Explain Bitcoin Like I'm 5 - Bitcoin Explained in Less

Bitcoin

The true bitcoin community Top Stories with the Inside take.
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/r/onions: Things That Make You Cry | Tor Onion Routing Hidden Services

The Best Parts of the Anonymous Internet | Tor Onion Routing Hidden Services | .onions
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Online privacy, anonynmyity, encryption and freedom of speech with an NZ focus

A subreddit for New Zealand Redditors to discuss issues surrounding online privacy, anonymity and related issues. Discussion topics can include anything from protecting your privacy online to surfing anonymously, freedom of speech, anti-censorship, encrypted communications, information sharing, government/corporate leaks, hacking. Hopefully we can have a few tutorials about how to remain anonymous online and communicate anonymously. Illegal activities may be discussed, throwaways are encouraged.
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/r/Economics [removed] Can someone explain to me whats wrong with BitCoins like Im 5?

/Economics [removed] Can someone explain to me whats wrong with BitCoins like Im 5? submitted by ModerationLog to ModerationLog [link] [comments]

ELI5 Bitcoin - Explain Bitcoin Like I'm Five

ELI5 Bitcoin - Explain Bitcoin Like I'm Five

https://preview.redd.it/2eirnn6udz651.png?width=1587&format=png&auto=webp&s=990feb41f171eabccb860ce59a7d2d94a4c1c9c8
Visit us at - https://bitcoinmaximalist.net/eli5-bitcoin-explain-bitcoin-like-im-five/
Bitcoin is pretty technical, and understanding it isn't easy, but ELI5 Bitcoin is stripped down and explained in such a way that a five year old can understand Bitcoin. If you're interested in Bitcoin but are put off by all the technical jargon, have a listen. It's Bitcoin for beginners simplified.
submitted by conyersmooney to u/conyersmooney [link] [comments]

Explain like im 5/layman's terms, Why do accounting offices/Bitcoin mining require strong graphics cards?

I remember reading a post from someone saying how they hit the jackpot because their dad is manager of an accounting firm and when it got shut down, he took home some PC's and he swapped out one part or two for gaming and boom, ultra settings for practically free
Why do accounting firms need strong PC's?
submitted by f_o_t_a_ to pcmasterrace [link] [comments]

Bitcoin mentioned around Reddit: Explain like im 5/layman's terms, Why do accounting offices/Bitcoin mining require strong graphics cards? /r/pcmasterrace

Bitcoin mentioned around Reddit: Explain like im 5/layman's terms, Why do accounting offices/Bitcoin mining require strong graphics cards? /pcmasterrace submitted by SimilarAdvantage to BitcoinAll [link] [comments]

Bitcoin mentioned around Reddit: Explain like im 5/layman's terms, Why do accounting offices/Bitcoin mining require strong graphics cards? /r/pcmasterrace

Bitcoin mentioned around Reddit: Explain like im 5/layman's terms, Why do accounting offices/Bitcoin mining require strong graphics cards? /pcmasterrace submitted by cryptoallbot to cryptoall [link] [comments]

Hey! Id like your help for a school project if youve ever went to a cafe to do work instead of an office. Im a design student at Uic and Im developing a product based on this 5 question survey and every person counts! /r/Bitcoin

Hey! Id like your help for a school project if youve ever went to a cafe to do work instead of an office. Im a design student at Uic and Im developing a product based on this 5 question survey and every person counts! /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

CBOE Futures... Explain it like Im 5 /r/Bitcoin

CBOE Futures... Explain it like Im 5 /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Upcoming changes to bitcoin. Explain it to me like Im 5 /r/btc

Upcoming changes to bitcoin. Explain it to me like Im 5 /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

SegWit: Explain like Im 5! /r/Bitcoin

SegWit: Explain like Im 5! /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Cant seem to grasp Limit and Stop Ordes on GDAX...please explain like im 5? /r/Bitcoin

