Topic: What is Cryptocurrency or BITCOIN? (Read 217 times)

No offense OP, but quick tip: only create threads of such topics(have been written like a thousand times already) if you have actually have new information(or a new point of view) to add. If it's just the same information repeated time and time again (assuming your info was actually right in the first place), there's really no value-add.

The most successful pre-Bitcoin cryptocurrency is HashCash!

The Bitcoin Origins - Explore Bitcoin History and Secrets
Were there cryptocurrencies before Bitcoin ?

Hackers can still hack it through various ways like phising attempts and the only thing they need is keys to your bitcoin or seeds of the wallet that protect your funds but if they gain access to it they have access to your funds.

The seeds are generated from entropy and are of 12/24 words and it's nearly impossible for anyone to brute force it without knowing some of the words so you can assume it safe in that case.

Blockchain is like public ledger where each and every transactions is recorded on the blocks mined and verified by the miners.Each block is mined approximately in ten minutes and the transactions are then added to these newly mined blocks saved on blockchain.We can say it as open and transparent public ledger where records can't be tampered.

Who said bitcoin don't have the fees at this time? There is always fees which goes to the miners who has solved the block so they earn all the transaction fees that will be included in that particular block plus 6.25BTC as mining rewards at this time.There is one myth about bitcoin fees that it depends on amount but it actually depends on the size of transaction.

But you might be confusing Lightning Network where you could open up payment channel and make as many transactions without waiting for confirmation and fees but when the final transaction is promoted up to blockchain it will have the fees included so you can't say there is no fees.

Monero is completely anonymous coin while bitcoin and others are pseudo-anonymous which means you can track the transaction through wallet address and blockchain but not is the case with Monero.

If you have invested in bitcoin then it's good choice and as you have sparked about the inflation then it's good choice but for long term as the current trend is not so good but will recover soon so save and invest in it not others shitcoins just my advice to you not forcing it on you and study more about it.

We all do tell people to buy bitcoin and it doesn't matter whether they'll imitate us or not but sooner or later, they'll start to be curious about what we've said and why we've been so pushy to them to at least own a few bitcoin for the future.

That's right, AFAIK it was Ecash by David Chaum. CMIIW.

I would say that everyone has to answer this question for themselves.
For some, crypto is interesting because of new technology, or because of the possibility of improving business.
For some, crypto is the path to financial freedom through trading or buying cryptocurrencies.
For some, it may be a vision of a future in which the state and banks will no longer have a monopoly on issuing money.
We are all different and we have different life situations so everyone has a different answer to this question.
For me personally, bitcoin is the path to financial freedom.

Beginners, I am sending you a link for the current article "Bitcoin for Dummies".  Feel free to read such information, I used to be like you too.
https://cryptogeek.info/en/blog/btc-for-dummies

Bitcoin is not the first cryptocurrency, but it is the most successful so far.

Cryptocurrency is not only about Bitcoin but Bitcoin is a standard for other cryptocurrencies. Before the appearance of stable coin (Tether USD first), Altcoins have trading pairs with Bitcoin. It is what called as Bitcoin standard.

Any big trend of crypto market triggers by Bitcoin, bullish or bearish. Even the Bitcoin dominance is distorted by more and more altcoins released on the market over years, the leadership of Bitcoin is unchanged.

Even at same domination point, the story is different because today there are more altcoins and more capital from them than one or two years ago.

I'm not really sure how this kind thread is important for anyone since Bitcoin already exist since 13 years ago and most of people already know either crypto or Bitcoin in general.
Moreover we have many discussion about this thread in 3-5 years ago:
1. What is crypto?
2. The Full Explanation What Is Cryotocurrency?
3. What is Bitcoins
4. What is Bitcoin? A Step-By-Step Guide For Beginners

Not to mention there's a bunch articles or videos talking about crypto or Bitcoin that anyone can access just in a second.

It's the other way around. Bitcoin is a successful use case of blockchain technology. The blockchain is just a public database of information.   
 
Bitcoin has mining fees. Miners get paid for the computational work they provide to the network. They earn block rewards (newly created bitcoins) and the mining fees from transactions that get included in their blocks. Because of its public ledger, Bitcoin is only pseudo-anonymous. There are ways to deanonymize you if you use centralized crypto service providers where you have verified your identity, or if you connect your real name to Bitcoin addresses. You can still be hacked and exploited in many ways: Phishing, keylogging, being infected with malware that changes a copied Bitcoin address to that of a hacker, etc.    

This is only a basic knowledge about Bitcoin to all Beginners here in the forum if some of the old Members or High ranking have an
additional idea that can give, you are all welcome to share it here.

 Bitcoin

- A type of cryptocurrency so don’t get confused and a cryptocurrency is a type of digital or virtual currency. And it is also a kind
  of money. That we can compare it to Paymaya and Gcash and our online banking where we do not hold our money or it is only
  physically stored in our accounts, that can also be used in online shopping.

- It is also called Crypto because it also uses Technology or encryption system to make it more secure and prevent hackers from
  hacking it. For example, just think of the password you use on Facebook, you will see that the password is encrypted, but it is
  not as simple as technology and security what you will find in Bitcoin or Cryptocurrency.      

- It has also Blockchain Technology, this is basically technology used only in transactions where when verified the information it
  can be compared to one block and added to another block or fixture thus becoming a blockchain.  

Maybe your wondering why Bitcoin was created?    

- The creator is Satoshi Nakamoto and most people here probably already know this. This is done so that we can have a transaction or
  cash system where we do not need third parties or other factors to send money. Just like the current example that the bank is always
  involved in transferring money to another bank and this is associated with Fees or deductions. But Bitcoin no longer has Fee's(You can
  transact person to person unlike in credit card there are many parties involved) and we will also be anonymous here and be more secure in
  avoiding hacks because of the technology used in it.  

- Another reason is for us to have a decentralized process for distributing money, meaning we no longer have central authority to be secure or
  complicated or take down because it is peer to peer in a network and it is not in a single entity.      

- It was also done to eliminate the central authority that can control the flow of our finances. Or let’s say banks or government control and
  other factors. It's just like when we had inflation where in the 1980's if you had 100$ and it was used for the price, you could buy a lot
  compared today, you can only buy a little for 100$. Bitcoin is also the source of many digital currencies such as Litecoin, Ethereum,
  Monero, and others. I hope you understand my explanation even for beginners here on this platform. You know the other term is pretty hard
  to understand.      

Now the question is did I invest in Bitcoin?
-  The answer is YES!

why did I invest in Bitcoin?

-  I want to diversify, so what  I can say is that you should not be content with just one source of income, or just don't put your
   investment in just one basket. For in case the others fail or fall, you still have the remaining source of income. So this crypto investment is
   just a supplement to my investments and I am willing to risk it apart from the stock market, land, business and so on. That's why it's still
   good to do your own research before entering here in the crypto space.

- It has a potential Upside, For me there is still a big chance that its value will rise again despite the fact that the price of Bitcoin has
  really fallen now. Here my goal is to hold for a few years and wait for its price to rise or kick again in the market. I can really see something
  in Bitcoin that will kick its price again. Because in reality it can be our future money in my view and opinion only. That I think those who have
  Bitcoin holdings will win, as you have heard and read, I just can't remember where PayPal is ready to accept Bitcoin and other big merchants
  are also ready to accept bitcoin.

Disclaimer:

 - I'm not hyping you or imitating me to buy Bitcoin, you still have the final decision. But you can use this topic
   as guidelines for those who do not know yet.

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Reference - https://www.investopedia.com/terms/b/bitcoin.asp
Reference - https://www.coinbase.com/learn/crypto-basics/what-is-bitcoin    

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