Bitcoin 101 - What is Bitcoin? - A Beginning Video for Bitcoin Newcomers


avi

Well-Known Member
Veteran

Good video. Explains the history of cryptocurrency and why there was a need for bitcoin. Bitcoin has no central authority is more like owned by its users and no single individual or organization owns it. The software is completely open source and anyone can fork the project, submit patches, new features and bug reports.

If you want to know more, better start with official faq: https://bitcoin.org/en/faq

If you want to get into mining and starting making money then start with these:
https://bitcoin.org/en/how-it-works
http://www.bitcoinmining.com/getting-started/
http://www.bitcoinmining.com/bitcoin-mining-hardware/

EDIT: Two more:



 
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goDofWar_skr

Well-Known Member
Adept
Sorry to bump a very old thread.. But I can't seem to understand the concept of Bitcoin yet.. I have been trying to see a lot of videos and read about it but nothing is helping me..

To start with, here are some of my doubts :-

1. Bitcoin miners can earn the bitcoin by helping in validating a transaction which occurs between a buyer and seller. Its kind of like a transaction tax which is payed by both the buyer & seller parties involved in the transaction to the miners who validate the transaction based on the ledger.
So here my doubt is how many miners are actually required to validate one such transaction. Where are the rules for this. And who decides what would be the percentage of the transaction value to be given to the miners for the validation.

2. There are only 21 million Bitcoins which will ever be in existence. These 21 million bitcoins can be broken into as many small parts as possible.
So is there any theoretical limit to the minimum possible unit to which it could be broken into? For e.g can someone have like 0.0000000000000000000000000000000000000000000000000000000000001 or consider even more fraction amount of bitcoins.

3. In the very beginning, how was it decided to distribute the 21 million Bitcoins? What I mean is how was it decided that who was the first buyer, the first seller and the first miner ever?
After that, what was the criteria for other people to join as the transaction validators (miners) ?
 

6pack

Well-Known Member
ex-Mod
BTCXIndia - any reviews on this site?

I have some doubts too on buying /selling crypto currency.
Say I bought crypto currency worth 1000 rupees today. I keep it in my wallet and the currency increases in price after 5-10 years, can i sell it and get money directly to my account?
What happens if govt has banned crypto currency or the broker i bought the currency vanishes in this 5+ years? have i lost the 1000 rupees i invested?
Is crypto currency like shares in a company? Can the price increase without us doing any mining and only buying the coin?
 

RakaKaKaka

Well-Known Member
Adept
yes u can buy and keep it in your own wallet and it can appreciate. no need to mine. if govt bans it there is always other countries where its nt banned. so sell it there and convert it.
BTCXIndia - any reviews on this site?

I have some doubts too on buying /selling crypto currency.
Say I bought crypto currency worth 1000 rupees today. I keep it in my wallet and the currency increases in price after 5-10 years, can i sell it and get money directly to my account?
What happens if govt has banned crypto currency or the broker i bought the currency vanishes in this 5+ years? have i lost the 1000 rupees i invested?
Is crypto currency like shares in a company? Can the price increase without us doing any mining and only buying the coin?
 

6pack

Well-Known Member
ex-Mod
Can we buy crypto directly without going to a 3rd party dealer or exchange?
 

RakaKaKaka

Well-Known Member
Adept
Can we buy crypto directly without going to a 3rd party dealer or exchange?
yes , look for individual sellers. preferably hand to hand deal offline. 3rd party trusted xchange is also fine.. just make sure not to store them in any 3rd party seller wallet as they all can get hacked. best u store it offline in a durable pendrive.
 

red-devil

Active Member
Disciple
Sorry to resurrect this old thread but has anyone had any luck with buying partial bitcoins in a foreign currency (say USD) and then selling that in INR?
 

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