Cant seem to grasp Limit and Stop Ordes on GDAX...please explain like im 5? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

best bitcoin contest online ive won twice on 4 entrys these guys a the sh*t!! almost seems like a overly fair contest or im just lucky....5 stars!!! btc gains bitcoin gambling

best bitcoin contest online ive won twice on 4 entrys these guys a the sh*t!! almost seems like a overly fair contest or im just lucky....5 stars!!! btc gains bitcoin gambling submitted by giles1981 to BTC_Reviews [link] [comments]

so i need help to know how to take my money from my wallet "bitcoin core" to put it in a way easier wallet " im a noob" because that god damn wallet is done synchronising in 5 years or whatever and i cant see my money until that , so i would just like to know how to achieve it , /r/Bitcoin

so i need help to know how to take my money from my wallet submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Explain to me B2X vs. BTC like Im 5 years old /r/Bitcoin

Explain to me B2X vs. BTC like Im 5 years old /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Explain the fork like im 5 /r/Bitcoin

Explain the fork like im 5 /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

FOMO at $3500 & Engaging with Bitcoin without "investing"

Some thoughts at 3500$ for new and old.
Let's say you over-extended yourself and bought 2 BTC at 4k. Consider establishing a stop-loss to limit your liability. You can choose to sell and take the 1000$ loss as a valuable but cheap lesson in speculating; this market is a speculative jungle and you're only making money in the short term by actively playing the market, e.g. if you bought at 3700 and sold at 4400 before price declined again you would be pretty satisfied with yourself.
If you believe bitcoin will eventually become a digital reserve currency or at least see another all time high (ATH) at which you'll sell a portion and want to invest for the long term despite market volatility your other choice is to Dollar Cost Average your crypto. NB: that this does not mean buying in a lump sum, it is profoundly misguided to heavily leverage yourself to "go all in," which is an english phrase used in gambling. If you take this position the wisest course is to budget a small amount you can afford to lose and routinely buy crypto at set intervals regardless of losses.
For example, let's say that you put a small amount once a month into your crypto fund and the price has decreased by 500$/mo. If you bought set amounts at 6k, 5.5k, 5k, 4.5k, 4k, 3.5k then your DCA would be 4.75k/BTC, you're still down but not as badly as if you were to buy once at 6k. Ideally the price will eventually rise, so if you buy down to 3k then at 3.5k, 4k, 4.5k, 5k, 5.5k, 6k, & 6.5k your DCA is still 4.75k/BTC but the price is 6.5k/BTC. Feels pretty good, right? Now take a look at how long it took to get to this point in an improbable perfect scenario: 14 months. Note that this is for demonstration purposes only, not a prediction, and if we actualize sustained growth after this we're probably looking at much longer bumpier road.
If you're new or have pulled out to limit your losses, just be patient and keep watching the price. No one knows how low it will go and trying to anticipate that and exhausting your resources the moment you think we've hit bottom is a recipe for regret. Work on your budget now and when we see a sustained recovery start routinely contributing small amounts to your crypto fund. If you have debt the single most important step you can take towards financial independence is to pay it off and limit your use of credit. Consider building an emergency fund with 3-6 months of expenses before contributing heavily to a risky crypto fund.
Take this exciting/tumultuous period to learn about BTC and how to use it, we contribute to the ecosystem when we participate in further decentralizing the network and the benefits of bitcoin are fully realized when it's used as a currency. Put a wallet on your phone and computer, check out hardware wallets such as the Ledger to store large amounts while keeping spending money on your phone. Offer to accept bitcoin as payment, learn what private keys are and why it's important to hold them yourself rather than letting an exchange hold them. If you just bought some coins on an exchange because everyone is talking about bitcoin but didn't look much further than TAs, you can read this ELI5 article to get you started. Consider reading the Cypherpunk Manifesto and the pseudonymous Satoshi Nakamoto's Whitepaper. Google what you don't understand, ask what you can't find on Google. Andreas Antonopoulos is a bitcoin expert/evangelist/apologetic and has extensive talks/Q&As on his YT Channel.
If you're "in it for the tech" then consider contributing to the Lightning Network by running a node, if you're a tinkerer Stadicus has a pinned post that's a cool crypto project and costs about 125$. Raspiblitz project is linked in the comments to that thread and incorporates an LCD screen which CBDoctor used to make this legit node/art installation. Alternately you can buy a ready-made Casa node for 300$.
Hopefully y'all will post some additional thoughts and suggestions for further reading/tinkering in the comments.
Nour!
submitted by FortuitousIdiom to Bitcoin [link] [comments]

