Bitcoins
A computer program that defines the value, from some variables.
But the computer program is not trusted by humans.
There is no callcenter,
no means of orchestrating the market with internal deals.
To translate Cash into a Bank Account requires a trusted bank in the first place . The credits can be translated into Bitcoins. So the value at some point goes thru a valid enterprise . The Bitcoin is therefore absolutely in need of a 3rd party validifyer, or a "middleman" or a real person atleast for translating ordinary currencies debit, into bitcoin . There are also Bitcoin vendors who validify every transaction as a middleman that takes fees . The bitcoin as I understand it has been transparent all the way. But how to extract information form that block, its a code . but how much information is in the block ?
https://www.armstrongeconomics.com/world-news/cryptocurrency/bitcoin-being-declared-a-financial-institution-beware/
The Miner Fee and the Transaction Fee is steep now at 20$ per pay . So buying a hot dog on the corner is 1$ (Miami price) + 20$ in Bank account money into BTC at about 0.00059BTC .
0.00059BTC * 1E8 = 59 000 Satoshi.
Making it an unreasonable transaction medium .
After reading this remarkable White Paper . I think I realized that a FOR-loop in C, is a intergral sum in math . In programming a FOR loop is called a 1D array, in language C . Most notably the math is not including the values nor the definitions of the integer. That is obligatory in programming .
Posted today on Blockchain.info : 14.12.2017
But the computer program is not trusted by humans.
There is no callcenter,
no means of orchestrating the market with internal deals.
To translate Cash into a Bank Account requires a trusted bank in the first place . The credits can be translated into Bitcoins. So the value at some point goes thru a valid enterprise . The Bitcoin is therefore absolutely in need of a 3rd party validifyer, or a "middleman" or a real person atleast for translating ordinary currencies debit, into bitcoin . There are also Bitcoin vendors who validify every transaction as a middleman that takes fees . The bitcoin as I understand it has been transparent all the way. But how to extract information form that block, its a code . but how much information is in the block ?
https://www.armstrongeconomics.com/world-news/cryptocurrency/bitcoin-being-declared-a-financial-institution-beware/
The Miner Fee and the Transaction Fee is steep now at 20$ per pay . So buying a hot dog on the corner is 1$ (Miami price) + 20$ in Bank account money into BTC at about 0.00059BTC .
0.00059BTC * 1E8 = 59 000 Satoshi.
Making it an unreasonable transaction medium .
After reading this remarkable White Paper . I think I realized that a FOR-loop in C, is a intergral sum in math . In programming a FOR loop is called a 1D array, in language C . Most notably the math is not including the values nor the definitions of the integer. That is obligatory in programming .
Posted today on Blockchain.info : 14.12.2017
ALERT: INCREASED NETWORK TRAFFIC
The
Bitcoin and Ethereum networks are currently experiencing record high
traffic, resulting in higher miners fees and longer confirmation times
for transactions.
Blockchain does not collect
transaction fees. Transaction fees are paid to bitcoin miners and are
determined by demand in the market for transaction confirmation. We do
our best to try and provide you with the lowest possible fee that aims
to achieve transaction confirmation in an acceptable timeframe. If you
do not wish to pay the fee currently recommended, we recommend you check
back later as fees will become lower once network activity has
subsided.
And talking about programming. It has to be very inefficient, since it consumes so much power and storage to drift ? If the required private and public keys are neede to fit these numbers in a system to produce a value and authenticity . The Miners store and keep the entire transfere history for safekeeping and authenticity . Bitcoin core technology managed the problem of Double Payment, but has not solved the problem of Double Storage.
A positive and strange thing about bitcoins is that you can not go negative. you cant borrow, lend or owe money to the system . A debt will not grow . The last thing you wanna do, is to have a rising crypto currency in debt, compared to Dollars or Euro or Yen ! If the transaction fee overcomes the wallet balance, the transaction is denied. With bitcoins there is no debt . If you loose the private key, the Bitcoins are lost for ever, kept inside the machine vault . Eternal lockdown . And not crash, until the last miner pulls the plug . Unlike with ordinary stocks or currencies, you can say Im a millionair, in debt ! I got a house and a car, and a have a trusted salary to sustain the downpay . Credit Card .
Finance glossary :
Debt : you have borrowed money from someone else.
Debit : money you have in store
Credit : Money able to be spent from a borrowed account. The value must be payed back .
A positive and strange thing about bitcoins is that you can not go negative. you cant borrow, lend or owe money to the system . A debt will not grow . The last thing you wanna do, is to have a rising crypto currency in debt, compared to Dollars or Euro or Yen ! If the transaction fee overcomes the wallet balance, the transaction is denied. With bitcoins there is no debt . If you loose the private key, the Bitcoins are lost for ever, kept inside the machine vault . Eternal lockdown . And not crash, until the last miner pulls the plug . Unlike with ordinary stocks or currencies, you can say Im a millionair, in debt ! I got a house and a car, and a have a trusted salary to sustain the downpay . Credit Card .
Finance glossary :
Debt : you have borrowed money from someone else.
Debit : money you have in store
Credit : Money able to be spent from a borrowed account. The value must be payed back .
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