How to Buy Bitcoin
Bloomberg’s Matt Miller takes you through the process as he fulfills his quest to purchase a Bitcoin with Bloomberg News’ Max Raskin on Bloomberg Television’s “In The Loop.”
[youtube height=”326″ width=”580″]http://www.youtube.com/watch?v=qC_Rh6UvhMc[/youtube]
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USThe 21 million bicitons is a hard limit in the protocol. Go ahead and read the source code if you don’t believe it: It’s all there completely transparent. If the source code and hence the protocol changes, it will be a hard fork in the userbase of bicitons. The protocol cannot be changed without the consent of the user base. It’s democratic that way. @ Page title:Speedy new chips etc will not be a problem for bitcoin. In fact even if all miners are put out of business, that would in fact probably be a good thing. Originally bitcoin was supposed to work like this: every user while using the software also contributes some small amount of computing power to the network. This made the system more democratic. However now with the efficacy of miners, there is no point in using your CPU to mine’. One important question in the future of bitcoin is how to keep the mining power decentralized. Bitcoin needs to be as decentralized as possible. If we have a small collection of core miners controlling too much computing power, they could potentially collude to do a 51% attack, or cause other problems like drop legitimate transactions. Also if the miners go away, the difficulty’ will simply fall until mining (or evfen CPU mining) becomes profitable again. There will always be mining. Miners are not such an integral part of the network. They don’t do anything that any PC in the world cannot do.The bitcoin core developers, on the other hand, are critical. If they lose interest and stop developing bitcoin, fixing bugs etc, and nobody takes their place, then we are in serious trouble. They’re the ones we should be worrying about, not the miners.
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