Bitcoin mentioned around Reddit: Doc perscribed some oxy's after surjury, that was someoda best sh!t ive ever had (SOOOOOO much better than alky or pot if you take like 5 pills at same time) problem is im running out and doc wont giv /r/AskReddit

Bitcoin mentioned around Reddit: Doc perscribed some oxy's after surjury, that was someoda best sh!t ive ever had (SOOOOOO much better than alky or pot if you take like 5 pills at same time) problem is im running out and doc wont giv /AskReddit submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Explain Bitcoin Like I’m Five Years Old

Explain Bitcoin Like I’m Five Years Old

https://preview.redd.it/ufikmu2x7kg31.jpg?width=700&format=pjpg&auto=webp&s=02e9e3d750eaad507e7e157c117f1c8f182d18d6
We’re sitting on a park bench. It’s a great day.
I have one apple with me. I give it to you.
You now have one apple and I have zero.
That was simple, right?
Let’s look closely at what happened:
My apple was physically put into your hand.
You know it happened. I was there. You were there. You touched it.
We didn’t need a third person there to help us make the transfer. We didn’t need to pull in Uncle Tommy (who’s a famous judge) to sit with us on the bench and confirm that the apple went from me to you.
The apple’s yours! I can’t give you another apple because I don’t have any left. I can’t control it anymore. The apple left my possession completely. You have full control over that apple now. You can give it to your friend if you want, and then that friend can give it to his friend. And so on.
So that’s what an in-person exchange looks like. I guess it’s really the same, whether I’m giving you a banana, a book, or say a quarter, or a dollar bill….
But I’m getting ahead of myself.

Back to apples!

https://preview.redd.it/tiqzyii38kg31.jpg?width=700&format=pjpg&auto=webp&s=6e084a4531a010db9d1fad4329582a418b13a4e3
Now say, I have one digital apple. Here, I’ll give you my digital apple.
Ah! Now it gets interesting.
How do you know that that digital apple that used to be mine, is now yours, and only yours? Think about it for a second.
...
It’s more complicated, right? How do you know that I didn’t send that apple to Uncle Tommy as an email attachment first? Or your friend Joe? Or my friend Lisa too?
Maybe I made a couple of copies of that digital apple on my computer. Maybe I put it up on the internet and one million people downloaded it.
As you see, this digital exchange is a bit of a problem. Sending digital apples doesn’t look like sending physical apples.
Some brainy computer scientists actually have a name for this problem: it’s called the double-spending problem. But don’t worry about it. All you need to know is that, it’s confused them for quite some time and they’ve never solved it.
Until now.
But let’s try to think of a solution on our own.

Ledgers

https://preview.redd.it/rmi8txfh8kg31.jpg?width=700&format=pjpg&auto=webp&s=ff7466417d08f4054c4e71542e3308f20ba37e02
Maybe these digital apples need to be tracked in a ledger. It’s basically a book where you track all transactions — an accounting book.
This ledger, since it’s digital, needs to live in its own world and have someone in charge of it.
Say, just like World of Warcraft. Blizzard, the guys who created the online game, have a “digital ledger” of all the rare flaming fire swords that exist in their system. So, cool, someone like them could keep track of our digital apples. Awesome — we solved it!

