Topic: Where do Bitcoins Came from? (Read 1134 times)
Bitcoins can't come from thin air, someone must have mined them first to get into circulation on the network.
Out of curiosity I just thought where do bitcoins came from??
bitcoin come from internet nnovation,better payment with more simple transaction,so many people answer technically,and lso some people answer like bitcoin is gift from god. there are so many important news from the member who replied to this thread..but i have a question,is there any chance to reach the btc price again $0.001 or $10,000 in the next 5 years?
Probably stay in between. Unless there is a run in Euro/US dollar or Chinese RMB. I mean like Euro collapse or Chinese currency collapse. One day you woke up, Europe is in war, people run to bank, withdraw Euro and bank says a person can only takes 200 Euro a day. Or maybe Chinese bank takes tight control of their currency.
You see , the price of bitcoin is controlled by wellness of other currency ...
there are so many important news from the member who replied to this thread..but i have a question,is there any chance to reach the btc price again $0.001 or $10,000 in the next 5 years?
Out of curiosity I just thought where do bitcoins came from??
bitcoin come from satoshi nakamoto,bitcoin is his biggest innovation and great thig ever created by him. algorith solved with some cryptography i think. 
Out of curiosity I just thought where do bitcoins came from??
They're mined, currently at a rate of 25 BTC every 10 minutes. In other words, "printed out of thin air" 
Out of curiosity I just thought where do bitcoins came from??
Are you at all curious where the US Dollar comes from?...
Everyone knows that fiat toilet paper is printed out of thin air. Just like BTC
You compare apples and oranges here, the 25 BTC every 10 minutes is provably fair mechanism how the total of 21 Million Bitcoin gets disributed over time. How would you distribute 21 Million of Bitcoins otherwise than slowly releasing Bitcoins to those who secure Bitcoin security by mining until all 21 Million Bitcoins are distributed
Not talking about fairness here, merely stating facts: BTC, like USD, is printed out of thin air.
As far as fair distribution, the question is equally valid for fiat: how would you fairly distribute it?
inb4 give it all to me: NO.
Out of curiosity I just thought where do bitcoins came from??
They're mined, currently at a rate of 25 BTC every 10 minutes. In other words, "printed out of thin air" Out of curiosity I just thought where do bitcoins came from??
Are you at all curious where the US Dollar comes from?...
Everyone knows that fiat toilet paper is printed out of thin air. Just like BTC
You compare apples and oranges here, the 25 BTC every 10 minutes is provably fair mechanism how the total of 21 Million Bitcoin gets disributed over time. How would you distribute 21 Million of Bitcoins otherwise than slowly releasing Bitcoins to those who secure Bitcoin security by mining until all 21 Million Bitcoins are distributed
bitcoins come from miners who mine bitcoin and get a reward in bitcoins for it, its kinda similar to gold mining
Well the idea came from Satoshi, so I would give him full credit for this question, "Bitcoins came from Satoshi", though you're right they come from mining and solving blocks.
bitcoins come from miners who mine bitcoin and get a reward in bitcoins for it, its kinda similar to gold mining
Out of curiosity I just thought where do bitcoins came from??
Are you at all curious where the US Dollar comes from?
...
Everyone knows that fiat toilet paper is printed out of thin air. Just like BTC
Out of curiosity I just thought where do bitcoins came from??
Are you at all curious where the US Dollar comes from?
Quote
Person A deposits $100 in a bank, which means he has $100 he can spend. In accordance with Federal Reserve regulations, the bank is allowed to loan up to 90% of this money to someone else, say, Person B.
Once Person B has $90 in his bank account, this makes a total of $190 available to be spent. But his bank can loan up to $81 (90% of $90) to someone else. Now a total of $271 is available to be spent. And so on.
Once Person B has $90 in his bank account, this makes a total of $190 available to be spent. But his bank can loan up to $81 (90% of $90) to someone else. Now a total of $271 is available to be spent. And so on.
Source
miners solve the mathematical problems and get awarded with bitcoins, thats the way it gets produced
If bitcoin came from mining does it mean that it's an unlimited currency and if that's the case why does bitcoin price going up instead of going down
They come from mining, period.
