A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Hey there, I recently heard that Bitcoin is a unfavorable currency on the Darknet because it can easily be tracked back to you, and there is another one( forgot the name) that’s better but harder to set up. Any info about this?
Is Bitcoin safe against a reasonably well financed attacker?
The Bitcoin literature says that a 51% attack wipes out the security of the Bitcoin algorithms. Markets in which a single provider becomes more than 51% pretty common. Those in which there is a duopoly like Coke and Pepsi or Burger King and McDonald's, where there are only pretending to compete are extremely common and very stable. If Bitcoin mining is a profitable activity then an entity might choose to reinvest the profit into more Bitcoin mining assets which would make more profit and given only determination end up with a 51% share. The estimated cost of buying into 51% of Bitcoin mining are huge numbers compared to what I have in my wallet, but they are miniscule compared to the budgets of government actors like the dod. It seems to me that Bitcoin will be taken over just as soon as someone decides they really want to. Am I right? And how do you know that it hasn't already happened?
So some backstory. I sold something online, value of about £20. It was an account, so not a physical product. He paid with paypal. It went in to my account, I was happy, sent the item and all was well. UNTIL it was backcharged and despite me having copious amount of evidence, paypal sided with the scammer saying because it was a "fraudulent payment" they have to reverse it. So I lost my money and my account. If I request to receive money through bitcoin, can this be avoided? Is the sale final? Thanks.
If you look at bitcoin's history it has lots of ups and downs. However, look more closely and you'll notice that after every time it goes down it increases to a new high. This is because Bitcoin is constantly growing.
It is possible for someone to take your BTC address and see all the confirmed transactions on it. Therefore, how could that be safe for me if someone can pretty much figure out how many BTC I may have sent or received in total and figure out my net worth (or how much I’m presumably worth)?
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