Problems

There’s a bit of a problem though:
1) What if some guy over at Blizzard created more? He could just add a couple of digital apples to his balance whenever he wants!
2) It’s not exactly like when we were on the bench that one day. It was just you and me then. Going through Blizzard is like pulling in Uncle Tommy(a third-party) out of court(did I mention he’s a famous judge?) for all our park bench transactions. How can I just hand over my digital apple to you, like, you know— the usual way?
Is there any way to closely replicate our park bench, just you-and-me, transaction digitally? Seems kinda tough…

The Solution


https://i.redd.it/craoj9fn8kg31.gif
What if we gave this ledger — to everybody? Instead of the ledger living on a Blizzard computer, it’ll live in everybody’s computers. All the transactions that have ever happened, from all time, in digital apples will be recorded in it.
You can’t cheat it. I can’t send you digital apples I don’t have, because then it wouldn’t sync up with everybody in the system. It’d be a tough system to beat. Especially if it got really big.
Plus it’s not controlled by one person, so I know there’s no one that can just decide to give himself more digital apples. The rules of the system were already defined at the beginning. And the code and rules are open-source. It’s there for the smart people to contribute to, maintain, secure, improve on, and check on.
You could participate in this network too and update the ledger and make sure it all checks out. For the trouble, you could get like 25 digital apples as a reward. In fact, that’s the only way to create more digital apples in the system.

I simplified quite a bit

…but that system I explained exists. It’s called the Bitcoin protocol. And those digital apples are the “bitcoins” within the system. Fancy!
So, did you see what happened? What does the public ledger enable?
1) It’s open source remember? The total number of apples was defined in the public ledger at the beginning. I know the exact amount that exists. Within the system, I know they are limited(scarce).
2) When I make an exchange I now know that digital apple certifiably left my possession and is now completely yours. I used to not be able to say that about digital things. It will be updated and verified by the public ledger.
3) Because it’s a public ledger, I didn’t need Uncle Tommy(third-party) to make sure I didn’t cheat, or make extra copies for myself, or send apples twice, or thrice…
Within the system, the exchange of a digital apple is now just like the exchange of a physical one. It’s now as good as seeing a physical apple leave my hand and drop into your pocket. And just like on the park bench, the exchange involved two people only. You and me — we didn’t need Uncle Tommy there to make it valid.
In other words, it behaves like a physical object.
But you know what’s cool? It’s still digital. We can now deal with 1,000 apples, or 1 million apples, or even .0000001 apples. I can send it with a click of a button, and I can still drop it in your digital pocket if I was in Nicaragua and you were all the way in New York.
I can even make other digital things ride on top of these digital apples! It’s digital after-all. Maybe I can attach some text on it — a digital note. Or maybe I can attach more important things; like say a contract, or a stock certificate, or an ID card…
So this is great! How should we treat or value these “digital apples”? They’re quite useful aren’t they?
Well, a lot of people are arguing over it now. There’s debate between this and that economic school. Between politicians. Between programmers. Don’t listen to all of them though. Some people are smart. Some are misinformed. Some say the system is worth a lot, some say it’s actually worth zero. Some guy actually put a hard number: $1,300 per apple. Some say it’s digital gold, some a currency. Other say they’re just like tulips. Some people say it’ll change the world, some say it’s just a fad.
I have my own opinion about it.
That’s a story for another time though. But kid, you now know more about Bitcoin than most.
Link to original blog post: https://medium.com/free-code-camp/explain-bitcoin-like-im-five-73b4257ac833
Article by: Nik Custodio
submitted by Tokenberry to NewbieZone [link] [comments]

Explain Bitcoin Like I’m Five



https://medium.freecodecamp.org/explain-bitcoin-like-im-five-73b4257ac833
submitted by sophiab90 to Bitcoin [link] [comments]

