Author Topic: What is Bitcoin?  (Read 1716287 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
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Offline MerraN

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Re: What is Bitcoin?
« Reply #270 on: January 07, 2021, 07:55:11 AM »

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Hi everyone. I am a new member in this area and I have started my work as a journalist... I'd like to know this industry better and I would love to start writing articles about the whole Crypto world. Hope I could use your help there if necessary. Thanks to you all.

Offline CameronAlsop

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Re: What is Bitcoin?
« Reply #271 on: January 14, 2021, 10:54:58 AM »
THank for explaining this in a video, it is much easier to understand

Offline lovelydaytoday

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Re: What is Bitcoin?
« Reply #272 on: January 18, 2021, 03:15:57 PM »
thanks so much for explaining this. Appreciate the effort.

Offline FXOpen Trader

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Re: What is Bitcoin?
« Reply #273 on: January 19, 2021, 05:59:24 AM »
yes this is a Nice and Informative definition about the Bitcoin

Offline ismcapitals

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Re: What is Bitcoin?
« Reply #274 on: January 24, 2021, 11:29:05 AM »
Yes bro you are right

Offline Wanjoina

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Re: What is Bitcoin?
« Reply #275 on: February 02, 2021, 10:07:39 PM »
Bitcoin is first digital cryptocurrency

Offline Blockchain Advisors

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Re: What is Bitcoin?
« Reply #276 on: March 03, 2021, 03:38:06 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. I will share it to others too so that they can easily understand what Bitcoin is

Offline Nayana Patil

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Re: What is Bitcoin?
« Reply #277 on: March 19, 2021, 10:25:45 AM »
Thank you for sharing such valuable information.

Offline Nayana Patil

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Re: What is Bitcoin?
« Reply #278 on: March 19, 2021, 10:36:24 AM »
Thank you for the topic, it was greatly explained

Offline VirginiaBlack

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Re: What is Bitcoin?
« Reply #279 on: March 21, 2021, 05:40:59 PM »
Bitcoin is a cryptocurrency that will only develop

Offline KateAlex

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Re: What is Bitcoin?
« Reply #280 on: March 23, 2021, 05:04:46 PM »
Cool! Thank you

Offline Jurodda

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Re: What is Bitcoin?
« Reply #281 on: April 16, 2021, 10:01:15 AM »
Bitcoin - a very complex Process. Well, there are those that can be very easy to explain complicated things.

Offline Rony

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Re: What is Bitcoin?
« Reply #282 on: April 24, 2021, 04:53:14 PM »
Bitcoin is a virtual currency created and stored in cyberspace without any controlling authority. Unlike euros or dollars, bitcoins are not printed. On the contrary, this currency is produced by individuals and businesses, also known as bitcoin digging farms, which have become increasingly popular recently. The production uses computer resources and special software that solves various mathematical tasks.
Bitcoins can be used to pay for online purchases. In this respect, the cryptocurrency is equivalent to conventional currencies such as the euro or the dollar, which are also used in cyberspace.

The main feature that distinguishes it from traditional currencies is decentralization. As we have already mentioned, there is no single institution that controls the money-making process. For some people, this seems like a big advantage, as no huge bank can control their money.

Is there a limit to the "excavation" of bitcoins?

Really so. According to the protocol (rules followed by the currency network), the maximum number of "excavated" bitcoins is 21 million. Be that as it may, this electronic currency can be broken down into smaller units. The smallest possible unit is one hundred millionth of bitcoin, named Satoshi in honor of the founder.

Offline Rony

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Re: What is Bitcoin?
« Reply #283 on: April 24, 2021, 04:58:15 PM »
There are several important features that fundamentally distinguish cryptocurrencies from traditional currencies.

Decentralization
The bitcoin network is not controlled by a single central body. Each computer that "digs" the currency and confirms payments contributes to the operation of the network, so the whole network consists of many individual entities and manages the currency. This means that one central government cannot make changes that have dire consequences or deprive people of money, as the European Central Bank did in Cyprus in 2013. Even if any part of the network disconnects from the Internet, the circulation of money does not stop.
Easy to get started
Traditional banks force people to go through many different procedures just to open a bank account. To open an account for payments or trade, people have to overcome even bigger mazes of bureaucracy. It only takes a few moments to open a bitcoin account and it costs nothing.
Anonymity
Users may have multiple bitcoin wallets that are not associated with their name, address of residence, or other personal information. This by no means means that you can get rid of responsibility for your actions.
Transparency
Every order made with bitcoin currency is recorded and stored in a huge database called a blockchain. If you use a bitcoin wallet in public, anyone who wants to can find out how much money is or has been in it, but no one can find out who owns it. There are certain actions that people can take to hide their activities on the bitcoin network. For example, do not use the same address for multiple orders or transfer many bitcoins to the same address.
Price of payments
One of the main advantages of bitcoins was the low cost of payment orders, but with the sharp increase in the number of transfers in this currency, the price of transfers also increased significantly. The Bitcoin community is currently looking for solutions to eliminate this problem.
Sparta
Payment in bitcoin currency will reach the recipient as soon as the currency network processes the payment information. Theoretically, the duration of the order should be only a few minutes, but due to the high loads of the plaster, the orders currently take significantly longer.
The possibility to recover the order does not exist
When bitcoins leave the wallet, there is no going back. Unless the recipient himself returns them back.

Offline Shital

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Re: What is Bitcoin?
« Reply #284 on: May 05, 2021, 02:16:18 PM »
Bitcoin is a cryptographic money designed in 2008 by an obscure individual or gathering of individuals utilizing the name Satoshi Nakamoto. The cash started use in 2009 when its execution was delivered as open-source programming.

 

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