Here are top frequently asked questions with simple to understand crisp answers. Some of these are not covered in usual Bitcoin articles. All the best in your learning journey. Feel free to use these text in your tweets or elsewhere. Its a beautiful journey, lets walk together.
Q. Whats unique to #Bitcoin ?
A. Many things, but most important is decentralization - no single institution/individual has control over network as well as core protocol and so monetary policy. This could happen because founder was intelligent enough to vanish one fine day.
A. Many things, but most important is decentralization - no single institution/individual has control over network as well as core protocol and so monetary policy. This could happen because founder was intelligent enough to vanish one fine day.
Q. Why does #Bitcoin has limited support for smart contracts?
A. #Bitcoin is money and so contract validation has to be fast, efficient and predictable. Turing complete language can't guarantee it. Scoped Bitcoin script is good enough for all transaction related smart contracts.
A. #Bitcoin is money and so contract validation has to be fast, efficient and predictable. Turing complete language can't guarantee it. Scoped Bitcoin script is good enough for all transaction related smart contracts.
Q. Which exchange I shall use to buy #Bitcoin ?
A. Select a reliable exchange that supports your local currency. Look for three main characteristics -
1. Favorable user feedback
2. Low transaction fee
3. Low or variable fee for withdrawal of #Bitcoin to your personal wallet
A. Select a reliable exchange that supports your local currency. Look for three main characteristics -
1. Favorable user feedback
2. Low transaction fee
3. Low or variable fee for withdrawal of #Bitcoin to your personal wallet
Q. What does #Bitcoin wallet do?
A. 1. creates wallet with new mnemonic seed or recovers, which then gets used to create receiving addresses and private keys
2. creates and signs spend transactions
3. [optional] broadcasts transactions to network
4. [optional] helps view balance
A. 1. creates wallet with new mnemonic seed or recovers, which then gets used to create receiving addresses and private keys
2. creates and signs spend transactions
3. [optional] broadcasts transactions to network
4. [optional] helps view balance
Q. Should I use software wallet or hardware wallet for #Bitcoin ?
A. Both. For day to day transactions, use software wallet to keep small amount. For savings and big amount, use hardware wallet. Hardware wallet never exposes private keys to mobile or computer, and so its secure.
A. Both. For day to day transactions, use software wallet to keep small amount. For savings and big amount, use hardware wallet. Hardware wallet never exposes private keys to mobile or computer, and so its secure.
Q. Can I use same address to receive multiple #Bitcoin transactions?
A. u can, but its not recommended. Generate new address in your wallet for every incoming transaction. This will provide privacy and extra security against future potential tech like quantum computers.
A. u can, but its not recommended. Generate new address in your wallet for every incoming transaction. This will provide privacy and extra security against future potential tech like quantum computers.
Q. Do I have to keep my hardware wallet plugged while receiving #Bitcoin ?
A. No. u just need receiving address from hardware wallet. Coins don't go to wallet, it resides on blockchain against your receiving address. Wallet is nothing but a signing device to help u spend coins.
A. No. u just need receiving address from hardware wallet. Coins don't go to wallet, it resides on blockchain against your receiving address. Wallet is nothing but a signing device to help u spend coins.
Q. Why does #Bitcoin price fluctuates so much?
A. Many reasons. Primarily adoption among learned investors. Volatility has decreased with more informed investors in recent years. With time, this tribe will grow further, so volatility will come down and price will keep increasing.
A. Many reasons. Primarily adoption among learned investors. Volatility has decreased with more informed investors in recent years. With time, this tribe will grow further, so volatility will come down and price will keep increasing.
Q. Which Crypto currencies are truly decentralized?
A. Decentralization has two aspects -
1. Decentralized Network - Most top coins
2. Decentralized control over core protocol aka monetary policy - Only #Bitcoin , that could happen over time since founder vanished one fine day.
A. Decentralization has two aspects -
1. Decentralized Network - Most top coins
2. Decentralized control over core protocol aka monetary policy - Only #Bitcoin , that could happen over time since founder vanished one fine day.
