Do you own bitcoin?

Which one were you talking about ?
Is there a legit one?
 
Dolby said:
Which one were you talking about ?
Is there a legit one?
Click to expand...

The one I spoke about is built into bitcoin's workings. As far as I can tell, it's automatic and it's the way the system generates more coins in the network, similar to mines digging up gold or diamonds or bleeding oil from the earth.

Sign up for a crash course here... https://99bitcoins.com/
 
jacosmit said:
The one I spoke about is built into bitcoin's workings. As far as I can tell, it's automatic and it's the way the system generates more coins in the network, similar to mines digging up gold or diamonds or bleeding oil from the earth.

Sign up for a crash course here... https://99bitcoins.com/
Click to expand...

I've never heard of a bitcoin lottery in this context. As far as I know, the only way new coins are released is via mining. But I'll have a look at your link
 
i started in aug/sept 2014 ,its been tough goings collecting satoshis manually (from faucets & now from bitcoin apps available to download for free from google play) but i got a couple hundreds of thousands but will have to start mining soon ! :)
 
http://www.coindesk.com/blockchain-lottery-miners-rewarded/
As an incentive for users to update the blockchain as frequently as possible, Bitcoin uses a lottery-based reward system. Many people become miners and try to be the first to add a block to the blockchain. Then, based on some probability, a winner is chosen and gets to add a block.
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https://bitcoin.org/en/how-it-works
Processing - mining

Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
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Bitcoin lottery was at 25 BTC per lottery and runs every 10 minutes.
 
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C4Cat said:
OK, I see, that clarifies it - it's for bitcoin miners - I guess it's the equivalent of a lottery - though not quite - the lottery is who gets to process the transaction, it's not just winning free bitcoin - the work still needs to be done!
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Also correction, it is a Block chain lottery, my bitcoin lingo is still coming on...

Correct, awarded to the miner or pool of miners that solves the block chain first.

There are farms in China measured in couple of Peta Hashes, let that sink in...
 
saor said:
I assume you want to buy Ethereum, hence the need for a coinbase account? If not, and you're only interested in bitcoin - then you don't need a coinbase account & can do it all locally via Luno. You can either buy or sell directly from the exchange, or you can buy / sell on the marketplace: https://www.luno.com/trade/XBTZAR.
Click to expand...
Coinbase says it doesn't work in South Africa yet? What am I missing?
 
saor said:
I assume you want to buy Ethereum, hence the need for a coinbase account? If not, and you're only interested in bitcoin - then you don't need a coinbase account & can do it all locally via Luno. You can either buy or sell directly from the exchange, or you can buy / sell on the marketplace: https://www.luno.com/trade/XBTZAR.
Click to expand...
Don't use coinbase people ffs. Do you want to lose all your stuff again.
 
Say you make a huge ROI, would keep it in cryptocurrency or cash it out in $ or ZAR?
 
mahesh86 said:
Say you make a huge ROI, would keep it in cryptocurrency or cash it out in $ or ZAR?
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If you don't need the zar, I would keep it in Bitcoin as the value of Bitcoin will only increase. Especially when all the 21 million BTC is mined.
 
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