Topic: Common Q&A about bitcoin: non-technical edition. How much do YOU know? - page 4. (Read 1494 times)

I'm gonna take my shot on this.

Q: Is Bitcoin a scam? What about a Ponzi scheme?
A: Bitcoin is not a scam. Ponzi scheme is a form of scam that uses deception to let people think that the company is very successful even though it doesn't really exist and it uses late investors' money to pay early investors.

Q: Isn't it too late to get into Bitcoin?
A: It's never too late to invest in bitcoin. The technology has still so much to offer aside from financial freedom due to its store of value.

Q: Is Bitcoin legal? I heard it's illegal in some countries. Why?
A: Legalization depends on the government. The only reason why some countries banned bitcoin because some people use bitcoin to do illegal activities like money laundering, buying illegal drugs and financing terrorists.
Q. Don't people use Bitcoin for the black market or for illegal stuff?
A: Some people use if for illegal stuff that's why some countries banned bitcoin because of this main reason. Even if transactions can be seen publicly but you will never know who owns the bitcoin address or who's the person behind buying those stuffs.

Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A: In every labor there's always an equivalent payment or price. Acquiring bitcoin is not for free. You need to purchase expensive and powerful machines for you to mine and compete with other miners. The value of bitcoin is also determined by the society's acceptance and adoption of the technology. The more people who use or invest in bitcoin the higher its value.
Q: If Bitcoin isn't bad, why do famous financial gurus like Warren Buffet warn us to stay away from it?
A: Change is the only constant in this world. Some people doesn't want change when it comes to things that they can't comprehend. We have different views when it comes to bitcoin, we should just leave them alone and enjoy the ride. Sooner or later those skeptics will hop in when they see our success.

Q: How do I cash out Bitcoin?
A: Every country have local bitcoin exchanges. Some banks supports bitcoin as well.

Q: Is Bitcoin safe?
A: Yes, no one can hack your bitcoin unless they know your private key. The best place to store your bitcoin is by using hardware wallets like Ledger Nano, Trezor or Keepkey. Make sure your private key is hidden in a safe place and should have a back up. Sharing your private key is like giving your money.
Q: Who controls Bitcoin?
A: Bitcoin is highly decentralized. The miners, hodlers, exchanges, and developers are the people controlling it. Hodlers have the biggest impact when it comes to bitcoin's price and development.

Q: Will Bitcoin make me rich? (asked by Walrus1 here)
A: Yes, there are lots of people who doesn't even understand the technology that invest to bitcoin few years back and became millionaires or billionaires. It's never too late though.


Those are tough questions. Hope I got some answers right. I did my best to answer as brief and concise as I could.

I also have a question in mind.

What do you think is Satoshi Nakamoto's first invention? Is it the blockchain or bitcoin?
I'm not sure what's the answer but I think he invented blockchain first then bitcoin.

I want to answer  Is Bitcoin legal? I heard it's illegal in some countries. Why?

Well there are lots of issues which really make a govt to think when the question comes on something related to money. The fact is most of the countries which are not supporting bitcoin and announce it to illegal are the countries which are developing or 3rd world countries. It’s a fact that developed countries are developed in I.T along with covilozed as well so curruptiom rates are low. But in developing countries are facing a bad economy and most of the politicians and govt it self is corrupted. So here few things will happen if BTC is legalised.
 its an inquiry in which we should think. lets talk about some pros cause it will be sufficient to get the thought how btc can be abused to accomplish something more than huge and something awful to the humankind on the off chance that anybody utilizing it with bad intentions.
BTC have been popular for being able to personalize the whole money management system along with protect the right of user which ensure protect the privacy and identification of user. Blockchain is an open source you can see all the transaction like the way you actually seeing nothing cause you won’t be able to say who is making which transaction.
And for a corrupted country it will boos the corruption cause it’s safe to do crime.
Investment in arms and drugs will go up cause. I body to get caught.
Investment many on bank will decrease inflation rate will go high as money laundering occurs and tax pay will also taste feet of dust.
Terrorist act will go up as they can easily be finance.
so its a threat.... for govt who’s people are not moralised and corrupted.
A big threat to the society. think before you investing like, for money, or for profit..are we gonna help international terrorist to grow.. then like other you r directly or indirectly are participating in their next kill.
There are thousands of cons which will make you cry before you even think to legalise such a thing when you are not prepared enough to fight against the abuse.

hope it helped you.

cheerz

You're basing your answer on the knowledge that you have of bounties and campaigns in regards to earning Bitcoin (and other cryptocurrency) as a reward for your participation. You have to realize, however, that the average person won't have any idea what those are, so your answer (while it's a good answer for anyone on these forums) won't make sense to someone who isn't that familiar with Bitcoin to begin with.