Q. Why #Bitcoin network consumes energy?
A. "Proof of work" is required to add block, that results in requiring extremely high amount of energy to manipulate earlier blocks, and so makes bad behavior expensive. On the other hand, Block reward to miners incentivizes good behavior.
A. "Proof of work" is required to add block, that results in requiring extremely high amount of energy to manipulate earlier blocks, and so makes bad behavior expensive. On the other hand, Block reward to miners incentivizes good behavior.
Q. How miners will remain incentivized to secure network after all 21m #Bitcoin are mined?
A. If Bitcoin adoption continues with current rate, then value of bitcoin will rise so much by year 2140 that just transaction fees will be enough to keep miners incentivized.
A. If Bitcoin adoption continues with current rate, then value of bitcoin will rise so much by year 2140 that just transaction fees will be enough to keep miners incentivized.
Q. How does node secures the #Bitcoin network?
A. Node has two main jobs - validation and broadcast. It validates each transaction before whispering it to other connected nodes. When new block comes, it validates the block and adds it to its local blockchain and then broadcasts.
A. Node has two main jobs - validation and broadcast. It validates each transaction before whispering it to other connected nodes. When new block comes, it validates the block and adds it to its local blockchain and then broadcasts.
Q. How many confirmations are good enough to be sure of #Bitcoin transactions?
A. It depends upon how much value you have transacted. If small, then when it shows in your wallet application non-confirmed, its fine. If it is slightly bigger then 1. If very big, then more than 6.
A. It depends upon how much value you have transacted. If small, then when it shows in your wallet application non-confirmed, its fine. If it is slightly bigger then 1. If very big, then more than 6.
Q. Whose opinions should I trust about #Bitcoin ?
A. No ones. Listen to everyone but form your opinion based on study. Its super important to learn about Bitcoin and how it works. It will improve your conviction and then u will acquire more. A good motto is - Don't trust, Verify!
A. No ones. Listen to everyone but form your opinion based on study. Its super important to learn about Bitcoin and how it works. It will improve your conviction and then u will acquire more. A good motto is - Don't trust, Verify!
Q. Why can't #Bitcoin use Proof of stake?
A. In proof of stake, people with more coins have more influence on network and so not truly decentralized. In proof of work, people having 10K bitcoins or 0.001 bitcoins are equal to the network. No extra influence. All are normal users.
A. In proof of stake, people with more coins have more influence on network and so not truly decentralized. In proof of work, people having 10K bitcoins or 0.001 bitcoins are equal to the network. No extra influence. All are normal users.
Q. What will happen if developed countries ban #Bitcoin mining?
A. My opinion. Most miners will move to poor countries who welcomes investment. They will invest in power generation, will pay taxes from mining income. So poor countries will prosper. World order will change slowly.
A. My opinion. Most miners will move to poor countries who welcomes investment. They will invest in power generation, will pay taxes from mining income. So poor countries will prosper. World order will change slowly.
Q. How frequently #Bitcoin blocks get created?
A. On an average every 10 minutes. Every 2016 blocks difficulty adjustment happens. If avg time between blocks was less than 10 min in last 2016 blocks then difficulty to mine blocks increases and if more then difficulty decreases.
A. On an average every 10 minutes. Every 2016 blocks difficulty adjustment happens. If avg time between blocks was less than 10 min in last 2016 blocks then difficulty to mine blocks increases and if more then difficulty decreases.
Q. Why can't #Bitcoin blocks get created faster?
A. Its designed in a way so that new block reaches to every node in network considering low internet speed for some, so greater decentralization. It also avoids too many temporary forks aka simultaneous block creation by >1 miners.
A. Its designed in a way so that new block reaches to every node in network considering low internet speed for some, so greater decentralization. It also avoids too many temporary forks aka simultaneous block creation by >1 miners.
Q21. What will happen to #Bitcoin network if big miners collude and start creating invalid blocks?
