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❓ASK What Is Bitcoin? START HERE!

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BMF

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Most people seem to claim that Bitcoin was born on the 31st of October in 2008 by a group of people who took on the name of Satoshi Nakamoto. However, on the other hand, there is some that claim that Bitcoin wasn’t born until the beginning of 2009. The exact date that Bitcoin was introduced to the world doesn’t really matter, what matters is understanding what Bitcoin is.

What Is Bitcoin.jpg


When Bitcoin was introduced to the world by the group of people who created the currency they explained to everyone that this currency was known as a decentralized digital currency. They went on to claimed that it would allow people to send currency around the world in real time without the need of a third-party to perform the transactions. This meant that you no longer needed PayPal, Visa or even a bank to transfer currency anywhere in the world.

Bitcoin is actually separated into two separate components. The first component is the bitcoin-the-token that is actually a snippet of code that represents the ownership of the digital currency. You can think of this as a virtual IOU. The second component of Bitcoin is the bitcoin-the-protocol. This is the network that distributes and maintains all the ledgers of balances for the bitcoin-the-token. When you combine the two together, you now have Bitcoin.

Bitcoins are not a printed currency that you can take to a market to buy merchandise, but instead, they are a currency that is produced by computers worldwide that use a free software. As the concept started to grow and people started to invest in electronic currency people started to characterize this currency as a cryptocurrency.

The developers of Bitcoin explained the system as an electronic payment system that was based on mathematical proof. The idea behind Bitcoin was to produce a new means of exchange that was independent of any central authority. This gave people the chance to transfer currency electronically in a secure environment that used a verifiable and immutable way to complete the transactions.

The world still has no idea who actually developed Bitcoin. Some claim it was a single man that called himself Satoshi Nakamoto. While other indications show us that it was a group of software developers that came up with this idea and developed the program. The members of the group called themselves Satoshi Nakamoto.

Bitcoin has grown in popularity for the simple reason it is decentralized. No single institution or government controls the Bitcoin network. Instead, the network is maintained and controlled by a group of volunteer codes that are run on an open network. The network is maintained by groups of dedicated computers that are spread around the world.

Bitcoin has solved the double spending problem of electronic currencies. In the electronic fiat currencies that banks control the digital assets can be copied and re-used. Banks around the world have control over the traditional system. However, with Bitcoin no-one has control because the transactions are distributed by an open network.

With Fiat currency, a bank can print as many dollars, euros, yens or whatever currency they choose. There is an unlimited supply of Fiat currency that a bank has. The problem with this system is that banks can manipulate the value of this currency. This is a problem for the holders of this currency. They are the ones who bear the cost in the end.

The supply of Bitcoins is tightly controlled by an algorithm. Each hour a small amount of Bitcoin is produced. This will continue on until the cap is reached. Once 21 million Bitcoin has been produced it stops. The supply and demand of Bitcoin are very attractive. Since there is a cap on how many Bitcoins will be produced, but there is no cap on the demand of this currency. Therefore, as the demand grows so does the value of Bitcoins.

As an owner of Bitcoins, your identity is kept secret. There are no governmental agencies that need to verify who you are. Furthermore, there are no controls set in place demanding that you prove who you are when purchasing Bitcoins. Therefore, this makes the Bitcoin currency ideal for criminals, money-launderers, and terrorists. Your identity is kept a secret when making all transactions online.

Bitcoins are broken down into units. The smallest unit of a Bitcoin is called a satoshi. The Satoshi is one hundred millionth of a Bitcoin or 0.000000001. This Satoshi is worth around one-hundredth of a cent. The Satoshi conceivably enables microtransactions possible where traditional electronic money can’t perform these types of transactions.
 
