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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.

 

[xXInfectedXx]

Bitcoin is a digital crytocurrency that is decentralized that is, it doesn't require the service of a third party and it is basically used for online transactions, it transactions are monitored by networks nodes through cryptography and display on the crypto currencurrency legdger popularly known as blockchain. Bitcoin was launched on January 2009 by anonymous person or group called Nakomoto satoshi. It initial value was $0.3 as at 2011 , within this year it grew up to $5.2. Bitcoin value grew as high as $20, 000 in the year 2017 but it currently at approximately $4000, it is the most famous crypto currency with highest value. It is obtained basically from mining and also through trading or exchanges.

Bitcoin has a block time of 10 minutes, hash functions as SHA-256, it block reward is 12.5 BTC, it block explorer is bittaps.com. It has stamptiming scheme of partial hash inversion. It transaction are defined using a forth-like scripting language. The units of bitcoin are milibitcoin which 1/1000 and satoshi is 1/100000000. It current supply is 17,560,866 and has a supply limit of 21, 000,000. Bitcoin has forks like bitcoin cash and bitcoin gold. The website for bitcoin is bitco.org and the ticker symbol is BTC, XBT. While

 

[Singkamas]

Do you have any suggested mining site for a bitcoin? Free sites. Thank you

 

[Abdul hanan]

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.
View attachment 2786

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.

· 0% fees: As there are no fees for receiving bitcoins, international transfers can be made with 0% 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.

You said 0% fee? what about all those transaction fees that wallets cost us? Coin base is costing too much fee per transfer and also blockchain. The lowest fee i have paid per transaction is 0.5% by coinpayments.

 

[BMF]

The lowest fee i have paid per transaction is 0.5% by coinpayments.

I fixed that. As you can guess this was a paid article, not made by me, I don't have that much time and I buy content.
I usually look into it before publishing but when I published this topic I was in a hurry and could not see there's a mistake.

 

[Nagla]

You made it looks more clear to me thanks for simply explaining what bitcoin is. is it hard to join this world of bitcoin? can good guys are allowed to use bitcoin to or no?

 

[castbound castboundoski]

Hello folks = )

Been a while since I made a thread .

Would love to read your opinions on this topic.. Is Bitcoin one of the greatest inventions since the internet?

We all know that there are many benefits in using bitcoins and other cryptos but can anyone specify some disadvantages ?

Would be interesting to read your opinions.

We all know that Satoshi hasn't appeared in publicity . We do not know who she/he/they is/are . There is a question one guy asked... What if group of bankers under the name of Satoshi Nakamoto working for the banking organization created Bitcoin only to try and force us on something where they could squeeze humans more than ever?

This is just a theory / weird question but still I want to know your opinions on this.

 

[JRLoberiza]

Interesting point of view. I did a quick search on Google about the meaning of Satoshi and Nakamoto separately, while I got no clear definition of Satoshi except for it being a masculine name, Nakamoto means "Central Origin".
Question is, Origin of what?

 

[SHOHANA]

Interesting point of view. I did a quick search on Google about the meaning of Satoshi and Nakamoto separately, while I got no clear definition of Satoshi except for it being a masculine name, Nakamoto means "Central Origin".
Question is, Origin of what?

you have said my words, I'm not so familiar with this currency satoshi and how group of bankers can force for it.

 

[tusziget]

I don't know really what to say about it.Interesting point of view.Interesting of it is,that it isn't impossible this theory to be real.There are so many things all around the world,that we cannot give a real explanations.I stick though to my opinion,that Nakamoto exists(if this is his real name) and he created the Bitcoin.

 

[cashonline]

I guess its not a work of group of bankers since if it does, banks should not be threatened with its existence, besides one of the findings who created bitcoins they said to be a world class programmer with a knowledge on economics and knows how peer to peer networking works.

and surely if people learns that it is made up by bankers people will surely distrust this and its price will fall,

 

[JRLoberiza]

you have said my words, I'm not so familiar with this currency satoshi and how group of bankers can force for it.

Satoshi is a fraction of Bitcoin. Named after the creator of Bitcoin. The theory is, Satoshi Nakamoto is a fictional entity created by the "bankers" to hide their own identities.
By making bitcoin a "global" currency, in effect they "forcing" us to invest and use the virtual currency.
Although I don't know what castcound meant by squeezing humans more than ever.

 

[Sparjo]

Sorry admin

I'm new to this, and I will like to have more resource to aid my understanding of what bitcon really is, and how to cash in on it.

 

[JRLoberiza]

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.
View attachment 2786

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.

This is so far the simplest and easiest to understand explanation of Bitcoin. Thank you very much, Mr. B.

 

[anorona]

Yesterday I registered on the site which pays mBTC for viewing some ads. I just want to know what is the convertion of mBTC to bitcoins?

 

[Kitang01]

1 mBTC = 0.0010 BTC.

Bitcoin is the future currency. :) hehehe. Bitcoin is too high.

 

[MegaMan]

Bitcoin is the future currency. :) hehehe. Bitcoin is too high.

1 BTC = $5,700 now and I can't say that it will be the best or our future currency because every minute it goes up and down and it may crash at any time.

 

[anorona]

1 mBTC = 0.0010 BTC.

Bitcoin is the future currency. :) hehehe. Bitcoin is too high.

Let us see. The value of bitcoin is increasing everyday. I am thinking to invest something on my btc wallet then convert once the price rate increase again.

 

[Crystal]

it may crash at any time.

only few percents or only few dollars, maybe few hundreds but it will never drop bellow to $2000 as i keep saying on BMF .
To crash drastically even bellow $2000, the bitcoin needs to be banned by all the countries and every owner of bitcoins to sell it. But this scenario is impossible to happen.
I can't predict the price of in 50 years but i can say that bitcoin is strong enough not to fall drastically,bellow 2000. Even if it falls, it has amazing extraterrestrial healing skill and it will recover faster than you/we think.
And i think will become more stronger and popular (more expensive as any product or object purchased from the stores) because of the global inflation and money devaluation.
Maybe another reason why bitcoin has been created, is on purpose as a next level money because of the global inflation and paper money devaluation. This is more psychological which is fixing big numbers, example ; in 2050 you won't spend 100,000 dollars on a normal car but you will spend 5 btc. The global inflation and paper money devaluation will continue and maybe in the year 3000, BTC will start its devaluation and a new currency/money type will appear which you can buy it with bitcoins. And so on.

 

[Medowriter]

Yes I agree with you OP, it is one of the most popular coin amongst all other coins, it gradually becoming the easiest currency for online transactions and it is easier to use, though the concern of many governments is it decentralized nature. However you can earn bitcoin from faucet claiming, it smaller unit us called Satoshi, currently about 25000 satoshi makes a dollar.