A. Nodes will start rejecting invalid blocks as it checks transactions,rewards,proof of work etc. Solo/small miners will then create valid block, and network will continue.
A. Nodes will start rejecting invalid blocks as it checks transactions,rewards,proof of work etc. Solo/small miners will then create valid block, and network will continue.
Q22. Why can't someone manipulate the #Bitcoin chain?
A. It's designed to reward good behavior, and make bad behavior exponentially expensive with block depth. Max one can do is to double spend, but won't be any ROI if receiver waits for more confirmations for big transactions.
A. It's designed to reward good behavior, and make bad behavior exponentially expensive with block depth. Max one can do is to double spend, but won't be any ROI if receiver waits for more confirmations for big transactions.
Q23. What would be max value of #Bitcoin ?
A. No one knows, as this is completely new class and unprecedented. If adoption continues as is, it has no limits. Make your own judgement based on studying #Bitcoin with an attitude of "I know nothing". Don't listen to anyone's opinion.
A. No one knows, as this is completely new class and unprecedented. If adoption continues as is, it has no limits. Make your own judgement based on studying #Bitcoin with an attitude of "I know nothing". Don't listen to anyone's opinion.
Q24. How does E2E transaction of #Bitcoin happen?
A. Wallet tool creates, signs and broadcasts transaction using a node. Nodes validate and broadcast. Miners collect transactions in a candidate block, solves a puzzle to create new block. Nodes validate block & add to local chain.
A. Wallet tool creates, signs and broadcasts transaction using a node. Nodes validate and broadcast. Miners collect transactions in a candidate block, solves a puzzle to create new block. Nodes validate block & add to local chain.
Q25. What does a simple #Bitcoin transaction contain?
A. Primarily, sender's earlier received unspent transactions (UTXOs) as input, related public key(s) & signature. As output - receiver's public address and amount of bitcoin, sender's public address & change bitcoin.
A. Primarily, sender's earlier received unspent transactions (UTXOs) as input, related public key(s) & signature. As output - receiver's public address and amount of bitcoin, sender's public address & change bitcoin.
Q26. Where can I see #Bitcoin chain in real time?
A. If you are not running your local node, then you can use publicly exposed Bitcoin explorers. Here are some -
mempool.space
blockstream.info
You can search "Bitcoin explorer" for more.
A. If you are not running your local node, then you can use publicly exposed Bitcoin explorers. Here are some -
mempool.space
blockstream.info
You can search "Bitcoin explorer" for more.
Q27. Was #Bitcoin pre-mined before release to public?
A. No. First block was created on 3rd Jan, 2009 with block reward of 50 bitcoin, but that can't be spent. For a week, no new block got mined. Then code to run node was released to public and then new block creation started.
A. No. First block was created on 3rd Jan, 2009 with block reward of 50 bitcoin, but that can't be spent. For a week, no new block got mined. Then code to run node was released to public and then new block creation started.
Q28. Is #Bitcoin limit of 21m enough to serve billions of people?
A. Yes. bitcoin's smallest unit is called Satoshis (SATs). 1 bitcoin equals to 100m SATs. Which means 2100 trillion units. This provides enough liquidity and divisibility to be used by billions of people.
A. Yes. bitcoin's smallest unit is called Satoshis (SATs). 1 bitcoin equals to 100m SATs. Which means 2100 trillion units. This provides enough liquidity and divisibility to be used by billions of people.
Q29. Why #Bitcoin is so expensive? I don't like decimals.
A. No price is expensive for bitcoin, as it is unprecedented digital currency without any valuation. u can think in terms of smallest unit of bitcoin - SATs. You can get 2500 SATs for 1 USD when bitcoin's price is 40K.
A. No price is expensive for bitcoin, as it is unprecedented digital currency without any valuation. u can think in terms of smallest unit of bitcoin - SATs. You can get 2500 SATs for 1 USD when bitcoin's price is 40K.
Q30. Who is the creator of #Bitcoin and what influence they have?
A. No own knows. No influence. A person or group with pseudo name of Satoshi Nakamato created bitcoin. After it became robust enough, they vanished. Since then this has grown to be most decentralized network.
