Investing in medical cannabis. It’s profitable!
Play over 1000+ slots! SPIN NOW! WIN CASH!
  Guest viewing is limited
Golden Goose - Join the leaders of mVAS market

❓ASK What Is Bitcoin? START HERE!

BMF

Administrator
Staff member
PREMIUM
LV
1
 
Joined
Mar 24, 2016
Messages
6,155
Reaction score
2,989
Points
206
Awards
2
Website
www.beermoneyforum.com
BMF Points
916,398
Rating - 0%
0   0   0
Create Free Wallet! Mining without Equipment!
Are You Looking for a Crypto Casino?
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.
 

HotForexsignal

Newbie Member
LV
0
 
Joined
Jan 24, 2019
Messages
3
Reaction score
1
Points
0
Age
35
Location
Redwood City, CA 94063, USA
Website
www.hotforexsignal.com
BMF Points
10
Rating - 0%
0   0   0
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from devotee to user on the order of the peer-to-peer Bitcoin network without the dependence for intermediaries.
 

karthik999

Silver Member
LV
0
 
Joined
May 21, 2019
Messages
162
Reaction score
24
Points
0
Location
Bangalore, India
BMF Points
10
Rating - 0%
0   0   0
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

Emerald Member
LV
0
 
Joined
May 27, 2019
Messages
1,538
Reaction score
248
Points
0
Location
India
BMF Points
10
Rating - 0%
0   0   0
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

Emerald Member
LV
0
 
Joined
Oct 27, 2017
Messages
1,403
Reaction score
353
Points
170
Awards
1
Location
Manila,Philippines
BMF Points
2,325
Rating - 0%
0   0   0
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

Emerald Member
LV
0
 
Joined
Mar 26, 2018
Messages
1,175
Reaction score
179
Points
0
Location
England
BMF Points
1,084
Rating - 0%
0   0   0
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

Newbie Member
LV
0
 
Joined
Jun 2, 2019
Messages
1
Reaction score
0
Points
0
Website
www.trailingcrypto.com
BMF Points
0
Rating - 0%
0   0   0
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

Newbie Member
LV
0
 
Joined
Jun 15, 2019
Messages
39
Reaction score
4
Points
0
BMF Points
640
Rating - 0%
0   0   0
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.
 

Merleon

Newbie Member
LV
0
 
Joined
Jun 16, 2019
Messages
4
Reaction score
2
Points
0
Age
28
Location
Bangladesh
BMF Points
80
Rating - 0%
0   0   0
Bitcoin is much more popular than other crypto projects right now. It's much more demanding and people like to invest in Bitcoin.
 

invictuz

Newbie Member
LV
0
 
Joined
Jun 20, 2019
Messages
9
Reaction score
5
Points
0
BMF Points
160
Rating - 0%
0   0   0
I'm new to this Bitcoin world, with all the research and reading I did, Bitcoin for me right now.... the future.
 

Shaila

Newbie Member
LV
0
 
Joined
Jul 6, 2019
Messages
2
Reaction score
0
Points
0
BMF Points
0
Rating - 0%
0   0   0
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

Silver Member
LV
1
 
Joined
Jun 17, 2018
Messages
166
Reaction score
26
Points
35
Awards
1
Location
Pakistan
BMF Points
898
Rating - 0%
0   0   0
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

Emerald Member
LV
0
 
Joined
May 27, 2019
Messages
1,538
Reaction score
248
Points
0
Location
India
BMF Points
10
Rating - 0%
0   0   0
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

Newbie Member
LV
0
 
Joined
Aug 12, 2019
Messages
14
Reaction score
5
Points
0
BMF Points
120
Rating - 0%
0   0   0
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

Platinum Member
LV
0
 
Joined
Jan 25, 2016
Messages
531
Reaction score
116
Points
50
Location
Philippines
BMF Points
735
Rating - 0%
0   0   0
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

Bronze Member
LV
0
 
Joined
May 21, 2019
Messages
51
Reaction score
13
Points
0
Location
usa
BMF Points
7,125
Rating - 0%
0   0   0
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?
 
