Some fundamental questions about the Bittcoin.

Wind_FURY

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Quote from: n0nce on August 30, 2021, 07:02:55 AM

Quote from: Wind_FURY on August 30, 2021, 06:43:19 AM

Quote from: Theones on August 29, 2021, 06:14:29 AM

Quote from: hack3rcon on August 29, 2021, 05:59:02 AM

Thank you for your reply, but if it is not a platform, then what does it do? When you run a miner, then which data processed?

To better understand what exactly BTC is better read the whitepaper. To summarise, btc is peer to peer electronics cash transfer protocol.
Miners are running to solve a complex program and who ever solves this complex program wins the chance to write to next available block and is given reward for his services.

I believe not just the white paper, which can be very technical, but also the basic information in these links.

https://en.bitcoin.it/wiki/Main_Page

https://developer.bitcoin.org/

https://bitcoin.stackexchange.com/

OP, your questions will be answered if you go through some learning, and gain some basic understanding of Bitcoin from those websites. Once learned, I believe then you will “get it”.

Great resources, I'd like to chime in and add https://github.com/bitcoinbook/bitcoinbook!

OP, another link with MORE learning resources, https://bitcoin-only.com/learning-resources

Read them. It’s truly my belief that people who have access to the internet have no more excuse not to learn any topic that interests their intelligence.

concept2

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Quote from: dkbit98 on August 29, 2021, 08:40:08 AM

Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

When all Bitcoins mined then what will happen? Its network completed?

Network is complete even now but total supply of coins is capped at 21 million, after that miners will be paid from transactions fees.
There is a lot of time until than and all people living now will be long dead (unless some major hard fork changes things) by year of 2140.

Or maybe human find a cure for any disease and extend our life span to 200 hundred year old. Or maybe our world will be destroyed before the last bitcoin is mined. We can not talk much about the future. There will probably a lot of change, especially when our world meliorates with the speed of life. Who know Huh

n0nce

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Quote from: Wind_FURY on August 30, 2021, 06:43:19 AM

Quote from: Theones on August 29, 2021, 06:14:29 AM

Quote from: hack3rcon on August 29, 2021, 05:59:02 AM

Thank you for your reply, but if it is not a platform, then what does it do? When you run a miner, then which data processed?

To better understand what exactly BTC is better read the whitepaper. To summarise, btc is peer to peer electronics cash transfer protocol.
Miners are running to solve a complex program and who ever solves this complex program wins the chance to write to next available block and is given reward for his services.

I believe not just the white paper, which can be very technical, but also the basic information in these links.

https://en.bitcoin.it/wiki/Main_Page

https://developer.bitcoin.org/

https://bitcoin.stackexchange.com/

OP, your questions will be answered if you go through some learning, and gain some basic understanding of Bitcoin from those websites. Once learned, I believe then you will “get it”.

Great resources, I'd like to chime in and add https://github.com/bitcoinbook/bitcoinbook!

Wind_FURY

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Quote from: Theones on August 29, 2021, 06:14:29 AM

Quote from: hack3rcon on August 29, 2021, 05:59:02 AM

Thank you for your reply, but if it is not a platform, then what does it do? When you run a miner, then which data processed?

To better understand what exactly BTC is better read the whitepaper. To summarise, btc is peer to peer electronics cash transfer protocol.
Miners are running to solve a complex program and who ever solves this complex program wins the chance to write to next available block and is given reward for his services.

I believe not just the white paper, which can be very technical, but also the basic information in these links.

https://en.bitcoin.it/wiki/Main_Page

https://developer.bitcoin.org/

https://bitcoin.stackexchange.com/

OP, your questions will be answered if you go through some learning, and gain some basic understanding of Bitcoin from those websites. Once learned, I believe then you will “get it”.

Lucius

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Quote from: Kemarit on August 29, 2021, 08:20:08 PM

But you don't have to wait that long, in 2038, when "almost all bitcoin" has been mine then we will see what's going to happen to bitcoin.

Why wait for 2038 if 99% of all BTCs will already be mined around 2030 (see @tranthidung post), and that 1% or 210 000 BTCs will be mined for more than 100 years. Therefore, I think that such a small amount that will remain in less than 10 years will not mean much compared to the 20+ million that will be in circulation by then.

yhiaali3

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Quote from: hack3rcon on August 29, 2021, 05:59:02 AM

Thank you for your reply, but if it is not a platform, then what does it do? When you run a miner, then which data processed?

