DenisMNE Posted April 29, 2018 Share Posted April 29, 2018 Hello! I have a limited knowledge about bitcoin. I know that it is a virtual currency that has seen a big rise in recent years. I know that its price is around 9000 $ per piece. I just want to know more about it from experienced bitcoin owners. Thank you. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/ Share on other sites More sharing options...
Kakashi2020 Posted May 17, 2018 Share Posted May 17, 2018 (edited) On 4/29/2018 at 8:45 AM, DenisMNE said: Hello! I have a limited knowledge about bitcoin. I know that it is a virtual currency that has seen a big rise in recent years. I know that its price is around 9000 $ per piece. I just want to know more about it from experienced bitcoin owners. Thank you. I'm no expert and like you I'm still learning. What I know is that Bitcoin is being made by the block chain technology, it's a program which was invented by a 68 year (2018) old Japanese American guy named Dorian Prentice Satoshi Nakamoto who's now living in California, although he's denying it, well if I where in his shoes I'll probably deny it also because who ever created BTC stashed 1,000,000 coins. That could easily translate to serious Billions. There are only 21 million Bitcoins available for mining and 16.8 million have already been mined so there only 4.8 million remaining. The Bitcoin network and system is being supported by all the servers of miners mining it and as payment these servers are paid Bitcoins. What happens if all Bitcoins have been mined already? What would support the BTC Network by then since no one will be mining anymore? Satoshi Nakamoto is just a Pseudonym and CNBC is pointing the finger to this man. Edited May 17, 2018 by Kakashi2020 Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-522 Share on other sites More sharing options...
Martinsx Posted May 17, 2018 Share Posted May 17, 2018 It's simply describing as a peer-to-peer internet currency that allows payment with close to zero cost to anyone. It's just an open source blockchain technology that serves as a digital currency used to do a lot of things online in taking care of transaction as fast as possible. 1 Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-528 Share on other sites More sharing options...
Steve5 Posted May 18, 2018 Share Posted May 18, 2018 On 5/17/2018 at 5:12 PM, Martinsx said: It's simply describing as a peer-to-peer internet currency that allows payment with close to zero cost to anyone. It's just an open source blockchain technology that serves as a digital currency used to do a lot of things online in taking care of transaction as fast as possible. Honestly, I don't know if this made it easier for me to understand bitcoins. But I did get that its very convenient when it comes to online transactions. We don't have to worry about spending a lot in order to have secure affairs. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-558 Share on other sites More sharing options...
Martinsx Posted May 18, 2018 Share Posted May 18, 2018 10 hours ago, Steve5 said: Honestly, I don't know if this made it easier for me to understand bitcoins. But I did get that its very convenient when it comes to online transactions. We don't have to worry about spending a lot in order to have secure affairs. It's not even only that advantage is what makes the use of Bitcoin good. Bitcoin offers anonymity when it comes to paying for transaction. Take for instance, how banks and tax agencies monitor financial status and spending, when it comes Bitcoin, no one can know how you spend money. It also offers speedy transaction, any payment sent using Bitcoin would be approved and received immediately by the one it's sent to instantly. 1 Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-568 Share on other sites More sharing options...
Steve5 Posted May 19, 2018 Share Posted May 19, 2018 13 hours ago, Martinsx said: It's not even only that advantage is what makes the use of Bitcoin good. Bitcoin offers anonymity when it comes to paying for transaction. Take for instance, how banks and tax agencies monitor financial status and spending, when it comes Bitcoin, no one can know how you spend money. It also offers speedy transaction, any payment sent using Bitcoin would be approved and received immediately by the one it's sent to instantly. Oh, now I definitely get it. The advantage of anonymity is probably why many are against it. As we all know, financial institutions are controlled by the government. So it's only natural for them to want to have total control over our financial activities. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-586 Share on other sites More sharing options...
Martinsx Posted May 19, 2018 Share Posted May 19, 2018 1 hour ago, Steve5 said: Oh, now I definitely get it. The advantage of anonymity is probably why many are against it. As we all know, financial institutions are controlled by the government. So it's only natural for them to want to have total control over our financial activities. Exactly, it's the case of anonymity that the government is fighting against its usage and acceptance because they would be cut off from monitoring people's investments. Also for the fact that it's a decentralized currency, meaning central banks doesn't have power over it, it's impossible for government to tax it. Try cutting off government from getting its tax and there would be war. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-595 Share on other sites More sharing options...
Steve5 Posted May 20, 2018 Share Posted May 20, 2018 20 hours ago, Martinsx said: Exactly, it's the case of anonymity that the government is fighting against its usage and acceptance because they would be cut off from monitoring people's investments. Also for the fact that it's a decentralized currency, meaning central banks doesn't have power over it, it's impossible for government to tax it. Try cutting off government from getting its tax and there would be war. I can see why they're so paranoid over it. They fear their loss of power. Adding insult to injury is the fact that it's money. And yes, they won't stand for it because they can't put taxes on bitcoin. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-610 Share on other sites More sharing options...