When a person asks me if Bitcoin will make them rich, they're usually referencing the price spike that they've recently witnessed. They're asking from a speculative point of view from their potential investments, not whether they can earn Bitcoin as a payment for a job or bounty.

Hi. I want to answer another question.

Q: Is Bitcoin safe?
A: My answer is, bitcoin is safe as long as its user is opening his/her wallet with or using the safe platform or site just like how Ethereum has its private keys. We, users are the ones who are responsible in making the bitcoin we earned safe by simply not entering unknown sites where we suspect or where we are required to put our personal details just like our bitcoin wallet address or even some basic info about us just like our emails.

Q: Who controls Bitcoin?
A: 1000 people control 40% of the total market. This includes: the maker of bitcoin, Chinese bitcoin farms, FBI, Satoshi Dice, individual millionaires and billionaires: Roger Ver, Charlie Shrem, Dave Carlson ...

     You know what pal, the way I see it, the answer to this question depends entirely on what kind of person you are or how you live your life when you are not in the crypto world(poor or rich doesn't matter that much). This maybe hard to understand so let me explain it even further; You see my friend, doing signature campaigns or any other bounties/jobs that pay you in cryptos or bitcoins together with investing and trading is no different with jobs, businesses, investments or any other opportunities out there to earn some money. I mean, all of these are the same because anyone who wants to earn in any field(crypto related or not) must work hard and dedicate a lot of time studying and learning to have at least enough knowledge to be good at what he is doing and a lot more knowledge to excel from others and earn the same or higher than others. The only difference is see is that working in the crypto world lets you decide what day of the week and what time of the day you wanna work unlike other jobs that require you to work on specific days and times.

     Look, the point is, bitcoins together with all the other altcoins out there are not the ones that make someone rich, what makes a person rich is himself. Meaning, if a person in real life is lazy, coward, and does not have the determination or actually put some hard work to change himself for the better, then he would most likely be a failure also in the crypto world. That is, if with the advantages that we can benefit from in the crypto world does not changes his mindset.

---

- Hope this helps clear up your mind Walrus1, good luck with your crypto ventures and good day.

Well, if you ask me, I will say that there is no right or wrong answer since bitcoin is something that has no physical assurance of some sort of its value nor a single situation that shows creators scamming anyone using or holding it. That being said, I see that the only enemy we have is ourselves(which means how much knowledge we have about how bitcoins move (which is of course the fruit of our efforts in reading and studying about the past events on the crypto world) that influences how good we decide on when to buy or sell, and whether we let greed and other emotions get the best of us and cloud our decisions) and all the other people who uses this great technology Specially those who are holding massive amounts of bitcoins(whales as what people often call them). Because clearly, we cannot control them and make them hold if they wanna sell already or make them sell if you want to have the chance to buy bitcoins for lower prices.

Now, since a lot of people are too lazy to study, learn and understand even just a bit on how things work around here in the crypto world(not just with bitcoins alone) and jump into bitcoins just because they see huge amounts of price increases, they often end up losing a lot of capital since they do not know when is enough or they get carried away by greed because they think that bitcoins and other cryptos out there are tickets to a fast train to success. And guess what happens next? These people either learn the hard way or spread FUD all over the internet.

Yes it may look like a pyramiding scheme, but in my point of view, it isn't since it is as fair as it can get as long as you do your homework. And I am pretty sure that a lot of veterans out there will also agree with me on this.

hope this isn't too complicated and really does help other newbies out there.

(I sure hope that this thread existed back then when I was just starting out. It would've been a big help.)

