A question for seasoned bitcoiners
Actually ANY and ALL bitcoiners
What are some concepts within bitcoin that you don't really understand?
#asknostr
Discussion
Bitcoin
When you should choose Legacy, Segwit, native segwit.
What are their applications and why?
How hashing and cryptography actually work.
I've found Grokking Bitcoin indispensible to understanding these things. Also, there is a great math videos out there (computerphile on youtube e.g.) that use metaphors to explain Diffie-Hellman and eliptical curve crytopgraphy to help understand how secret keys can nevertheless be proved in a signature without being exposed.
I would like to have a better understanding of mints, i.e., if people establish a community mints like a fedimint, and those folks make minute deposits (think global south) how will a mint feasibly deal with all those dust utxos?
they can still transact with other federations as well as outside of fedimint altogether, across lightning, but yea they'll unlikely ever transact on layer 1
If there is no viable final base layer settlement, is it even still bitcoin? I could really use a deep dive on the mechanics of these things since everyone is pushing really cool e-cash stuff lately, I just want to understand the mechanics a bit more to see what the issues might be down the road.
The nonce thing.
Op return
The chain with the most proof of work situation
Mining pools
Mining pools simply take your hashpower (randomly guessed numbers) and pool them together. When one of them hits, they broadcast the block and distribute rewards to those who contributed guesses.
Are minng pools governed at the base level , or is this something that happens outside of that ?
The blockchain is made up of blocks. The more blocks in a given blockchain, the more proof of work thats there. The blockchain with the most blocks is the longest chain.
When miners mine, they have to come up with a number below the difficulty number. When they go to guess the magic number, they start with a nonce. It's a number that is plugged into a formula to generate a guess. If that guess is below the difficulty, they mine the block by broadcasting it. If it is above, they add 1 to the nonce and try again.
...I think...
How do I transition to living on a bitcoin standard completely in a fiat dominated world? (actual step by step breakdown)
What are the most efficient ways to stack and store NON-KYC Bitcoin?
Why my nerdminer won’t solve a god damn block. Like what the shit are those little chips doing?!?