A simple solution to combat RMT

Just don't allow high value barter items like GPU's, Bitcoins, GPcoins, LEDx etc. to be taken back into raid, or any barter item since why the fuck would you need it inside a raid since they'd useless. Dont punish people for being lucky and finding 3 GPU's, punish those that sell the GPU's.
Edit- I understand a simple solution doesnt always end up with the best results, if this were implented certain changes would be made since this would limit the amount of help you can give a friend or quest items, but one stupid argument im seeing against this idea is that "hackers are just gonna get all the loot", the game should be able to detect when someone breaks the sound barrier and walks through walls, thats just bad anti-hack designs
submitted by AmpersandOG to EscapefromTarkov [link] [comments]

Weve been brainwashed for 70 years to be "American" now we face the end and it seems like the good majority is only rubbing the sleep from their eyes. The current state of the world is horrible, I don't see this just "passing" over.

Our families and friends have been being brainwashed in America for almost 70 years now. This collapse of this country has been happening for generations. It started with the police force in the sixties, and then the dumbing down of our education, demoralizing our views with the ads on TV to be consumed by sex, drugs, and consumerism. Our Healthcare system is flawed, and our justice system is absolutely flawed. The banks are literally playing The game of monopoly with the government, they can't seem to print money fast enough to buy out corporations. They must make the stock market pretty to obtain the machismo stigma of "great america". The dollar bill is also nearly as useless as the amount of inflation occurring, yet we steadily keep pushing these paper ious around. Wait until staple items like bread and milk are nearly impossible to affordin five years if we are lucky.
If you believe this is fake news, then America has successfully brainwashed you into to believing that way of living is correct. America is one of the planets biggest enemies (in my eyes) and I pray that our civilization wakes up soon. To be honest it appears we are far too late. I believe that if the worst case scenario happens, (and at these times it seems there are several realistic downfalls) then almost all Americans will be in shock coming to the realization to late that they too have been a pawn and a slave in a broken system for too long.
Statistically, Americans are the least happiest they have ever been in this country. The world is watching our government scam and create fraud. The world is feeling the impact of the inflation of the dollar as their own economic systems cannot handle the current level of inflation. Currently, there is so much USD floating around outside of America that it is even beyond belief it still holds any value at all. We are talking since 1971, when Nixon ended the Bretton Woods agreement to take the USD off of the gold standard which helped the FEDs and banks play monopoly and flood the world. They've backed this fraud with immense amounts of military technology and power to imply the thuggish effect of American government. America is home of a scamming government that loves flaunting its big guns and ego to the world. They do this to hold the value of their monopoly.
As the world opens their eyes to the bullshit of America, the USD will undoubtedly collapse. Items such as bitcoin, precious metals, and bartering will become of greater value than the USD. This has got to stop, we the people need to become more aware. It is disgusting the amount of ignorance in this country. 99% have been lied to by the 1% of the wealthy and that is our real enemy here.
If we remove the blinders from our eyes, and the bananas from our ears it would become easier to be present in the life around you, because life exists outside of America, and it is greater than America. We are not grandiose, we are not better than or more entitled to anything more than any other living life. I am not proud to be an American today because the government has made it an ignorant country to be easily manipulated for them to destroy the world. We will always be chasing the lifestyle they live because it has been advertised to us as a kid, and the game is rigged in their favor. The government wants you here to collect your tax and use you for your slave labor. If you don't work you lose life, but if you work 60+ hours a week in a sweatshop or crammed in an office cubicle trying to struggle to survive, my question is, is your life of value at this point?
We will always be the hamster on a wheel as society if we don't stand up and revolt. Our voice is heavier than any constitutional "right" weve been granted. Im not trying to promote anything more than awareness to fellow peers who feel closely to me with the current state of the world. It is our duty to perform civic duties, and if that includes providing information to those suffering from the propaganda, than we should.
There is also the possibility that I am 100% paranoid and a controversial minded person, but truthfully the proof is in the pudding and I really feel several of us are starting to realize...we need to do more for each other. The government is on their own team, we need to be on our team. If the country is divided then we should form our loyalties with whom we love and trust. This life is yours, dont let it go because you were lied to and misinformed. Make your life better, it just takes a little effort and will power. The great American govt cannot take away our soul, or our will, but they can and will keep encouraging us to live lives with little moral value, little real world educational knowledge, and instead continue to be encouraged in consumerism and sheep like living.
submitted by treemull93 to collapse [link] [comments]

Still Don't Get Bitcoin?

