So this is why all of you folks on #Nostr like using #Bitcoin so much? I thought it was just because it's so easy to use for tipping/zapping notes.
#asknostr
Discussion
100% There is SO much to learn here. And once you get it, you got it. Recommend starting with the Bitcoin Whitepaper and going from there. Not a long read, at all.
My pile of things to try and things to read is growing by the minute on here! 😅
Ok... I'll read it when I get a few minutes.
But aren't there like hundreds of different cryptos out there, right nostr:npub1za3kr3ndst5kdvxnvue4r7pyaf2tl0az9zqwr786a9aruvhf7cpqpsgre0? So how can it be a fixed supply if you can just create a whole bunch of them?
21 million bitcoin is all there will EVER be. Bitcoin is the only way. All the others are shitcoins. Seriously. Bitcoin and only bitcoin. Once you complete your pile (mine's about the same) you'll understand more.
And ask all the questions you want! Someone in the community will know the answer, or know who to go to. 🤙🏼
There are not just hundreds of different cryptos, there are tens of thousands.
As part of a course I did, I created my own crypto. Never did anything with it, but it was fun to do and share with people just how trivial it is to create one.
Up until a couple years ago I thought that there might be a number of different cryptos for different use cases / industries that might be successful each in their own niche. I still think it's possible that there might be a very few unique cryptos that hang in there, but Bitcoin is the big dog that is going to dominate. Trying to pick which crypto out of all of them may survive to be a player in some far edge case has no appeal to me. I agree with Odell's philosophy "Stay humble, stack sats"
Bitcoin will not exceed 21 million because there is a formula built into the core code that creates new bitcoin (mining rewards) for each block as it gets created. It started at 50 bitcoin a block and every 210,000 blocks (about 4 years) it drops in half, so 25, then 12.5, then 6.25 (where we are now) and in mid-April 2024 it will drop to 3.125. This continues with eventually the reward dropping below below 1 full bitcoin to some number of sats and continues dropping until the reward is only 1 sat and then 0 - no mining reward at all. That is expected to occur in 2140.
Is it possible for someone to change that core code? yes, that's called a fork and then there would be two cryptos, one with the original rules and one with the new set of rules. That's happened many times in the past and will likely continue to happen. BUT, if the new rules changed the 21 million limit, the fork with the new rules would never be accepted by the very large and dedicated bitcoin community as being bitcoin - it would become some new crypto variation.
#bitcoin #21million #crypto
Ok, so focus on Bitcoin because it's the one that's going to last, and even though anyone can change it, most people won't run their new version?
What about the company in charge of Bitcoin? Don't they have the ability to change it for everyone?
Thank you! Saved me a Google search!
Don't do this! I mean do not use any Google service, if you want some #privacy. Bookmark it in another way.
One of the most symphatic thing in #nostr, that it respects our privacy.
And the people on #nostr respect my paranoia 😁
Ok, I went there and selected English, and this is all that came up.
Accurate. This is why we like building on Bitcoin and creating products and services to use it.