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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.

 

[SharkPro]

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?
View attachment 7788

It will rise again maybe it's not the end of crypto curreny I heard from some people that bitcoin price will be 9k to 10k between this month.

 

[Emill]

It will rise again maybe it's not the end of crypto curreny I heard from some people that bitcoin price will be 9k to 10k between this month.

Then why didn't you tell us as well about the rumours you saw? Maybe some of the people here would've waited before investing if they knew that it's also true that you couldn't know whether their predictions would be right or not, but it would've been interesting to debate those predictions here

 

[Yugocean]

At $12716, BTC price is still struggling to get over the great fall; but this price is for USD; with another fiat currency like KWR (South Korean Won) it's price among exchange platform is more than 15k USD.

 

[overcast]

I think the bitcoin market needs to correct itself. otherwise the crypto market will continue to fall. and more and more people may lose the money. that seems to be the case.another thing is that there needs to be constant understanding of the coins.

 

[BMF]

Update:
1 = $10,102

I've been following closely the pattern of Bitcoin with coinmarketcap, I'm starting to think Bitcoin and other cryptocurrencies is more like a gamble than an actual investment asset. What do you guys think?

Just watch last 7 days Bitcoin price chart

 

[Yugocean]

Bitcoin is going down, now nobody would like to invest in it; those who kept their BTC just due to greed od price raise, they are now feeling the heat, better is to invest in other coins as bitcoin price is out down.

 

[SharkPro]

Well I have seen this today the bitcoin price falling down to $8500 I am not sure what are going on but the news are very bad about bitcoin what you guys think lets pol.

 

[krishnasriram]

for newbie
checkout https://academy.bitcoin.com/#/welcome
Hope it helps

 

[overcast]

Currrently bitcoin is dropping 1000 USD per day. and that is really serious. at this raate bitcoin would reach the normal price of USD. and it may give other coins some way to get back into the game. I am sure that it may soon changes though.

 

[Yugocean]

Bitcoin price has dropped below $8k and still it is dropping; perhaps it will drop further and there is less chance in the market. It is mainly because Bitcoin depends on mining, and there is hardly enough mine left.

 

[HANNAHH FRIZZ]

Thank you for sharing ideas about what is bitcoin. I am wondering what is the best wallet to store my bitcoins. I want to make sure it safe. I feel worried about hacked and i will loose my btc in 1 snap. In fact one of my friend lost all her btc because she stored it on app wallet but it was hacked. And know now that btc is really volatile but i want to take a risk. any comments and suggestions are highly appreciated. Thanks.

 

[BMF]

I am wondering what is the best wallet to store my bitcoins.

I use Blockchain wallet, never had a problem, I like their security features, 2FA by SMS and email verification.

Check out more reviews about this Bitcoin wallet:
https://www.beermoneyforum.com/threads/blockchain-info-reviews-scam-or-legit.6317/

 

[HANNAHH FRIZZ]

I use Blockchain wallet, never had a problem, I like their security features, 2FA by SMS and email verification.

Check out more reviews about this Bitcoin wallet:
https://www.beermoneyforum.com/threads/blockchain-info-reviews-scam-or-legit.6317/

Thanks Mr. B

 

[BMF]

Damn... 1 = $6,162

Has anyone a prognostic for Bitcoin value by end pf Feb 2018?
The question everyone asking when it will stop losing value and start gaining its value back up?

 

[Bhaskar125]

I think the value of bitcoin will rise at the end of the year, like End of the year sale. And, after using some wallets I too found that blockchain wallet is best for bitcoin storage. Once my wallet on blockchain was shown empty for at least two weeks. I feared that I lost my BTC. But I had the amount on the wallet. Another good thing is I forgot the password, security words, because not using it from the beginning of 2017. But they gave every option to recover my account with the coins inside it. Now I am using all the security features available there.

 

[Yugocean]

Bitcoin is gaining again, cryptocurrency market is recovering, this might be because now everyone got the news that Indian Government is not banning them, also they now have more investors.

 

[overcast]

I think BTC price goes up and down. And some of the time it can be a bit odd in that case. I'd say it would not be something that most people try though. i'd say that currently the wait approach is lot better if you ask me.

 

[Yugocean]

Bitcoin price is better to invest when it is down and bitcoin have to be sold when price is high; there is already nothing else as there is not much mining facility left, very few bloks are available despite BTC is a PoW only crypto.

 

[junrose123]

Bitcoins now a days are the most trusted and accepted type of cryptocurrency. I would love to have them in future since the price of it keep on increasing every single day and who knows it might went up to its peak price.

 

[BMF]

Just looked at CoinMarketcap for price and also checked price, now sitting at $8,564
Below is last 7 days price chart, it looks Bitcoin will most likely never fall down to $8,000 in near future, what do you guys think?