Generating bitcoin | Bitcointalksearch.org

FrueGreads

legendary

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Quote from: rosanoe on February 18, 2018, 10:11:01 AM

We know that bitcoin is generated by what we called "mining", but is there any process that is more competitive and decentralized to generate bitcoin?

There are no other ways to generate bitcoin, if by generating you mean creating new coins of course that are not yet in circulation. If you just mean getting some bitcoin to yourself, then there are plenty of ways to do that, since we already have a decent market where we can transact bitcoin, either by direct exchanges (where you buy and sell bitcoin with other currencies, wither with fiat or crytpo), but also by selling goods for bitcoin, or simply working for them.

waitforme

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Quote from: bitperson on February 18, 2018, 10:21:01 AM

Quote from: rosanoe on February 18, 2018, 10:11:01 AM

We know that bitcoin is generated by what we called "mining", but is there any process that is more competitive and decentralized to generate bitcoin?

No. New bitcoin outputs are created by mining or as change from transactions. If you would ‘create’ bitcoins any other way, they would be rejected by the network.

The internal point that crypto gives is the number of fixed tokens that can't create which is what constitutes the value of Bitcoin. The inability to create additional tokens makes ownership limited and prices go up as the number of people who want it grows.

Aura

sr. member

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It's called proof-of-work and there are alternative protocols like proof-of-stake and there is also a derivative, called delayed-proof-of-work. The different protocols are not proofed to be more decentralized then each other, so it's really an opinion right now. But because PoW was the first protocol, designed in Bitcoin it's the one that the most top coins have implemented. Also it's interesting to know that some coins use multiple protocols to distribute coins, for example Peercoin which uses PoS and PoW.

- Edit: I forgot to mention that the only way to generate Bitcoin is by PoW, alternative chains sometimes use different protocols.

bitperson

full member

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Quote from: rosanoe on February 18, 2018, 10:11:01 AM

We know that bitcoin is generated by what we called "mining", but is there any process that is more competitive and decentralized to generate bitcoin?

No. New bitcoin outputs are created by mining or as change from transactions. If you would ‘create’ bitcoins any other way, they would be rejected by the network.

rosanoe

newbie

Activity: 26

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We know that bitcoin is generated by what we called "mining", but is there any process that is more competitive and decentralized to generate bitcoin?

Topic: Generating bitcoin (Read 125 times)