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Reply to "I don't understand mining for bitcoin, etc. Can someone explain it to me?"
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[quote=Anonymous][quote=Anonymous]My take on bitcoin is that new bitcoin are a prize for verifying existing bitcoin. As an example: you use bitcoin to buy pizza. That transaction is assigned a riddle/code that has to be guessed/solved to make sure that it is authentic. However, this riddle is very complicated. Once solved the transaction is then verified as true. If your computer is the one that solves this riddle, your reward is a new bitcoin. You can then spend that bitcoin on another pizza and the whole process repeats itself. Is this a very basic explanation of bitcoin?[/quote] Sounds right, but I don’t think anyone actually uses Bitcoin to buy pizza. They sell their Bitcoins for dollars and then use dollars to buy pizza.[/quote]
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