Solving Real World Problems With the Bitcoin Blockchain

Mining Bitcoin

Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.
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An Open Standard To Problem Solving

silene is a community for posting interesting solutions to problems by outlining the solutions themselves and their applications to other problems in a simple, concise manner.
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People bought #bitcoin because they thought it would be worth more tomorrow. And a lot of people got lucky. But we're not seeing real people use bitcoin. And we don't know what problem it solves. Now, #blockchain , I think, is a genius advancement in #technology.

Taavet Hinrikus
submitted by MircoMongiardino to u/MircoMongiardino [link] [comments]

Peter Schiff's lost bitcoin problem solved. Admits mistake: He confused his app pin for his password: his wallet was never corrupted. However, because he does not know what his password is, he has lost access to his bitcoin nonetheless.

Peter Schiff's lost bitcoin problem solved. Admits mistake: He confused his app pin for his password: his wallet was never corrupted. However, because he does not know what his password is, he has lost access to his bitcoin nonetheless. submitted by 333929 to btc [link] [comments]

My opinion on bitcoin: It's pointless.

I am well aware that this will be an unpopular opinion here, but maybe i'm looking for someone to change my mind. I've been interested in the idea of bitcoin and the technology behind it since I first heard about it years ago. Admittedly, I'm no expert on bitcoin or blockchain technology in general, but you shouldn't have to be to want to adopt it. Example - I don't have to be a mechanic to see how an automobile would benefit my life.
Anyway, while the idea is fascinating to me, I don't really see a point. I went to business school with a focus on entrepreneurship and when it comes to "inventing", we were always told to create something that solves a problem. Exactly what problem is bitcoin solving?
You might say, "well, it's decentralized". So what? What issue am I having with my "centralized" US dollar? None. Is the fear that the USD will collapse? I don't see that happening in my lifetime....but I have seen bitcoin collapse multiple times.
Ok, well I read an article about how bitcoin is taking off in Africa because their local currencies are very unstable and prone to hyper-inflation. This would make sense to me.....again, if bitcoin were stable, but it's not. It's down 22% over the past week. Wouldn't these people have had better luck converting their money into USD or gold?
So you might say, well it's anonymous (I'm not sure if that's even true). Again, ok, so what problem is that solving? Unless I'm doing something illegal, do I really care about this? No. The last peer to peer transaction I conducted was sending my sister $50 to reimburse her for a gift card. It doesn't need to be anonymous. I don't care if the whole world knows. I used facebook to send it. I've never sent money through facebook before and it literally took me 30 seconds with no fees.
That brings me to my next point. Bitcoin is slow. Last week I decided to put my money where my mouth is and (attempt to) make a bitcoin purchase through Newegg. It was honestly kind of a pain in the ass. Once I had the wallet all set up, I went to coinbase to buy my bitcoin. Had to verify identity and bank account, which took a couple days and didn't feel very anonymous. Then I went to buy my bitcoin....oh, it's going to take a week before I can actually access my coins?? That's stupid. Guess what also happened in that week? Bitcoin went from $8700 to $6800. Awesome!
Then I went to send the money to my wallet. Ok, that also takes forever. While I was waiting for it to confirm, I started reading up on the delays. I saw that during the bitcoin rush, it could take days for transactions to confirm. Also, you can pay a higher fee to have your transaction confirm faster. Ok, that's stupid. Anyway, the whole process of getting set up to buy bitcoin was annoying and drawn out and again, for what benefit? I planned on making a purchase through Newegg. I could have just used my credit card and completed the purchase in seconds. Instead, I waited weeks and ultimately decided to wait in hopes that the value of bitcoin comes back up first. Fun.
So lets talk about the fees. I've seen people say, but the fees are so low!! Ok, well again, I sent my sister money on facebook for no fee. If I used my credit card on new egg I wouldn't have paid a fee and could actually earn 1-2% or other various rewards depending on my card. Oh, but the merchant has to pay a credit card processing fee. Yes this is true......but if I were a merchant, I would much rather pay a 2% fee than deal with the insane volatility of bitcoin. Again, as a merchant let's say I sold $9,000 worth of product and was paid in bitcoin last week. That's now worth less than $7,000. Nah, i'll pay the 2%. Also, i've seen that when bitcoin volume is high, fees go through the roof....and what if you are trying to use it at a brick and mortar store, but you have to wait 2 hours for the transaction to confirm....yeah, no thanks.
Admittedly, I don't know much about the new lightning network. Maybe it solves the high fees and long delays, but again, what benefit does it offer versus using traditional fiat? As much as I want to see a reason, I can't, and therefore I don't see mass adoption of bitcoin happening anytime soon. I think the hype around bitcoin has mostly been based on speculation and a lot of people trying to get rich quick, but when it comes to the practicality of bitcoin, I just don't see it.
If someone can tell me why I would ever benefit from using bitcoin over fiat (in the US) then maybe i'd change my mind, but until then I see bitcoin as a solution to a problem that doesn't exist.
submitted by chadsterlington to Bitcoin [link] [comments]

Check out r/Kraken CEO u/jespow's latest interview with @IvanOnTech where the two cover the 20-year quest from virtual goods broker to cryptocurrency exchange. Find out why bitcoin is better than WoW gold and what real-world problems crypto solves.

