There's a good article by the creator of bitcoinhttps://bitcoin.org/bitcoin.pdfIn short: bitcoin is not a money bill with a serial number on it. bitcoin is a chain of transactions (block chain) from it's creation through all the trades to the final owner. This chain of transactions is a digital data stored on each computer that is calculating these transactions (does mining). There are millions of computers which do that. They have the same chains data on each of them. Computers that calculate the bitcoin chains (hence record the trade deals) have a chance of awarding bitcoins for their good work. That's how bitcoins are generated (mined).All the trade deals are the same on all the computers. When you transfer bitcoins (trade or gift), you let all the network know you do that. When more than 50% of the mining computers in the world confirm your crypto key (for authentication) they make the record of your transaction. If you want to hack the system and make a false transaction (to your wallet) on one computer without making that fake chain block on 50% of all the mining computers, your transaction will not be confirmed. And you will not get the bitcoin. It works almost like democracy. You must have the majority votes on your transaction.Pros and cons of bitcoin.PROS: tax free transactions, anonymous users. Trade worldwide. No government can track you. They try to control it, but it is technically not possible.CONS: requires too many computers (=electricity) to work. Unstable price (when average is 4000$, the buy price is 2000$, the sell price is 6000$). Used for money laundering, drug, weapons and other types of illegal trade.
Yes, to avoid fraud (not in bitcoin exchange, but in commodities you get for them), people create cryptocurrency stock exchanges. These are heavily monitored by governments =(. And are not 100% fair: they can reverse your deal and f.. ck you or your deal buddy up.
Never heard of that...
They advertise in the train station. That’s why I asked this question.
It's not in my country, so I really can't tell you if it's good or bad. Anything in the stock is heavily monitored by the government. Install Tor browser visit the pages you wanna trade at and trade there without these stock things. All legal crypto - cash converting companies (banks, stock exchanges) are subjects to government surveillance.
No different than the paper squares. They have 0 use value. They only have value that people place in them. The main difference is the dollar is backed by the US government/military and by central banks. Bitcoin, and other crypto-currencies do not have the backing of central banks and US military. Its fake, I would never invest in it. its usurious.
Usurious? What does that mean in this context?
Because other people are dictating the value of these currencies, they can manipulate the value to favor them. A billionaire can buy up all the bitcoins, creating a currency shortage. Inflating the price of Bitcoin, which they did a few years ago. and when the value becomes extremely high you sell it a much higher price. You are making money without producing anything, thats what it means
Are you talking about Bitcoins?If so, it's a digital currency (also called cryptocurrency) that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment and can be converted into cash/real money
Hope I helped
You did :-)
Thank you for MHO
I had an ex with an international buisness in this... still dunno wtf it is
Have an opinion?
Cryptocurrencies are digital assets secured through cryptography. Cryptocurrencies are just a digital medium of exchange, backed up by simple supply and demand. The main difference between common cryptocurrencies and fiat currency is that fiat currency is backed up by a legal tender, such as a national government. This implies that cryptocurrencies are not tied to any government and no central bank. That means it is not issued by government and not defined as the legal tender by a government. Furthermore, fiat currency theoretically has an unlimited supply as the central bank can just create money, whereas cryptocurrencies usually have very limited supply (which during a bubble also exponentially increases its value). Additionally, the value of fiat currency depends on the market and regulation by the Central Bank/Government.For example, a fiat currency can be tied to another currency by having the Central Bank constantly affect demand for that currency. Cryptocurrencies just have a demand and supply with no government (though Venezuela started its own cryptocurrency) backing it up or affecting it.
No problem :)
Cryptocurrency is digital money. That's all. It's digital cash. So if you pay for something with cash, no one knows what you bought. There are no records that can track you. Cryptocurrency attempts to do that digitally. So instead of being like a credit card, it's like digital cash. Very, very hard to trace. Crytpocurrency is also like cash, because it allows *YOU* to be in control of your money. No government, no business, no bank, no one can steal your money. You control it. You are your own bank. Hackers are a concern, if you keep your digital money on an exchange (a place where you purchase cryptocurrency, which provides crypto storage--but is also a target for hackers, since they know a LOT of currency is stored there). If you have a personal digital wallet--a piece of software which acts just as it sounds, like a regular wallet: storage for your digital money. This makes it much more secure, because hackers won't be as interested in stealing a couple grand. They're aiming for the millions stored on exchanges.In addition, having an advantage to regular money--and traditional banks--you can 'wire' money instantly anywhere in the world without paying a ridiculous fee and having to wait 5 days, as with a typical bank. But all you need to understand about cryptocurrency is that you should buy some bitcoin and treat it as an investment. Because cryptocurrency will be the future of money. People may look at the price and go "WOW, $8,000 for a single coin?" But, if that single coin becomes worth $1,000,000 10 years from now, you'll make a lot of money if you just bought 1/8th of a coin. Fractions of a bitcoin are called "satoshis". I. e. .00001 'satoshis' or.034 'satoshis'.
something decentralized something blockchain meme started by a reclusive Japanese mathematicianhold on a sec I have his photo somewheredone
This guy could explain it simpler than I could.https://m.youtube.com/watch?v=bBC-nXj3Ng4&t=40s
It's an electronic form of currency. And to my limited understanding, the reason why it has value is because there is a limited amount that is fast approaching, especially with Bitcoin. it doesn't have an exchange rate, so you can move money between countries without losing any. With the blockchain security, it's extraordinary hard to hack, and on the non-individual level it's practically impossible. And everyone's interested in getting involved
a digital currency that is only traded through retail and stock. it's not really going to last in my opinion.
I don't know too much about this, but I do know that Bitcoin is probably the most well known. People take their standard money and transfer it into Bitcoin because it is supposedly untraceable, and also because if people are dealing with others from foreign countries, then they have one standard type of currency that connects them all. People usually use that currency to buy illegal things through the dark web.
It won't explain it like it should be explained to Malcolm X. But if you already know something about it, this is a good read, and can help to understand the potential of crypto currency, and spark your own thoughts:www.wired.co.uk/article/crypto-democracy-oligarchs
Its a currency that can be legitimately "printed" on anyone's computer and verified using similar encryption methods that are used to protect sensitive data... that 99% of the time is used in libertarian get rich quick schemes or to buy illegal things like drugs. Its a fascinating concept but too unstable and fragile to transaction fraud to ever see widespread use.
It's like really money in the sense that it has little or no inherent value. It's just a series of bits that have been given a real life value that we all agree to exchange for something with actual value
"It's something that you should not look into" best way to explain to a person who's not good at economics LoL
I wish I could explain it. The main reason why I refuse to invest in it is because I don't understand the intricacies of it.
This👆 Never invest in something unless you understand it.
Interestingly, the reason I refuse to invest in it is because I do understand it.
cryptocurrency is only used when people are doing illegal activities
It's a form of payment no one can understand... just like a cryptic crossword.
Like Fiat money it is a measured value of work performed.
Lol money that basically invisible and only works with electronics
It's not physical money
It's also not a badger.
@blythely badgers are awesome
@blythely you can’t eat a badger lol
Until it's barbequed
I've no clue
it's basically a Ponzi-scheme.
Using money when people do things they shouldn't.
l think its to do with the dark net
Don’t know for sure but be careful
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