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❓ASK What Is Bitcoin? START HERE!

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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.
 
When BTC was new, it was PC that was used to mint it, later it keep becoming difficult to mine it, as it keeps becoming popular; now only heavy energy consuming devices are able to mine Bitcoin, and this is done by mining companies, who set up their mining plant on different locations of the world.
If you do not have enough money to establish a mining farm, Bitcoin mining isn't for you. The major reason is that you will end up getting nothing because we have more sophisticated miners to compete with in the Bitcoin network. If your mining with your phone or PC, it is a total waste of time.
 
Bitcoin has come to a price crossroads regarding the new Lightning Network, with analysts claiming their level best as to what will happen next, but no one is able to predict for sure. Right now the BTC price has increased and the price has reached 20k today, with some volatility going on right now.
 
Bitcoin has come to a price crossroads regarding the new Lightning Network, with analysts claiming their level best as to what will happen next, but no one is able to predict for sure. Right now the BTC price has increased and the price has reached 20k today, with some volatility going on right now.
We hope that bitcoin make a rebound and continue in the uptrend. Following the antecedent of Bitcoin, it has the ability to surge in the future and this is not the first time it has gone through rough terrain. It is very certain that it will upsurge very soon. It is the right time to keep accumulating bitcoin now that the price is low.
 
Recently there were Discussion between Nayib Bukela and Steve Hanke over Bitcoin. Also there was debate between Peter Schiff and Micheal Sylor. Everyone has his own thinking and decision making standard in Bitcoin, and Bitcoin itself cannot say anything; so people actually decide on their own, there is no one point.
 
The introduction of Bitcoin has been a good innovation to the world.

I keep one wondering why is it that some countries have not legalize it?

Though I know it is a safe ground for criminals to carryout illicit transaction.

A lot of people have really benefited from this innovation.

The only problem is that it will be a a little beat difficult for rural duellers the embrace this new innovation
 
I keep one wondering why is it that some countries have not legalize it?
because bitcoin is a ponzi scheme. Without demand, price won't pump and it's highly volatile to used as payment method. Also, there's a lot of bitcoin whales, if they withdraw just 10% of their money, it will significantly affect the priice of Bitcoin.
 
If you do not have enough money to establish a mining farm, Bitcoin mining isn't for you. The major reason is that you will end up getting nothing because we have more sophisticated miners to compete with in the Bitcoin network. If your mining with your phone or PC, it is a total waste of time.

Well, the major issue with Bitcoin mining is that mining costs a lot due to various reasons. In order to mine cryptocurrencies, you must buy equipment and you must also maintain those equipment as well and this means that you must have a huge amount of money for that. The key to mining coins is to mine coins that have low difficulty levels.
 
Mining bitcoin with your phone or your PC will give you nothing . It is a total waste of time. You would have benefited immensely from bitcoin if you had bought some at that time and keep . That is exactly what will give you a reasonable amount of money.
Yah that is just an advertisement for newbies to download the app on their phone so they can start promoting their offer, such as investing in the premium plan and boosting earnings. Their actual plan is to encourage you to purchase their cloud mining plan, and this is how they start.

So, if you really wanted to invest in a mining farm then it is best to visit a website and check its credentials.
 
Yah that is just an advertisement for newbies to download the app on their phone so they can start promoting their offer, such as investing in the premium plan and boosting earnings. Their actual plan is to encourage you to purchase their cloud mining plan, and this is how they start.

So, if you really wanted to invest in a mining farm then it is best to visit a website and check its credentials.

I guess that there are many companies that have created their own version of software that could help them mine bitcoins and they tend to earn money by charging fees for that. In the past, I have also found many software on Github that were created by many developers and those developers charged a fix percentage of fee. @ShortyEarn.com - Why do you think that Bitcoin is a pyramid scheme, by the way?
 