Martinsx Posted May 20, 2018 Share Posted May 20, 2018 1 hour ago, Steve5 said: I can see why they're so paranoid over it. They fear their loss of power. Adding insult to injury is the fact that it's money. And yes, they won't stand for it because they can't put taxes on bitcoin. Who knows if they would find a way to squeeze Bitcoin owners into paying for having them. Government can be a serious thorn in people's flesh. It's actually why they are making every effort in seeing that cryptocurrency - Bitcoin wouldn't gain more ground more than fiat currency. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-620 Share on other sites More sharing options...
Steve5 Posted May 21, 2018 Share Posted May 21, 2018 21 hours ago, Martinsx said: Who knows if they would find a way to squeeze Bitcoin owners into paying for having them. Government can be a serious thorn in people's flesh. It's actually why they are making every effort in seeing that cryptocurrency - Bitcoin wouldn't gain more ground more than fiat currency. I know what you mean. Sooner or later they'll either find a loophole or make up some dumb excuse to force users to pay their taxes. Such is their role in society. Simply unfair. And yes, they're monitoring bitcoins progress. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-644 Share on other sites More sharing options...
Martinsx Posted May 21, 2018 Share Posted May 21, 2018 30 minutes ago, Steve5 said: I know what you mean. Sooner or later they'll either find a loophole or make up some dumb excuse to force users to pay their taxes. Such is their role in society. Simply unfair. And yes, they're monitoring bitcoins progress. Haha, you are definitely correct with that assertion or assessment should I put it that way. The government would never stop until they find a way to exploit Bitcoin and other cryptocurrency in the world or countries that it's not approved yet as a recognized fund or investment. Currently, I heard that Zimbabwean government had officially banned the use of Bitcoin in the country, so you can immediately imagine what they would do when they see no way of stopping or exploiting the coin. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-648 Share on other sites More sharing options...
Steve5 Posted May 26, 2018 Share Posted May 26, 2018 On 5/21/2018 at 4:53 PM, Martinsx said: Haha, you are definitely correct with that assertion or assessment should I put it that way. The government would never stop until they find a way to exploit Bitcoin and other cryptocurrency in the world or countries that it's not approved yet as a recognized fund or investment. Currently, I heard that Zimbabwean government had officially banned the use of Bitcoin in the country, so you can immediately imagine what they would do when they see no way of stopping or exploiting the coin. The government feels threatened by it. That's why they do everything in their power to stop it from somewhat replacing paper money. Though, I think they're feeling a bit smug since bitcoin is a limited resource. Is it true that there'll come a time where all the bitcoins will have been mined? 😅 Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-769 Share on other sites More sharing options...
Martinsx Posted May 26, 2018 Share Posted May 26, 2018 13 hours ago, Steve5 said: The government feels threatened by it. That's why they do everything in their power to stop it from somewhat replacing paper money. Though, I think they're feeling a bit smug since bitcoin is a limited resource. Is it true that there'll come a time where all the bitcoins will have been mined? 😅 Yes, it's true. The government are scared with the prospect of what Bitcoin and other cryptocurrency offers. They are not ready to struggle with Bitcoin in the financial market. Yes, there is a time when there won't be any Bitcoin to mine again, it's actually when all those with bitcoins are looking forward to in order to cash in one the increased price of it. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-787 Share on other sites More sharing options...
Steve5 Posted May 27, 2018 Share Posted May 27, 2018 That's something many bitcoin users anticipate in the future. It'll probably be like a big boom in cash worth. Sometimes it doesn't even take more than a decade. I guess we'll see how it performs as time goes by. The government probably already has something planned for it. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-793 Share on other sites More sharing options...
Kakashi2020 Posted May 27, 2018 Share Posted May 27, 2018 I think Bitcoin was made by a group of individuals, probably financed by big business who planned to earn billions in the long term, I think their plan worked. Whoever planned this also planned the emergence of other cryptocurrencies and exchanges. One thing is for certain and that is something is wrong with it because a currency must be regulated if not then what happens if it gets stolen? Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-801 Share on other sites More sharing options...
NerdIndeed Posted December 29, 2018 Share Posted December 29, 2018 On 5/17/2018 at 5:12 PM, Martinsx said: It's simply describing as a peer-to-peer internet currency that allows payment with close to zero cost to anyone. It's just an open source blockchain technology that serves as a digital currency used to do a lot of things online in taking care of transaction as fast as possible. I never knew that it was in some way more like a peer-to-peer model. Is it somehow similar to torrents and stuff? Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-3613 Share on other sites More sharing options...
Caguioa747 Posted December 29, 2018 Share Posted December 29, 2018 Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-3628 Share on other sites More sharing options...
Martinsx Posted December 29, 2018 Share Posted December 29, 2018 7 hours ago, NerdIndeed said: I never knew that it was in some way more like a peer-to-peer model. Is it somehow similar to torrents and stuff? I don't have any knowledge about torrents or how it's used as well as its mode of operation. If you can tell me what torrents is all about, I would appreciate it. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-3635 Share on other sites More sharing options...
NerdIndeed Posted December 30, 2018 Share Posted December 30, 2018 A torrent is a file sent via the BitTorrent protocol. It can be just about any file, such as a movie, song, game, or application. When a torrent download is started, the BitTorrent system locates multiple computers with the data and downloads different parts of the file from each machine. Most of the time, it is used for piracy. So be careful in using it. Quote Link to comment https://slingbank.com/forums/topic/98-explain-bitcoin-to-a-newbie/#findComment-3675 Share on other sites More sharing options...
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