Bitcoin Basics - Discussion

Dear friends,

Is it possible that your public key generates different bitcoinaddresses ?

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Yes, I think my other response talks more about who would own the private keys as I mentioned the concept of “proof of keys” that Trace Mayer introduced and performs each year in January to make sure that we never have to worry about knowing that we “own” our Bitcoin. I still don’t know how to run my own node or perform that function, but I plan to understand that as I have my money at stake and I want to “verify” this for peace of mind and for sleeping comfort at night.

@CryptoChip a bit aside from your question, I bought a bit of BTC on CashApp but I didn’t have any wallet ID. I then emailed them asking if we have a wallet for transferring in/out, and AT THAT TIME they said they don’t support the transfers! Furthermore, I planned to use CashApp for one of my tenants… but somehow they got my account confused and now the BTC is GONE along with the little bit of cash I had in the account, after they showed the wrong Cashtag and confirmed automatically! And, after 3 emails, I gave up on customer support (I guess I hit upon an error in their system?). Love Cash for YEARS but not so hot on it any longer.

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Hi…thanks for the information. I have been using CASHAPP a little bit because they charge less in fees than COINBASE charges. Of course, if I add the funds to COINBASE and transfer them to COINBASE PRO, that would be less, but then I have funds tied up on their APP and it usually takes too much time for it to clear in my opinion. So far, I haven’t had any problems using CASHAPP. I can buy BTC there and transfer it right away without any problems. It’s not the easiest APP to use, but it’s getting easier over time. I love using it to send money quickly, but that’s only for people in the US as of right now if I’m not mistaken.

I love their fees! And it was awhile ago that they didn’t have the transfer working, so I will recheck. Not sure what happened last time!

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No, a bitcoin address is kind of a double hash of a public key with a prefix and checksum.
First character tells you wich kind of version and scripts to use. Starting with 1, 3 or bc…
Check this post how to convert a public key to a bitcoin address:

https://forum.toshitimes.com/t/bitcoin-basics-discussion/8417/63?u=fabrice

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This depends of wich kind of job you want to do.
If you want to become a Blockchain developer, you definitely need to learn coding where you need some math skills. You will learn about bitcoin cryptography in Bitcoin programming course

First try running a full node on testnet until you are comfortable to switch to mainnet. Download bitcoin core and play around. You can ‘set prune on 1’ so it only syncs to a recent part of the blockchain, so you don’t need as much diskspace.
In the Bitcoin programming course, you will learn this

On an exchange like binance or coinbase, you don’t own your crypto. It’s basically a database and this exchange has your private keys and will do the real crypto transaction for you.(after you initiate a transaction) When you have your own keys, you control everything yourself. And nobody can acces your crypto exept if they know your private keys.
Basically if coinbase suspects that you did something wrong, they can just freeze your acces and confiscate your crypto

Thanks for your quick answer :slight_smile:

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Sure, if you set the target to the highest possible number 0xFFFFFFFFFFFFFFFF, you will find a block with only one try! Nowadays you will need a lot of leading zeros in your hash to meet the already low target. Every bitwise leading 0 will reduce the probabililty to find a block to the half.

Bitwise leading zeros of the hash:
0 : 50%
00 : 25%
000 : 12.5%
0000 : 6.25%

and so on.

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Ok, thanks for letting me know that this will be covered in Bitcoin programming. The more I learn, the more I realize I have so much more to learn. Thanks for the feedback.

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What other jobs are available, and is Defi easier to learn< thanks

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If you have basic understanding of how bitcoin and ethereum works (bitcoin and ethereum 101 courses) you should be able to follow the DEFI course

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Thanks for letting me know. I started with DEFI, but I stopped based on the suggestion of Ivan to take the Bitcoin basics first. So I’m working my way through the Bitcoin basics now.

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There is a whole abstraction layer on that subject and how other currencies manage their lagging structures and block size to shorten the validation process I don’t really know anything about SPV’s.

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Small question.
How are the Miners with the Canceled Blocks recuperate their money for the electricity spent in order to create the Block?

They don’t get a reward! That’s also a reason that the blockreward is unspendable for 100 blocks

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Could you expand a bit on what you mean by “abstraction layer” in this particular context?
I’m interested to know — thanks.

What I meant by “an abstraction layer” is that several systems have been thought through to deal with latency, queues (I guess) and peaks of arriving transactions in nodes. I don’t really know much about the technology but I know that transactions are managed differently due to block size, and other constraints according to which blockchain they are in. Meaning, if you want to have full maximum block size used in each block, you will need buffers and time for the nodes to check and transmit to and fro other full nodes to have the same list of transactions to be established before the end of the previous block for the stored and distributed transactions to be simultaneously mined subsequently, worldwide. Some blockchains with very fast block mining time have thought about broadcasting locally and mining much geographically closer set of transactions not to lose the high speeds achieved during the mining itself. Several branches of theses blockchains are evolving in parallel before being added to the “trunk” chain - all of that in seconds. I saw that topic years ago, in Ivan’s stream, or something like that about new coins in 2018 (can’t remember which ones). Might be PoS protocol :slight_smile: :thinking: :zipper_mouth_face:

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