Just some general questions | Bitcointalksearch.org

bitcoinbear

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Quote from: OneEyed on August 13, 2012, 02:59:14 PM

Quote from: bitcoinbear on August 13, 2012, 02:50:25 PM

Currently bitcoins can be split down to 8 decimals. This unit is unofficially know as a satoshi, thus 1 satoshi = 0.00000001 bitcoin. If nescesarry, in the future the code can be changed to include more decimals.

Note that bitcoin is no more official than satoshi, and could be defined as 10^8 satoshis.

I would say bitcoin is a bit more official than satoshi, since it is the name of the project

Rogue

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thanks guys that helped.

OneEyed

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Quote from: bitcoinbear on August 13, 2012, 02:50:25 PM

Currently bitcoins can be split down to 8 decimals. This unit is unofficially know as a satoshi, thus 1 satoshi = 0.00000001 bitcoin. If nescesarry, in the future the code can be changed to include more decimals.

Note that bitcoin is no more official than satoshi, and could be defined as 10^8 satoshis.

RodeoX

legendary

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The revolution will be monetized!

1. a block is a unit containing a record of bitcoin transactions. About every 10 min. a new block is created
and added to the blockchain. The blockchain contains the records of every bitcoin transaction since day one. Creating/discovering blocks takes a lot of computer power. As a reward 50BTC are given to a lucky computer trying to hash numbers and discover a block. That reward will decrease over time.

2. Right now bitcoin is divisible to 8 decimal points, more can be added if the price goes way up. The smallest unit currently is known as a Satoshi.

3. Mining is the process of discovering blocks and trying for the block reward. It has grown into a highly specialized endeavor. To have much of a chance of discovering a block you need a room full of highly modified computers with multiple video cards in each. You can also join a mining pool. In a pool you are given a fraction of the reward based on how much your computer contributed to the pooled effort of many computers.

DeathAndTaxes

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Gerald Davis

Quote from: Rogue on August 13, 2012, 02:41:35 PM

I know there is a program needed but all i've found are websites that will mine BTC for a cost. Is there a way to do it for free?

Any website asking you to pay in order to mine is likely a scam. Every major miner developer can be found in the mining subforum and none of them charge and almost all of them are open source. I would run away form any website asking for a fee to mine bitcoins sounds like a scam, or worse a wallet stealing trojan. Like it was said above today you need pretty high end GPU (or more exotic FPGA) to have any chance to mine more than a few bitcents.

bitcoinbear

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Transactions are gathered into groups, then they are added as "blocks" to the "blockchain", the database which contains the record of all bitcoin transactions. Any fees associated with any transactions included in the block go to the "miner" who solves the mathematical problem which puts the block into the blockchain. These fees are what keep all the people running computers keeping the system going. Currently there is also a 50 btc reward to solve a block, but that will decrease over time. Essentially, once the transactions are put into a block they become permanent.

Currently bitcoins can be split down to 8 decimals. This unit is unofficially know as a satoshi, thus 1 satoshi = 0.00000001 bitcoin. If nescesarry, in the future the code can be changed to include more decimals.

To mine bitcoins, you have a computer running a program to solve the blocks, thus extending the bitcoin record. Currently there are so many people using such large hardware, and the difficulty adjusts accordingly as established by the program, that it is unprofitable to mine bitcoins unless you have speciallized high powered computing equipment.

Rogue

newbie

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I'm pretty new to Bitcoin but like the idea of a limited currency. I already have my wallet and have been helping some other people who know about bitcoin.

First off i was wondering what a "Block" is. Is it what refer to as like the raw form of a bitcoin before it is "mined"? or is it some sort of transaction?

I know that BTC's can be split up into decimals but how far out do the decimals go? can they go on forever or are they to limited in some way?

Also i was wondering how you "mine" a BTC. I know there is a program needed but all i've found are websites that will mine BTC for a cost. Is there a way to do it for free?

Topic: Just some general questions (Read 709 times)