Bitcoin misuse hacker Spirdark jailed

Hacker Spirdark (Adrian Kwiatkowsk)i, who hacked the unreleased songs of 89 music artists, and sold them for Bitcoin in "dark web" has declared guilty by UK court and sentenced to 18 Months Jail

This was one of the misuse of Bitcoin, something for economic freedom does not mean to use for wrong reason.
 
because bitcoin is a ponzi scheme. Without demand, price won't pump and it's highly volatile to used as payment method. Also, there's a lot of bitcoin whales, if they withdraw just 10% of their money, it will significantly affect the priice of Bitcoin.

Are you sure that Bitcoin is a pyramid scheme? What made you think like that? I personally think that since Bitcoin has a really huge market capitalisation and potential market, it is quite hard to consider it a pyramid scheme. Moreover, it is also a decentralised commodity as well! Since it is decentralised, it could not possibly a ponzi scheme. I merely view Bitcoin as one of the most volatile asset.
 
Haters of Bitcoin will say anything whatever comes to their mind. Bitcoin is Bitcoin, and it's value is market based where nobody is able to stop. World is trying to learn blockchain, but dinosaurs 🦖🦕 still believe Earth won't exist without them. BTC is fixing this.
 
Indeed, Bitcoin is being used by many people. However, this digital asset is actually volatile in nature just like any other kind of asset such as gold. As a result, this means that you could make profits when you receive bitcoins from people and when the value increases. At the same time, you could suffer from loss, in case the value decreases.
While the governments and countries are seeing volatility of bitcoin as a negative.. i get it sure it wasn't very ideal to be used as a currency right now it is very volatile and while you ask for $20 worth it can be only $10 after a few days or $30 if you're lucky in a few months. but that's where we as traders makes money .
 
Rishi Sunak is Pro crypto, he even is NFT supporter, Britain is going to be hub of crypto, which Sunak always said. However, everything will take time, unlike El Salvador and CAR, he cannot make BTC as legal tender similar to GBP. Yet crypto bum means something, like mining or staking, not just CBDC.
 
Bitcoin for me is a revolution. I don't think there's any other asset out there that has the potential to change the world the way Bitcoin does.
Sure, there are other assets that are valuable, but none of them have the potential to become a global reserve currency. That's what I think makes Bitcoin so special.
 
Bitcoin Friendly Costa Rica
Costa Rica is making the country Bitcoin friendly to boost its economy. After overcoming US sanctions with the help of bitcoin a while back, it is now its Parliament is proposing to cut all taxes on Bitcoin (and other cryptos) to make the country a crypto hub.
 
Bitcoin is the future currency of the world. Bitcoin is digitalized currency that is highly decentralized. Bitcoin is the pioneer of cryptocurrency and the most popular of all the cryptocurrency. Bitcoin is gradually becoming globally recognized as legitimate means of transaction.
 
Costa Rica Definition
CostaRican parliament is discussing Cryptocurrency Bill to regulate Bitcoin and other cryptos, they are even trying to define Bitcoin (this is something they are doing at wrong side too) Bitcoin defination of Country's own, if diffrent from Satoshi, then it will mix up the law.
 
While the governments and countries are seeing volatility of bitcoin as a negative.. i get it sure it wasn't very ideal to be used as a currency right now it is very volatile and while you ask for $20 worth it can be only $10 after a few days or $30 if you're lucky in a few months. but that's where we as traders makes money .

I think this is the main reason why many governments do not see bitcoin as a positive thing, but they must remember that even fiat currencies are also quite volatile as well. Unfortunately, politics is also a huge thing when it comes to the Forex market and the recent finance minister of our country also started doing politics and tried to target the rate of the dollar. Fortunately, they cannot control Bitcoin. @Wisdom01 @Potuse
 
I think this is the main reason why many governments do not see bitcoin as a positive thing, but they must remember that even fiat currencies are also quite volatile as well. Unfortunately, politics is also a huge thing when it comes to the Forex market and the recent finance minister of our country also started doing politics and tried to target the rate of the dollar. Fortunately, they cannot control Bitcoin. @Wisdom01 @Potuse
The decentralization feature of Bitcoin make it a little bit difficult to control. The level of authority you would have on the coin will be very minimal. In point of fact, the level of fluctuations around cryptocurrency cannot be compared to the level of fluctuations around the Fiat currency because cryptocurrency is much more volatile.
 

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