Author Topic: What is Bitcoin?  (Read 2535242 times)

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What is Bitcoin?
« on: January 01, 2013, 03:45:04 PM »
What is Bitcoin?

Web definitions: A decentralised digital currency created in 2009; A client for the above currency.
(en.wiktionary.org/wiki/bitcoin)

« Last Edit: March 12, 2016, 03:30:42 PM by bitcoinforum.com »
"Your keys, your Bitcoin. Not your keys, not your Bitcoin." (Andreas Antonopoulos)
Latest stable Bitcoin version
Latest stable Electrum version

Offline EdwardMatthew

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Re: What is Bitcoin?
« Reply #480 on: November 16, 2023, 11:34:44 AM »

your ads here
Thankyou for the descriptive information

Offline Denniskay225

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Re: What is Bitcoin?
« Reply #481 on: November 16, 2023, 02:23:21 PM »
Well I'm new here hoping to find a bitcoin instant paying faucet

Offline EdwardMatthew

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Re: What is Bitcoin?
« Reply #482 on: November 20, 2023, 01:22:06 PM »
Bitcoin is a digital currency, decentralized and not controlled by any government or central bank, used for secure online transactions.

Offline fundlanmag

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Re: What is Bitcoin?
« Reply #483 on: November 30, 2023, 09:07:48 AM »
I always watch this video everytime I forgot what bitcoin is. Nice post. Thanks!

Bitcoin is a digital cryptocurrency created in 2009 by an unknown person or group of people using the name Satoshi Nakamoto. It operates on a decentralized blockchain technology network, where transactions are recorded on a public ledger.


Bitcoin is often abbreviated as BTC and is known for its decentralized nature, limited supply (21 million coins), and the use of mining to validate transactions and add them to the blockchain. It has gained significant attention as a form of digital currency and an alternative investment. People can buy and sell bitcoins on various online platforms, and their value can be volatile, influenced by market demand and other factors.

Offline UNBANK

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Re: What is Bitcoin?
« Reply #484 on: December 01, 2023, 11:19:32 AM »

Hello Curious Minds and Financial Visionaries,


Today, we embark on a journey to demystify the enigma that is Bitcoin. What is Bitcoin? To some, it's a digital currency; to others, it's a symbol of financial freedom and a beacon of the future. Join us as we uncover the essence of Bitcoin and how it paves the way for financial empowerment with Unbank, the flag-bearer of decentralized finance (DeFi).


What Is Bitcoin?


At its core, Bitcoin is a decentralized digital currency that operates on a groundbreaking technology called blockchain. But it's much more than that:


Digital Gold: Bitcoin is often likened to digital gold. Just as gold has been a store of value for centuries, Bitcoin represents a new-age digital store of value.


Peer-to-Peer Transactions: It enables peer-to-peer transactions without the need for intermediaries like banks. You can send Bitcoin directly to anyone, anywhere in the world.


Security and Transparency: Bitcoin transactions are secure, transparent, and immutable, thanks to the underlying blockchain technology.


Limited Supply: Unlike traditional fiat currencies, Bitcoin has a capped supply of 21 million coins, which makes it a deflationary asset.


Financial Freedom: Bitcoin empowers individuals by providing control over their finances. It's censorship-resistant, borderless, and accessible to anyone with an internet connection.


Unbank: Your Gateway to Financial Empowerment


As we dive deeper into the world of Bitcoin, we also introduce Unbank, a pioneer in decentralized finance (DeFi). Unbank embraces the principles of financial empowerment, offering a range of DeFi solutions that put control back in your hands.


Join the Bitcoin Revolution


What does Bitcoin mean to you? Share your perspective on this digital revolution.
Have you explored the possibilities of decentralized finance (DeFi) with Unbank or other platforms?
How do you envision the role of Bitcoin in shaping the future of finance?
Your insights are a valuable part of this journey as we explore Bitcoin's profound impact and the path to financial freedom with Unbank.

https://unbank.com/

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Re: What is Bitcoin?
« Reply #485 on: December 22, 2023, 06:49:48 AM »
PoolFunders is a creative hub connecting Artists with backers on a crowdfunding 3.0 platform.