A. No own knows. No influence. A person or group with pseudo name of Satoshi Nakamato created bitcoin. After it became robust enough, they vanished. Since then this has grown to be most decentralized network.
Q31. Why a currency shouldn't use proof of stake?
A. Basic rule, if its not possible to transact full supply of a currency at any point of time, then it can't be currency. In case of proof of stake - network can't work if some coins are not locked, & locked coins can't be used.
A. Basic rule, if its not possible to transact full supply of a currency at any point of time, then it can't be currency. In case of proof of stake - network can't work if some coins are not locked, & locked coins can't be used.
Q32. Why should I transfer #bitcoin to a personal wallet?
A. Two reasons - Exchange can vanish with coins and no one can recover that for you. And for the first time in history, #Bitcoin has enabled a self-custodial wealth. It won't be wise to not take benefit of that.
A. Two reasons - Exchange can vanish with coins and no one can recover that for you. And for the first time in history, #Bitcoin has enabled a self-custodial wealth. It won't be wise to not take benefit of that.
Q33. What is best way to keep #Bitcoin ?
A. Hardware wallet like #Coldcard, #Trezor etc. If u want it to be even more secure then do it in air gapped way, Coldcard supports that. u can also think about multi-sig which is supported by most hardware wallets. Study before using.
A. Hardware wallet like #Coldcard, #Trezor etc. If u want it to be even more secure then do it in air gapped way, Coldcard supports that. u can also think about multi-sig which is supported by most hardware wallets. Study before using.
Q34. Is there a way to create one's own hardware wallet for #Bitcoin ?
A. Yes. Look at #seedsigner, using which u can create hardware signing device from raspberry pi. You can also us Electrum, Sparrow etc on an airgapped laptop or PC to act as your hardware wallet.
A. Yes. Look at #seedsigner, using which u can create hardware signing device from raspberry pi. You can also us Electrum, Sparrow etc on an airgapped laptop or PC to act as your hardware wallet.
Q35. What does #Bitcoin hardware wallet do?
A. It helps you in creating a wallet and gives you seed words to backup. It can also recover a wallet from seed words. However, primary task is to sign transactions without exposing seed words or private keys to internet.
A. It helps you in creating a wallet and gives you seed words to backup. It can also recover a wallet from seed words. However, primary task is to sign transactions without exposing seed words or private keys to internet.
Q36. Do multiple #Bitcoin addresses generated by wallet have same private key?
A. No. Wallet creates addresses in a deterministic way from seed words. Each address has its own private key. With seed words, wallet can create those private keys when needed to sign transactions.
A. No. Wallet creates addresses in a deterministic way from seed words. Each address has its own private key. With seed words, wallet can create those private keys when needed to sign transactions.
Q37. Does wallet store #bitcoin ?
A. No. Wallet just have private key or seed words to generate private key on the fly, which can be used to spend #bitcoin received earlier on corresponding public address. Records of earlier received bitcoin are kept in blockchain on every nodes.
A. No. Wallet just have private key or seed words to generate private key on the fly, which can be used to spend #bitcoin received earlier on corresponding public address. Records of earlier received bitcoin are kept in blockchain on every nodes.
Q39. What do I need to spend coins using hardware wallet?
A. PIN. Also passphrase if you used any. Passphrase provides extra layer of protection in case your seed words get compromised.
A. PIN. Also passphrase if you used any. Passphrase provides extra layer of protection in case your seed words get compromised.
Q40. Why #bitcoin is only hard money, and not other cryptos?
A. Bitcoin is the only network that is decentralized and code changes are not controlled by any individual or organization. Other cryptos are more like FIAT money which can be manipulated by an entity just like FED.
A. Bitcoin is the only network that is decentralized and code changes are not controlled by any individual or organization. Other cryptos are more like FIAT money which can be manipulated by an entity just like FED.
Q38. What do I need to keep safe while using Hardware wallet?
