Bitcoin Basic Usage Writeup

Discussion in 'Bitcoin and Cryptocurrency' started by tgrusso78, Apr 15, 2013.

  1. tgrusso78

    tgrusso78 Member

    As the writer and copyright holder of this, I release it to be modified, shared, and especially improved upon. I'd say I'm placing it under the GPLv3, but I don't know that that applies to works of a non-software nature.
     
  2. tgrusso78

    tgrusso78 Member

    I've attached an image showing the location of the wallet.dat file if for whatever reason you might need to know where it is. ie to back it up after you've encrypted it.
     

    Attached Files:

  3. zkt

    zkt Member

    You have reinvented and improved Paypal?
    Could you elaborate upon all this a bit?
    What language is the source code in?
     
  4. tgrusso78

    tgrusso78 Member

    I've invented nada. Satoshi Nakamoto was the creator of Bitcoin. I'm not sure what language the source for the client is. C or C++ I'd guess. It uses Qt for graphics, I do know that.

    Not touched on in this brief a write up are the miners, people who actually do the work that allows the network to confirm and transmit the values. There are various software clients and some FPGA and ASIC hardware that generate bitcoins as well.

    The source code is available on the same site I linked in the text above if you want to peruse it.
     
  5. The amount of value the BTC is making recently is insane.

    I had a few BTC back when they were around 12 dollars per coin. I spent them foolishly on a few things...if I held on to them I'd have a 500-1000 dollars, from nothing.

    The people who were mining these coins and hoarding them when they were cents per coin must be millionaires at this point.
     
  6. tgrusso78

    tgrusso78 Member

    Well, I mined early and often, I got in right as CPU mining was unprofitable and have been using top end AMD card since then. I also game so the cost was easily justified. Any bitcoin I mined was icing, as before mining I'd done folding@home, so electric use was near the same.

    Like you, I've spent them on various things. Tea(yes, regular sinensis black tea), candies, and a few other items. I did that to support vendors who chose to accept BTC. What I have now I'll hold on to for the next several years.
     
  7. Popeye.

    Popeye. Junior Member

    I will have to look into this I hate paypal.
    I still don't understand how if i have say 8 coins now, why it would be worth more later on.

    but i have seen some places and sources mention bit coin. seems like it might be worth looking into.
     
  8. tgrusso78

    tgrusso78 Member

    Bitcoin only has the value people are willing to give it. More like 8 ounces of gold, the value in fiat currency will change over time.
     
  9. Popeye.

    Popeye. Junior Member

    interesting.. like a stock
    I was thinking it more like a set 1 coin is 4$ (more like paypal or straight cc money) was not thinking of it as a (gold or silver) type thing, very interesting!
    *yes i know inflation, but its not as extreme as this one seems and worth is growing not shrinking like with money.

    Thanks for the thread!
    Will be doing more research on this.
    so this would mean sellers would have to fix up their prices or one year 10ml test could be - 80$ then the next year it be = $240 if they do not update the site amounts for products...
    interesting...
     
  10. Popeye.

    Popeye. Junior Member

    do you think investing say 300$ in bit coin and waiting a year or two is risky to make some back?

    also can you connect the site right to your bank account to withdraw worth from?

    thanks



    ps; I have been thinking of buying gold, but the prices have been all messed up lately and dropping... now I am unsure of gold is a good idea or not.