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Can anyone explain how Bit Coin works?

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User Info: ArcadeGuy

ArcadeGuy
3 months ago#1
I know about the currency but how does it all work? What program do you use, and who or what does the processing of the GPU load go to?

User Info: BrokenMachine85

BrokenMachine85
3 months ago#2
It's too long to post about here but the bottom line is don't bother mining, especially with a GPU.
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User Info: mucloud

mucloud
3 months ago#3
They are a Digital currency....made up money....some dude designed it and claims they are worth money. It will come time when money is digital but not for 50yr or so.

1 bit coin is like 1000 real money or something like that. You can buy things with them if they except them as currency.
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User Info: AimlessDork

AimlessDork
3 months ago#4
It's something you really have to had gotten in on a few years back to be able to do anything worth the time involved.
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User Info: arleas

arleas
3 months ago#5
https://www.youtube.com/watch?v=u4j__TKnCt4
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User Info: ArcadeGuy

ArcadeGuy
3 months ago#6
Can anyone answer this question,

Who or what does the processing of the GPU load go to?

User Info: KillerTruffle

KillerTruffle
3 months ago#7
The super simple version is that there is a bitcoin network that tracks the "hashes" of each bitcoin. Depending on various factors, a the dollar value of a bitcoin can change over time. You can use bitcoins to buy things online from other places that accept bitcoin, or there are several exchanges that will actually pay you cash for bitcoin.

If you're mining for bitcoin yourself, you have to actually complete a new hash - which takes quite a while and a LOT of processing power now, as each subsequent coin is more complex and harder to mine than the last. That need for greater processing power is why certain GPUs which happen to be very cost-effective at mining have been in short supply.
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User Info: KillerTruffle

KillerTruffle
3 months ago#8
ArcadeGuy posted...
Can anyone answer this question,

Who or what does the processing of the GPU load go to?

The processing load all goes to calculating what is basically a super-complex math problem for the bitcoin hash. Once the problem has finished calculating, you have "mined" a bitcoin. But all that GPU power is funneled into running the calculation.

https://www.coindesk.com/bitcoin-hash-functions-explained/
"How do I get rid of a Trojan Horse?" -Sailor_Kakashi
"Leave it outside the gates of Troy overnight." -Davel23

User Info: ArcadeGuy

ArcadeGuy
3 months ago#9
KillerTruffle posted...
ArcadeGuy posted...
Can anyone answer this question,

Who or what does the processing of the GPU load go to?

The processing load all goes to calculating what is basically a super-complex math problem for the bitcoin hash. Once the problem has finished calculating, you have "mined" a bitcoin. But all that GPU power is funneled into running the calculation.

https://www.coindesk.com/bitcoin-hash-functions-explained/

Who exactly gets the results of the solved super-complex math problems? North Korea missile program? /S

User Info: ATARIJAWA

ATARIJAWA
3 months ago#10
Google what a pyramid scheme is and you'll have your answer.
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