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What is Bitcoin?

Article by Wikipedia

Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application.

Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors. The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility.

Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other governments. In China, buying bitcoins with yuan is subject to restrictions, and bitcoin exchanges are not allowed to hold bank accounts.

 

Check Youtube video below for more info
https://www.youtube.com/watch?v=Gc2en3nHxA4

 

How to earn BTC ?


The first thing you will need is to download BTC wallet
Goto bitcoin.org and download a wallet , i will suggest to download bitcoin-QT

After installation leave it so it download all the blocks , it will take a lot of time , approx couple of hrs. when all the blocks are d/l you are ready with BTC wallet.

Now go to receive tab and you will see address this is your BTC address , you can use it to receive BTC , you can generate many address. 

 

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  • 4 months later...
  • 3 months later...

BTC against USD is just like other currency against USD. BTC in fact another cryptocurrency and so far this one is the most popular one and the one that many people put their value above the others and also some countries authorities already willing to use them thus increasing the price.

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  • 2 weeks later...

BTC or what we called as Bitcoin is a digital  cryptocurrency where it is act as the payment or currency in virtual world/internet. The way to earn or getting BTC is by mining or just like other people you can earn from selling or buying something. BTC gain phenomenom because it is called as the alternative to current currency.

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BTC or what we called as Bitcoin is a digital  cryptocurrency where it is act as the payment or currency in virtual world/internet. The way to earn or getting BTC is by mining or just like other people you can earn from selling or buying something. BTC gain phenomenom because it is called as the alternative to current currency.

Well i think it does not matter what is the opinion of others about BTC, it is one of the most usable cruptocurrency above the others simply because this one that gain recognization first and faster compared to the other, it actually lack of something but the liquidity is higher because there are a lot of to do with it.

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Liquidity is higher compared to the other currency but this is one of currency that still has low liquidity which drives the price getting higher. BTC as for me is another currency backup, it is also good if they could enter as commodity for me.

Its liquidity is higher but not so high too, even the price is volatile people love it because it is volatile and people also concern with the currency that they are using right now, is that safe or cannot be so much manipulated and choose BTC which actually still could be manipulated depend on the way you want, but harder.

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Bitcoin total volume in the network is different than others, i can say smaller but that is why the price of this popular cryptocurrency is bigger and also can rise rapidly before because it is following demand and supply theory. In fact Bitcoin right now is less volatile than before because there are more currency that circulated inside.

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It is because they are the introducer who step into this field faster than other so the valuation is bigger, their competitor only LTC which is actually bitcoin rip off with some improvement but too later because BTC is in there, and thanks to Snowden BTC is more popular and appreciate by people.

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That is the advantage of first penguin, it will be popular and usable in macro fto micro transaction. One thing that become mystery of BTC is who is the creator it seems that they/he/she hide/s behind the shadow and thanks for BTC open nature any other cryptocurrency are forked from BTC's code.

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Now you mention the code i think that is also why BTC gain more popularity and it creates imbalance in demand and supply thus increasing the value but sooner the price fall also since it alreayd reached its saturation. BTC is another good services that become alternative for converntional currency.

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I think that BTC may not have gotten the kinda popularity it came with. Even though it is not finally down below, I still do not think it has attracted a lot of people the way it ought to have done because there is this tendency that this one never got so popular from the way it used to be or from the way so many people expected it to be.

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Future but decentralized? I think it is more like less centralized aka federalized. There are still big players which act as miners, they are the one who gain bigger control to this currency. Not centralized for sure, but you will find there are like 4 or 5 biggest exchangers that playing important part. I heard BTC want to launch BTCGold? LOL for what sake they want to launch it? BTC is fiat then, right?

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  • 3 weeks later...

Bitcoin is the future of digital payments - safe and decentralized. It promises endless possibilities.

Safe? Like what? like what happened when there are hackers who stole BTC? It is not 100% safe and also you can simply avoid taxes with BTC makes it a good place for some  entrepreneur who want to save their own money from strict government who love to tax higher.

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BTC is not 100% safe, also it is not anonymous. What makes it better because it doesn't have anyone control it, which is partly lie because there are some big things inside that become the power behind BTC, like those big exchangers, what i see right now BTC more like federalized currency, not really decentralized like what the creator want it.

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  • 4 weeks later...

BTC is not 100% safe, also it is not anonymous. What makes it better because it doesn't have anyone control it, which is partly lie because there are some big things inside that become the power behind BTC, like those big exchangers, what i see right now BTC more like federalized currency, not really decentralized like what the creator want it.

Because of its public ledger where you need to trace someone, this is not 100% anonymous but about safety just like the others, BTC is not 100% but it is maybe according to me is 95% safe, and you can use it as tax evasion in this case you are not really trust your currenct government to handle money.

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And the one who will verify your transaction is miner itself. As the reward for verifying somebody's transaction miner will get the block aka BTC, the bigger block they get the bigger BTC they get. But this is truly use power extensively, not really green as the other currencies but after all BTC mined, i think the fee will be bigger.

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hi, I am currrently investing on DeepOnion. The idea of a cryptocurrency that uses the TOR network is definitely intriguing. I see the price is in an upswing right now too. I have seen a lot of stuff posted around Facebook about it, DeepOnion have a passionate community.

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