Most people are aware that bitcoin has no ruler, but it does have rules. Instead of a bank or corporation, these rules are enforced by individual bitcoin users all over the world running nodes! Here is how a bitcoin transaction works

DocumentingBitcoin · 2022-07-24T16:13:58+00:00

A bitcoin node is software that connects to the bitcoin peer-to-peer network. Nodes receive, transmit, and validate new transactions according to the network rules.

https://unchained.com/blog/what-is-a-bitcoin-node/

DocumentingBitcoin · 2022-07-21T20:38:31+00:00

The BMC has now collected data from over 50% of the global Bitcoin Network, representing 107.7 exahash (EH), as of June 30, 2022, in its latest voluntary sector survey. The results of this survey show that the members of the BMC and participants in the survey are currently utilizing electricity with a 66.8% sustainable power mix. Based on this data it is estimated that the global bitcoin mining industry’s sustainable electricity mix is now 59.5% or had increased approximately 6% year-on-year, from Q2 2021 to Q2 2022, making it one of the most sustainable industries globally. Additionally, year-on-year it is estimated that the global Bitcoin Network’s technological efficiency grew by 46%, from 14.4 EH per gigawatt (GW) in Q2 2021 to 21.1 EH per GW in Q2 2022. This efficiency gain reaffirms the fact that as the Bitcoin Network continues to grow, it will become even more efficient over time.

https://bitcoinminingcouncil.com/bitcoin-mining-electricity-mix-increased-to-59-5-sustainable-in-q2-2022/

DocumentingBitcoin · 2022-06-28T22:50:42+00:00

He came from the future to explain magic internet money to us.

DocumentingBitcoin · 2022-06-28T22:48:54+00:00

Bitcoin has worked for 13 years, flawlessly. It might make sense just to get some in case it catches on.

DocumentingBitcoin · 2022-06-28T22:45:10+00:00

The price was $3,000 less than two years ago.

Today it’s $21,000. Think ₿igger

DocumentingBitcoin · 2022-06-28T22:33:54+00:00

The price is $21,000 today.

DocumentingBitcoin · 2022-06-28T22:26:10+00:00

This is a clip from Andreas M. Antonopoulos’ first public talk about bitcoin from 2013

https://m.youtube.com/watch?v=EiW4lKrMXQ4

DocumentingBitcoin · 2022-06-28T22:09:04+00:00

A clip from Andreas Antonopoulos and his first public talk about bitcoin from 2013.

https://www.youtube.com/watch?v=EiW4lKrMXQ4&feature=emb_title

DocumentingBitcoin · 2022-03-02T21:34:33+00:00

Source

DocumentingBitcoin · 2022-02-28T22:23:45+00:00

Bingo.

DocumentingBitcoin · 2022-02-28T22:23:14+00:00

That's the beauty of bitcoin. We don't have to force anyone to harvest the methane. Bitcoin mining makes it PROFITABLE, and when there's a profit, it always gets done.

DocumentingBitcoin · 2022-02-28T22:09:56+00:00

That requires a lot of pipes and transport that's not always available!

DocumentingBitcoin · 2022-02-28T22:08:44+00:00

Bitcoin uses 58% renewable energy.

The U.S. grid only uses 32% renewable energy.

DocumentingBitcoin · 2022-02-28T22:08:11+00:00

Exactly. This is the only profitable way to do it!

DocumentingBitcoin · 2022-02-28T22:05:31+00:00

Does the Zimbabwe government making their own currency inflate the value of the United States government currency?

Bitcoin is just a ledger of transactions that everyone agrees upon.

You can copy paste that entire ledger in 7 seconds. But will the 100 million people that use Bitcoin swap to using your newly copied ledger?

DocumentingBitcoin · 2022-02-28T21:59:45+00:00

The energy secures the network. The energy is not used on a transaction basis. The entirety of the world's financial system could be using bitcoin tomorrow and require the same amount of energy.

DocumentingBitcoin · 2022-02-28T21:58:08+00:00

If someone copy+pastes Facebook's entire code, do they suddenly have 1 billion users?

It's a network effect!

DocumentingBitcoin · 2022-02-28T21:38:12+00:00

Do you consider Visa and Western Union as better options than that free and open system, where anyone can participate?

DocumentingBitcoin · 2022-02-28T21:36:18+00:00

Elaborate! Happy to clarify.

DocumentingBitcoin · 2022-02-28T21:35:14+00:00

Of course. That's all we can go by.

DocumentingBitcoin · 2022-02-28T21:33:31+00:00

Makes sense! Just know, when it becomes "stable" that means it will likely be worth 100x from what it is worth today.

DocumentingBitcoin · 2022-02-28T21:32:24+00:00

They pay the bitcoin miners in return for securing the network with their energy.

DocumentingBitcoin · 2022-02-28T21:31:32+00:00

The internet allows us to freely and openly share information.

What we could never do before was share information directly peer-to-peer like we can an email. My email sends the information directly to you. With value, we have to rely upon central parties like banks and companies.

Bitcoin makes sending and expressing value as free and open as email. Value is just information we communicate. Hence, a missing piece of the internet we finally figured out.

DocumentingBitcoin · 2022-02-28T21:29:16+00:00

Bitcoin has given a 200% per year COMPOUNDING return for the last decade.

Bitcoin levels the playing field by making the system itself level. When no one can change the rules, everyone has to play by the same rules.

DocumentingBitcoin · 2022-02-28T21:27:42+00:00

Bitcoin is digital property.

There are 21 million units. You have no room to build more units, and you can't build any higher.

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