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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.

 

[Emill]

Current the bitcoin demand is down because investors are moving to other coins.a nd they want more control. bitcoin and ether were slow due to games like cryptokitty.. so it is better to spend time into something better coin that can be scalable. so it's good that way.

it is said that the value of a cryptocurrency depends mainly on demand. ok, let's say you're right about the bitcoin demand. then why did (almost) all the cryptocurrencies downfall these days if the investors moved to them?

 

[Yugocean]

There was news in all cryptocurrency related news that North Korea allegedly hacked Youbit, the Seoul Bitcoin Exchange, this resulted in a big loss and South Korea cryptocurrency market become bankrupt. Due to this effect, value of bitcoin and other cryptocurrencies dropped.

 

[Medowriter]

It is better to claim or invest in different coins cos they could rise or fall at any time, bitcoin is gaining back it fit cos it stable since yesterday

 

[Yugocean]

Those who invested in bitcoin during fall to 13k, they are now gaining for their investment. It is always hard to decide when to invest and when to not to invest in bitcoin.

 

[Medowriter]

yea, cos it is at $14k + now, investing in it is certainly a risk that one should be ready to face or bear the consequences

 

[Yugocean]

Yesterday bitcoin price was playing a sea-saw between 12k and 13k USD. I converted most of my altcoins into bitcoin when the price was in 13k's ; however even other altcoins were not stable either, even now price is at war.

 

[tusziget]

Yes,it is really tough question,when to sell or buy Bitcoins right now,when there are some significant fluctuations of the price. I would not dare to buy right now Bitcoins,because of the fluctuations,only when the price of the Bitcoin is so to said stable for weeks,to know things for sure.

 

[Yugocean]

As I am now starting Payza as my main bitcoin wallet, then there would be a limit. A friend of mine, who use Payza informed me that, exchanging USD and other amounts in Payta to Bitcoin for free; however l do not found other altcoins in Payza yet.

 

[BMF]

Update:

1 = $14,780

Will Bitcoin hit $20k again? If that so when do you think it will happen?

 

[Yugocean]

After South Korea debacle, Bitcoin is raising again; but it won't be hitting 20k soon, maybe January can see another 18k raise, 20k can be reached too.

 

[tusziget]

I really don't know what to think...I am sure about it,that will hit $20,000 maybe in couple of weeks or maybe months,because I think,next year,in January his price will be more stable...I guess,you never know,when it comes about Bitcoin...

 

[Medowriter]

Update:

1 = $14,780

Will Bitcoin hit $20k again? If that so when do you think it will happen?

It is now $15.050k few minutes ago, i doubt if it will hit $20k this year , i guess by february it could but the fact is that the price is hard to predict this days

As I am now starting Payza as my main bitcoin wallet, then there would be a limit. A friend of mine, who use Payza informed me that, exchanging USD and other amounts in Payta to Bitcoin for free; however l do not found other altcoins in Payza yet.

i also had intension of creating an account with payza but i wouldn't know if has restriction to some countries just like paypal?

 

[SuncicaZ]

For me, BitCoin is the biggest opportunity in whole my life. This currency gave me a lot of possibilities and I have earned a lot of money by doing some jobs on the Internet. It will rise and rise I am pretty sure in that. And it is never too late to start working with this currency. Best way to earn them is to mine them.

 

[tusziget]

Yes,I would like also to mine them,but the costs as I read,are not so low,and sometimes the profit barely covers the costs.Better would be of my opinion to buy them,but the price of the Bitcoin nowadays is still very high...

 

[BMF]

Update:

1 = $16,442

In the last day, Bitcoin price went up +$1,400! Do you think BTC will hit $20,000 near soon?

 

[overcast]

Bitcoin seems to be lagging a lot. And the transactions are now 13$ fee. so it can be really haard to make use of the bitcoin for the small and high transactions in such case. I'd say that it may take time for sure. in short run it may work around though.

 

[Emill]

I have no idea what will happen after the next 3-4 days, but before that I don't see it reaching 20,000$ again. It just seems too constant for that to happen

 

[SharkPro]

Hi Guys bitcoin price is down should we buy or not I am going to buy some btc in $ I hope this will be good investment what you guys think?

 

[Emill]

that sounds to me like a good idea. yea, of course, there's always the risk that it will go even further down, but if it goes up to 16-17k$ again you have already got a considerable profit so it's a risk worth taking in my opinion

 

[BMF]

Update:
1 = $9,500

It's crazy how fast Bitcoin falling, much faster than it actually risen.

When will the fall of Bitcoin stop? At $100? Will Bitcoin increase in value again?