Check out Kraken CEO u/jespow's latest interview with @IvanOnTech where the two cover the 20-year quest from virtual goods broker to cryptocurrency exchange. Find out why bitcoin is better than WoW gold and what real-world problems crypto solves. submitted by Kraken-James to Bitcoin [link] [comments]

Check out r/Kraken CEO u/jespow's latest interview with @IvanOnTech where the two cover the 20-year quest from virtual goods broker to cryptocurrency exchange. Find out why bitcoin is better than WoW gold and what real-world problems crypto solves.

Check out Kraken CEO u/jespow's latest interview with @IvanOnTech where the two cover the 20-year quest from virtual goods broker to cryptocurrency exchange. Find out why bitcoin is better than WoW gold and what real-world problems crypto solves. submitted by Kraken-James to Kraken [link] [comments]

Can someone explain me in simple terms what exactly is "solving a hard mathematical problem" in relation to bitcoin miners?

I have read several blogs and several small books but none of the book could explain easily how does exactly a bitcoin generated. I know the following things:
  1. After every 10 minutes, a block is generated which contains all the transactions that happened since the last block got verified.
  2. All the miners try to verify the newly generated block. It's a hard mathematical problem which requires extensive computation. The miner which solves that problem gets 12.5 Btc in reward.
I am confused about that mathematical problem. What is that? Is it finding a key by brute force method for the newly generated hash of the newly generated block? Why is it so hard? Is it because the hash generated becomes longer and longer as the number of transactions have increased? Or is the hash generated contains all knowledge of the transaction since the first bitcoin generated?
Can some one explain me in simple terms? I want to make other people understand the value of bitcoin but get confused myself while explaining them.
P.S. I am a technical person and have no difficulty in understanding the mathematics.
submitted by kumartarun to Bitcoin [link] [comments]

Check out r/Kraken CEO u/jespow's latest interview with @IvanOnTech where the two cover the 20-year quest from virtual goods broker to cryptocurrency exchange. Find out why bitcoin is better than WoW gold and what real-world problems crypto solves.

Check out Kraken CEO u/jespow's latest interview with @IvanOnTech where the two cover the 20-year quest from virtual goods broker to cryptocurrency exchange. Find out why bitcoin is better than WoW gold and what real-world problems crypto solves. submitted by Kraken-James to CryptoMarkets [link] [comments]

07-08 00:33 - 'What are the problems bitcoin is currently facing and some ways to potentially solve them?' (self.Bitcoin) by /u/Boatsmhoes removed from /r/Bitcoin within 11-21min

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What are the problems bitcoin is currently facing and some ways to potentially solve them?
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Author: Boatsmhoes
submitted by removalbot to removalbot [link] [comments]

If bitcoin core is a solution to a problem what exactly is the problem BTC is trying to solve?

submitted by awless to btc [link] [comments]

Equine industry doesn't need bunch on programming codes. They need someone can solve their real problems. Which is cutting feeding costs, breeding costs, ownerships, supply and demand. #HorseChain knows exactly what this industry needs #bitcoin #blockchain #Horse

submitted by Nagyan01 to ICOVO [link] [comments]

Equine industry doesn't need bunch on programming codes. They need someone can solve their real problems. Which is cutting feeding costs, breeding costs, ownerships, supply and demand. #HorseChain knows exactly what this industry needs #bitcoin #blockchain #Horse

submitted by Nagyan01 to ICOVO [link] [comments]

How is bitcoin useful for the average joe? What practical problem does bitcoin solve for someone you know?

submitted by rync to Bitcoin [link] [comments]

Question: All I can find about what you're doing when mining for bitcoin is "solving cryptographic problems" - what does this even mean?

Forgive me if I'm overlooking something really obvious - but I've been seeing buzz about bitcoin and bitcoin "mining" using GPU power, so I'm thinking to myself "Okay, what is this GPU power being used for? Something like [email protected]?"
Googling around and reading, all I can find is that the GPUs are contributing to "finding a solution to a cryptographic problem"...
What problem(s) are being solved, exactly? It seems a bit weird and nebulous to just say you're solving cryptographic problems. Is the end result decrypting some encrypted data? What is that data?
Obviously this is a little out there - but for all I know, the bitcoin mining is ultimately helping someone decrypt some massive data store (stolen accounts, who knows what?) ... I'm guessing it's not that, but there's so little detail on what cryptographic problem you're looking for the solution to that it's a little strange to me...
submitted by honestbleeps to Bitcoin [link] [comments]

Can someone explain me in simple terms what exactly is "solving a hard mathematical problem" in relation to bitcoin miners? /r/Bitcoin

Can someone explain me in simple terms what exactly is submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Nano uses a directed acrylic graph algorithm to create what it calls a block lattice. This lattice formation is a unique puzzle that seems to solve those issues Nano set out to solve the problems in the Bitcoin protocol.

