Philadelphia Brewing Company Becomes the First Brewery in the U.S. to Accept BitCoin
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You join me and I buy a beer and give it to you. No hard math acquired. This was very simple or not. What happened here was not just me loyally giving away drinks. What happened was a physical transfer. That beer went from my hand to yours. And we both know it happened, you accepted the beer and hold it. There was no need for the bartender to help us with this transfer and confirming the beer went from my the wine spot accepts digital bitcoin payments for beer to yours.
The beer is yours you can do what you want with it, drink it, zip it, throw it over that annoying dude over there. Whatever its your beer, you can do with it what you want and I cant give you another beer, because I have no more beer left to give. So far the real world and going digital. What if I have one digital beer and I want to give it to you. You go to your favorite digital bar and see a new beer.
But how do you the wine spot accepts digital bitcoin payments for beer that particular beer is now yours and only yours and how would you know it came from me.
Or place it at a website to download for everyone. Giving digital beers suddenly looks a complete different thing than giving a physical round. What we need is a accounting book ledger and tracking all this digital beers. In many online games you can buy extra stuff. All the things you buy are recorded in a central place. The database of that particular game.
There are more issues to be addressed. What if someone hacks that database and moving my digital beers to his collection. Or what is the database keeper desides to take all the beers and run or simply create more.
We need the bartender to validate all beer transactions and keep the database honest. In The wine spot accepts digital bitcoin payments for beer Satisho Nakamoto came up with a very good idea how to solve it. It is still in debate who he or she actually is.
All beer transactions ever happened and will happen will be recorded in it. He also figured out a way to verify all the transactions. You can participate in this ledger and get a reward in zips of the wine spot accepts digital bitcoin payments for beer beer for your efforts. In November Satoshi he wrote this paper. And what I described above was called the Bitcoin Protocol and the digital beers are the Bitcoins and the ledger is called the blockchain and participating in the verifying transactions is called mining.
Ill go in a bit more detail in the next paragraphs. In reality, it is all relatively easy to understand. The Blockchain is a public ledger where transactions are recorded and confirmed anonymously. More importantly, once information is the wine spot accepts digital bitcoin payments for beer, it cannot be altered. So, if the blockchain is the public record, what is being recorded?
Cryptocurrencies, like Bitcoin, are currencies that exist solely in digital. Rather than using bills, your transfer is pure data. The public nature of the blockchain means that anyone can check it. It is effectively anonymous, yet public, simultaneously, and it is in the best interest of users if it remains so. What happens when you send some Digital beers What miners do is quite similar to real-world miners in that they are actively looking for something.
Their computer repeatedly works through complex calculations to find a very specific answer and when they do they get rewarded with some digital beers Miners solve problems, but how in the world is that helpful? Short story, miners are actually verifying that transactions posted by other users are legitimate, and the numbers all add up. Long story… Miners collect transactions and put them into a single block. A block generally contains four pieces of information: By checking the blockchain and confirming transactions, the entire system is effectively self-regulated and fully secure.
Blocks generally need numerous independent confirmations, and the equations are intended to be hard to crack. Not to mention, the hardware required is far more specialized than the average laptop. Each block is securely hashed—meaning it is rendered into seeming gibberish and nearly impossible to invert or undo. Satoshi made it all open source and he defined the rule that there is a maximum number of Bitcoins digital beers. Within the system when beers change hands its updated and verified by the public ledger and suddenly the digital beer exchange behave like an exchange of a physical object… and it is still digital.
And because of that I can send evenbeers at once or a very small zip. I can even attach other digital things to it, a digital note, or contracts, ID info etc. So this is great! Well, a lot of people are arguing over it since and will ever do. Some people are smart; some are misinformed some try to save their own banking ass.
Off course not all those will survive, there is a lot of crap out there and I cant imagine paying at an online store in the future and have to select over a couple of thousand payment methods. Only the strong will survive and no one knows who…evolution, survival off the fittest we will see. How to store your Bitcoin, Ethereum and altcoins Where to store your crypto? To be short, you store them in a wallet so to speak. But we speak of Email address is for only for authentication, the address will not be published Subject Reaction:
