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What is bitcoin?

EndlessWaves

Distinguished Member
What is bitcoin used for?

The same thing any other currency is.

It's very similar to gold. Instead of lumps of stuff, it's numbers that meet certain criteria. They're both rare and the value is dependant on how much is around and how much effort is being put in to find more.

The generic name for this sort of money is called cryptocurrency. Bitcoin is the first one that's become very popular, but there are many others with different criteria for the numbers. You may have heard of Etherium lately.

The term Altcoins refers to cryptocurrencies other than Bitcoin.
 

davidhen

Novice Member
Bitcoin is a crypto currency which is not regulated by the government or any authorities, there are certain block chain which is some kind math going around, you can set up a device which mines bitcoin from those block chain, after a process which takes time, one Bitcoin is mined, which is worth $3487.74
 

outoftheknow

Moderator
Bitcoin is a crypto currency which is not regulated by the government or any authorities, there are certain block chain which is some kind math going around, you can set up a device which mines bitcoin from those block chain, after a process which takes time, one Bitcoin is mined, which is worth $3487.74
It doesn't need regulation really. It is self limiting in the number of bitcoins (think of them as rewards for the effort to mine one) issued and the number available lessens in accordance with an algorithm. They will get scarcer in the sense of production but that by itself doesn't drive the value. You can't produce bitcoins by any kind of forgery and the block chain is kept in order by those mining. Since they are only issued as reward for maths being correct (apologies for the simplistic phrase) there is nothing to regulate.

They are probably the currency of choice for dodgy deals and the dark web but that isn't to do with regulating a currency. Use of a currency remains an area of angst whether it is crypto or promissory notes :)
 

outoftheknow

Moderator
Bitcoin is the most popular crypto currency at the moment. Bitcoin created a lot of noise around. In turn, I wish to invest money in bitcoins. I read the article about buying bitcoins here , but I want to hear recommendations about the purchase. How much money can I make on bitcoins? I still didn't decide whether to own the bitcoins.
Not sure this is the best place to discuss financial investment recommendations. We are all private individuals so will have many different opinions on investments which I have no doubt we will all be willing to provide. For example I would consider mining bitcoins but not investing in them by buying and selling them.

How much money you can make is not the best question when investing in anything. Personally I like to consider how much money I can lose first. If I am going to use any advice outside of my mind to make the decision I would look for advice from somebody I at least think is providing complete investment advice. That includes the risks of losses.

BTC is a currency so trading in it is no different to trading in any other currency. There will be many opinions on the best time to buy, how the exchange rate may move, best time to sell and so on. Nobody can tell you how much you might make IMO
 
I don't know what it is or does and I've no inclination to but recent emails seem to have moved from mysterious amounts of monies in banks that don't exist to phishing approaches about bitcoin. As usual the emails are very poor fare gramatically:

bitcoin_scam.png


BitCoin Code Review :: BitCoin Code Scam Exposed by Jasmine

Just so you’re clear from the very start, Bitcoin Code software is a total scam. The good news is that it’s only been up for a short while – the bad news is that already plenty of people have fallen for it.
 

kitkone

Banned
All I can say it's in a massive bubble with all those ICOs coming out.

Companies are raising millions in matter of second without giving out any equity in their business.

e.g. monetha.io
 

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