(Topic ID: 200502)

Somebody explain Bitcoin to me

By Pinballlew

6 years ago


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    #50 6 years ago

    You might not like the idea of Bitcoin, but the technology used to create and control them will change the future. The blockchain will become a very valuable tool. Blockchains are very secure they’re unhackable. You will begin to see smart contracts that use a blockchain to ensure that they are fulfilled. It’s really amazing stuff.

    To create (mine) a new bitcoin you have to solve an algorithm that encrypts all of the transactions that have happened in the last few minutes. Once solved it get locked into the previous chain and attached to the previous block of transactions, it’s then shared to all connected machines instantly. In order to hatck the chain you would have to hack thousands of computers simultaneously all around the world without anyone noticing the change.

    For some more info I suggest this Ted talk.

    How the blockchain is changing money and business
    https://www.ted.com/talks/don_tapscott_how_the_blockchain_is_changing_money_and_business

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