Do you know what BitCoin is? Have you ever used BitCoin before?

Has anyone here ever heard of BitCoin or know what BitCoin is?

If you do, and if you used it before, or if you still use it, then can you please answer a few of my questions below? Thanks. Please explain BitCoin to me in plain English.

What are the advantages and disadvantages of using BitCoin?
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Or why would anybody want to use BitCoin?

Does BitCoin affect banks and law enforcement authorities, and if it does, then why would they be concerned? How exactly does BitCoin affect banks and law enforcement that would cause them to be concerned?

Where can BitCoin be used or whom or where accepts BitCoin transactions?

Thank you for reading. I look forward to everyone's response soon.

Do you know what BitCoin is? Have you ever used BitCoin before?

Updates:
10d Little help?
8d Anyone else ever used Bitcoin here?

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What Girls Said 0

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What Guys Said 5

  • I know what it is but I don't use it

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    • 10d

      Any idea why anyone would use BitCoin at all? Such as what are the advantage or disadvantages are to using it? And how it would affect banks and law enforcement authorities?

  • I'd use it if I didn't have to go through a market which takes a day to get a darn transaction done, and with a fee.

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  • I know it's an online currency. Isn't it used for every illegal online transaction?

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    • 10d

      I'm sure there are legitimate use, but okay I guess you were right I found something about Silk Road and Bitcoin was involved and used there before that site was ultimately shutdown, so I guess that's the main reason why law enforcement would be concerned about bitcoin transactions since they can be used for all sorts of prohibited and illegal and nasty crap out there.

  • Its a decentralized currency. Nobody controls it.

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  • Dred1614returns pretty much has it right. it's used for every illegal online transaction.
    I don't believe it's regulated like banks. I "think" recipients make an account similar to the way you can make a fake email account & receive their funds anomalously & electronically.
    I once saw a fake DL website that only accepted bitcoins.

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