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Alright, I'm prepared for the shitstorm. /tech/, explain cryptocurrency to me please.
| What's in it for me?
| Ass
| It's some fuckery between stocks, math, and money.
| So what do you need to know, g/u/rl? Why it's so popular? How it works? Why are there so many of them mentioned around?
Most info I know can be found on bitcoin reddit, but I'd be glad to share and listen.
| It's a virtual currency.
| This is an "internet currency" or just "internet money". It is done very (not) secure so your bitcoins wont be suddenly hacked like it happens for banks (though bitcoins were already hacked one time). "Miners" are like the bank, they approve the transaction, except its now decentralized, and as a consequence it takes for them a lot of time (to a month) to approve a set of transaction , this set is called a block. You now owe me a sandwich
| >>385142 i forgot to mention that it was extremely inaccurate but as an explanation it will do fine
| "you missed it"
| OP here.
What I would mainly like to know is why it gets so much shit. What is the reason people don't trust it or think it to be a good thing? Is it just really easy to hack, or is there some other reason? Also, would it be worth it to get into crypto mining?
Thank you for the info guys!
| >>385836 you hear about a "virtual currency" that go up from a dollar to 7000 dollars, of course the majority don't trust it, especially after it went from 20k to 7k. There are a lot of conspiracy theory about it because this CC just can't suddenly appear from nowhere.
His 2 main functions: anonymity and decentralized, are proven to be false, because if you have 50% of the total mining power of a CC you can control it, and fbi already tracked someone through the blockchain.
| >>385853 china had more than 70 percent of the bitcoin mining power, and when china banned mining, that was the moment it went from 20k to 6k. On top of that if these 70% were one person he could theoretically cheat because he would had the majority of mining power, he could for example retransfer money to himself and do things like that...
| Someone should explain blockchain too that is the more technical part of the matter.
| >>385853
>>385836
The no trust thing is one of the issues cryptocurrencies face when exposed to the public (among other problems). People want something they can trust. They want someone else competent they can trust to take care of it (their transactions).
| >>385836
Normies hear it's a great investment and they go ape crazy like usual.
Now some people just want that sweet 400% income in a month, some want to "fight global financial superpowers" (looking ar /new/ kind of people), some think the blockchain is great. It's a phenomenon that's been going on since 2005, when 1 BTC was worth less than 0,01 USD, but the spike from less than 1k USD to 20k USD in 2017 got attention.
More info about bitcoin itself can be found on its wiki.
| >>386653
Well people still make money on mining so i guess it still makes sense to invest on that, but sure its not 400% income as it was, not even 150%. >>386319 i guess cryptocurrency was the right invention at the wrong time...
| >tfw I had about 15 bitcoins back in the day and sold them to get some beer and pizza
i hate myself everytime i remember this
fuck
| >>386091
1.Basically like a note book where you save all transactions.
Like who bought how many bitcoins from whom.
But that note book isn't just saved in one place, it's saved in many places at the same time.
| ^^^^^
Blockchain
-----
Mining
2. Every transaction requires computing power. Like you need to use some calories to write down a transaction into a notebook.
Miners provide the computing power for those transactions.
And get rewarded a little bit of money for doing so.
Basically the miners have to solve mathematical problems, and if they are the first they get the money. But only if they are the
first.
| Privacy/Anonymity
Let's assume you buy bitcoin from a big company with bank transfer/visa card.
The company usually requires your name, and ID, etc. and saves how much you buy and where you send it to.
Now let's assume you buy something illigal with bitcoin. And the police believes u did. They can look at your bank transfer, and see you have given money to a bitcoin company. Then they ask the company about the information about you. And the company provides them the data.
1/?
| The police will know you sent 10 bitcoin to your personal bitcoin wallet (address). Now they know your personal address.
Now they will look if you have made other transactions and see that you send 2 bitcoin to another wallet.
Then they Google that wallet and find out that it belongs to a darknet market. Now they know you have given money to a darknet market.
But you could have just paid for bitcoin by cash and became relatively anonymous.
2/2
| >>387821 No one who buys drugs etc on the darknet uses it this way. You buy the btc from a private seller who doesn't require you to identify yourself. You then send the btcs trough a scrambler that juggles the coins around between hundreds of addresses and in the end it spits out someone elses btcs back at you to eliminate the trace.
Oh, and you can't just Google a darknet wallet lol. They're hidden behind a login session as well as being completely replaced every two weeks.
| >>388104
>But you could have just paid for bitcoin by cash and became relatively anonymous.
First read, then write idiot.
Also of course you can't Google em, but it's easy to find out darknet market addresses and log them. And for the sake of explaining it's easier to say Google 2 a total noob. Especially after writing 5 posts.
| >>388116 >it's easy to find out darknet market addresses and log them
Wrong again. Stop preaching about stuff you know nothing about. Darknet sites doesn't use one wallet adress. Every other week a personal wallet is generated and replaced for each individual user and as I said earlier it's locked behind your password.
If you're talking about logging the address to the darknet sites then you clearly doesn't even grasp how darknets operate.
| >>388116 No one buys drugs etc the way you're talking about. So please don't call me an idiot because I called you out for being mis-informed.
| Tbh i didn't know we have experts in buying drugs))
| OP here once again.
So basically, what I'm getting from this is that
-its as risky if not riskier than the stock market and can make you rich one day and poor the next if you put your life savings in it
-its super easy to hack
-its also super easy to track
+it can make you a LOT of money if you have a lot of them and then the price spikes up
+you can buy shit on darknet with them
+stick it to the banks and corporate economy
Okay, fair enough. One more question:
| How do you turn BTC or any other cryptocurrency back into USD or any other spendable currency?
| You sell it to somebody that wants it. Just like anything else.
| Can I buy regular stuff using BTC? Like a new laptop, videogames or something?
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| Title.