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[BMF]

Bitcoin is the most popular and widely used cryptocurrency all over the world. It was released as an open source software in the year 2009. According to the survey in 2015, more than 5 million individuals are using bitcoins. The currency code or symbol for bitcoin is XBT. Payments using bitcoin are getting more and more popular.

How do Bitcoins work?

To understand how bitcoin transactions work, you need to know about the following terminologies.

· Bitcoin Wallet – It is similar to the bank account that can be used to store, send/receive bitcoins.

· Blockchain – It is similar to the ledger book used in accounting. But blockchain is a digital ledger that is used to record the every single bitcoin transaction made by the bitcoin users all over the world. The blockchain is the backbone of bitcoin transactions.

· Bitcoin address – It is similar to the email address of an individual. Bitcoins are sent using this address only. But the address can be used for only one transaction. An individual can have many bitcoin addresses.

· Private key – It is similar to the transaction password in net banking. A private key or signature is a small piece of text that is added to every bitcoin transaction to prevent it from corruption or unauthorized access.

· Mining – It is similar to the deposit/withdrawal process in banking. The whole process of verifying a and adding a bitcoin transaction to the blockchain is called mining.

To send money to someone, you have to send the equivalent XBT of the currency from your bitcoin wallet to the address of the receiver and the transaction gets recorded in the blockchain.

What are the pros and cons of Bitcoin?

Pros

· Anonymity: The main reason for the popularity of bitcoin is its anonymity. You don't need to have a bank account or use a real name for using bitcoins.

· Low fees: As there are low fees for receiving bitcoins, international transfers can be made with fewer transaction fees.

Cons:

· Bitcoin value varies depending on the market.

· Loss of bitcoin if the wallet or your computer gets corrupted.

· As the currency is not regulated, it cannot be used in local stores or government organizations.

 

[tusziget]

Yes they are convertible to btc, I think all crypto currencies are convertible to btc. I also do that on my coinpot account, but it is also nice that you leave some little amount of lite and doge, for it might increase its price in the future.

That's a good thing about cryptocurrencies:you can convert them.I think,that it a very smart thing to convert your other cryptocurrencies to Bitcoin.I guess...I never did this,but surely I would do this,and keep my Bitcoins in my wallet,and sell a part of them,when the price of the Bitcoin is very high.

 

[anorona]

That's a good thing about cryptocurrencies:you can convert them.I think,that it a very smart thing to convert your other cryptocurrencies to Bitcoin.I guess...I never did this,but surely I would do this,and keep my Bitcoins in my wallet,and sell a part of them,when the price of the Bitcoin is very high.

Yup. I always do that on my coinpost account. I collect doge coin and lite coin, then I convert it, free of charge. Later when I have enough satoshi on my wallet, i would keep those on my local btc wallet then convert to real cash.

 

[tusziget]

Yup. I always do that on my coinpost account. I collect doge coin and lite coin, then I convert it, free of charge. Later when I have enough satoshi on my wallet, i would keep those on my local btc wallet then convert to real cash.

Thank for your post.I didn't know,that converting one cryptocurrency to another cryptocurrency ,there are no fees at all.This motivates me even more,to try to collect some other cryptocurrencies and after that convert them to Bitcoin.This is a very good tip.

 

[anorona]

Thank for your post.I didn't know,that converting one cryptocurrency to another cryptocurrency ,there are no fees at all.This motivates me even more,to try to collect some other cryptocurrencies and after that convert them to Bitcoin.This is a very good tip.

I do the conversion on my coinpot wallet, I am not sure if there are charge on other btc wallet. If you can have on coinpot, you can do it easily. You can claim on moondoge and moolite that convert it to btc balance, for satoshi you can claim on bitfun and moonbit.

 

[tusziget]

I do the conversion on my coinpot wallet, I am not sure if there are charge on other btc wallet. If you can have on coinpot, you can do it easily. You can claim on moondoge and moolite that convert it to btc balance, for satoshi you can claim on bitfun and moonbit.

Thank you for posting this information.This all are new to me,because I never did those things,converting etc.I think I will use them in the future,when I will need them to convert cryptocurrencies.Yes,I ahve heard about bitfun and moonbit,but didn't signed up there yet.Thanks.

 

[anorona]

Thank you for posting this information.This all are new to me,because I never did those things,converting etc.I think I will use them in the future,when I will need them to convert cryptocurrencies.Yes,I ahve heard about bitfun and moonbit,but didn't signed up there yet.Thanks.

Just look around here and you find lots of useful about bitcoins, especially on this thread. I can relate to use, I am innocent about these things before but then bmf introduced a lot of discussion to learn more about bitcoins and othere crypto currencies

 

[Nidoo]

Bitcoin is the most popular and widely used cryptocurrency all over the world. It was released as an open source software in the year 2009. According to the survey in 2015, more than 5 million individuals are using bitcoins. The currency code or symbol for bitcoin is XBT. Payments using bitcoin are getting more and more popular.
View attachment 2786

How do Bitcoins work?

To understand how bitcoin transactions work, you need to know about the following terminologies.

· Bitcoin Wallet – It is similar to the bank account that can be used to store, send/receive bitcoins.

· Blockchain – It is similar to the ledger book used in accounting. But blockchain is a digital ledger that is used to record the every single bitcoin transaction made by the bitcoin users all over the world. The blockchain is the backbone of bitcoin transactions.

· Bitcoin address – It is similar to the email address of an individual. Bitcoins are sent using this address only. But the address can be used for only one transaction. An individual can have many bitcoin addresses.

· Private key – It is similar to the transaction password in net banking. A private key or signature is a small piece of text that is added to every bitcoin transaction to prevent it from corruption or unauthorized access.

· Mining – It is similar to the deposit/withdrawal process in banking. The whole process of verifying a and adding a bitcoin transaction to the blockchain is called mining.

To send money to someone, you have to send the equivalent XBT of the currency from your bitcoin wallet to the address of the receiver and the transaction gets recorded in the blockchain.

What are the pros and cons of Bitcoin?

Pros

· Anonymity: The main reason for the popularity of bitcoin is its anonymity. You don't need to have a bank account or use a real name for using bitcoins.

· Low fees: As there are low fees for receiving bitcoins, international transfers can be made with fewer transaction fees.

Cons:

· Bitcoin value varies depending on the market.

· Loss of bitcoin if the wallet or your computer gets corrupted.

· As the currency is not regulated, it cannot be used in local stores or government organizations.

you explained it very well Mr.B, i had many questions about bit coin and you gave me answer of my every question. thanks again for helping us.

 

[VHINZ]

I am also trying to be active on some faucets to get free bitcoins. I even tried auroramine to earn but I never invested any amount. Is is temtpting but risky.

A friend of mine introduced me auroramine and I've got excited because you can invest a minimal amount. I actually registered for free account but as I'm about to invest, the website was gone.

 

[anorona]

A friend of mine introduced me auroramine and I've got excited because you can invest a minimal amount. I actually registered for free account but as I'm about to invest, the website was gone.

It completely turned into scam site after a month. They say if you are going to invest on a hyip site(either bitcoin or real cash), you have to study the site first. Usually, pioneer member do earn from investing to it, but then once the site finally collect enough money, they will run and scam the members.

 

[tusziget]

It completely turned into scam site after a month. They say if you are going to invest on a hyip site(either bitcoin or real cash), you have to study the site first. Usually, pioneer member do earn from investing to it, but then once the site finally collect enough money, they will run and scam the members.

Yes,it is the same situation with some hyip or even revshare sites.Once enough profit is collected,the site owner is taking all the profit and disappears.That's why it is not good to invest money in such type of sites.It is too risky.

 

[anorona]

Yes,it is the same situation with some hyip or even revshare sites.Once enough profit is collected,the site owner is taking all the profit and disappears.That's why it is not good to invest money in such type of sites.It is too risky.

Yes. Though there are some sites that was marked as legit sites which are runing for months/years, still i am afraid that they can also turn into scam. You can never be sure.

 

[BMF]

Update:

1 = $7,645

Do you think Bitcoin will reach $10,000 by New Year?

 

[Esperanza Castro]

Thank you for explaining about bitcoins am just starting to use bitcoins now

I fixed that. As you can guess this was a paid article, not made by me, I don't have that much time and I buy content.
I usually look into it before publishing but when I published this topic I was in a hurry and could not see there's a mistake.[/QUOTE

Update:

1 = $7,645

Do you think Bitcoin will reach $10,000 by New Year?

Yes as the digital world fast changing ...soon we cant fill our physical wallets coz all will be using qr codes to buy at stores.

 

[anorona]

Update:

1 = $7,645

Do you think Bitcoin will reach $10,000 by New Year?

It is possible because day by day, bitcoin's value is increasing and keeps gaining popularity. It can even pass $10K by next year. I am actually thinking to invest some on my btc wallet.

 

[BMF]

Update:

1 = $8,028

Finally, Bitcoin passed $8k, pretty impressive. I guess the next target is $9k or straight to $10k.

 

[anorona]

Update:

1 = $8,028

Finally, Bitcoin passed $8k, pretty impressive. I guess the next target is $9k or straight to $10k.

woah! I guess it is really possible
that it will reach $10K on december. The value is increasing everyday, it might surpass $10k by the end of the year.

 

[tusziget]

Wow,I can't believe it that the price of the Bitcoin passed the value of $8 000.That's awesome.As "Anorona"mentioned above in the post,it is very possible to reach the $10 000,if it goes with this rhythm from now on.Though,I think,it might be some fluctuations of the price of the Bitcoin,I think,his value will be much higher as it is right now.

 

[Micheal joe]

your information was very awesome and simple along with pretty intresting ;thankx for clarifying my doubts regarding it ;i am already familiar with it and using it dily to earn money to much confusing our selg with marketing and all so .....!!
Anybody any doubt regarding btc can ask freely or any earning site related to btc??,thankx a lot !!

 

[tusziget]

Yes,it is much better to try some other way to earn Bitcoins,and not trading or investing in Bitcoins doubling or multiplying sites.Those are hardly waiting people to invest on their sites the Bitcoins,which price is so high nowadays,to collect them in their own wallet and disappear.

 

[tootsie]

Ok, so if a site pay bitcoins. i assume you need a bitcoin acct. to collect them? do you get this at the main bitcoin site? Also is there an advantage to bitcoins over say paypal? thanks for the great info. here. Your my number one..