Topic: Bitcoin what is it? (Read 303 times)
Bitcoin a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
The value of bitcoin is reflected by the whole network computing power. It is a common understanding of the whole network. Every bit of bitcoin is a kind of credit, and it does not expand. Its weight was designed at the beginning of 2009.
Bitcoin is a consensus network that allows new payment systems and money to be completely digital.
What is bitcoin and how will it benifit the user? There is not even a theoretical possibility to produce such a quantity of crypto currency that it would lead to a drop in its price for a long time. A vivid example: the US dollar has fallen more than 300 times over the last 100 years due to the appearance of more and more money. At the same time, control over their release had only one structure, so that the investments and savings of millions of people could and can depreciate at any time. In fact, this statement works for every classical currency and payment system.
Basically, bitcoins are electronic currency, otherwise known as 'cryptocurrency'. Bitcoins are a form of digital public money. These are created through miners solving mathematical computations. Bitcoins are, in essence, electricity converted into long strings of code that have money value. Bitcoins are completely virtual coins designed to be 'self-contained' for their value, with no need for banks to move and store the money. Once you own bitcoins, they behave like physical gold coins: they possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years which what people do here in the forums.
I think bitcoin is a very valuable virtual currency. It helps make the payment easier and more convenient. It is absolutely beneficial for the future. Investing in bitcoin is very safe and profitable as gold
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the US dollar has fallen more than 300 times over the last 100 years due to the appearance of more and more money.
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the US dollar has fallen more than 300 times over the last 100 years due to the appearance of more and more money.
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This statement is false; the USD has fallen in value due to the nonstop printing of new paper money to "buy" certain assets that can hopefully 'save' the government's already ill-stricken state. Bitcoin defeats that in terms of being a deflationary currency and the hard limit of 21 million would be the one followed after the last mBTC is mined. No bullshits, no gimmicks, no scams, just plainly following the protocol.
At the same time, control over their release had only one structure, so that the investments and savings of millions of people could and can depreciate at any time. In fact, this statement works for every classical currency and payment system.
Uhh, what? Are you referring to the miners being responsible on printing new coins? How does these miners affect the investments of millions of people in your point of view? As far as I know, they help process transactions, thus helping these investments flow around the network.
first of all why would you compare it to 'real money' aka 'fiat' ?
Bitcoin is a digital currency and Fiat is our actual money,Bitcoin can be valued because of actual money aka Fiat.
it has its own use for users that is why it has(*not will) benefit for the users,
unlike other payment,some of them forbid some countries to do the trade or something like that.
Bitcoin is a digital currency and Fiat is our actual money,Bitcoin can be valued because of actual money aka Fiat.
it has its own use for users that is why it has(*not will) benefit for the users,
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What is bitcoin and how will it benifit the user?
for example you're selling a product from an asian and you do not need to worry about how to sell it in other continent because you can sell it and receive the payment through Bitcoin,unlike other payment,some of them forbid some countries to do the trade or something like that.
What is bitcoin and how will it benifit the user? There is not even a theoretical possibility to produce such a quantity of crypto currency that it would lead to a drop in its price for a long time. A vivid example: the US dollar has fallen more than 300 times over the last 100 years due to the appearance of more and more money. At the same time, control over their release had only one structure, so that the investments and savings of millions of people could and can depreciate at any time. In fact, this statement works for every classical currency and payment system.
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