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Author Topic: What is Bitcoin?  (Read 1277882 times)

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Offline bitcoinforum.comTopic starter

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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)
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Offline Amazon

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Re: What is Bitcoin?
« Reply #45 on: July 20, 2016, 12:54:32 AM »
Great article!! Really nice insights. I think some people struggle with claiming bitcoin as a currency because it's not something that they can "hold." We can hold dollars and coins. Of course, the newest generation won't have any prob seeing btc as a currency since everything is digital to them as it is -- they don't know any different.
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Offline ambericey

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Re: What is Bitcoin?
« Reply #46 on: August 16, 2016, 07:40:10 AM »
It's a great pleasure to hear your share and learn a lot.

Offline KingdomFire

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Re: What is Bitcoin?
« Reply #47 on: August 28, 2016, 07:00:26 AM »
Bitcoin is one of those things that's really hard to explain what it is to someone, but it's easy to use..

Offline jeraldskie11

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Re: What is Bitcoin?
« Reply #48 on: October 26, 2016, 02:27:19 AM »
Thanks for this information! I hope it can help. :)
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Re: What is Bitcoin?
« Reply #49 on: October 28, 2016, 01:44:59 PM »
Bitcoin is a freedom of choice
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Offline IWILLDOIT

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Re: What is Bitcoin?
« Reply #50 on: November 08, 2016, 07:29:23 AM »
Thank you for the info.

Offline petsae

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Re: What is Bitcoin?
« Reply #51 on: December 14, 2016, 11:03:28 PM »
This infographic is great! Thanks!
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Offline Vasu Dev

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Re: What is Bitcoin?
« Reply #52 on: January 21, 2017, 08:36:41 PM »
As per Bitcoin Wikipedia
"Bitcoin is a cryptocurrency and a payment system".
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Offline cooorwinww

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Re: What is Bitcoin?
« Reply #53 on: February 09, 2017, 08:38:02 AM »
thanks

Offline the-bitcoiner

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Re: What is Bitcoin?
« Reply #54 on: March 01, 2017, 09:10:24 AM »
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. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

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Re: What is Bitcoin?
« Reply #55 on: March 05, 2017, 12:12:45 PM »
Bitcoin Basic Concepts

Bitcoin is a shared ledger.  It is essentially a spreadsheet that shows how many bitcoins each account contains.  All the complications come from the need to make sure it is valid and everyone see the same ledger.
 The current state of the ledger is determined by a decentralized and trustless consensus.  It cannot be controlled at any central point.
Bitcoin “mining” is the process of adding transactions to the ledger and is done by solving math problems that take substantial computational power.
The “consensus” is achieved by users and “miners” deciding to run compatible versions of the software and enforcing the consensus rules.
Users can run “nodes” using peer-2-peer connections that shares the ledger.  By running a full node a user can completely verify all transactions without the need of a third party service.
Nodes enforce the rules by only broadcasting transactions and sections of the ledger that fit within the consensus rules.
A user can easily verify the shared ledger took a huge amount of computational power to create as a way of trusting it is real.
Miners get transaction fees and “block rewards” as an incentive to use their computer power.
The “block rewards” are a way to initially distribute the currency and are cut in half about every 4 years until all 21 million bitcoins are distributed in 2140.  Due to the nature of “halving” most bitcoins are distributed during the first few halvings.  It was 50 Bitcoins for the first 4 years and is currently 25 Bitcoins.  In 2016 it will be 12.5 and in 2020 it will be 6.25.
Bitcoin addresses are secure because the numbers are so large that all the computers in the world cannot come close to cracking it.
A Bitcoin can be broken down to 8 decimal digits so each one has 100 million pieces.
A Bitcoin transaction can be used to indirectly store information in the permanent shared ledger without trusting a third party.

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Re: What is Bitcoin?
« Reply #56 on: March 14, 2017, 04:28:11 PM »
For quick understanding, consider Bitcoins as Coins in the form of bits (010101.......). Yes it is a digital currency with a promising future.

Offline jiajiannnnn

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Re: What is Bitcoin?
« Reply #57 on: April 04, 2017, 12:45:52 PM »
Bitcoin is both a cryptocurrency and an electronic payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto

Offline tungsonmtp

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Re: What is Bitcoin?
« Reply #58 on: April 13, 2017, 02:28:26 PM »
I always watch this video everytime I forgot what bitcoin is.
Nice post. Thanks!
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Offline Genesis

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Re: What is Bitcoin?
« Reply #59 on: April 19, 2017, 02:55:51 PM »
Basically bitcoin is a digital currency that become success of so far and as we all know digital or virtual this isn't like a physical money and bitcoin can only be stored in your bitcoin wallet .Bitcoin as we all know was made by Satoshi Nakamoto but never been confirmed who is this person or is he really the maker of bitcoin.


 

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