I like where you're going with this answer, but can you embellish a little bit more about the fractional part of Bitcoin? I find that when people ask me this question, it's (usually) because they don't understand that you can buy a fraction of a Bitcoin; they're not required to buy a whole Bitcoin to get their skin in the game.

Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A: In my own views bitcoin is so expensive now because of the limited supply and there is more demand especially from people who are currently investing bitcoin may have an impact in the price increase. I know most of the people can not afford with regards to the current price of bitcoin but I guess if you are interested to gain great profit, then you will have to make a way to invest even for a satoshi (decimal fraction of btc).

thank for your answer, maybe i can use your answer for explain to some people around me who ask about topic that i was ask to that you, and to be honest i have a same opinion about trading with you but before i read your answer i not sure to explain that to people who ask to me.. so thank you..

got you, but it's hard for me to be loquacious when I'm so gifted at getting to the point 😀

This answer, like many others will answer, is based on speculation. While it's great to have a positive outlook on Bitcoin, no one can be certain as to whether investing in Bitcoin now will make someone rich or not. Because I'm not a financial advisor, I rarely speculate on what my friends/family should do with their investments, but I tell them my opinion as to WHY I believe that there is still so much rising value in Bitcoin. An example being that it hasn't reached the mass network effect yet. Once Wall Street starts trading it, whether as a commodity or as a currency, THAT is when I believe that we'll see a rise in bitcoin adoption; much greater than what we experienced in December of 2017.

I like that question, as I've been asked that a lot. I'm meriting you for it, and adding it to the list. Although I would like a more general answer that can cover both sides of the question.

I usually compare bitcoin trading to stock trading. There really isn't that much of a difference, with the exclusion of regulations in crypto trading. As long as any two items being traded retain value, how can it be gambling? I would answer their question by asking them the following question: "Do you consider stock trading as gambling? If so, then Bitcoin trading is no different."


Great comparison! I say the same thing, but I often add that as long as you can get into Bitcoin before Wall Street (fully) does, you're still not too late. Good answer, have a merit.


The purpose of this thread was to make it easier for bitcoin enthusiasts to arm themselves with the knowledge to help answer some of the basic questions that people ask. Rather than answering in technical terms, I'm looking for a way to make it easier for them to understand the first steps. I've updated your answer with the edited version. Thanks!


Great, thank you for re-submitting your answers. I LOVE your answer about Bitcoin being a made-up money. I will add that to the answers. Here, have a merit. I'm glad to have popped your merit cherry!


Your answers are based on a very small select purpose of Bitcoin. The general populous won't have the time or desire to earn Bitcoin by way of bounties. While earning small amounts of Bitcoin is a great way to be introduced to it, I have never been asked these types of questions from friends or family. Thanks for taking the time to ask and answer these questions, but I'm looking for more general questions surrounding Bitcoin, not just Bitcoin earning.

Here is one I see a lot "will Bitcoin make me rich" I see that one all the time. Answer is it's possible but probably not. Bitcoin is being used as an investment vehicle you you can do some trading or just take advantage of the movements in Bitcoin but for a lot of us we look at Bitcoin as a new technology that has the possibility of revolutionizing how we do business. I do beleive btc and a couple other crypto can have huge growth in the future and become something everybody needs or wants to have. Satoshi cut out the central bank. It is the people's currency. What a beautiful idea. Having said that getting in now is still early if btc becomes like the cellphone or computers where everyone uses them. Other side of it is that it stays as it is and is used as a commodity. The days of five dollars turning into a million are over but try to study Bitcoin and see that there is much more to it than will it make you rich. It is a gift given to the world.

Why did you start learning bitcoin?
Because I think bitcoin can help me earn extra money, with trading bitcoins and accepting jobs that pays bitcoins are the ways to earn it. Exchange it to our fiat money after to get use it.

How much time do you allot in bitcoin?
I allot usually 1-3 hours per day. Most of the time is used to learn how I could earn more in it and trying to learn how markets work. Learning how market works will be advantageous when trading.

How are you earning bitcoins?
I earn it from joining bounty campaigns. When a companies startup needs advertising they create campaigns to help spread the news and educate the public about the existence of their company. You will earn from the services you offer.

Why are you posting?
A way to advertise company is adding signatures in your post. So there will be a minimum amount of post companies are requiring you every week. You must comply to it to earn. We post to advertise them.

