Namecoin is a cryptocurrency that is mined with bitcoin software as bonus. It is based on the code of bitcoin and uses the same proof-of-work algorithm. Like bitcoin, it is limited to 21 million coins.
ˈbitˌkoin/Submit
noun
a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
"bitcoin has become a hot commodity among speculators"
a unit of bitcoin.
"bitcoins can be used for online transactions between individuals"
Topic: whats the difference between namecoin and bitcoin (Read 2845 times)
Bitcoin was designed to be a currency.
The idea with the namecoin variation is that it is supposed be a decentralized DNS (http://en.wikipedia.org/wiki/Domain_Name_System). You can use namecoins (by paying a fee to the network) to register .bit domains. Currently one needs to use a special DNS server to resolve .bit.
Namecoins can be mined in the same way as bitcoins. Namecoins can be traded for bitcoins at https://exchange.bitparking.com/main.
The idea with the namecoin variation is that it is supposed be a decentralized DNS (http://en.wikipedia.org/wiki/Domain_Name_System). You can use namecoins (by paying a fee to the network) to register .bit domains. Currently one needs to use a special DNS server to resolve .bit.
Namecoins can be mined in the same way as bitcoins. Namecoins can be traded for bitcoins at https://exchange.bitparking.com/main.
Ive been reading a lot of posts and im seeing some different stuff on namecoins, what is this a new form of bitcoins? Sorry for the dumb questions, this is all new to me.
I'm starting mining and some different bitcoin related projects, and cant wait to be a more active member of the forum. Theres a pretty steep learning curve, but im doing the best i can with it. Some of the stuffs a bit too technical for me, and so i feel I've got a lot of really dumb questions that I even sometimes see answers for on the forums, but that dont make sense to me. Anyways, thanks
I'm starting mining and some different bitcoin related projects, and cant wait to be a more active member of the forum. Theres a pretty steep learning curve, but im doing the best i can with it. Some of the stuffs a bit too technical for me, and so i feel I've got a lot of really dumb questions that I even sometimes see answers for on the forums, but that dont make sense to me. Anyways, thanks
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