What is mining bitcoin quora
In context, Saylor gave the advice to provide an illustration of the flaws in the current financial system. For many years, Lebanon has been suffering a financial meltdown, in which the government is planning to resolve the crisis. Meanwhile, Saylor has long been a staunch Bitcoin supporter. His company MicroStrategy recently bought Bitcoin tokens at the time of the crypto market dip. Saylor also mentioned that each cryptocurrency has its own purposes.
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Bitcoin Gold was a hard fork of the original open-source cryptocurrency which took place on Oct. While hard forks take place for a number of reasons—including to scale as a cryptocurrency customer base grows, or because of developer conflict and differences of goals—Bitcoin Gold's stated purpose has been to "make bitcoin decentralized again.
On the surface, the idea of "making bitcoin decentralized again" may seem counterintuitive. Like all other cryptocurrencies, Bitcoin is designed to be decentralized already; it is not linked with any central bank , a particular country, or government body. One of the major issues with bitcoin which prompted the development of Bitcoin Gold, however, was not related to the question of central issuance at all. Rather, it had to do with the mining process.
Bitcoin Gold developers believed that by adopting a new algorithm for the mining process in this case, a so-called proof-of-work algorithm called Equihash-BTG , the new branch of the world's most popular cryptocurrency by market cap would not disproportionally favor major mining operations. Bitcoin mining is a lucrative but resource-intensive process.
The most profitable mining ventures are often those that pool together many mining rigs, each of which requires expensive, special equipment. Individuals attempting to mine for bitcoin on their own either have to invest a huge amount of money and time into creating their own rigs or get passed by in the process, as their computers cannot compete with the professional rig systems.
One of the primary goals of Bitcoin Gold has been to change the algorithm by which the cryptocurrency itself is mined, meaning that the mining process cannot be run faster on specialized equipment than it can on standard computer systems.
Bitcoin Gold was not the first major hard fork of bitcoin. Bitcoin Cash forked off from the primary cryptocurrency on Aug. On Nov. Besides the goal of "re-decentralizing" bitcoin and making a more accessible digital asset for smaller miners that could be more fairly and efficiently distributed, Bitcoin Gold's developers also focused on protection and transparency issues.
Unlike other blockchains including Bitcoin , Bitcoin Gold sought to increase anonymity by not publishing transaction details or wallet addresses. As a free open-source community project, decentralization and transparency in the Bitcoin Gold community are inherently expected.
However, threats from hackers and other malicious entities are an ongoing concern. The legacy of Bitcoin Gold is one steeped in controversy from the beginning. On the same day of the October launch, BTG experienced a massive DDoS attack on its cloud site, and within days after the launch, miners accused one of the developers of Bitcoin Gold of having added in a 0. There was also concern that Bitcoin Gold's security measures were not as robust as they had initially claimed and these flaws could result in increased vulnerability to threats.
Similarly, the developers of Bitcoin Gold used what is called "post-mine" after the launch, which concerned crypto exchanges as they were considering listing BTG. This was the retroactive mining of , coins after the fork already took place. The way that this happened was through the rapid mining of about 8, blocks, the results of which were set aside as an "endowment" of sorts, to be used to grow and maintain the broader Bitcoin Gold network.
The remaining 95, coins were set aside to support the growth of the BTG community's ecosystem. While initially skeptical, crypto exchange Bittrex eventually agreed to list Bitcoin Gold. Please be aware that if a market does open, there is a possibility of the developers selling their premined BTG on the open market. At the time of the launch, all bitcoin owners were expected to receive Bitcoin Gold coins at the rate of one Bitcoin Gold token per one bitcoin token—a process known as air-dropping.
Coinbase, one of the largest cryptocurrency exchanges in the world, was notably skeptical of Bitcoin Gold at launch time. Coinbase representatives stated that the exchange "cannot support Bitcoin Gold because its developers have not made the code available to the public for review.
This is a major security risk. Coinbase did not air-drop BTG to Bitcoin holders on its platform upon its release in October and this action resulted in a lawsuit filed against Coinbase by plaintiff Daniel Archer on March 27, , claiming Coinbase had violated the terms of its contract agreement—specifically negligence, conversion, and breach of contract.
The original ruling stated that Coinbase's agreement with Archer contained no part requiring Coinbase to provide services for cryptocurrencies from third parties. In August , the appellate court affirmed the original court's summary judgment in favor of Coinbase.
Continuing the long-term downward trend of dwindling nodes as Bitcoin Gold continues to stay afloat, as of June 1, , Bitcoin Gold has 89 reachable nodes. The highest concentration of nodes is in Germany 22 nodes , with the next highest levels being the United States 18 , France 8 , Canada 6 , and the Netherlands 6.
As the Bittrex and Coinbase examples have shown us, for all cryptocurrencies, one of the major factors which help to determine both short-term and long-term success is its availability on cryptocurrency exchanges. Users must be able to access the cryptocurrency on exchanges in order to make transactions.
Over the long term, Bitcoin Gold will conduct research on smart contracts and blockchain democracy and develop a decentralized fiat-crypto brokerage network. According to the BTG Roadmap, the primary development areas of focus include interoperability, applications, infrastructure, and the lightning network. BTG cites plans to work bi-directionally with other blockchains and ecosystems, indicating that the bridge to the Phala Network is in progress.
They note that they plan to shift from a Board-based governance structure to a modern DAO-based model. Updates to the core items in their tech stack are underway, and updates to some of these items—like their explorers and ElectrumG, are near completion. BTG notes that while transaction volumes and fees at the moment don't necessitate a layer-2 lightning network solution just yet, it's on their radar.
