" to "unlock" that "money" and spend it.
It is more of like you are - if you really like the DOWNLOADING term - downloading the record of bitcoin if you are a miner and then STREAMING your data from the network if you are just a client. Big difference.
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