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karthik999

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bitcoin is a cryptocurrency that is believed to be invented by satoshi namakato on 2008 . Its decentralised meaning government doesnt have any authority to ban it . The value of 1 bitcoin in the beginning was so less ,like 1 bitcoin =5 cents , and there were faucets which rewarded 1 bitcoin too , and now the price has gone up like anything , it can come down any time , fluctuation happens .It can reach even 100000$ too in the coming future.
 

cryptohub123

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Bitcoin is a decentralised cryptocurrency that is in form of digital cash , which can be sent and received between persons or companies.Bitcoin can be stored in paper wallet , or nowadays more specifically , online wallets like coinbase and blockchain which are the most popular online wallets to store bitcoins.
 

Myer Mische

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Here in the Philippines,Bitcoin was once become a controversy.Rumors spread around the country that Bitcoin is a scam and people calls it "BITCOIN SCAM".Actually the fault was not about Bitcoin itself.There were two individual who uses Bitcoins to attract people to invest to their so called investing company with a promise of bigger profit.To make the long story short this two people were caught by the authorities and now in jail facing many accusations from certain individuals that they victimized.So sad that Bitcoin was really used by some criminals to get rich easily.
 

matt9005

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Here in the Philippines,Bitcoin was once become a controversy.Rumors spread around the country that Bitcoin is a scam and people calls it "BITCOIN SCAM".Actually the fault was not about Bitcoin itself.There were two individual who uses Bitcoins to attract people to invest to their so called investing company with a promise of bigger profit.To make the long story short this two people were caught by the authorities and now in jail facing many accusations from certain individuals that they victimized.So sad that Bitcoin was really used by some criminals to get rich easily.
Bitcoin is commonly used as a way to transfer dirty money by child pornographers and other criminals. It does make the process more subtle and undetectable, but after all it's the fault of the criminals. Paper money or gift cards have been used like this before.
 

trailingcrypto

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Bitcoin is a distributed peer-to-peer digital currency that can be transferred instantly and securely between any two people in the world.

So basically it's like electronic cash that you can use to pay friends or merchants.
 

louiesilva09

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Bitcoin - is a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.

in short the bitcoin is a electronic cash or virtual money that you can send money all over the world thru wallet address at same format.
 

invictuz

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I'm new to this Bitcoin world, with all the research and reading I did, Bitcoin for me right now.... the future.
 

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I'm new to this Bitcoin world, with all the research and reading I did, Bitcoin for me right now.... the future.
I m sure is the future,but I m just worried a little bit about the new facebook crypto,Libra.
 

SatanUnleashed7

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I have one question for anyone who has knowledge about cryptocurrency. What is the future of bitcoin? With the introduction of many new and different cryptocurrencies, will bitcoin be able to stat at the top, one more question, there are some claims that bitcoin is a scam that people will buy it and one day it will lose all its value. Can someone please clarify these things? Thanks.
 

cryptohub123

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Bitcoin is a cryptocurrency that is completely decentralized. The price of bitcoin always varies every minute. Bitcoin is believed to be invented by Satoshi Namakato in 2008.
 

Peter Carlos

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Bitcoin is basically a form of virtual currency that can be send between users through the blockchain networks, without the need of any authority or intermediary. Transactions affected with bitcoin are really fast, global and secure in nature.
 

Nocturnal Writer

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I have across this
Here in the Philippines,Bitcoin was once become a controversy.Rumors spread around the country that Bitcoin is a scam and people calls it "BITCOIN SCAM".Actually the fault was not about Bitcoin itself.There were two individual who uses Bitcoins to attract people to invest to their so called investing company with a promise of bigger profit.To make the long story short this two people were caught by the authorities and now in jail facing many accusations from certain individuals that they victimized.So sad that Bitcoin was really used by some criminals to get rich easily.
I never heard of this news about the two Filipinos who were using bitcoins as their means of scamming their clients.

I am Filipino who doesn't know bitcoins and how to earn from them through investment. I am indeed very ignorant. Going over to the comprehensive review of Mr. B, I have known the ABC of bitcoins. I am grateful to him indeed.
 

kjones

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Bitcoin still confuses me because I cannot understand the value behind it. What makes it useful when I want to buy something? I really do not get it at all. I appreciate the article, but my brain still cannot understand the backing behind bitcoin. I guess I need to get a wallet at blockchain, is that the first step?
 
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