It could also be a way to contribute to the bitcoin community.

Hello BTC4Joe, thank you for taking the time to feedback on where I went wrong. It was only the first Answer that I copied and pasted as I thought it would be better to give definition but I understand that it is all about putting it out in an easy to understand format so I have given it a go below. Hopefully better now ;-)

Common Questions & Answers about Bitcoin

Q. What is Bitcoin?
A:Bitcoin is a decentralised digital currency that is used as a form of payment throughout the world as an alternative to other currencies like £, $, Euro etc.. Bitcoin and other cyrptocurrencies are run on a Network called blockchain that is decentralised and immutable making it safer than allot of other FIAT currencies.

Isn't it just made-up money?
A: Bitcoin is in someways less of a made up money than the money the banks have conditioned us into believing is valid currency. Let me explain how, The main two problems with the Historic money systems is bank currencies/notes are manufactured/printed as required meaning banks can devalue your Bank note just by printing more and over circulating. The second main problem is bank notes state 'I promise to pay the bearer on demand the some of - Five pounds sterling' for example, this is supposed to link to a real commodities like Gold or silver and if we all wanted to cash our I O U's in at the same time would banks even have enough real commodities to cover this (I would not bank on it lol). Another simple way to look at these issues is banks that control 'current real money' are simply businesses and if banks go out of business your pieces of paper (e.g. bank notes) are worthless. Bitcoin solves these problems and is not manipulable like £, $, Euro etc.. is as the amount of Bitcoin has a predetermined amount that is hard coded into the source code. Another huge advantage the new money system Bitcoin has is the fat cats are not taking big 3rd party cuts on transactions especially international ones making Bitcoin already the preference for allot of people and business when completing international transfers.

Q: Is Bitcoin a scam? What about a Ponzi scheme?
A: No Bitcoin is not a scam although you need to watch for independent scammers that may use Bitcoin or other cyrptocurrency either as a lure or form of payment.

Q: Isn't it too late to get into Bitcoin?
A: No, Bitcoin coin has huge long term growth potential.


Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A:You don't have to buy a whole Bitcoin, you can buy satoshi's which are fractions of bitcoins from as little as £50 on some platforms like localbitcoins. It is a blike you have £1 made up of pence or $1 made up of cents, RE: 1 Bitcoin is made up of Satoshi's.

Q: If Bitcoin isn't bad, why do famous financial gurus like Warren Buffet warn us to stay away from it?
A:Everybody has their own opinion on Bitcoin you need to try and make up yours.

Q: How do I cash out Bitcoin?
A: Use platforms like localbitcoins to sell out your Bitcoin directly for bank transfer or cash.

Q: Is Bitcoin safe?
A:Yes as long as you keep the password for your digital wallet safe and don't do things like let people you don't trust team viewer into your computer.

Q: Who controls Bitcoin?
A: No one, Bitcoin is a decentralised currency run by the people.

I hope some of my above feedback assist in some way. I also hope I earn some merits.  Wink

Now that it comes to my mind, was your intention of this thread to encourage us to introduce bitcoin to people we know and make us think of the best ways to answer these frequently asked questions?
I'm kinda new to bitcoin my self and I've already been asked some of these questions a couple of times when I introduced Bitcoin to my family and close friends. I haven't really given them much thought and your post made me think about them.

I have edited my post. It's ok if you're looking for better answers. I not being a native English speaker find it hard sometimes to find the right words to explain stuff.

It may be better if you state this in your first or second post so that other members won't just skip the answered questions but instead read their answers. This way new members may actually learn a thing or two.

Q: Isn't it too late to get into Bitcoin?

No, it is never too late to get into Bitcoin.  Bitcoin and Cryptocurrency has only been around since 2009 and has huge potential to create wealth for the people.  The stock market has been around for over 100 years and people would never say it’s too late to invest in the stock market. 

many people around me ask about whether btc trading is the same as gambling because guessing price in the future? What do you think..?? because I can only answer them casually and say that it is not a gamble because the one in the trading when not guess the price but analyze the price from when you buy btc and when you will sell your btc. how about the answers I gave them do you think that is enough, or should there be things I have to explain again to them ...?