Author Topic: I don't understand bitcoin yet  (Read 79 times)


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I don't understand bitcoin yet
« on: November 05, 2019, 11:28:38 PM »
I'm fairly tech savvy, though saying that makes me think maybe I'm not lol...I've got software developer friends, we don't talk about bitcoin, I've read articles, I've heard words thrown around, I've searched...I still don't get it.

I understand that it's a currency, in it's infancy, meaning people aren't really sure what to value it at. But I also understand someone (no idea who) has set a starting value and it now fluctuates like the stock market (unrelated to this futures thing that started today) based on supply/demand...I guess? But how does that value relate to USING that bitcoin? I see gambling site, porn site and others all offering bitcoin payment. So if a porn membership is $30USD a month lets say, do they just take 30/BitcoinCurrentValue and that's how much you pay?
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They say the "digital ledger" that the finite number of bitcoin are on is supposed to incorruptible, but then how does bitcoin get stolen? If it's stolen, wouldn't the "ownership" on the "ledger" be transferred? If so, wouldn't you know right away who stole it?

But maybe my biggest question is how do you get it? I hear about bitcoin mining, but don't really understand that either. It seems like scouring the net for hidden coins, but if they're hidden, wouldn't the person/system who hid them know where they are? No one gets paid for traditional work in bitcoin (that I know of) so essentially it's created and thus would be awesome to "earn" if you could do it with no effort or just by leaving on a script or however it gets done. I'm not trying to steal anyone's technique, I just don't get it at all.
« Last Edit: December 19, 2019, 01:53:35 PM by Rezoyen »