What Is Mining?Brave New CoinBTCSo by now you know a bit more about Bitcoin's history, how its made, and why it is interesting. Let's get back to that mining thing, and introduce another bitcoin quirk, the hardware arms race to build better miners. mining
The FutureBrave New CoinBTCAltcoins are attempts to build upon Bitcoin and improve it. The cryptocurrency ecosystem has now grown to one containing hundreds of different 'coins', each trying to fill different market niches.
The BasicsBrave New CoinBTCBitcoins are created by computers and exist on the blockchain. In the early days, a single bitcoin was worth less than one tenth of a US cent, and they could be easily 'mined' by a laptop or home computer.
Bitcoin PropertiesBrave New CoinBTCBitcoin is many things. It is decentralised, digital, frictionless, volatile, pseudonymous (not anonymous, the difference is important), highly divisible, irrevocable once sent, and very confusing if not explained well.
Problems And SolutionsBrave New CoinBTCPeople complain that there is no way to calculate Bitcoin's intrinsic value. Unlike gold or oil which have well defined, tangible values, bitcoin's price just seems to be whatever someone else is willing to pay.
Buying And Selling Your BitcoinBrave New CoinBTCBitcoins today are easy to trade. Companies like Dasset, Coinbase, Xapo and Coinjar allow users to transfer money from their bank accounts to buy bitcoins or even buy them directly with a credit card.
Securing Your Bitcoin?Brave New CoinBTCBitcoins are kept in a bitcoin wallet. This is where the 'keys' which allow you to spend your bitcoin are stored, and since the security of your bitcoins is so important, these wallets must be strong enough to stop attackers.
GlossaryBrave New CoinBTCAn attack on the Bitcoin network which allows the attacker to create fraudulent transactions, see 'double spend'. This is possible because controlling more than 50% of the Bitcoin network's hash rate means the attacker can out-compute everyone else who is mining.
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