Topic: Is bitcoin really exist? - page 2. (Read 322 times)

no. i  am asking what exist as bitcoin?? it isn't physical i know. if it is a code or script , are there 21 ml  scripts??

lol. anyone lost their money by investing in bitcoin??? you are in a maze. wht if you bought bitcoin in 2015 ?? what if you bought in 2016??

To spend bitcoin your wallet builds up a template on its own that lists:
The input utxos, the output addresses and how much is sent to each (remainders are paid to miners as a fee) - there's other info too but these are the main bits.

The wallet then signs this transaction using each utxo's address's private keys and makes the transaction valid to be spent/accepted by other nodes.

question first to get your mind prepared for the answer:
if you have $100 in your pocket. does it have to be categorically only in the format of a single $100 bank note. or can it be a measure of a allotment of smaller amounts?

if you had a tonne of gold does it have to be a single brick weighing a complete tonne. or a measure of smaller amounts like kg, ounces, grams that total a tonne?

answer:
in code/value in binary of actual data relayed/stored, whether its stored in the UTXO, mempool, blockchain databases or relayed.. wait for it..  there are no hard data "btc" it is all relayed and stored in units called sats..

it is the software GUI(display) code that then converts it to convenient formatted number for easy reading.

what tadamichi left out of the quoted code in his post. is the part where COIN is just an expression of hard data in blockchains, utxo's, mempools converting into COIN by doing a /100,000,000 of the hard data
https://github.com/bitcoin/bitcoin/blob/master/src/consensus/amount.h#L14

(i hope tadamichi sees my example of how i, someone that is in full adoption of bitcoin can atleast be open and honest about how bitcoin actually works without having to pander to uptopian stuff, and maybe he takes this as a lesson that trying to slide things under the rug can be misleading for his favoured network)

anyways
none of the unconfiirmed transactions relayed around or put into mempool databases.. nor the blockdata containing confirmed transactions nor the utxo data for easy indexing of the unspents remaining are in btc denominations.

but then again. do people care about a tonne of gold if its not in a format of actually being one single lump of hard gold or do they still call it a tonne of gold if they have 1000 bricks of 1kg of gold or 35274 ounces of gold

we are actually approaching an epoch(point in time) where people are not even able to afford to "buy a whole bitcoin" where people naturally are going to use different terms like sats(single units) and bits(100 units).
much like no one really cares about the "Tonne" when they are buying ounces of gold

btc is not and does not have to be a physical single lump. just like a gold "tonne" does not. its just a measure for easy conversation and display and easy accounting for human eyes and brains to understand using less long numbers.
..
now with that said..
blockchain, utxo, mempool databases and relay data streams all show actual units. (yes measured in sats) but they are actual units. that can be seen. and so if someone has grouped together an allotment of 100,000,000sats then they do indeed own a bitcoin

if you gather together 35274 ounces of gold, then you do indeed own a tonne of gold.

if you have in your left pocket 7 bank notes different denominations of 1x $20 and 6x $5. and in your right pocket you have 500 dimes in your right pocket.. you do indeed have $100 in your pants.... it does not have to be a single $100 bank note to be called $100 in your pocket

You are right that it does not exist but you are not completely right.

Bitcoin does not exists in physical form. In digital form it's some numbers, digital signature. What exists is the value.
Is there a market demand for it? Yes, it does.
How much it is in the current dominant currency? $19,050 (current price)

A car from auction for $300 or a brand new car that will cost $1.5m, both can be purchased using bitcoin. So what is your point?

If your government would not set up a value for the paper money you have then how much would you value the $1?

Of course it doesn't exist. It's just that all this time we have been investing money in a pyramid, which does not bring any profit, and as a result, everyone will also lose their money

The Block subsidy(new Bitcoins being created) started with 50 Bitcoin, every block. This amount halves every 210.000 Blocks, until enough halvings have been done, leaving us with 21.000.000 Bitcoin being created. We passed halving 3, which leaves us with 6.25 Bitcoin created every new Block.

You can verify it yourself and run this on your node, so it always gets enforced.


https://github.com/bitcoin/bitcoin/blob/master/src/validation.cpp#L1238-L1249

 acctually what is being  transferd amoung people as bitcoin ?? BTC is that something like script or just a model iike utxo?? how can we exactly say 21 million exist out there?
could anyone give me answres to these questions  plz .