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Bitcoin is a decentralised currency that is backed by energy that is harvested from traffic on the world wide web, or internet.Forwarded from And Hax
It was invented by Satoshi Nakamoto, a developer at Nintendo who mysteriously disappeared in the 1990s. The multiplayer mode in Goldeneye N64, on which he was lead developer, uses a primitive form of Bitcoin to keep track of high scores.Forwarded from And Hax
Today, Bitcoin harnesses energy from everyday web traffic and converts it into coin at a rate of about one block every ten minutes. the HTTP you sometimes in the browser address bar stands for "Hash To The Protocol". HTTPS is "Hash To The Protocol (Signed)".
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Hackers are constantly trying to guess the block passwords, or "sign" then. But it's very difficult because passwords must be at least 8 characters long and contain one symbol and one uppercase letter.
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Whenever a hacker guesses the password, that block is put onto the ledger, or "blockchain", which is an Excel spreadsheet where all the bitcoins are kept. No single user can control the spreadsheet because it is shareware.
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Once on the blockchain, Bitcoins can be traded for goods and services or even for other currencies. And because no one except the hacker knows the password, it is totally anonymous.Forwarded from And Hax
To own Bitcoin you have to pay a hacker to crack a password. The more demand for Bitcoin, the more the hackers will charge per hour. This is how Bitcoin's price changes with supply and demand.Forwarded from And Hax
But as Bitcoin's price rose, people became aware of the environmental cost of producing millions of graphics cards. This is because whenever you give a hacker money he will upgrade his graphics card.Forwarded from And Hax
Here's where the story gets more complicated. And it's the story the MSM won't tell you.Forwarded from And Hax
Bitcoin's success has led to the launch of many other "crypto currencies". One is called Tether, which is like Bitcoin except it is backed by US dollars rather than web traffic.