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Jeopardy! What is Bitcoin ?

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13 Dec 2013 10:21 - 19 Nov 2020 11:44 #168146 by ketchim
What is Bitcoin !! was created by ketchim
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Last edit: 19 Nov 2020 11:44 by ketchim.

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13 Dec 2013 10:29 - 01 Nov 2014 11:38 #168150 by ketchim
Replied by ketchim on topic Re: This is Jeopardy !!


                                                                                What is bitcoin ?    

                                              :
Last edit: 01 Nov 2014 11:38 by ketchim.

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13 Dec 2013 10:34 #168153 by Meseret
Replied by Meseret on topic Re: This is Jeopardy !!
you don't done eh?

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13 Dec 2013 10:35 #168155 by ketchim
Replied by ketchim on topic Re: This is Jeopardy !!


Was one of the questions on Jeopardy tonight.  I actually answered it, thanks to you Ketchim ...


hahahaha........braggard moment  ::LOL::

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13 Dec 2013 11:27 #168187 by artemis
Replied by artemis on topic Re: This is Jeopardy !!
Bitcoin is open-source. Nobody owns it; the most popular client is maintained by a community of open-source developers. - See more at: http://www.weusecoins.com/en/#sthash.q7MBzgYL.dpuf

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13 Dec 2013 11:32 #168192 by ketchim
Replied by ketchim on topic Re: This is Jeopardy !!
                                                      Who invented Bitcoin?

  • Mystery surrounds founder or founders of Bitcoin - 37-year-old Japanese man Satoshi Nakamoto named as  original designer of software, but thought to be pseudonym for person or persons unknown
  • Speculation that "Nakamoto" is British in origin, owing to British formatting in his or her work
  • New Yorker investigation claimed Nakamoto was Irish computer scientist Michael Clear - he denies the allegations
  • Smallest Bitcoin unit is called Satoshi in homage to founder

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13 Dec 2013 11:54 #168197 by ketchim
Replied by ketchim on topic Re: This is Jeopardy !!
                                  How Bitcoin works

Bitcoin is often referred to as a new kind of currency.

But it may be best to think of its units being virtual tokens rather than physical coins or notes.

However, like all currencies its value is determined by how much people are willing to exchange it for.

To process Bitcoin transactions, a procedure called "mining" must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of bitcoins is processed. In addition the miner is rewarded with new bitcoins.

This provides an incentive for people to provide computer processing power to solve the problems.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of about 3,600 new bitcoins a day.

There are currently about 11 million bitcoins in existence.

To receive a bitcoin a user must have a Bitcoin address - a string of 27-34 letters and numbers - which acts as a kind of virtual postbox to and from which the bitcoins are sent.

Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction.

These addresses are in turn stored in Bitcoin wallets which are used to manage savings.

They operate like privately run bank accounts - with the proviso that if the data is lost, so are the bitcoins owned.

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13 Dec 2013 13:01 #168216 by Kwami
Replied by Kwami on topic Re: This is Jeopardy !!
Bit coin was developed to facilitate the drug trade and money laundering . 
Anonymity is it' s selling point and as to who invented it ? well if  there is anything to do with money then naturally  the chosen people must have had a hand in it .

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01 Nov 2014 11:42 #221515 by ketchim
Replied by ketchim on topic Re: This is Jeopardy !!

Right now we have a group of economists - a new field called thermo-economics (started with a scientist called Frederick Soddy)

- working on a computer simulation which maps the movement of money globally.

What they're finding is that money (which is just an avatar of energy) obeys the laws of thermodynamics.


Think that simulation can follow Digital currency around : albeit on your computer hard drive ?  :-\

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01 Nov 2014 19:18 #221550 by SeanM
Replied by SeanM on topic Re: This is Jeopardy !!
cool, wonder if i could trade Bit Coins to get rich...

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