Similar threads
Thread starter Title Forum Replies Date
BrolySSJ Reasons for the Plummet of bitcoin price at the start of the COVID 19 pandemic Bitcoin Forum 10
Gigi How to Start with Bitcoin Mining? Mining Forum 214
Emoney ❕NEWS The corona pandemic makes more US investors flocking to Bitcoin Bitcoin Forum 8
De-rector ❕NEWS Coinbase debit card is launching in the US and let users earn back bitcoin. Crypto Currencies 13
De-rector ❕NEWS Bitcoin is the most profitable asset in a decade. Crypto Currencies 18
samra789 Sell 50$ BitCoin Cash, Need Airtm Buy / Sell / Trade 1
De-rector ❕NEWS Marathon buys additional 10,000 antiminers to become IS largest Bitcoin Miners Crypto Currencies 11
De-rector ❕NEWS If bitcoin should passes $14k traders should look up $20,000 Crypto Currencies 19
NoLimits15 ❕NEWS Actor Kevin Hart's New Foundation Accepting Bitcoin And Other Cryptos Bitcoin Forum 6
Josemendez ❕NEWS Annoymous moves the highest Dollar equivalent of Bitcoin Bitcoin Forum 6
Emoney ❕NEWS Billionaire Michael Novogratz takes on the future of Bitcoin as digital currency Bitcoin Forum 9
Emoney ❕NEWS Despite heavy sellouts Bitcoin still stands strong due to strong demands Bitcoin Forum 12
De-rector ❕NEWS I don't see what is going to stop bitcoin from appreciating: Mike McGlone. Bitcoin Forum 6
Emoney ❕NEWS As much as 4% of all Bitcoin supply is being keep as treasuries by companies Bitcoin Forum 12
Emoney ❕NEWS Paul Tudor Jones supports Bitcoin and compare it to early Apple investment Crypto Currencies 7
NoLimits15 ❕NEWS JPMorgan Bank Says "Bitcoin Might Be The Next Big Thing" Bitcoin Forum 12
NoLimits15 ❕NEWS Kanye West Praises Bitcoin In Joe Rogan's Podcast Bitcoin Forum 0
De-rector ❕NEWS Rich bitcoin Investor moved about $175 million worth bitcoin with just $0.84 Crypto Currencies 13
AudraMiller ❕NEWS The odds of bitcoin surpassing $20k this year is quite low Bitcoin Forum 15
AudraMiller ❕NEWS The Winklevoss Twins say that bitcoin rising to 500k dollars is in the cards Bitcoin Forum 2
V Sell Have 50$ Bitcoin, Need Skrill /Paypal Buy / Sell / Trade 2
Z Sell A very special bitcoin related domain for the highest price Buy / Sell / Trade 0
De-rector ❕NEWS $22 million worth of bitcoin moved from Huobi to Okex despite the freeze on withdrawal. Bitcoin Forum 5
De-rector ❕NEWS 5 mega exchanges owns 10% of entire bitcoin supply. Bitcoin Forum 10
Josemendez ❕NEWS Bitcoin helping undocumented immigrants to send money home Bitcoin Forum 1
Darkerhorse $80 paypal for $75 bitcoin Buy / Sell / Trade 4
De-rector ❕NEWS Wrap bitcoin now available in coinbase Bitcoin Forum 11
Josemendez ❓ASK Will the $20k prediction of Bitcoin come to pass now ? Bitcoin Forum 3
Josemendez ❓ASK Is there a concern for high taxation on cryptocurrency especially Bitcoin ? Bitcoin Forum 2
Josemendez ❕NEWS Three reason that is responsible for Bitcoin breaking the $13k resistance Bitcoin Forum 15
De-rector ❕NEWS Luno launches interest earning bitcoin wallet. Bitcoin Forum 8
NoLimits15 ❕NEWS Bitcoin Bar "Room 77" Closes Down In Germany Bitcoin Forum 4
highspeed ❕NEWS The legendary "Room 77", the first venue to accept Bitcoin payments, has closed! Bitcoin Forum 0
Josemendez ❕NEWS Luno Wallet Unveils 4% Interest for Bitcoin Deposits Crypto Currencies 16
De-rector ❕NEWS Publicly traded companies own 601,000 bitcoin and has gained $500 million. Bitcoin Forum 5
Josemendez ❕NEWS Bitcoin adoption increasing daily in Turkey Bitcoin Forum 2
De-rector ❕NEWS Fate of $2.3 billion worth of bitcoin in limbo. Bitcoin Forum 9
De-rector ❕NEWS Satoshi Nakomoto will surpass Jeff Bezoz if bitcoin hits $160k per Coin. Crypto Currencies 14
Adrian188 1,9$ Paypal to 1,8$ Bitcoin Buy / Sell / Trade 2
onlyprofits ❕NEWS BITCOIN PRICE COULD REACH 15,000 DOLLARS. Crypto Currencies 27
Zihann ☑️NEW bitcoin-cryptotrade.com Reviews : SCAM or LEGIT? HYIPs Forum 0
Hick1212 Sell $78 bitcoin for $65 payeer Buy / Sell / Trade 5
NoLimits15 ❕NEWS Bitcoin's Price Now At $11,000 After Square's Huge Investment Bitcoin Forum 15
AudraMiller ❕NEWS 21 million dollars of bitcoin has been moved to unknown wallets Bitcoin Forum 16
AudraMiller ❕NEWS Three factors show that bitcoin price may hit $11k once again Bitcoin Forum 31
Emoney ❓ASK Bitcoin price quickly rise $300 the moment Square buys up 4,700 Bitcoins Bitcoin Forum 8
NoLimits15 ❕NEWS Square Company Invests $50 Million in Bitcoin Bitcoin Forum 13
Tappman ❕NEWS Square buys $50 million in bitcoin causing price to spike Crypto Currencies 4
Emoney ❕NEWS Twitter CEO says that Bitcoin and Blockchain will form Twitter's future Crypto Currencies 2
Niftyicon ❓ASK Best time of the day to cash out on Bitcoin. Bitcoin Forum 39

Similar threads

REWARDS: Active Raffles


  • Roll 15: Win 50,000 BMF Points!

    The entry period for this raffle ends in..

Top Bottom

Earnings Disclaimer:  All the posts published herein are merely based on individual views, and they do not expressly or by implications represent those of BeerMoneyForum.com or its owner. It is hereby made clear that BeerMoneyForum.com does not endorse, support, adopt or vouch any views, programs and/or business opportunities posted herein. BeerMoneyForum.com also does not give and/or offer any investment advice to any members and/or it's readers. All members and readers are advised to independently consult their own consultants, lawyers and/or families before making any investment and/or business decisions. This forum is merely a place for general discussions. It is hereby agreed by all members and/or readers that BeerMoneyForum.com is in no way responsible and/or liable for any damages and/or losses suffered by anyone of you.