It's limited to 21 million Bitcoin, which is expected to happen in (I think) the year 2148. After that, mining rigs will either be turned off or run entirely on transaction fees.
Is there any possibilities, so to get involved in extra mining of bitcoins when years get passed. If so what changes need to be done for such addition.
By the time you joined this forum you should already know where do bitcoins come from.
But ok, Bitcoins come from mining, but the act of mining is the continuos verification and resolution of an algorithmic figure that efectively is made upon transactions. so in a way bitcoins are the proof of all transaction that a specific bitcoin has had since its first transaction.
So this is the point where you ask. so, how was the first bitcoin made?
The first bitcoins ever made were inprinted on the genisis block and represent the 50 coins award for finding a block which is a chain of transactions.
so, for the first transaction to be made was the award for solving the mathematical puzzle which was then included on the first block. A transaction of +-50 coins.
But ok, Bitcoins come from mining, but the act of mining is the continuos verification and resolution of an algorithmic figure that efectively is made upon transactions. so in a way bitcoins are the proof of all transaction that a specific bitcoin has had since its first transaction.
So this is the point where you ask. so, how was the first bitcoin made?
The first bitcoins ever made were inprinted on the genisis block and represent the 50 coins award for finding a block which is a chain of transactions.
so, for the first transaction to be made was the award for solving the mathematical puzzle which was then included on the first block. A transaction of +-50 coins.
If bitcoin came from mining does it mean that it's an unlimited currency and if that's the case why does bitcoin price going up instead of going down
They come from mining, period.
It's limited to 21 million Bitcoin, which is expected to happen in (I think) the year 2148. After that, mining rigs will either be turned off or run entirely on transaction fees.
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Bitcoin has predictable inflation rate:
As you can see we are getting closer to the next halving, this means Bitcoin miners will make half of the coins they make now, so this means the price will go up if the demand stays the same, and a lot higher if the demand grows which is expected. This summer is going to be a fun one.
As you can see we are getting closer to the next halving, this means Bitcoin miners will make half of the coins they make now, so this means the price will go up if the demand stays the same, and a lot higher if the demand grows which is expected. This summer is going to be a fun one.
Out of curiosity I just thought where do bitcoins came from??
Technically, bitcoins don't exist. Therefore, they don't "come from" anywhere.
The concept of "a bitcoin" is an abstraction that we humans use to make it easier to discuss the concept of transfer of control over value within the bitcoin protocol. There is nothing in your wallet or in the blockchain that can be pointed to as uniquely identifying a specific bitcoin. Instead, there is permanent record of outputs being created, and a set of protocol rules that say that any valid output can be used once and only once as an input into an entry that creates new outputs.
Those that are securing the permanent record are rewarded for their efforts by the protocol with a rule that allows them to create a specific total value of outputs in excess of the total inputs in the block that they create. This rule is enforced by every peer on the network to prevent any single individual or group from attempting to create a larger value of outputs than allowed.
The protocol rules decrease the size of this "subsidy" (cuts it in half) every 210,000 blocks until block number 6930000 where the "subsidy" is permanently reduced to 0.
There is a pinned and informative post at the top of this section "New to Bitcoin". I was told they come from unicorns, but reading this forum set me straight.
Out of curiosity I just thought where do bitcoins came from??
They're mined, currently at a rate of 25 BTC every 10 minutes. In other words, "printed out of thin air" ...
Just imagine you own 10 bitcoins and it's valued $400 per bitcoin now... if the total supply change, that value will go down, because more bitcoins will be
entering the supply.
As a holder of 10BTC, you have no say in the system. You can only vote with your feet -- by trying to sell your 10 BTC.Just imagine you own 10 bitcoins and it's valued $400 per bitcoin now... if the total supply change, that value will go down, because more bitcoins will be
entering the supply.
Miners mine BTC, and sell it. Their interests are not necessarily aligned with the holders of BTC. For instance, if they could double their block reward, and by doing so devalue BTC by 45%, it would be in their [pragmatic] self-interest to do so (BTC will be worth 45% less, but they'd make twice as much of it).
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