A. Of course device, but most important is to safeguard ur seed words, make non-digital copies, keep secret. Also passphrase if u used it. Seed words and passphrase will help recover wallet even if device gets lost.
A. Of course device, but most important is to safeguard ur seed words, make non-digital copies, keep secret. Also passphrase if u used it. Seed words and passphrase will help recover wallet even if device gets lost.
Q41. How can I securely store #bitcoin ?
A. In your personal wallet, preferably a hardware wallet. If you want to be more safe then you can go for multisig wallet as well. Study before trying these out. A good blog by @parman_the
here -armantheparman.com/bitcoin-storag…
A. In your personal wallet, preferably a hardware wallet. If you want to be more safe then you can go for multisig wallet as well. Study before trying these out. A good blog by @parman_the
here -armantheparman.com/bitcoin-storag…
Q42. What would I need to spend from multi-sig wallet?
A. In case of 2 of 3 multisig - All 3 XPUBs or Public addresses, and at least 2 wallets with private keys to sign. Backup all XPUBs with each of the three seedwords set along with derivation path. Study before using multisig.
A. In case of 2 of 3 multisig - All 3 XPUBs or Public addresses, and at least 2 wallets with private keys to sign. Backup all XPUBs with each of the three seedwords set along with derivation path. Study before using multisig.
Q43. What is multisig wallet?
A. Multisig wallet requires m out n signatures of participating wallets. E.g. 2 of 3, where 3 separate wallets participate to create a type of address to receive #bitcoin, that can be spent only when 2 out 3 wallets signs transaction.
A. Multisig wallet requires m out n signatures of participating wallets. E.g. 2 of 3, where 3 separate wallets participate to create a type of address to receive #bitcoin, that can be spent only when 2 out 3 wallets signs transaction.
Q44. Can someone confiscate my #bitcoin ?
A. No, if u have transferred it to ur private wallet. If u leave it on exchange where u bought it, then it can be confiscated. U can create wallet on phone (e.g. @bluewalletio) or better buy a hardware one (e.g. @COLDCARDwallet @Trezor)
A. No, if u have transferred it to ur private wallet. If u leave it on exchange where u bought it, then it can be confiscated. U can create wallet on phone (e.g. @bluewalletio) or better buy a hardware one (e.g. @COLDCARDwallet @Trezor)
Q45. Why remaining #bitcoin gets sent to a different address?
A. When u spend, ur previously received transaction gets spent. Total amount minus fee goes back to a new address of your wallet known as "change address". Don't worry, u will be able to spend it using same wallet.
A. When u spend, ur previously received transaction gets spent. Total amount minus fee goes back to a new address of your wallet known as "change address". Don't worry, u will be able to spend it using same wallet.
Q46. Why #Bitcoin is different?
A. Its the only coin that has properties of money and is not controlled by any one individual or organization or foundation. All interacting with #Bitcoin network are users, no one controls it. So it can't be manipulated or confiscated or stopped.
A. Its the only coin that has properties of money and is not controlled by any one individual or organization or foundation. All interacting with #Bitcoin network are users, no one controls it. So it can't be manipulated or confiscated or stopped.
Q47. Are UTXOs maintained separately from Blockchain in #Bitcoin ?
A. Yes, but Blockchain is source of truth. Each node only syncs blockchain validating each Block with consensus rules. It derives UTXOs from blocks and keeps it updated for easy transaction creation & validation.
A. Yes, but Blockchain is source of truth. Each node only syncs blockchain validating each Block with consensus rules. It derives UTXOs from blocks and keeps it updated for easy transaction creation & validation.
Q48. Can govt block me from spending #bitcoin ?
A. No. Max they can do is to force exchanges to block your account and may be bitcoin address. But there are ways like @coinjoin
using which you can make your bitcoin untraceable and then spend using non-KYC exchanges.
A. No. Max they can do is to force exchanges to block your account and may be bitcoin address. But there are ways like @coinjoin
using which you can make your bitcoin untraceable and then spend using non-KYC exchanges.
