Bitcoin Basics - Discussion

Blockchain and Bitcoin 101
#637

Thank you for taking the time! You are a gem :pray: :pray:

1 Like
#638

What will happen to sha 256 and other relevant hash functions when we get quantum computers?

#639

It will be replaced by a new one.

2 Likes
#640

@Alko89 I am not so sure one can just replace the code and hash functions of existing projects so easily…

In another forum board @SmartboyML_AI replied to the same question with:

“I like your question “what happens when quantum computers go mainstream - in terms of SHA 256?” This is the million dollar question that the developers of Bitcoin and Ether need to start working on now, or else they would be playing catch up with the Red-Hat and Black-Hat Hacking Communities.”

Thoughts?

1 Like
#641

As I read down the comments, its very obvious to me that many have much more in-depth experience than myself…and its a bit overwhelming, honestly. Much of these comments aren’t basic, nor fundamental. PLEASE TRY TO KEEP THE COMMENTS OR DISCUSSION ON THE 'BASIC LEVEL".

1 Like
#642

Making a hard fork to change the consensus is the easy part. Changing peoples minds to adopt it is a whole other story :smile:

There already are currencies that are making the effort to make them quantum resistant. If you’ve read our discussion with Smartboy you have probably encountered the link to the Monero research article about it.

#643

I did not encounter that article yet but will check out Monero - thank you @Alko89

#644

https://github.com/insight-decentralized-consensus-lab/post-quantum-monero

1 Like
#645

hi there!!!

just starting out on the crpto adventure

1 Like
#646

cool…lets begin

lets get into deeper subject

1 Like
#647

just yesterday had a bummer - went to my binance to buy my first crypto - binance down - misssed dip
now using etoro - still missed dip hahaha
anybody else miss the dip

#648

In regards to UTXOs, say my mom sends me .2 btc, that is the input, but it is also the UTXO? so input=UTXO?

#649

Also, so whenever you send btc all of your bitcoin is sent just the amount not sent to a different wallet is sent back to your wallet?

#650

What makes a wallet different from a SPV? and is the blockstream satellite a node itself?

#651

UTXO are Unspent TX Outputs. You can use it as an input to a new tx, but for the old tx it would still be just an output (that is now spent)

Not all BTC, just the UTXOs you used as inputs.

A wallet stores your keys and creates txs while SPV connects to the network so the wallet can broadcast them. Most of the time they are part of the same software but are in fact two separate pieces. :slight_smile:

No the blocksream satellite is just a hired frequency on a commercial satellite (like a TV channel) that broadcasts blocks.

1 Like
#652

Hi, quick question to clarify. Is any desktop computer automatically a full node or does the computer need a software to become a full node? Is it an SPV?

1 Like
#653

Alko, thanks for answering me you helped a lot! I still have another question about UTXO’s, so in the scenario that I have .4 btc sent to me by someone, and .2 btc sent to me by someone, I now have two UTXO’s correct? So now lets say I spend .5 btc, disregarding fee for this example, the .1 btc would then return to me, but not as a UTXO but as an input for a new tx? Is this because I am sending it to myself?

Thanks,
Ben

#654

0.4 BTC and 0.2 BTC are the inputs for your transaction and the output 0.5btc and 0.1 BTC are created as new UTXOs that may then be consumed in future transactions. In that case, the amount sent to the recipient becomes a new UTXO in the recipient’s address while the change output becomes a new UTXO in your address that may be used in a future transaction.

2 Likes
#655

Hi,

I need help. My hands are starting ups and dows to weaken. Do you know outsorsering website that make blockshang?

I would really appreciate it.

Thanks,
B

#656

Ok got it! This answers my question, thank you!!!