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What is Bitcoin?
Bitcoin is a new technology that functions as a digital currency. It is a peer-based, decentralized way to hold, store, send, and receive value. It does this by maintaining a cryptographic “ledger” called the Blockchain. All of the bitcoins in existence are created and stored on the Blockchain.
Bitcoin with a capital “B” refers to the technology itself. Bitcoin spelled with a little “b” refers to the tokens that hold the value and can be exchanged with others.
Multiple copies of the Blockchain exist on thousands if not millions of computers worldwide. Each copy of the Blockchain “verifies” itself by connecting to the Internet and making sure it has the most up-to-date list of transactions. The Blockchain maintains its integrity by using strong, modern, encryption techniques. This makes it impossible for anyone to alter the ledger, create fake transaction or “double-spend” their bitcoins.
Bitcoins do not require banks or third-party financial services to act as central clearing houses for electronic transfers. In essence, Bitcoin technology “cuts out the middleman”. Bitcoin is a decentralized, peer-to-peer monetary system that exists outside of the traditional, centralized, fiat-currency based financial system.
Is Bitcoin money?
Good question! The short answer is yes! But the long answer requires that we talk a little about what “money” is or what it should be.
Money is basically an idea. It is a system that we can all agree upon which allows us to exchange value, so we do not have to carry around cows or chickens with us to trade for the things we need.
An ideal money or “currency” should have the following properties:
Portable
Fungible (interchangeability)
Dividable
Durable
Cognizable (easily identified)
Stable
Does Bitcoin fit the bill?
Well it’s certainly portable. It is all digital. It weighs nothing (unlike gold which can be heavy and bulky in large amounts. For that matter, traditional paper currencies can also become heavy and bulky in large amounts!). It can be sent across the room or around the world with the same ease and comfort. You can carry it on a piece of paper, a laptop, or even your smart phone.
It is Fungible. Every bitcoin is like every other bitcoin (unlike shells, beads, and traditional precious metal coins which can be “shaved” or diluted in purity)
It is dividable. It is actually one of the most dividable currencies ever conceived! It is possible to spend small fractions of bitcoins and no need exists to make change. When was the last time you were able to spend 1/8 of a penny?
Bitcoin is durable. It is protected by strong encryption and the Blockchain exists in thousands if not millions of locations simultaneously. You would literally have to delete the blockchain from every computer and smart phone in the world to destroy a bitcoin.
Bitcoin is cognizable or easily recognized. It’s based on math. No one can dispute a number or deny that 1 + 1 =2. People are just beginning to understand what Bitcoin is. There is a bit of a learning curve. But once you are familiar with it, you will know it when you see it.
Is Bitcoin stable? Well the current value of a bitcoin has been quite volatile lately in relation to other traditional currencies. But the Bitcoin plan calls for the creation of only 21 million bitcoins. In this way, Bitcoin will try to avoid the pitfalls of modern fiat currencies such as inflation, deflation, market manipulation, monetary policy, quantitative easing, and other central manipulations that effect the day-to-day value of the money we use.
23 Comments
When I first heard about cryptocurrency I was not interested because my mindset was what changes will it bring to the world it’s about I was more than interested because the opportunity it presents is very wide and equally got to someone wealthy. I read several posts and equally got to know about trading and some exchanges that I can equally get this done. I started to buy some bitcoin in early 2018 because the market outburst in 2017 was more than enough for me to have a belief that yes cryptocurrency is here to stay. I decided to carry out some trading without proper knowledge of how to trade or what trading about and which currency pairs is volatile, I luck proper knowledge of how the market trends go because I was thinking that there will always be an upward trend in the market. I invested in some coin that eventually ran out of the markets in 2018 it didn’t work out the way I thought it will be, I was so sad I wanted to give up on bitcoin I stop trading for some months because of the fear of loss, I came across a Youtube video may this year where I saw some individuals showing praises on this trader Darragh Odhran, so I contacted him his trading signals are really accurate unlike ang signals I ever have seen, He asked me some few questions at first making sure if I was making profits not losing, I put confident on him I bet you his signals I unlike others, he help me generate my 1 BTC into 5 BTC in two weeks and there days I was so amazing I was tired of constant losing of my coin here is his contact details: HACKSERVICETECH. COM
Is there a way to buy and send other than cashapp? Cashapp has a daily $2K limit and $5K weekly
Finally someone who kept it simple. Thank you.
Can you do this with uphold?
I have been scammed many time on telegram but costdude on telegram is such as legit and reliable vendor I ever met,thank you so much bro, you are the best🥰🥰
Mrs Jane is legit and her method works like magic I keep on earning every single week with her new strategy,
Under 5mins. My man!
Hi so I think i understand, when you have it sent to the wallet online you can buy things with that wallet online with Bitcoin??
So you need that device to buy anything online using Bitcoin ?
So simple, thank you.
So amazing I just started trading with Mrs Millian Kelvin, she is the best at what she does with an initial investment of $2,400 i made up to $8,230 in just a week of trading with her, her strategies are mind blowing..
Aloha and Mahalo!
I can't believe am becoming rich after i have suffered, I'm so glad i met who changed my life for good through..🇨🇦🇨🇦
I can't believe am becoming rich after i have suffered, I'm so glad i met who changed my life for good through..🇨🇦🇨🇦
This isn't simple at all. Not everyone uses ledger and what's with the small hand held??
🖕🖕🖕 i never be better like this when i got 6BTC in my wallet balance
🖕🖕🖕 i never be better like this when i got 6BTC in my wallet balance
I never believe there are scam in this world because I've been dealing
with this team i point out, and they've been getting me a lot of bitcoin successfully
I never believe there are scam in this world because I've been dealing
with this team i point out, and they've been getting me a lot of bitcoin successfully
I was looking for the tutorial for the Bitcoin lawyers and other stuff for a days and you are the only person who make it really simple and easy love it
A lot of people are complaining about other trader , but I have been investing and trading with Expert Doris for some years now , but she has been nice to me , I never experienced any lose with her trading, 💯💯❤️❤️❤️
MRS LINDA IS PERFECT AND HER METHOD WORKS LIKE MAGIC I KEEP ON EARNING EVERY SINGLE WEEK WITH HER NEW STRATEGY.
what if your nano x hardware dies?