An article from 2013 but with great explanation on how bitcoin works using a digital apple as an example
https://medium.freecodecamp.org/explain-bitcoin-like-im-five-73b4257ac833
submitted by Programonks to CoinMarketApp [link] [comments]

How can I legally trade bitcoins against normal money?

Hi, for context, in germany I can easily register on a platform and buy bitcoins with real money from my back account. That works fine, but now I would like to give it to friends for money again, because they dont want the hassle of beeing registered on a that platform. Im pretty sure I have to start some kind of business for this or register somewhere, but someone told me, I would have to start a bank to be allowed! how is this in any way practical? I can get bitcoin but I cant sell them? is that the reason btc isnt used in everyday businesses? do I need to operate from another country? thanks for the input
submitted by WarrantyVoider to btc [link] [comments]

How Bitcoin Works in 5 Minutes (Technical) 5 Bedrohungen für Bitcoin  Quadriga veruntreut Millionen  Binance im Börsen-Krieg  E-Euro  KW25 Wo Bitcoin kaufen - Die 5 Top Bitcoin Kaufen Anbieter Im Vergleich Bitcoin explained and made simple  Guardian Animations I Created Bitcoin  Hannah Stocking & Lamorne Morris

ELI5 Bitcoin – Explain Bitcoin Like I’m Five. Bitcoin is pretty technical, and understanding it isn’t easy. Understanding how the Internet works isn’t easy either, but we can all surf from page to page without any problem. Unlike an exchange like Coinbase, with a personal wallet you actually own the private keys to the wallet which means you have full control over your bitcoin. Keeping money on an exchange means they fully control your bitcoin and can seize/hold it at any moment and for any reason. Cryptocurrency: Explain it to me like I’m 5. Mia Francis-Poulin. Bitcoin operates off a blockchain, which essentially is a digital ledger of all transactions that occur with the specified cryptocurrency. To put it really simply, the blockchain is managed by ledger-keepers, who are also called “miners.” Explain Bitcoin Like I’m Five. So that’s what an in-person exchange looks like. I guess it’s really the same, whether I’m giving you a banana, a book, or say a quarter, or a dollar Explain Bitcoin Like I'm 5 - Bitcoin Explained in Less Than 2 Minutes What is Bitcoin and how does it work? This video will explain everything you need to know about Bitcoin in a simple way. More From Cryptocurrency Trading Videos Explain Bitcoin Like I'm 5 - Bitcoin Explained in Less Than 2 Minutes

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How Bitcoin Works in 5 Minutes (Technical)

50 Cent Makes $8.5 million From Bitcoin "Im Rich Again" Nick Cannon Lands In Hot Water With Viacom For Anti Semetic Comments - Duration: 8:24. Breakfast Club Power 105.1 FM 569,581 views. New Sign in to like videos, comment, and subscribe. Sign in. Watch Queue Queue. Watch ... Send, Receive; and Buy Bitcoin by Alic Dagnall. 21:34. Language: English Location: United States Restricted ... A short introduction to how Bitcoin Works. Want more? Check out my new in-depth course on the latest in Bitcoin, Blockchain, and a survey of the most exciting projects coming out (Ethereum, etc ... Baffled by bitcoin? Confused by the concept of crypto-currencies? Well, fear no more. In 190 seconds we explain what bitcoin actually is, where the idea came from and the impact it's having around ...

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