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Bitcoin is a technically advanced solution to distributed consensus, which is nothing but an agreement to whether a transaction has happened or not. Distributed consensus is reached in Bitcoin easily because it is a currency, and incentivizes the nodes which reach the agreement. For a transaction to occur between two individuals, banks and credit cards or organizations like paypal act as a mediator in between and take away 1 to 2% in commissions, whereas there is no such commission in bitcoin. Two people agree to doing a transaction, a bitcoin exchange happens and is recorded to multiple nodes. Each partical or full bitcoin transfer from one individual to another is recorded across nodes and therefore the receiving individual cannot deny the transaction. The use of digital signatures algorithm makes it secure as well.
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People are always against anything revolutionary. This system, on larger adoption, will make the rich unhappy as they won't have any control of the system. The bureaucracies will be unhappy because they won't have power over transactions, governments will have no control either.
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Don't think so. There is a lot to do. Bitcoin is fairly popular but larger population is still resistant to adopting it.
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Yes offcourse, social media is the biggest influencer for Bitcoin and the whole cryptocurrency world. Twitter and Facebook along with other portal and communities help in increasing awareness about the cryptoworld
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In the long run fiat currencies will become irrelevant but for now, under the current complex forex system, these fiat currencies are here to stay .
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I don't think this is the right forum for this question. There is no middle ground on a view around bitcoin, either organizations/people/countries are against it or communities are for it so it is essential that you create an opinion around this on your own on the basis of your understanding and reading/exploring various documents and videos. but it's important that you have a framework to evaluate bitcoin and the concept of cryptocurrency in general.
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You would never know when to invest, that is why it makes sense to start now with small amounts and keep investing every month. This is how investing should in general be done for any asset. This will reduce the risk for you and you may stand to gain despite short term volatility.
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A freind of mine told me about it in a very interesting way. He said you could get rich in 3 years time if you listen to me carefully for next 15 minutes.
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Seems like the right thing to do looking at the surge in bitcoin prices go up in the last few months. I was thinking about going all out, selling my shares in the stock market, all mutual fund investments and invest in bitcoin instead. Could not gather the courage to do so though.
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Joined the facebook campaign. Looking forward to huge success for the concept and the ICO .
Cheers!!
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Hi ,
Applied for Hindi Translation of whitepaper and website.
Waiting for the response.
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The bounty campaign has stakes for newbies in the signature campaigns. However, when I am trying to register on the google link, there is no option for newbies. Can you please fix this.
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A lot is going to depend on how the ecosystem coexists and grows with the existing financial and regulatory system. While decentralization of processing is looked upon as a way to eliminate the middlemen by the propagators of block-chain, sceptics take it for a system which will help facilitate illegal transactions and fuel anti-social elements. Striking a balance and finding a middle road with regulations which do not limit the system from maximizing its benefits would decide how blockchain is going to thrive.
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