Nano uses a directed acrylic graph algorithm to create what it calls a block lattice. This lattice formation is a unique puzzle that seems to solve those issues Nano set out to solve the problems in the Bitcoin protocol. submitted by scgco to GGCrypto [link] [comments]

What is the mathematical problem(s) that is being solved each time, when bitcoins are mined?

I have been reading about Bitcoins and often come across statements which talk of a difficult-to-solve mathematical puzzle, required to mine the bitcoins. ELI5, what are these mathematical problems, how they are generated. Providing appropriate link is equally appreciated.
submitted by DhuliGod to Bitcoin [link] [comments]

What is being done to solve the Bitcoin address problem?

My parents, for example, won't use or understand Bitcoin if they have to use addresses in their current form. Circle and Coinbase are nice in that you can send to emails, but I couldn't send by email from Coinbase to Circle. Also, both of these are centralized services. What is being done to solve this problem? In my opinion Onename is the best solution so far, but what other ideas are there?
submitted by jtos3 to Bitcoin [link] [comments]

One key to solve the four major problems in the traditional tourism industry, what is the ability of blockchain tourism? /r/Bitcoin

One key to solve the four major problems in the traditional tourism industry, what is the ability of blockchain tourism? /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

What is the problem bitcoin and core intends to solve?

What is the problem you think bitcoin should solve? What is the problem of society?
submitted by pokertravis to Bitcoin [link] [comments]

What are the problems currently facing bitcoin adoption and what is being proposed to solve them?

Bitcoin is touted as the first global currency of the future. But with all major changes there'll be issues.
I'd like to hear your thoughts on what issues Bitcoin faces and possibly the potential solutions to solve the problem.
I'm not talking only about a specific issues like blockchain scalability or transaction fees but also things like wallet UI, safeguarding and protecting bitcoins from digital theft and data loss, and more issues that I am unaware of.
What issues do you think need to be overcome to truly become the global currency of the future.
submitted by Lajamerr_Mittesdine to Bitcoin [link] [comments]

Know, Why Bitcoin is important and What kind of Problems Bitcoin Solves?

Know, Why Bitcoin is important and What kind of Problems Bitcoin Solves? submitted by TedPierson to btc [link] [comments]

If bitcoin core is a solution to a problem what exactly is the problem BTC is trying to solve? /r/btc

If bitcoin core is a solution to a problem what exactly is the problem BTC is trying to solve? /btc submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Solving Blockchain's Dilemma Does Bitcoin Solve The Double Spending Problem? Bitcoin's Lightning Network Explained For Dummies! Will This Solve Bitcoin's Scalability Problem?! Craig Wright to Bitcoin entrepreneurs: Find problems that actually need solving Double-Spending Problem Explained by a Developer

Bitcoin’s halving, its third, on May 11 2020 put it back in the news – as if it’s ever far away – and means Bitcoin miners now receive 6.25 bitcoins. We decided to use this event as an opportunity to remind ourselves of the fundamental tenets of this cryptocurrency phenomenon, and the problems that it solves. The discovery of bitcoins is itself called solving a block. Are you a good problem solver? Well, then you may be a good candidate to get involved with bitcoin mining, because that is what the process is all about. Let’s discuss what problems Bitcoin can solve and why cryptocurrencies, in general, are so revolutionary. Top 6 Problems That Bitcoin Solves in the World. Problem: Banks have a ton of control and can basically do whatever they want with your money. There are countless examples of bank corruption throughout history. Introduction. How "mining" works is at the very heart of Bitcoin. It is often brushed over and simply referred to as "complicated math" in the media, but it's actually quite simple to understand even if it is computationally intensive to solve.. Disclaimer. Most of the content in this post comes from a post on Reddit that I have edited, reformatted, and elaborated on. Bitcoin are granted to computer programmes (miners) for solving tough mathematical problems. These are released every 10 minutes via blocks paid to miners with block reward halving every 210,000 blocks until we reach the 21 mn. number.

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Solving Blockchain's Dilemma

In this video I explain the double-spending problem that can occur in cryptocurrencies. Including race attack, Finney attack, vector76 attack, alternative history attack and majority attack. # ... In this video we explain how Bitcoin solved the double spending problem. And we talk about what happens if you do try to double spend a bitcoin. There are many other videos out there "explaining ... #Bitcoin #BitcoinToday #BitcoinNews I am not a financial adviser, this is not financial advice. I strongly encourage all to do their own research before doing anything with their money. Bitcoin may be doomed to failure as the blockchain struggles to scale up; Professor Ross Anderson from the University of Cambridge explains. EXTRA BITS - Bit... How Bitcoin mining actually works - What is the "cryptographic puzzle"? - Duration: 14:13. ... Cryptobuyer solving real problems with Blockchain Technology. - Duration: 3:26.

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