Bitcoin is not a platform it is a decentralized cryptocurrency, network transfers are verified using cryptography and recorded in the block chain. Bitcoin is generated as a reward for the mining process. There is an algorithm for Bitcoin and mining hardware that works on this algorithm to solve the equation and find the block. Whenever a block is found, you get a reward. There is a miner program that operates these devices and manages them during the mining process, so you need a mining device and a mining program called Miner also mining pools to get Bitcoin. So Bitcoin is not a platform.

tranthidung

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Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

3- When all Bitcoins mined then what will happen? Its network completed?

Equivalent network time
Controlled supply
In fact, total supply is a little bit less than 21 M (20999999.97690000 more exactly). Another fact is miners will have to spend more time to get 1 BTC from block rewards or from transaction fee
Total hashrate increases, difficulty becomes higher, block rewards will be halved after every 4 years. Miners will get less BTC with same resources for mining but it won't be matter for them if BTC price increases exponentially (so much more than x2 each halving)
The bullish case for Bitcoin (an interesting article in which you will find a part for Lindy effect. Bitcoin is here to stay, Lindy effect will become bigger with time

dansus021

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Quote from: Lucius on August 29, 2021, 05:47:16 AM

This will happen around the year 2140, and then there will simply be no new BTCs for mining - everyone who processes transactions will be paid from network fees. I don't think any of us will experience it, so it's pointless to think about it at all.

simple answer and i also curious, yes maybe not gonna expreince it maybe before that happen maybe there new fork or bitcoin turn into some new Mechanism like PoS that was possible right?

Kemarit

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Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

3- When all Bitcoins mined then what will happen? Its network completed?

I'll just answered this one, as others have said the last bitcoin will be mine in 2140, so I assume everyone is dead by then. But you don't have to wait that long, in 2038, when "almost all bitcoin" has been mine then we will see what's going to happen to bitcoin. Maybe the price will shoot up, or maybe some miners are going to shift to other coins.

Fesatmas

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Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

1- Is Bitcoin a platform for developing applications?

Alright guys, I really appreciate what you want to know gives us hope that there is still someone who wants to know Bitcoin more deeply. Regarding the first question, all have given you an idea and that's what you should understand. I'm sure you know better than me. So I don't have to tell you what Bitcoin is anymore. Besides you can look it up on google search you can walk around this forum and find out.

Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

2- When a user turned his\her computer to a Bitcoin miner, then his\her computer become a part of Bitcoin network and help developers to use his\her computer resources to run an application?

For the second point where you didn't actually ask the question. So, what are you asking in point 2? and why do other people answer what you didn't ask? That's not a question, it's a statement!! Question at least load 5W + 1H.

Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

3- When all Bitcoins mined then what will happen? Its network completed?

Continuing to answer point 3, what will happen? Not sure yet, because so far the supply of Bitcoin which is expected to last is almost exhausted in the next 20-30 years and maybe even more or maybe less than that. Depends on the world not having the 3rd war. (who is busy mining?).

Zedpastin

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Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

3- When all Bitcoins mined then what will happen? Its network completed?

Think of block rewards as a way of introducing Bitcoin into circulation without introducing too much that it would be better for people to mine than to use Bitcoin as a currency. We need both for Bitcoin to be valuable. We need people to be sending and receiving Bitcoin from other people because but if the block rewards were too high and offered too much incentive everyone would be mining instead of trading. When we have finally reached the limit of 21 million Bitcoin every one should be circulating Bitcoin around with trades. Transaction fees then allow miners to still earn but it will not be too lucrative for the miners because then people will not use Bitcoin as a currency because the transaction fees would be too high. The way Bitcoin has been designed is to make sure that there is balance and we are not injecting too much Bitcoin into circulation at the same time because this would have the effect that fiat currencies have with printing money off.

BlackHatCoiner

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Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

1- Is Bitcoin a platform for developing applications?

Hmm, how would you define “platform”? Bitcoin is lots of things beyond a currency, but I'm not sure if it's a platform the way you probably mean it. Bitcoin comes with some useful and simple smart contract availability, like multi-sig, locktime, Lightning Network etc. You can build on top of them, yeah.

Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

2- When a user turned his\her computer to a Bitcoin miner, then his\her computer become a part of Bitcoin network and help developers to use his\her computer resources to run an application?

When you're mining, you contribute to the network, because you vote on the enlargement of the block chain; you participate in a way that outpaces whoever tries to cheat the system. You become part of the Bitcoin network along these lines, but there are other ways to contribute too:

Take part in Bitcoin discussions and help those who haven't understood it.
Encourage your known quantity to use it.
Run a full node.

Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

3- When all Bitcoins mined then what will happen? Its network completed?

If Bitcoin is still a thing in 2140, then miners will collect their earnings from transaction fees only.

mindrust

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Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

Hello,
I have some questions about the Bitcoin and I'm thankful if someone answer to my questions clearly and simply.
1- Is Bitcoin a platform for developing applications?
2- When a user turned his\her computer to a Bitcoin miner, then his\her computer become a part of Bitcoin network and help developers to use his\her computer resources to run an application?
3- When all Bitcoins mined then what will happen? Its network completed?

Thank you.

1-You can build apps around bitcoin but I believe you are confusing btc for eth. Btc is not really like eth.
2-Not really.
3-You won't see that happening but the miners will get rewarded with tx fees instead of block rewards and there won't be any newly freshly minted bitcoins.

dkbit98

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Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

I have some questions about the Bitcoin and I'm thankful if someone answer to my questions clearly and simply.
Is Bitcoin a platform for developing applications?

No it's not.
You can't build anything on Bitcoin network but it's possible only with second layer and side chains that are connected with main Bitcoin chain.

Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

When a user turned his\her computer to a Bitcoin miner, then his\her computer become a part of Bitcoin network and help developers to use his\her computer resources to run an application?

In first days of Bitcoin it was possible to mine coins with computer, but now you can't use normal computer as Bitcoin miner anymore, and you need special devices called asic miners, but you can run your own Bitcoin node to help decentralization and improve your privacy with transations.

Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

When all Bitcoins mined then what will happen? Its network completed?

Network is complete even now but total supply of coins is capped at 21 million, after that miners will be paid from transactions fees.
There is a lot of time until than and all people living now will be long dead (unless some major hard fork changes things) by year of 2140.

hugeblack

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Personally, I prefer visual content and videos, so the best channel for learning the basics is https://www.youtube.com/c/aantonop.
You can search and find answers to the basic questions in these videos but you cannot mine bitcoins from your computer and mine something for someone with experience and not a beginner.

Theones

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Quote from: hack3rcon on August 29, 2021, 05:59:02 AM

Thank you for your reply, but if it is not a platform, then what does it do? When you run a miner, then which data processed?

To better understand what exactly BTC is better read the whitepaper. To summarise, btc is peer to peer electronics cash transfer protocol.
Miners are running to solve a complex program and who ever solves this complex program wins the chance to write to next available block and is given reward for his services.

hack3rcon

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Thank you for your reply, but if it is not a platform, then what does it do? When you run a miner, then which data processed?

Lucius

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Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

1- Is Bitcoin a platform for developing applications?

To answer that question it is best to read the Bitcoin Whitepaper, but I can tell you that this is not some kind of application development platform.

Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

2- When a user turned his\her computer to a Bitcoin miner, then his\her computer become a part of Bitcoin network and help developers to use his\her computer resources to run an application?

It has not been profitable to mine with personal computers for a long time, there are special devices for that. If you want to help the Bitcoin network, you can install the Bitcoin Core program on your computer and run a full node.

Quote from: hack3rcon on August 29, 2021, 05:17:22 AM

3- When all Bitcoins mined then what will happen? Its network completed?

This will happen around the year 2140, and then there will simply be no new BTCs for mining - everyone who processes transactions will be paid from network fees. I don't think any of us will experience it, so it's pointless to think about it at all.

hack3rcon

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Hello,
I have some questions about the Bitcoin and I'm thankful if someone answer to my questions clearly and simply.
1- Is Bitcoin a platform for developing applications?
2- When a user turned his\her computer to a Bitcoin miner, then his\her computer become a part of Bitcoin network and help developers to use his\her computer resources to run an application?
3- When all Bitcoins mined then what will happen? Its network completed?

Thank you.

Topic: Some fundamental questions about the Bittcoin. (Read 279 times)