RodgrigoAngelo1
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If Bitcoins are not real ,what is stopping them from faking millions of the Bitcoins?

Fri May 19, 2017 12:10 pm

If Bitcoins are not real ,what is stopping them from faking millions of the Bitcoins?

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mjglqw
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Re: If Bitcoins are not real ,what is stopping them from faking millions of the Bitcoins?

Fri May 19, 2017 3:16 pm

If Bitcoins are not real ,what is stopping them from faking millions of the Bitcoins?
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Possum577
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Re: If Bitcoins are not real ,what is stopping them from faking millions of the Bitcoins?

Fri May 19, 2017 4:02 pm

Bitcoins are real, next question?

What do you mean by "fake"? This is a good discussion topic!

There are 80+ alt cryptocoins, all are based on the code used to develop bitcoin...are these 80+ alt coins fake?

When you look at your fiat based checking account balance on your mobile app, you're just looking at numbers on a screen...is that fake? No. Bitcoin works the same way. Credits written in 1s and 0s that are packaged and accepted by a community of people that agree that these packages have value.

The only thing that makes the Dollar or the Pound or the Euro real is that people in the world agree that it carries value and can be used as a medium exchanged.
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Rmcdermott927
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Re: If Bitcoins are not real ,what is stopping them from faking millions of the Bitcoins?

Fri May 19, 2017 9:26 pm

Consensus. If the nodes on the Bitcoin network detect a transaction, but the address has no blockchain history(ie, empty), then the transaction will simply be rejected by the network.
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davidmccoy
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Re: If Bitcoins are not real ,what is stopping them from faking millions of the Bitcoins?

Fri May 19, 2017 9:39 pm

It would be easy for someone to make millions or billions of Bitcoin copies if it were "real" in the sense the question was asked.
The abstract nature of Bitcoin makes any such attempt impossible. The currency works on keys and hashes. Even if someone claims to have fake bitcoins, it will not be possible for him to validate them.
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Possum577
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Re: If Bitcoins are not real ,what is stopping them from faking millions of the Bitcoins?

Fri May 19, 2017 9:41 pm

Consensus. If the nodes on the Bitcoin network detect a transaction, but the address has no blockchain history(ie, empty), then the transaction will simply be rejected by the network.
SO in a word the "Blockchain" prevents fake coins, fake transactions, etc. Is that accurate?
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rekonwriter94
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Re: If Bitcoins are not real ,what is stopping them from faking millions of the Bitcoins?

Fri May 04, 2018 8:27 am

Just because bitcoins are made out of a computer code does not make it fake, don't we have internet banking? It is the number game everywhere, even startups are creating their own cryptos and launching ICOs, I would recommend just dive into the pool and leverage from these ICOs. I personally do not give a damn about any project but invests to get high returns, just recently I invested in gigtricks ico, I know one thing, the rate will go up, maybe it won't go up to bitcoin's level but to some extent, it will increase, and will benefit the investors.

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Re: If Bitcoins are not real ,what is stopping them from faking millions of the Bitcoins?

Tue May 08, 2018 5:06 pm

If you can’t touch something, it doesn’t mean that it doesn’t exist. First example that came to my mind is a computer browser. You can’t touch it, but there is no doubt that such thing exists, because you can use it for several particular operations and see how it works. You also can create another one, using similar technologies, but your creation wouldn’t be a fake, but another browser. So, I don’t actually understand what you meant by definition fake bitcoins. There are numerous alternatives (not fakes) to btc, AKA altcoins.

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