How does bitcoin work?

[Fzrz6455]

[abc3643]

It doesn't.
"Crypto" is anything but crypto.

Remember this:
Cryptocurrencies are always compared against the dollar as in "My $1 Bitcoin is worth ______ dollars."

You know what that really tells you?
That the dollar is the REAL money.

When people start saying on a regular basis "My dollar is worth _____________ Bitcoin." then, maybe, cryptocurrencies will become "real".

That's at least a generation away because quantum computing isn't there yet. And, even when it is, then governments will have quantum computing too. So, in other words, ANY INTERNET BASED CURRENCY CAN EVER BE TRULY ANONYMOUS.

If you want to spend money anonymously, use cash - the original cryptocurrency.

BOTTOM LINE:
Don't bother - others got out, which is why cryptocurrencies are collapsing.
I never invested in it because the laws of physics tell you what reality is going to be and the laws of physics and human nature told me crypto=bullshit.

[abc3643]

CORRECTION:

So, in other words, ANY INTERNET BASED CURRENCY CAN
>>>> NEVER <<<<<
BE TRULY ANONYMOUS.

[Anonymous]

It's like a commodity. Like buying a house, gold, and silver, but it's only available on the internet: no intrinsic value, just internet money. Bitcoin is the only one worth it because it has Bitcoin miners that use low-cost energy in 3rd world countries. But those 3rd are starting to suffer from power outages because their infrastructure is fragile and cannot handle all those mining rigs that are set up. So when the cost of power keeps going up, eventually, it won't become worth it to mine bitcoins anymore, and the miners will abandon Bitcoin, and everything will come crashing down.

I have no idea why people are trying to get into Bitcoin now. Intelligent people like me got into it when it was $1000 and cashed out already. Why do people want to waste money on it now? If your Bitcoin gets stolen, you cannot call the bank and claim fraud or anything. You dont get any tax write-offs from rental property or taking out a loan. I dont understand. It is too late now.

When you see something on the news, intelligent people sell it and leave it on for the next investment. The sheep just buy what I made money off of already, and they just lose their money. It would help if you were on top of all of your investments and did not trust the news or the media. That's how I got successful. I dont even pay attention to the news.

I am technical trader that figures shit out. not a trend trader who listens to the news.

[VikingWarLord]

if I showed you, then you wouldn't wanna be my Sugar Baby anymore

I gotta keep you a bit ignorant and stuupid on these things so you stay dependent on ME.

[Guy13]

It is backed by binary code or Air. Do your research. No FDIC.

[TallAnon]

It's just a currency, that's all you really need to know about it. You can buy and sell it for other currencies and its worth changes quite rapidly.

[Anonymous]

It doesn't, enuf sed