Q49 What are recent positive events in #Bitcoin ?
A. Many, here are big ones
- El Salvador adoption
- All fintech and investment companies either jumped in or building infra to jump in
- Exchange listed miners, oil companies jumping in
- ATH in hash rate and lightening capacity
A. Many, here are big ones
- El Salvador adoption
- All fintech and investment companies either jumped in or building infra to jump in
- Exchange listed miners, oil companies jumping in
- ATH in hash rate and lightening capacity
Q50. Why did #Bitcoin search stats went down?
A. Opinion - Popularity boom in early 2021 was driven by Tesla, which brought speculators in Bitcoin wanting to become millionaire in no time. Tesla's later withdrawal and China ban FUDs drove speculators away. Good time to get in.
A. Opinion - Popularity boom in early 2021 was driven by Tesla, which brought speculators in Bitcoin wanting to become millionaire in no time. Tesla's later withdrawal and China ban FUDs drove speculators away. Good time to get in.
Q51. Will energy consumption keep going up to sustain #Bitcoin ?
A. Yes for near term, No for longer term. After bitcoin rewards gets much lower because of halving, and adoption reaches certain point, and energy starts getting priced in bitcoin - energy consumption will go flat.
A. Yes for near term, No for longer term. After bitcoin rewards gets much lower because of halving, and adoption reaches certain point, and energy starts getting priced in bitcoin - energy consumption will go flat.
Q52. Why not proof of stack (PoS)?
A. In PoS, people with more coins will have more influence on network, so less decentralization. Also, staked coins can't be spent - violates definition of money. Also, if stakers decide to make their coins liquid, network will become insecure.
A. In PoS, people with more coins will have more influence on network, so less decentralization. Also, staked coins can't be spent - violates definition of money. Also, if stakers decide to make their coins liquid, network will become insecure.
Q53. What is hard fork?
A. When someone changes the consensus code, and few users start running new code to validate blocks, new chain gets created. This is called hard fork. In past, this type of event created BCH, BSV and others. Original #Bitcoin network remained unaffected.
A. When someone changes the consensus code, and few users start running new code to validate blocks, new chain gets created. This is called hard fork. In past, this type of event created BCH, BSV and others. Original #Bitcoin network remained unaffected.
Q54. Where is issue with energy?
A. It lies at consumption and generation. Fixing consumption is not realistic, as you can't stop industries, household items, data centers, banks, airplanes, military, toy industry... list is long. Only way is to make energy generation green.
A. It lies at consumption and generation. Fixing consumption is not realistic, as you can't stop industries, household items, data centers, banks, airplanes, military, toy industry... list is long. Only way is to make energy generation green.
Q55. Why #Bitcoin can incentivize green energy?
A. Biggest issue for green energy producers is off peak hours, when energy usage goes low and energy go wasted. Like night time for wind based energy. #Bitcoin can use off-peak energy giving revenue to energy producer.
A. Biggest issue for green energy producers is off peak hours, when energy usage goes low and energy go wasted. Like night time for wind based energy. #Bitcoin can use off-peak energy giving revenue to energy producer.
Q56. Why #Bitcoin can be good for environment?
A. It uses energy at source, so can reduce wasted energy due to lack of transmission ROI like gas flairs, small hydro powers, night time wind power. Also will reduce consumerism and wars by stopping money printing at will.
A. It uses energy at source, so can reduce wasted energy due to lack of transmission ROI like gas flairs, small hydro powers, night time wind power. Also will reduce consumerism and wars by stopping money printing at will.
Q57. What is @Strike announcement in nut-shell?
A. Strike created a new payment type in parallel to credit card, PayPal etc, which runs on #Bitcoin lightening network. Vendors pay 2-3% in cases of credit card payments to Visa etc, but in case of Strike they will pay almost zero.
A. Strike created a new payment type in parallel to credit card, PayPal etc, which runs on #Bitcoin lightening network. Vendors pay 2-3% in cases of credit card payments to Visa etc, but in case of Strike they will pay almost zero.
