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The factor to consider when talking Bitcoin is a that it is decentralized money. There is no Bitcoin building like there is a federal reserve building. Bitcoin does not have employees or regulations by the government.
It is a blockchain device regulated and maintained, as well as valuated by the public. It is available to anyone at any time and can be sent to anyone at any time. It is a product of the world’s computer, not of any federal government
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MyEtherWallet (MEW) is a 'Free, open-source, client-side interface for generating Ethereum wallets & more.'
To put it simply, MEW is a cryptocurrency wallet which supports Ethereum and all tokens that are built on Ethereum's blockchain - called ERC20 tokens. This is extremely helpful for the investor that has many cryptocurrencies and doesn't want hundreds of wallets for all of them.
Make sure you are on the correct website and write down your private key and only store it on an offline memory stick
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If you bought a bar of gold at $1200 / ounce, then the price of the gold drops to $600 / ounce, you wouldn't actually lose any money at all unless you decided to sell your gold at that time. However, if you wait until the price of gold rises to $1800 / ounce, then sell it, you will gain money. The key is an ounce of gold is still an ounce of gold, regardless of the "price" in some other currency.
Same goes for bitcoin, or indeed any currency. If you trade it at one price, then subsequently trade it at a different price, you'll either gain or lose money.
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The short answer is no one knows. Unless you can time travel, maybe. As the old saying goes—predictions are hard, especially about the future.
It’s hard to know when the bubble will end. It’s impossible to know if the price will keep going up, and it’s hard to even guess.
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Mr Gates has commented on Bitcoin several times throughout its existence and in the past he called it a “techno tour de force”.
But during an “ask me anything” discussion on the social media platform Reddit, the tycoon blasted cryptocurrencies for causing “direct deaths” as a result of the illicit drug industry.
He said: “The main feature of cryptocurrencies is their anonymity.
“I don't think this is a good thing.
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Bitcoin suffered a recent drop in price after reports of a potential crackdown from South Korea’s Government on anonymous crypto trading in the country.
Amid fears of a total ban on the virtual currency, the bitcoin boom slowed as investors sold off their cryptocurrency.
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The "cryptocurrency" carries some well-known risks—the price could drop precipitously, and scams have been reported. But there's also another, more technological danger: One crashed hard drive or online hacking incident can wipe out an owner's stash of Bitcoin, leaving them with essentially no recourse.
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- Accepting bitcoin payments
- Mining bitcoins
- Purchasing bitcoins
You can purchase bitcoins using cash through a bitcoin exchange and then transfer the bitcoins to your bitcoin wallet. A bitcoin wallet is used to store your private keys which are matched to your bitcoin address as evidence of your ownership of the bitcoin
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Bitcoin was originally created as an alternative, decentralized payment method. Unlike international bank transfers at the time, it was low-cost and almost instantaneous. An added benefit for merchants (less so for users) was that it was irreversible, removing the threat of expensive charge-backs.
However, the improvement in domestic payment methods and the rapid development of alternative (non-cryptocurrency) forms of international transfers has reduced bitcoin's advantage in this area, especially given its increasing fees and frequent network bottlenecks.
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Ethereum is the world's computing platform. It's a blockchain platform that has smart contracts that can be built on top of it. So anything from equities to fixed income to figuring out how your drone is going to charge on an electric station. All of that can be built on top of Ethereum. So it's a very different type of platform.
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