[Q&A] Unlocking secrets of blockchain! Ask me anything about crypto!

[Findingnemo]

I wanted to create something like a Q&A thread for the community who are all willing to learn deeply about blockchain technology and its technical aspects, anything you name it and I will try to come up with the answers for it. The motto of this thread is to encourage crypto users to learn the technical details of blockchain, bitcoin, node, mining, mixing, wallet, node, and everything that falls under complicated for an average joe. I am not good at these things either but I am trying to learn more every day and still learning.

Meanwhile, if you have any questions or even curious about something just please shoot it here and it's not me we have some members who are pros in this field who will help you to understand it better.

Anyone feel free to participate whether it's asking questions or answering posted questions.

Rule: rather a request if you are not sure about the answer is correct it's okay to post but don't just copy-paste anything from GPT it's most likely to give you the wrong answer and that ruin the whole purpose of this thread. You can only learn after committing a mistake.


If you have any suggestions, please feel free to express it.

P.S: Soon I will try to format the contents better but for now let's see how it goes...

[Stuart]

A nice thread you've come up here with, and as it is said, learning never ends. I need some more clarification on the following;
Hardfork
Softfork
Halving

Here in the forum, I observe that most campaigns active and those on Hold or Paused are called Mixing or Mixers I have tried getting information myself, but I'm not quite satisfied with them. What are Mixers and what is their aim in the crypto space?

[Mia Chloe]

I wanted to create something like a Q&A thread for the community who are all willing to learn deeply about blockchain technology and its technical aspects, anything you name it and I will try to come up with the answers for it. The motto of this thread is to encourage crypto users to learn the technical details of blockchain, bitcoin, node, mining, mixing, wallet, node, and everything that falls under complicated for an average joe. I am not good at these things either but I am trying to learn more every day and still learning.

Nice initiative op however I don't think many newbies may ask all their questions here the concept of putting together frequently asked questions FAQ is very necessary especially for something like crypto space. Nevertheless let's not forget that the crypto space is vast and has a lot of sections and parts ranging from technical clear economy and even political parts.

If any question relating to crypto is all asked here then it will make the thread a little messy since combining different sections together makes it difficult to give a particular subject to them as a group.

[philipma1957]

A nice thread you've come up here with, and as it is said, learning never ends. I need some more clarification on the following;
Hardfork
Softfork
Halving

Here in the forum, I observe that most campaigns active and those on Hold or Paused are called Mixing or Mixers I have tried getting information myself, but I'm not quite satisfied with them. What are Mixers and what is their aim in the crypto space?

Mixing and mixers are  a way to try to hide the ownership of the coins in question. This is done in the name of privacy.

Many governments claim mixers are a security risk as that make movement of funds too easy for criminals and terrorists..

[Findingnemo]

@Stuart thanks for the encouragement and here's the brief about the stuffs you asked.

Hardfork- significant alteration of a blockchain's algorithms and code, which results in either a completely new version of the blockchain or blockchain splitting into two separate networks. eg Bitcoin Gold, Bitcoin diamond and Bitcoin cash are the hardforks of Bitcoin network resulted into a separate coin.

Softfork -  minor change of a blockchain protocol that results in two parallel versions of the protocol, meaning that all blockchain nodes operate on the same network, but some of them under the old rules and some under the new ones. 

To learn more about them in detail: Soft Fork vs Hard Fork: Definition and Differences

Halving is network's protocol to reduce the block rewards for miners into half after certain number of blocks mined. For instance with Bitcoin network halving event occurs after every 210,000 blocks have been mined, approximately every four years.

Here in the forum, I observe that most campaigns active and those on Hold or Paused are called Mixing or Mixers I have tried getting information myself, but I'm not quite satisfied with them.

Pause or Hold means the campaign is currently not active.
Open - Accepting new members
CFNP - Closed For New Participants.

[ZAINmalik75]

Pause or Hold means the campaign is currently not active.
Open - Accepting new members
CFNP - Closed For New Participants.

If I am not wrong he might be asking about mixers not about what does it means by hold or pause. philima has already shared his opinion on what he think mixers are to hide the source of origin and it is done in the name of privacy but it should not be considered that every user of this product is scammer or hacker and wanted to safe them by changing the origin.

Your hard fork and soft fork answers are right I appreciate them can you also shed a light on the matter that can quantum computers are real threats to the BTC network can at some point government with quantum computers try to break Satoshi's main wallet?

[philipma1957]

Pause or Hold means the campaign is currently not active.
Open - Accepting new members
CFNP - Closed For New Participants.

