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[BMF]

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.

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.

 

[CrazySher]

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.

View attachment 26351

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.

Yes

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.

View attachment 26351

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.

Yes, In, simple it is a digital crypto currency which price goes cup and down and we have to buy it when it's price become low and sell it when the price goes high. But this is also so risky, because we can't predict it and anybody don't know that how it's price goes up and down which elements boost it's price so this currency is banned in several countries.

 

[Rollerkid]

Well I'm still confused about bitcoin though. I don't know how it works the value of bitcoin, how it is being generated still remains a mystery to me I would appreciate it if I can be enlightened more on it and how I can be a good bitcoin trader

Bitcoin is a digital currency what can be used to purchase products and also can be traded on various crypto markets. Currently the market price for bitcoin is $13730.

 

[Amalive]

Well I'm still confused about bitcoin though. I don't know how it works the value of bitcoin, how it is being generated still remains a mystery to me I would appreciate it if I can be enlightened more on it and how I can be a good bitcoin trader

Go to the official bitcoin website (https://bitcoin.org) or read this ebook (https://github.com/bitcoinbook/bitcoinbook) to know more about bitcoin and to become a bitcoin/crypto trader you don't need to have an expert understanding of it, just general knowledge is enough. What you need is to learn how to trade and make an analysis for your profit.

 

[Niftyicon]

For me, bitcoin is an asset/investment tool that I have absolute control over without giving any thoughts to the need for a broker or expert.

 

[Mahdi0515]

Its really nice
Bitcoin is now the best and famous cryptocurrency

 

[fruyisuccess]

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.

View attachment 26351

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.

Thanks for this post. I could see that this forum is a repository of information that enlightens the newbies and expose them to some sound knowledge.

 

[fruyisuccess]

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?

There should be no confusion. I would say make research on the net, study to acquire more knowledge of how it works. The internet is full of so much information !

 

[fruyisuccess]

bitcoin is a currency like doller

No No no no! This is not like dollar because dollar is centralized and it's under govenment control and regulations but bitcoin is not --- bitcoin is decentralized!

 

[sagefave]

Although Bitcoin is so popular now that almost nobody can claim not to have heard about it, this thread has done a wonderful introduction about Bitcoin and the best thing about Bitcoin is its anonymity although a lot of people argue that this will encourage its use by criminals for illegitimate purposes. There are always two sides to a coin and there is no great invention without a flaw or disadvantage.
I hope Bitcoin never becomes centralized as government regulations may just ruin the value.

 

[James101]

That is very correct, understanding want Bitcoin is all about should interest us, more than how it came into existence in 2009 or 31st October 2008. I'm very keen to learn remarkably about how Bitcoin Blockchain works.

 

[Ignaciogdz]

Bitcoins the first cryptocurrency to be developed and also the first and only application based on blockchain technology that works 24/7 365 days a year since 2009.

 

[Sdarow]

I can say that it is the best form of investment and currency exchange, since it is a decentralized contract and third parties are not needed to send the money anywhere in the world, although some exchaing commissions are now charging quite a bit. I dare say that it is the future of the world economy.

 

[Amalive]

I can say that it is the best form of investment and currency exchange, since it is a decentralized contract and third parties are not needed to send the money anywhere in the world, although some exchaing commissions are now charging quite a bit. I dare say that it is the future of the world economy.

If you send it through an exchange particularly a centralized exchange then it means you use a third-party service, unless you sent it with your own wallet

 

[Charlie93]

Bitcoin mean decentralized crypto currency And all over the world using this coin because it's very easy to handle I mean we can pay for any other fee or bills in 1 sec

World's NO.1 crypto currency

 

[SCAMEXPOSER]

Bitcoin mean decentralized crypto currency And all over the world using this coin because it's very easy to handle I mean we can pay for any other fee or bills in 1 sec

World's NO.1 crypto currency

Not all the countries in the world are currently using bitcoin but it can be used if the countries are ready because it is digital and decentralized coin.

 

[Amalive]

Bitcoin mean decentralized crypto currency And all over the world using this coin because it's very easy to handle I mean we can pay for any other fee or bills in 1 sec

World's NO.1 crypto currency

Yeah you can pay your necessary stuff with bitcoin in a short time but to be done (confirmed tx) it depends on the fees that you paid in your tx, if you put very low fees then you will need to wait in longer time maybe some hours or days.

 

[SCAMEXPOSER]

Yeah you can pay your necessary stuff with bitcoin in a short time but to be done (confirmed tx) it depends on the fees that you paid in your tx, if you put very low fees then you will need to wait in longer time maybe some hours or days.

Most times I don't input fee for sending bitcoin I work with the amount suggested or calculated by the wallet at that moment.

 

[Amalive]

Most times I don't input fee for sending bitcoin I work with the amount suggested or calculated by the wallet at that moment.

Which wallet did you used for? Is it a custodial wallet which not allowing the user to customize their fees? Using the option above sometimes force people to paid ridiculous fees particularly if the network have high traffic

 

[Sincere66]

Bitcoin have made online transaction much more easier. Before people were tlrunning helplessly to transact via PayPal which isn't accessible all countries. Now Bitcoin and other Cryptocurrency have aided that burden and made online transactions easier.

 

[Dora_WalletInvestor]

Well I'm still confused about bitcoin though. I don't know how it works the value of bitcoin, how it is being generated still remains a mystery to me I would appreciate it if I can be enlightened more on it and how I can be a good bitcoin trader

I feel you, how the price is determined can be difficult to understand not just in crypto but in other markets as well. The biggest driver of Bitcoin's price is supply and demand. The limited supply is the basic reason why Bitcoin is a "deflationary currency", meaning its value increases over time. On the demand side, if many people want to buy bitcoin, the price will increase, if many people sell their coins, the price decreases.