Exploring the Bitcoin phenomenon

Editor:

I was curious about the Bitcoin phenomenon. I found a Bitcoin vending machine in a cafe in Richmond and bought $5 worth of a Bitcoin. Later on I tried to sell it to get my money back but with no luck.

article continues below

It turns out you can buy Bitcoins in most countries but you cannot sell them in Canada. I would have to go the US to sell them until Canadian laws allow them to be sold.

The Bitcoin mining process attempts to solve a complex math problem which takes a long time to solve. Hence a lot of energy is consumed by computers all over the world. This mining process provides a 10-minute delay to ensure that there is no double spending of bitcoins.

There are huge computer farms and hackers with black hats attempting to steal computer time from your computer i.e., cyberjacking, working on this math puzzle.

The first one that arrives at a solution is the only one allowed to add a Bitcoin and get paid for its mining effort. Everyone else has to start all over again.

There has to be an alternate way that does not waste so much energy. The new hashgraph software to establish distributed consensus and quantum computers may help to speed up the process and make it more efficient and secure.

Jim Ronback

 

Read Related Topics

© 2018 Delta Optimist

Comments

NOTE: To post a comment you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Google+ You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Delta Optimist welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

comments powered by Disqus
  • SUBSCRIBE TODAY!

    Subscription Club: $5/month or $50/year - Receive monthly deals from local merchants.

Opinion POLL

Christmas is almost here. What's your favourite part of the holiday season?

or  view results

Popular Delta Optimist