Q58. Is setting up #Bitcoin node difficult?
A. Setup takes 10-15 min and is straight forward. Anyone can do it. It runs on even raspberry pi or an old laptop. Blockchain sync will take hours, but that is asynchronous process. Setup instructions here - bitcoin.org/en/full-node#w…
A. Setup takes 10-15 min and is straight forward. Anyone can do it. It runs on even raspberry pi or an old laptop. Blockchain sync will take hours, but that is asynchronous process. Setup instructions here - bitcoin.org/en/full-node#w…
Q59. How much carbon emission is from #Bitcoin
A. Worldwide data -
% of emission from electricity <25%
% of electricity used by BTC = 0.55%
% of non-green in BTC usage = 42%
% of emission due to BTC < 0.058%
@Europarl_EN's ban will impact <0.058%. No guts to target real causes.
A. Worldwide data -
% of emission from electricity <25%
% of electricity used by BTC = 0.55%
% of non-green in BTC usage = 42%
% of emission due to BTC < 0.058%
@Europarl_EN's ban will impact <0.058%. No guts to target real causes.
Q. What is 51% attack in #Bitcoin?
A. It happens when a bad miner has >50% hashrate. Its extremely costly to buy that much hardware and to run with high electricity cost. Even if done, miner can only double spend their own coins, which people can start rejecting after detection.
A. It happens when a bad miner has >50% hashrate. Its extremely costly to buy that much hardware and to run with high electricity cost. Even if done, miner can only double spend their own coins, which people can start rejecting after detection.
>50% hashrate can deny to include other transactions and so stall confirmation. However, miners can't manipulate other transactions or steal your coins as they won't have the private keys to sign manipulated transactions. If they provide invalid signature, then nodes will reject.
Q. Is setting up #Bitcoin miner complex?
A. No, if you are setting up small miner for learning or lottery. Its mostly plug and play if you plan to use an existing pool like solo.ckpool.org. However, in case of big setup, you will need professionals to do the job.
A. No, if you are setting up small miner for learning or lottery. Its mostly plug and play if you plan to use an existing pool like solo.ckpool.org. However, in case of big setup, you will need professionals to do the job.
Q. Can any other coin get higher mkt cap than #Bitcoin?
A. Possible, but may only happen as a blip.Most coins are unregistered companies, and #Bitcoin is money with unchangeable monetary policy secured by people at large, hence can't be compared. TAM for #Bitcoin is enormous.
A. Possible, but may only happen as a blip.Most coins are unregistered companies, and #Bitcoin is money with unchangeable monetary policy secured by people at large, hence can't be compared. TAM for #Bitcoin is enormous.
Q. Is there a way to keep separate Bitcoin funds with same seed words?
A. Yes, by using different passphrases. Each passphrase will generate completely different wallets unrelated to each other. Keep passphrases secret preferably not with seed words or memorize it if possible.
A. Yes, by using different passphrases. Each passphrase will generate completely different wallets unrelated to each other. Keep passphrases secret preferably not with seed words or memorize it if possible.
Q. How #Bitcoin prevents double spend?
A. By making bad behavior extremely expensive to start with (cost of hardware to achieve >50% hashrate), expensive to continue (electricity cost) and chance of fraud detection. One can earn more by mining properly with much less investment.
A. By making bad behavior extremely expensive to start with (cost of hardware to achieve >50% hashrate), expensive to continue (electricity cost) and chance of fraud detection. One can earn more by mining properly with much less investment.
On request, categorized the questions. Pls note, its not replacement of detailed article/blogs/videos on Bitcoin. You shall study those for deeper understanding.
1st category of questions - initial questions that most new comers get or should get.
1st category of questions - initial questions that most new comers get or should get.
https://twitter.com/BitFaqs/status/1520411300697882624
2nd category - addressing the general FUD on twitter and in press.
https://twitter.com/BitFaqs/status/1520418883454312448
3rd category - How #Bitcoin works
https://twitter.com/BitFaqs/status/1520424270752583680
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