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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 is bitcoin.png


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.
 
Interesting point of view. I did a quick search on Google about the meaning of Satoshi and Nakamoto separately, while I got no clear definition of Satoshi except for it being a masculine name, Nakamoto means "Central Origin".
Question is, Origin of what?
Wow. It suddenly came up to me. Did they just made that definition or that is really the definition of nakamoto? As for ur question, probably the origin of satoshi = Bitcoin's inventor! Bingo :)

It just regained to 14,000+. Yesterday seems a close call for me.
 
Last edited by a moderator:
Update:

1:BTC: = $16,420

Guys, I'm terrified of how much Bitcoin has grown in value, when do you think it will reach $20,000?
Mr.B my prediction somewhere in the first 6 months of 2018 or perhaps we might wake up on new year with a blast!.. No one can actually forecast it accurately :)
 
Bitcoin can reach 20k, actually it reached this month for a short period, and it will touch 21k in January soon. According to some experts, people buy or sell bitcoin in a wave of fear, they are afraid of appreciation in it's price.
 
Bitcoin can reach 20k, actually it reached this month for a short period, and it will touch 21k in January soon. According to some experts, people buy or sell bitcoin in a wave of fear, they are afraid of appreciation in it's price.
And when people are afraid = best time to buy as Warren Buffet said :)
 
Wow. It suddenly came up to me. Did they just made that definition or that is really the definition of nakamoto? As for ur question, probably the origin of satoshi = Bitcoin's inventor! Bingo :)

It just regained to 14,000+. Yesterday seems a close call for me.
I don't think Google made up the definition. As for Japanese names, the way i understand it, their names have significance as to who the person is. Sometimes they even change their name to something that would define them.
In this case, (though I doubt it) the name Satoshi Nakamoto could be fictitious as described in this conspiracy theory. :)
True or not, this theory is fun to discuss. :D
 
It can be even like Satoshi Nakamoto is a team which developed Bitcoin. Anyway in 2011 Bitcoin's Japanese wallet was hacked too, that time bitcoin was below $18, but since then it's price started increasing.
 
I don't think Google made up the definition. As for Japanese names, the way i understand it, their names have significance as to who the person is. Sometimes they even change their name to something that would define them.
In this case, (though I doubt it) the name Satoshi Nakamoto could be fictitious as described in this conspiracy theory. :)
True or not, this theory is fun to discuss. :D
Indeed! If you're one into conspiracy theories! There's even reports saying Satoshi Nakamoto is Elon Musk! Hahaha, well unless satoshi nakamoto shows himself which I highly doubt, we dont have any clue who he is :)
Maybe I am him, Lol!
 
Japaneese name did not made anything popularity of Bitcoin in Japan itself. However Bitcoin become popular all over. Few days ago Mark Mobius of Franklin Templeton was advising to stop buying bitcoin and use it as mean of transfer. But then immediately Bitcoin price raised.
 
Bitcoin is a superpower in the Blockchain and cryptocurrency world (for now) it can touch even $20k till January. However we cannot deny change, once Netscape was once a superpower till internet dethroned it; so we have to be sure where we are going.
 
No doubt bitcoin is taking the lead in the crypto currency world as it prices keeps shooting up which could be due the high cost in the equiptment for mining it and the increasing demand of it. I am suspect it to be stable when it hits $20000 possibly january 2018 and very likely people may prefer to invest in othe opcoming coins. What your opinion on this?
 
Bitcoin is a superpower in the Blockchain and cryptocurrency world (for now) it can touch even $20k till January. However we cansnot deny change, once Netscape was once a superpower till internet dethroned it; so we have to be sure where we are going.
The Price of bitcoin cannot be determined as it is still soaring to the clouds! $18460+ actual price awhile ago. My prediction between 18,000 - 19000 before this end year :)
 
No doubt bitcoin is taking the lead in the crypto currency world as it prices keeps shooting up which could be due the high cost in the equiptment for mining it and the increasing demand of it. I am suspect it to be stable when it hits $20000 possibly january 2018 and very likely people may prefer to invest in othe opcoming coins. What your opinion on this?
I agree with your prediction about bitcoin and the value of it is increasing and I think it has bright future and people will invest more for this raising value.
 
No doubt bitcoin is taking the lead in the crypto currency world as it prices keeps shooting up which could be due the high cost in the equiptment for mining it and the increasing demand of it. I am suspect it to be stable when it hits $20000 possibly january 2018 and very likely people may prefer to invest in othe opcoming coins. What your opinion on this?
$20000 in this January 2018, sounds really great! did you read about bitcoin's this possible price increasing? So are you interested to invest to grow more money?
 
I use moon faucet for bitcoin, it is free, but making Moon satosi credits less; even bonus bitcoin pays very little, like 2 or 3 satoshi per 15 minutes only. To have more free satoshi, I take mostly dash, litoshi, dogecoin, bitcoin cash, and then convert them into BTC.
 
I agree with your prediction about bitcoin and the value of it is increasing and I think it has bright future and people will invest more for this raising value.
personally i dont invest my money directly into bitcoin but i am actively working on sites to earn and convert all my earnings to bitcoin.
 
I use moon faucet for bitcoin, it is free, but making Moon satosi credits less; even bonus bitcoin pays very little, like 2 or 3 satoshi per 15 minutes only. To have more free satoshi, I take mostly dash, litoshi, dogecoin, bitcoin cash, and then convert them into BTC.
That is just the simple strategy, be more active with other coins that can easily br converted to bitcoin using coinpot micro wallet cos bitcoin faucets have drastically reduced
 
That is just the simple strategy, be more active with other coins that can easily br converted to bitcoin using coinpot micro wallet cos bitcoin faucets have drastically reduced
You are right about it.I am trying also to collect several cryptocurrencies,and then exchange them to Bitcoins,although the amount will be much less,because the price of the Bitcoin is so high now,about $18,500.Let's see next week,how much will rise the price of the Bitcoin.
 
personally i dont invest my money directly into bitcoin but i am actively working on sites to earn and convert all my earnings to bitcoin.
I think this is really wise so how you convert your earning to bitcoin, i'm asking as i'm not so familiar with these smart currency, is it coinbase which can help to convert earning to bitcoin?
 

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