Author Topic: Topic Suggestion: How to Start Using Bitcoin  (Read 5715 times)

Offline Black November

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Topic Suggestion: How to Start Using Bitcoin
« on: April 28, 2016, 01:34:39 PM »
I would love a show on How Listeners Can Start Using Bitcoin.

I know there are already a handful of TSP episodes on bitcoin, but they are mostly on the societal impacts of bitcoin, not a how-to. Instead, I was thinking more of a tutorial that includes things like how to select a wallet, how to buy bitcoins, how to purchase stuff online, and buy stuff in person using bitcoin. In addition it could contain Jacks opinion on the tax ramifications and privacy.

I've researched bitcoin quite a bit online, watched Morgan Spurlocks inside man on bitcoin, and even got a bitcoin wallet. It still seems a little overwhelming. It would be nice to get some trusted advice from Jack before jumping off into the world of crypto currencies. If I remember, Jack only accepts bitcoin, and doesn't really buy stuff with it, but I value his opinion regardless. Maybe if he prefers, he could have a guest speaker on the topic.

Offline DWESmith

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #1 on: May 02, 2016, 03:48:13 PM »
I would like to second this. I'd like to be able to use Bitcoin in future farm and nursery sales.

Offline Mintbird

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #2 on: May 02, 2016, 05:18:00 PM »
I would love to see a show on this too.

Offline Alan Georges

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #3 on: May 02, 2016, 05:29:48 PM »
I would love a show on How Listeners Can Start Using Bitcoin.
Put me down for this too.  A "Bitcoin 101" class is badly needed out here.

Maybe bring on a guest or expert council member to mix things up a little.  It's always good to hear different views – which usually agree, but are different nonetheless – when Jack has John Pugliano or Steven Harris on.

Offline hackmeister

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #4 on: May 03, 2016, 06:52:02 AM »
As far as setting up bitcoin mining rigs that ship has basically sailed.  I have a friend who got in early with bitcoin and had basically setup a small scale clusterfarm to mine bitcoin. It worked for several years but the capability diminished as the algorithm requirements became exponentially more complex. The hardware requirements soared and along with the additional power and cooling needs it wasn't worth mining any longer.  The costs exceeded the value of the bitcoins.

Offline Black November

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #5 on: May 03, 2016, 09:09:00 AM »
I'm not interested in mining. I just want to transact in Bitcoin.

Adding crypto-currencies to my repertoire of payment methods seems like a more private and possibly lucrative way to conduct commerce.

:tinfoily: Also, the internet is not going away anytime soon, and I believe Crypto-currency will eventually become the standard form of payment for the internet. It might one day become the future global dollar (replacing all other currencies). It's important to stay up-to-date with emerging technologies. Otherwise they may pass you by (like old people and smart phones).
« Last Edit: May 03, 2016, 09:27:43 AM by Black November »

Offline Smurf Hunter

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #6 on: May 03, 2016, 01:09:58 PM »
I'm not interested in mining. I just want to transact in Bitcoin.

Adding crypto-currencies to my repertoire of payment methods seems like a more private and possibly lucrative way to conduct commerce.

:tinfoily: Also, the internet is not going away anytime soon, and I believe Crypto-currency will eventually become the standard form of payment for the internet. It might one day become the future global dollar (replacing all other currencies). It's important to stay up-to-date with emerging technologies. Otherwise they may pass you by (like old people and smart phones).

I think the technical concept of "block chains" will be here to stay.  In the next decade we will likely see many kinds of electronic transactions following that similar design pattern.  Every buy a home and you have to wait to close so a title search can be done?

With a blockchain that's all instant.  A given bitcoin is mathematically impossible to be possessed by two parties at the same time. 

I think bitcoins themselves may potentially be targeted politically, but the .gov would surely implement their own replacement.

Offline Black November

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #7 on: May 03, 2016, 01:31:43 PM »
I think the technical concept of "block chains" will be here to stay.  In the next decade we will likely see many kinds of electronic transactions following that similar design pattern.  Every buy a home and you have to wait to close so a title search can be done?

With a blockchain that's all instant.  A given bitcoin is mathematically impossible to be possessed by two parties at the same time. 

I think bitcoins themselves may potentially be targeted politically, but the .gov would surely implement their own replacement.

Vocabulary could be another good thing to cover in the show. I'm not sure I know the difference between Block Chain, Bit coin, Crypto-currency, BTC, P2P, Hash, ect.

