Topic: What is bitcoin?? - page 2. (Read 1924 times)

Great!

Cool. I will follow you.

I agree, will surely do.

I'm glad you learned something!


Yes, I can't tell you when though. I need to figure out how to explain it to the general public.
You can follow us on twitter to stay tuned.

Vote for sticky once it's finished btw, the newbie section could need a good + short summarize

Unfortunatly, most poeple who don't know about bitcoin and/or not merly interested will not use the search engine to learn more about it.

Thanks explains a lot, will subscribe to thread now.

Will you explain how to store offline wallets?

Umm.. Search engine

Thanks!

I have just added the How to get started with bitcoin section with the following. Let me know what you think!

- Go on https://blockchain.info/wallet/ and click on "start a new wallet" (Please note this is a online wallet)
- Enter your email address (optional but your password can be recover that way if you forget it)
- Choose a password of at least 10 characters (make sure you won't forget it or write it down somewhere secure)
- Enter the captcha and then click on "continue"
- A Mnemonic phrase will be given to you. Write it down somewhere secure if you want to recover your password in case you forget it.
- When your done with the Mnemonic, Click on "continue"
- You will be redirected to a page where there is an identifier number. Either you can save this identifier number somewhere or add this page to your browser bookmarks.
- Here an example of an identifier number: ba808dd1-411d-40c3-a4b7-91df0ccfb52c
- NOTE: This identifier is NOT your public or private keys as described above. It is your online wallet identification.
- To access your wallet, make sure it is YOUR wallet identifier, Write down your password and click on "open wallet"
- On "Wallet home" you can see your bitcoin address which is your private key (account) that you need to share to receive payments.
- NOTE: you do not have To deal with your private keys at all. The online wallet is doing it for you.
- CONGRATULATIONS! YOU ARE ALL SET TO RECEIVE AND SEND BITCOINS!

Click here (coming up) to add security layers on your wallet and learn more about other type of bitcoin wallets.

 

Bitcoin is what it is... I don't really know how to describe it otherwise...

Good initiative, but I still think it's way too technical.

You already lost grandma here, for sure.

No one could hold them all at this point even if every holder sent theirs to one address. Just think about how many have been lost due to the forgetting of passwords, sending to false addresses, etc.

Not to mention he would have to be the only one mining, and continue doing so for the next ~120 years.

And another problem with having all the coins is that once someone holds all of them, they become worthless. The only reason I could see for anyone to want to do that is to destroy the bitcoin system.

It is in theory possible, but most likely won't happen. Some of the coins are probably already lost forever, since some people probably forgot their wallet password. Also, everybody that owns bitcoins would need to make a transaction with that guy. In the event that someone starts such a quest, while he progresses in getting all the coins (and not spending them) it would make the bitcoins more and more rare, therefore increasing the value of every coin in circulation, which would make it harder for him as time goes by.

I don't see that as a threat.

Truly amazing. Question is, is it possible for one person's bit address to hold all the 21mill? (hypothetical)

Bitcoin is awesome.

Great I'll wait for it

Definitely