Topic: Refer to 'VERIFYING' not mining when explaining the bitcoin (Read 1291 times)
Verifying the validity of a tx is super fast and easy. Burying is more like it. The more and more difficult blocks piled on top the harder it is to dig them back up.
But aren't bitcoins backed by teh compootah powah?!
Explain yourself!
Explain yourself!
Yes, they are.
If you read the source code, you will find the 50BTC reward is called a subsidy. The idea being that until the network is bootstrapped and a cash economy exists, transaction processors will need a reason other than transaction fees to process transactions (of which there were none for many thousands of blocks).
I was just kidding. Bitcoins aren't "backed" by CPU cycles.
But aren't bitcoins backed by teh compootah powah?!
Explain yourself!
Explain yourself!
Yes, they are.
If you read the source code, you will find the 50BTC reward is called a subsidy. The idea being that until the network is bootstrapped and a cash economy exists, transaction processors will need a reason other than transaction fees to process transactions (of which there were none for many thousands of blocks).
But aren't bitcoins backed by teh compootah powah?!
Explain yourself!
Explain yourself!
Excellent idea!
I call it "transaction processing" since that's pretty much what it is.
Hey,
When explaining to people about bitcoin, do yourself a favour by talking about bitcoins being introduced through the process of verifying transactions. The verifiers gain a reward for securing the network against attack.
People understand faster than when I use the ill fated gold mining analogy. Verifying more accurately conveys the nature of confirmations. Mining has the negative connotation of being a way for people to get free (gratis) money.
When explaining to people about bitcoin, do yourself a favour by talking about bitcoins being introduced through the process of verifying transactions. The verifiers gain a reward for securing the network against attack.
People understand faster than when I use the ill fated gold mining analogy. Verifying more accurately conveys the nature of confirmations. Mining has the negative connotation of being a way for people to get free (gratis) money.
Jump to: