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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]

You can easily make an online wallet(there are different Bitcoin wallets,you choose),there is a Bitcoin address given,to which you can request your Bitcoin payments.

 

[BMF]

Update:

1 = $9,643

We are talking here about nearly $1000 increase in Bitcoin value in just 24 hours.
At this rate, I believe hitting $10,000 mark is a matter of days or maybe by tomorrow.

What's your opinion on Bitcoin?

 

[glenreviews]

OMG! I just can't help but share this since BTC is going crazy man! I just want to ask for all of your opinions if BTC will go higher or would burst? But, as I believe BTC would still rise since mining is harder, lots of demands from BTC, and BTC is almost at it's max supply limit.

So, what do you guys think of the BTC craze right now?

 

[tusziget]

OMG! I just can't help but share this since BTC is going crazy man! I just want to ask for all of your opinions if BTC will go higher or would burst? But, as I believe BTC would still rise since mining is harder, lots of demands from BTC, and BTC is almost at it's max supply limit.

So, what do you guys think of the BTC craze right now?

It is a big surprise to me too,that the price of the Bitcoin has almost reached $10,000.I expected that the Bitcoins value will rise that high,but not that soon.I expected this to happen,but not that soon.That means that by New Year his price will be even higher,than $10,000?

 

[glenreviews]

It is a big surprise to me too,that the price of the Bitcoin has almost reached $10,000.I expected that the Bitcoins value will rise that high,but not that soon.I expected this to happen,but not that soon.That means that by New Year his price will be even higher,than $10,000?

Yea, in a matter of just this year it gained a stupendously amount. I don't know if they will ever go to a bubble or not. I don't even know if it would reach 20k$ next year. We will find out if it will ever burst and a new ICO(Ethereum) would come around.

 

[castbound castboundoski]

No one actually knew for sure that bitcoin is gonna hit 10k and now when the price is actually there the question is if its gonna hit 20 000 ? How long is it gonna take? Whats your opinion guys.

 

[BMF]

Update:

1 = $10,230

At this point I'm unsure for Bitcoin future, this is very high value, will it rise even more? What do you guys think?

 

[glenreviews]

Well, in my opinion it might if people(Rich people) are not thinking of dumping it. But, I think it would still rise since a lot of people also use Bitcoin as their source of trading which is both Illegally and Legally. BTC would probably rise even more if it would be closer to reaching the max supply. Since there won't be a lot of BTC in the future years to be mined.

 

[tusziget]

I think,if there would be no more Bitcoins to mine,then his price will get even higher.I don't know,what will happen then,if the value of the Bitcoin will reach so high...

 

[xXInfectedXx]

The Bitcoin price is dropping! Do you think it will drop all the way to 600$?

 

[BMF]

Do you think it will drop all the way to 600$?

Where did you come up with this number?

 

[glenreviews]

OMG, sad. Last 9-12 hrs ago the BTC Price dropped a lot almost like 1000$+ drop. But now, it is rising again. I am investing my money yet again soon and waiting for BTC too drop so that it would become a buying oppurtunity. Haha

 

[jamica]

I think now we all see that tge price of bitcoin is keeping getting higher and higher every time, sooner or later it will hit the limits of 100k sooner or later, even when price go down it raise up again

 

[introvertspeaks]

I think Bitcoin nowadays is an over hyped piece of shit. It is no longer the same Bitcoin the way it was originally created which was supposed to empower ordinary users for P2P micro transactions.

The current TX fee is ridiculous and the only reason the price keeps increasing indefinitely is because it has become the new business model for big time speculators and many newcomers are jumping in every day without even knowing the fundamentals of the game.

 

[BMF]

Update:

1 = $11,720

Remember the time we were talking Bitcoin is worth around $3K? Well is very close to triple its value in a span of couple months.

 

[introvertspeaks]

I strongly suspect Bitcoin will become regulated before it even gets 20K. That will be the worst nightmare for any worshiper if that happens. I have read some articles regarding this when the price initially hit 11K.

 

[Micheal joe]

What is happening ??,one bitcoin crossed 12,500$ recently -i have checked !!....

what do u think -Invest or not ??


"No one can stop it and one day it will be worth +100000 $ and will be precious like gold !!...."-Bill Gates ...

What's YOUR OPINION ???.

 

[Vort3x]

Hi there,
It seems exchange rate of 1 Bitcoin to dollars in differenet countries is different!
Am i right?
If yes we can make money from two differenet countries(low & high) & both side can have benefit.

 

[BMF]

Update:

1 = $13,680

It seems Bitcoin is going down, not sure how much, however yesterday was close to $15k, and today is losing value.

What's your speculation?

 

[Vort3x]

See it in 2018 > I will promise for 60k