Bitcoin wallet password brute force

A number of Bitcoin misconceptions are seen in news stories,reports,and discussions.

Bitcoin is a currency,(pseudo) commodity,and a payment system. Bitcoin is a currency that can be traded for goods and services. It is also possible to invest in Bitcoin and trade for other currencies. Since Bitcoin is essentially “programmable money, ” and can be sent to someone through the Internet like and e-mail,it is also a payment system. It is technically not a commodity since it has no value if the Bitcoin network were to cease to exist. However,it has some aspects of a commodity and there is some consideration being given to regulate it as if it were a commodity.

Bitcoin is also an underlying protocol. This protocol may morph into something that looks very different that what is seen today. It has been compared to looking at the early Internet protocol in the early 1990′s.

Confusing Bitcoin wallet and Bitcoin address. A Bitcoin address is a single address and any balance can be seen publically on the Bitcoin Blockchain ledger. A wallet is normally a collection of Bitcoin addresses. A wallet is not on the public Bitcoin Blockchain ledger. The wallet compiles the balances of the Bitcoin addresses in the wallet but that is done of the local computer and not on the public Blockchain ledger. There is no way to tell what addresses are in a wallet unless they are linked in some way. This commonly happens when making a payment where the total is taken from more than 1 address in the wallet.

You don’t need buy or transact a whole Bitcoin. Bitcoin has 8 decimal digits and can be broken down to 0.00000001 which is called a Satoshi. MilliBitcoin or MillyBits will most likely be the common denomination used in the near future.

There are only 21 million Bitcoins to be produced and some think there are not enough to go around. Bitcoin has 8 decimal digits and can be broken down to 0.00000001 which is called a Satoshi.

Bitcoin capitalization and plurality. Bitcoin is capitalized when referencing the protocol or the system in general and not when referencing specific bitcoins. Some users always use singular when identifying bitcoins even if it more than one,other users use plural when discussing more than one. “My Bitcoin wallet has 3 bitcoin(s).” None of the rules are formal since there is no central authority to set any rules.

The Market Cap is not the total number of Bitcoins multiplied by the current trading price. When Bitcoin was new many users deleted their wallet or wallets were lost/destroyed. A significant (but unknown) number of Bitcoins have been lost and cannot be recovered and are not in circulation. Of course if large numbers of bitcoins were sold at once the price would drop (which is true of any commodity).

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