✅Crowdfunding Platform: PoolFunders provides a dedicated space for Indie Artists to present their creative projects, seeking financial support from a community of backers.

✅Empowering Creativity: Through crowdfunding campaigns PoolFunders empowers artists to showcase their creativity, allowing them to express their unique ideas and projects to a wider audience.

✅Uplifting Talents: The platform goes beyond just financial contributions. It encourages the recognition and celebration of individual talents fostering a sense of community that appreciates and uplifts diverse artistic expressions.

✅Turning Obstacles into Opportunities: PoolFunders recognizes the challenges artists face in securing funds. By connecting creators with a network of backers the platform transforms financial obstacles into opportunities for artists to bring their projects to life

Offline John_Trant_112

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Re: What is Bitcoin?
« Reply #486 on: December 23, 2023, 02:49:21 PM »
I think it is mostly investment as well as for vast major of people. One more plus that it gives certain amount of anonymity

Offline CoinGrandMaster

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Re: What is Bitcoin?
« Reply #487 on: January 02, 2024, 06:39:00 PM »
Bitcoin is a digital currency which records how transactions are being maintained and new units of currency are being generated by providing solutions to certain mathematical problems which also operates independently of a central bank.



 _@CoinGrandMaster

Offline The Trader

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Re: What is Bitcoin?
« Reply #488 on: January 06, 2024, 02:31:47 PM »
What is Bitcoin?

Web definitions: A decentralised digital currency created in 2009; A client for the above currency.
(en.wiktionary.org/wiki/bitcoin)

Thanks for sharing this, mate.


Offline King-P

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Re: What is Bitcoin?
« Reply #489 on: January 10, 2024, 04:17:50 PM »

I think this will shed more light on the subject of Bitcoin...

🚀 Bitcoin, the brainchild of the mysterious Satoshi Nakamoto, is a revolutionary decentralized digital currency commonly known as a cryptocurrency. Since its inception in 2009, Bitcoin has been reshaping the financial landscape by enabling peer-to-peer transactions without the need for traditional intermediaries like banks.

Here are some key highlights:

  • Decentralization: Bitcoin operates on a peer-to-peer network, ensuring that transactions can occur without the control or influence of any central authority. This decentralized structure adds an extra layer of security and removes the risk of censorship.
  • Blockchain Technology: At the heart of Bitcoin is the blockchain, a public ledger that records all transactions. Maintained by a network of computers, this technology ensures transparency, immutability, and security.
  • Limited Supply: In a nod to the scarcity of precious metals, Bitcoin has a fixed supply of 21 million coins. This scarcity is hard-coded into the protocol, creating a deflationary economic model.
  • Mining: Bitcoin transactions are validated and added to the blockchain through a process called mining. Miners, equipped with powerful computers, solve complex mathematical puzzles to secure the network and earn newly created bitcoins as a reward.
  • Wallets: Users store and manage their bitcoins in digital wallets. These can be in the form of software (online, desktop, or mobile) or hardware devices for added security.
  • Pseudonymity: While transactions are recorded on the blockchain, the identities of users remain pseudonymous. Cryptographic addresses, rather than personal information, are used to represent users.
  • Bitcoin has garnered attention for its potential to foster financial inclusivity and resist censorship. However, it has also faced criticism for its energy consumption, price volatility, and its association with illegal activities due to its pseudonymous nature. 🌐💸🔗
Bitcoin vs Money (traditional forms)

Bitcoin and traditional forms of money share similarities as mediums of exchange, but they also have fundamental differences.