Both Bitcoin and Bitcoin Gold use a proof-of-work algorithm. Bitcoin Gold's algorithm, Equihash-BTG, however, does not disproportionally favor major mining operations on specialized equipment. Bitcoin miners use the SHA hashing algorithm and define the hash value, and because proof of work is more difficult to demonstrate as hash targets change. As this becomes more challenging, the increase in computing power required for mining also increases—meaning that smaller miners have a disadvantage in terms of the computing power they can produce.
BTG is the quote for Bitcoin Gold, a hard fork of the original bitcoin cryptocurrency. Bitcoin Gold is used for applications including smart contracts, open-source bridges for computing technology, and payments. The bitcoin hard fork occurred on Oct. Investing in cryptocurrencies and Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs.
Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.
As of the date this article was written, the author owns bitcoin and ripple. Coin Market Cap. Bitcoin Gold. Your Money. Personal Finance. Your Practice. Popular Courses. Cryptocurrency Bitcoin. Table of Contents Expand. Table of Contents. Understanding Bitcoin Gold. Protection and Transparency. History of Bitcoin Gold. Bitcoin Gold's Availability. Future of Bitcoin Gold. Bitcoin Gold FAQs.
What Is Bitcoin Gold? Key Takeaways Bitcoin Gold was a hard fork of the original open-source cryptocurrency which took place on Oct. Bitcoin Gold's stated purpose has been to "make bitcoin decentralized again. Besides the goal of "re-decentralizing" bitcoin, Bitcoin Gold's developers also focused on distribution, protection, and transparency issues. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Articles. Bitcoin How Bitcoin Works. Partner Links. Launched in the year , Litecoin LTC is an alternative cryptocurrency based on the model of Bitcoin. Bitcoin is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments.
Bitcoin Mining Breaking down everything you need to know about Bitcoin mining, from blockchain and block rewards to proof of work and mining pools. Blockchain Explained A blockchain is a digitally distributed, decentralized, public ledger that exists across a network. It is most noteworthy in its use with cryptocurrencies and NFTs. Investopedia is part of the Dotdash publishing family.
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A fake bitcoin exchange scam involves an attacker creating a site that claims to be a place where you can buy, sell, and exchange bitcoin for other currencies and cryptocurrencies. Contact Chargeitbacks, they are a recovery group that specializes in recovering funds from any form of online scam, be it cryptocurrency , binary option or catfish scam. In recent times Bitcoin has taken a walloping in the international market as it along with several cryptocurrency trading agencies the world over are facing a global crackdown. A space talking about Bitcoin BTC. With that said, at the time of writing, the following coins are topping the list with the most trading volume over the last 24 hours, according to CoinMarketCap.
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Bitcoin recovery quora
Cloud mining allows regular investors without expensive hardware to mine cryptocurrencies After the success and skyrocketing demand of Bitcoin, several new cryptocurrencies have been mushrooming across the globe. Ever since its launch, controversy has not left Bitcoin's site. It has fuelled hundreds of rags-to-riches stories, but at the same time, it has enabled scammers to earn millions from unsuspecting buyers and investors. The biggest challenge with the Bitcoin industry across the globe is regulation. There is still a long way for Bitcoin to become part of the common man's general investment portfolio.
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Gala crypto If you are interested, then keep reading the post. Even they collectively succumbed to the broader downtrend. Metaverse, a popular term that refers to a virtual universe, has grown to become one of the biggest trends that the crypto sector has ever seen. By 'Stache. Prior to launching ACH, Joe was the president of Polychain Capital, one of the first and largest crypto focused investment groups globally.
How to invest in bitcoin quora
If you are an active user of Quora and are wondering who the best crypto writers on the platform are, this article has listed ten. You could also opt to follow them to keep track of the questions they answer and the questions they ask. Faisal Khan is a banking and payments consultant and a co-host of the podcast Around the Coin. Also, he contributes finance and crypto-related articles to his blog. To join the spaces he participates in. For example, he is the admin of Payments Systems and The Funnies. According to his Quora profile, Brian Roemmele is an alchemist and metaphysician. He is also a co-host of the podcast, Around the Coin.
Bitcoin investors: From buying a Bentley to losing it all
Share on Facebook Share. Pi will be a fully decentralised digital currency once it reaches Phase 3 on mainnet. As explained in the whitepaper, Pi Network has opted for this to reduce the barriers to cryptocurrency mining. This page is for those who wanted to mine PI Network with their mobile phones.
Michael Saylor Amid Lebanon Financial Meltdown: Buy Bitcoin
The positioning is simple, fast, and there aren't any obstacles apart from the verification requirements at varied purchase volumes. China additionally accounts for hefty Bitcoin trading volumes. Builders are optimistic that will probably be simpler blockchain bitcoin investment and cheaper to mine Bitcoin in the U. At present, the U. The U. Additionally it is one of the vital progressive nations with regards to growth and adoption of digital currencies.
Cryptocurrency Investments: 5 Ways Newbies Can Keep theit Investments Secure
Hi, I'm Adam, I wrote this answer on Quora. Against my better judgement, I'm going to wade in here and make a couple of clarifying points. I regret using the word "scam" in my answer, because I think it overshadows the broader point I was making about Bitcoin's severe structural design flaws. After watching the community react to this debate, I'm pretty confident that the average bitcoin supporter is not intentionally defrauding people. Consider my inflammatory rhetoric redacted and apologized for. That's unprecedented. It's a clean order of magnitude more volatile than the stock market, which is considered a "volatile", "risky" class of asset.
Peter Howson does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. Rai stones were one of the first forms of money used on the Micronesian islands of Yap. To get hold of a Rai, you had to row a canoe for km or so to Palau and chisel away at some local limestone. Then you needed to take the 3m-wide lump of rock back to Yap without sinking in the Pacific.