I know there are different forms of Bitcoins/Blockchains like permacoin, litecoin, peercoin, primecoin. Can these be used interchangeably?
« Last Edit: May 03, 2016, 01:37:23 PM by Black November »

Offline Smurf Hunter

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #8 on: May 03, 2016, 02:59:47 PM »
Vocabulary could be another good thing to cover in the show. I'm not sure I know the difference between Block Chain, Bit coin, Crypto-currency, BTC, P2P, Hash, ect.

I know there are different forms of Bitcoins/Blockchains like permacoin, litecoin, peercoin, primecoin. Can these be used interchangeably?

From the Oxford English Dictionary:

Quote
blockchain
Pronunciation: /ˈblɒktʃeɪn/
NOUN

A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly:
we can actually have a look at the blockchain and see evidence of what’s going on


So the blockchain is a long string of computer characters (bytes).  Any time there is any bitcoin transaction of any sort, that singular blockchain in the universe gets modified.  It is the book of record.  It is impossible to perform any bitcoin transaction without leaving a record onto the blockchain.

The reason this matters, there's no "float" or lag time between receiving funds.  In the material world, you may mail me a check, and upon receipt I mail you some goods.  Or we take a mutual risk and each send simultaneously.

In those physical scenarios you have to consider the integrity or moral scruples of the other party.  In bitcoin it's literally instant.  If A pays B, there is no duration of time where that money is not in possession of either A or B.  This instant A sends funds to B, B has possession - or at least it's recorded as such onto the blockchain.  No more "the check is in the mail" non-sense.


Offline Black November

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #9 on: May 03, 2016, 03:56:00 PM »
This may be a dumb question, but:

If a bunch of transactions are added to a block chain, overtime, won't the block chain get incredibly long? Will this be problematic?

(I guess memory is cheap and a few thousand characters or how ever long a block chain is a drop in the bucket in the grand scheme of things.)

p.s. I still have your seat cushions  :D
« Last Edit: May 03, 2016, 04:06:59 PM by Black November »

Offline Smurf Hunter

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #10 on: May 03, 2016, 04:28:02 PM »
This may be a dumb question, but:

If a bunch of transactions are added to a block chain, overtime, won't the block chain get incredibly long? Will this be problematic?

(I guess memory is cheap and a few thousand characters or how ever long a block chain is a drop in the bucket in the grand scheme of things.)

p.s. I still have your seat cushions  :D

I am at the edge of my paygrade, but I assume the blockchain algorithm works similarly as a hashing algorithm.
The length in bytes of the hash does not increase as the length of the inputs increase.

Example linux command shell:

Code: [Select]
$ echo apple | sha256sum
303980bcb9e9e6cdec515230791af8b0ab1aaa244b58a8d99152673aa22197d0  -
$ echo applepie | sha256sum
e7d82a25eb9e6b9f3c8cd33ae4a4076a479f5aefec02b63e58d12c1b382ba6b0  -
$ echo applepiewithextrawhipcream | sha256sum
f628cc0d845ab945acd071e87c45128d9344e68bc985bac67ecd92066a0d0bb1  -

No matter what word or string we input, there will always be a 256 bit value as the output.  You'll need to checkout some computer science books at the library if we take this too much further, but hopefully this illustrates the concept.

Regarding the seat cushions (think I paid $4.99 for two and don't really care, but would be cool to hang out again soon) - do you have a ZS or other get together planned this summer?

Offline Smurf Hunter

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #11 on: May 03, 2016, 04:41:41 PM »
This may blow your mind:

https://blockchain.info/

Click on any of the falling hyperlinked hashes.

I randomly chose an address that had several transactions:  https://blockchain.info/address/1AavUZPq5K5vZynGPyEPwHLLbZYXdo9g8V

As you scroll down, you see older and older transactions.  Also, with age the number of confirmations increase.  A confirmation amounts to 3rd parties validating the math of the blockchain.  e.g. sort of like "I agree that 2+3=5".  That is what gives the block chain credibility. 

It's still on the internet after all, and there may exist latency - similar to trading stocks, or getting sports scores.


Offline Black November

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Re: Topic Suggestion: How to Start Using Bitcoin
« Reply #12 on: May 03, 2016, 04:51:08 PM »
That's pretty cool stuff. Thanks

There we be plenty of events this summer I'll keep you posted.