Back to Basics: What Makes a Bitcoin Valuable?
In the wake of falling bitcoin prices, critics are asking a familiar question, "What makes a bitcoin valuable?" There is a misconception that the Bitcoin Blockchain can be separated from bitcoin the currency, individual units representing a portion of the Bitcoin network. If a Bitcoin was worth $0, then a Bitcoin miner has no incentive to allocate their computing power to the Bitcoin network. The incentive for allocating computing power to process Bitcoin transactions is a payout in Bitcoin, collected via transaction fees or block rewards and distributed proportionally based on computing....
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In this episode of "The Van Wirdum Sjorsnado," the hosts discuss the basics of the Lightning Network and its challenges. The post The Lightning Network Basics appeared first on Bitcoin Magazine.
Some of these NFT collections are so ever-present that they are already part of the collective unconscious. Others, the general public has not even heard about. What makes an NFT collection valuable? Market capitalization is the potential value of the whole collection, based on its size and the value of the individual pieces. In the case of NFTs, it’s hard to pinpoint, because it’s a volatile market with lots of action all-day-every-day. Agreeing on which are the most valuable #NFTs collections is certainly hard. We created a matrix called "Most Valuable NFTs Collections" and it shows the....
Blockchain is not just a huge pile of data created by miners and users. It's also not just the specification describing valid state transitions and a genesis block describing initial state. What makes a blockchain valuable is human consensus, a widely held belief that creating machine consensus according to a certain set of rules is useful. In addition to an exactly specified genesis block, chains are also born with a set of ideas attached to them. Each user can have their own ideas about why the chain might be valuable and how valuable it is. Unfortunately, one can have assumptions....
Unless you've been living under a rock for the past few years, you'll have heard about bitcoin, but how much do you really know about this form of cryptocurrency? Find out with our Bitcoin Basics Quiz. Quiz; bitcoinQuiz
Name: Ledger Wallet Nano. What it is: A USB bitcoin wallet with smartcard security in a very compact package. Who's behind it: Three French startups: BTChip, Chronocoin and La Maison du Bitcoin. Cost: €29.90. Date launched: December 2014. Summary: The Ledger Wallet Nano is a relatively affordable bitcoin hardware wallet with a few clever tricks up its sleeve. It also looks good and the company promises to make it even better with a companion mobile app set to launch in 2015. CoinDesk rating: 4/5. Where to buy: Direct from Ledger or Overstock.com. The basics. Security. Using the device.....