If I am not wrong he might be asking about mixers not about what does it means by hold or pause. philima has already shared his opinion on what he think mixers are to hide the source of origin and it is done in the name of privacy but it should not be considered that every user of this product is scammer or hacker and wanted to safe them by changing the origin.

Your hard fork and soft fork answers are right I appreciate them can you also shed a light on the matter that can quantum computers are real threats to the BTC network can at some point government with quantum computers try to break Satoshi's main wallet?

Yeah not every one that wants privacy is a criminal. But  some are. Unfortunately even if 1 in 10 users of a mixer are bad most governments will attack the mixers

[Findingnemo]

can you also shed a light on the matter that can quantum computers are real threats to the BTC network can at some point government with quantum computers try to break Satoshi's main wallet?

Quantum computing technology can break Elliptic Curve Cryptography (ECC) which will expose all the private keys derived from public keys so if Quantum computing becomes possible then Saotshi's wallet might be safer compared to any addresses that has recorded TXs but yeah every sats will be under risk. The solution is to undergo fork that should replace the ECC into algorithm that is resistant again quantum computing but don't worry we are at least 20 years to face those situations.

[ZAINmalik75]

Quantum computing technology can break Elliptic Curve Cryptography (ECC) which will expose all the private keys derived from public keys so if Quantum computing becomes possible then Saotshi's wallet might be safer compared to any addresses that has recorded TXs but yeah every sats will be under risk. The solution is to undergo fork that should replace the ECC into algorithm that is resistant again quantum computing but don't worry we are at least 20 years to face those situations.

I still did not get the exact answer here but I guess you are saying Quantum computing cannot be used to hack someone's BTC like Satoshi. Why you said we have at least 20 years that we should worry about it because quantum computers are already here.

I guess quantum computers are real threat to the BTC economy the last time when a company announced that they have made a quantum computer that works on normal temperature then market dumped in December 2024.

[Faisal2202]

rather a request if you are not sure about the answer is correct it's okay to post but don't just copy-paste anything from GPT it's most likely to give you the wrong answer and that ruin the whole purpose of this thread. You can only learn after committing a mistake.

This thread is very good initiative to learn new things and to share our knoweldge too if we share wrong knowledge the good part is we can be corrected by others. Speaking of GPT, in today world there is not a single person who can give answers like GPT can give. it can give beautiful examples to each us something like we are child.

I still remember in Uni during exams to manage time, I simple ask GPT to teach me this whole topic like I am a child with unique examples and it taught me like the best professor in the world so if we will use it here then the purpose of the thread will be finished. I will bookmark it to reply on some questions by others if any would be in my mind the best.

[Findingnemo]

I still did not get the exact answer here but I guess you are saying Quantum computing cannot be used to hack someone's BTC like Satoshi. Why you said we have at least 20 years that we should worry about it because quantum computers are already here.

I guess quantum computers are real threat to the BTC economy the last time when a company announced that they have made a quantum computer that works on normal temperature then market dumped in December 2024.

It's google if I am not wrong but it's not the actual quantum computer and it's not a threat to the BTC network because it doesn't have the capability of breaking ECC but the actual one has the processing speed over million qubits per second which can brute-force anything means a threat to the BTC network so there should be some update more likely a fork that resist the attack.

[NotATether]

Let me start:

What are some wallets besides Core, Sparrow, Wasabi and Electrum?

[Findingnemo]

Let me start:

What are some wallets besides Core, Sparrow, Wasabi and Electrum?

The key for picking the right wallet - should be open source and non-custodial. We have tons of options according to the OS.

Android and IOS  - Unstoppable, Agua, Green, Airgap

Desktop - My Ether wallet (MEW), Mycelium, Cake wallet, Coin wallet, Komodo desktop wallet

For BTC This tool will help: https://bitcoin.org/en/choose-your-wallet

[ZAINmalik75]

It's google if I am not wrong but it's not the actual quantum computer and it's not a threat to the BTC network because it doesn't have the capability of breaking ECC but the actual one has the processing speed over million qubits per second which can brute-force anything means a threat to the BTC network so there should be some update more likely a fork that resist the attack.

The one announced in December really could not do any harm to BTC, but at that time, it was shown in a way that BTC enthusiasts and newbies thought this could be harmful to BTC. many famous people in crypto guided their communities that this could not do any harm to BTC.

The real one you are talking about is also not normal to have, to use that, governmental-level authorization is needed, so any work done on those will be recorded too therefore, a task like brute forcing someone's wallet seed phrase, etc., would be a big crime too.