Here's a comparison:

Nature of Money:

  • Bitcoin: Bitcoin is a decentralized digital currency, often referred to as a cryptocurrency. It operates on a peer-to-peer network and exists solely in electronic form.
  • Traditional Money: Traditional money, such as fiat currency (e.g., dollars, euros, yen), is issued and regulated by governments. It can exist in both physical (cash) and electronic forms.
Decentralization:

  • Bitcoin: It operates on a decentralized network of computers, meaning no central authority (like a government or central bank) controls or regulates it. Decentralization provides resilience against censorship and interference.
  • Traditional Money: Traditional money is centralized and regulated by governments and central banks. Monetary policies, such as interest rates and money supply, are typically controlled by these central authorities.
Supply Control:

  • Bitcoin: The supply of Bitcoin is capped at 21 million coins. This limited supply is predetermined by the Bitcoin protocol, creating a deflationary aspect.
  • Traditional Money: Central banks have the authority to control the money supply by implementing monetary policies. In some cases, central banks may print more money, leading to inflation.
Creation and Transactions:

  • Bitcoin: New bitcoins are created through a process called mining, where powerful computers solve complex mathematical puzzles. Bitcoin transactions are recorded on a public ledger called the blockchain.
  • Traditional Money: Traditional money is created and regulated by a central authority, and transactions are facilitated through a centralized banking system.
Identity and Privacy:

  • Bitcoin: Transactions on the Bitcoin blockchain are pseudonymous. Users are represented by cryptographic addresses, adding a layer of privacy.
  • Traditional Money: Transactions in traditional banking systems are tied to individuals, and financial institutions are required to adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Volatility:

  • Bitcoin: Bitcoin's value can be highly volatile, with prices subject to significant fluctuations in short periods.
  • Traditional Money: While traditional currencies can also experience fluctuations, they are generally more stable compared to the often volatile nature of cryptocurrencies.
Acceptance and Recognition:

  • Bitcoin: Acceptance of Bitcoin as a form of payment varies, and it is not universally recognized as legal tender in all jurisdictions.
  • Traditional Money: Government-issued fiat currencies are universally accepted as legal tender within the jurisdiction where they are issued.
In summary, while both Bitcoin and traditional money serve as mediums of exchange, they differ in their underlying technology, control mechanisms, and acceptance in various contexts. Bitcoin's decentralized and limited-supply characteristics distinguish it from traditional forms of money, which are typically regulated and controlled by central authorities. 🔄💰🌐

Thanks for the opportunity to share.
Peter Mantu (aka King-P)

Offline volynschiko

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Re: What is Bitcoin?
« Reply #490 on: January 15, 2024, 09:22:35 AM »
Bitcoin is a decentralized digital currency that was launched in 2009. It has since become one of the most popular and widely used digital currencies in the world. As of 2021, the price of Bitcoin has skyrocketed to over $50,000 per coin. However, in 2010, the price of Bitcoin was much lower. In this article, we will answer the question: What was the price of Bitcoin in 2010?
newbielink:https://parofix.com/threads/what-was-the-price-of-bitcoin-in-2010.9114 [nonactive]

In 2010, the price of Bitcoin was much lower than it is today. In fact, it was so low that it was possible to purchase a single Bitcoin for just a few cents. According to data from CoinMarketCap, the price of Bitcoin in 2010 was just $0.003.

Offline EdwardMatthew

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Re: What is Bitcoin?
« Reply #491 on: January 15, 2024, 02:02:23 PM »
I have watched this video and thanks for telling us it was amazing Video, now I know pretty much about Bitcoin

Offline satsair

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Re: What is Bitcoin?
« Reply #492 on: January 19, 2024, 09:39:29 AM »
No one can outlaw or regulate it, even government authorities because it is purely decentralized. As the latest virtual mode of payment, BTC [nofollow]has also wide arrays of usages in different industries. Bitcoin evolves so fast so always keep yourself updated! That's a helpful video, btw.

Offline EOtt

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Re: What is Bitcoin?
« Reply #493 on: January 22, 2024, 11:53:59 AM »
Bitcoin, a decentralized digital currency since 2009, continues to intrigue. Its unique nature challenges traditional views of currency—evolving how we perceive and invest.

Offline Tish77

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Re: What is Bitcoin?
« Reply #494 on: February 12, 2024, 08:05:18 PM »
It's not a question anymore, right?

 

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