Well, depending on how you look on it, it might not always be on the blockchain. Lightning network transactions are Bitcoin transactions that don't get immediately broadcasted to the network and added to a new block. This allows the parties that have a Lightning channel to save on fees by making many transactions between themselves and then only making one transaction on the blockchain. So Bitcoin in Lightning Network doesn't exist on blockchain until the channel is closed.
Then there are things like Bitcoin custodians. They could be running at fractional reserves and lending more Bitcoin than they have, effectively creating virtual Bitcoin. This does not exist yet, but might become more widespread in the future.
Topic: Why all the Bitcoin has to be in the Blockchain ? - page 2. (Read 367 times)
I also want to learn about how Bitcoin really work ? Is there a good teacher , who can teach about Bitcoin and Blockchain ? I want to buy some Bitcoin but do not know how it work ?
Please teach me !
Thanks.
Please teach me !
Thanks.
As a new person to Bitcoin, what you actually need now a beginner guide to Bitcoin, of which I will start by explaining What is Bitcoin? Bitcoin is a decentralized digital currency that was invented by a man named "Satoshi Nakamoto" with the sole aim of eradicating middle men from the transaction process, which is independent on its own, not controlled by either central bank or government, and enables fast means of transaction across borders in seconds.
But however, here is a detail explanation..
If you love reading, check this out 👇
https://cryptopotato.com/bitcoin-for-beginners/
If you love watching videos, check this out
https://youtu.be/MaLpcTOVkJE
These two source are the best guide for a beginner to understanding Bitcoin better
Firstly, I welcome you to this forum, I hope you find your time here beneficial.
I want to know why all the Bitcoin has be in the Blockchain ?
It is a match made in heaven, they were created for each other, bitcoins cannot exist without blockchain. I also want to learn about how Bitcoin really work ?
Luckily for you, there is already an active discussion that someone who was interested in learning about bitcoins from the basics started, and the response below from tranthidung is the most striking and appropriate response for you.- Learning Resources
- https://learnmeabitcoin.com/
- Bitcoin Information and Resources: https://www.lopp.net/bitcoin-information.html
- Books
- Mastering bitcoin. If you are not good enough with English, try with Translations of Mastering Bitcoin
- Mastering the Lightning Network
- The Internet of Money and its website
- Bitcoins Related Books
- Littlebitcoinbook
- Youtube channels
different networks have differing units/data,
the bitcoin network audits secures bitcoin
its a network that has rules for how bitcoins are created and how they are secured.
the great part of the security is that because they cant be moved out of the network they also cant introduce-reintroduce coins into the network that are not part of the creation rules of mining.
thus it secures the rule that results in the eventual near 21m bitcoin circulation
by enforcing a rule where coins cant systematically be removed or randomly introduced outside of the rules makes it god money that is a good store of value.
though coins cant be removed. they can be locked.
some people lock coins by losing forgetting their private key that allows spending them. thus they just stop being used forever.
some people purposefully lock coins by using a feature that time delays spending ability. which then allows them to use it as a peg(value reference), to then represent value in other networks while that delay lock is active (much like locking gold in a vault to then use a recept of the vault to then use as a value note/certificate/promissory note)
the bitcoin network audits secures bitcoin
its a network that has rules for how bitcoins are created and how they are secured.
the great part of the security is that because they cant be moved out of the network they also cant introduce-reintroduce coins into the network that are not part of the creation rules of mining.
thus it secures the rule that results in the eventual near 21m bitcoin circulation
by enforcing a rule where coins cant systematically be removed or randomly introduced outside of the rules makes it god money that is a good store of value.
though coins cant be removed. they can be locked.
some people lock coins by losing forgetting their private key that allows spending them. thus they just stop being used forever.
some people purposefully lock coins by using a feature that time delays spending ability. which then allows them to use it as a peg(value reference), to then represent value in other networks while that delay lock is active (much like locking gold in a vault to then use a recept of the vault to then use as a value note/certificate/promissory note)
It has to be in a blockchain, because it is digital currency. It is not physical like cash. Therefore, the distribution of bitcoin has to be tracked in some decentralized database that is running on every Bitcoin node.
Think of the blockchain as a the all-seeing tracker of everybody's money - though it obviously doesn't know your name and identity - where the banking system failed to track money.
It should be noted, that credit that you see in banks is also stored digitally, though obviously without blockchain technology. You have used "credit" if you have ever bought something with a credit card or debit card.
Think of the blockchain as a the all-seeing tracker of everybody's money - though it obviously doesn't know your name and identity - where the banking system failed to track money.
It should be noted, that credit that you see in banks is also stored digitally, though obviously without blockchain technology. You have used "credit" if you have ever bought something with a credit card or debit card.
Hello Everyone's !
I am a Monk. Recently I have heard of Bitcoin. I am learning now. I want to know why all the Bitcoin has be in the Blockchain ? I also want to learn about how Bitcoin really work ? Is there a good teacher , who can teach about Bitcoin and Blockchain ? I want to buy some Bitcoin but do not know how it work ?
Please teach me !
Thanks.
I am a Monk. Recently I have heard of Bitcoin. I am learning now. I want to know why all the Bitcoin has be in the Blockchain ? I also want to learn about how Bitcoin really work ? Is there a good teacher , who can teach about Bitcoin and Blockchain ? I want to buy some Bitcoin but do not know how it work ?
Please teach me !
Thanks.
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