Bitcoin Basics

[Ananya Zebar]

Bitcoin is virtual currency. it means that in order for a transaction to occur, no middle men or central authority is required. Customer can send any amount of bitcoins to any person living anywhere in the world, completely eliminating the need for traditional third parties like banks or money transmitters.

[Pursuer]

Bitcoin is virtual currency.

bitcoin is not virtual, it is pretty real. please stop using that word for bitcoin.
this topic has some good arguments against these types of words being used to describe bitcoin, I suggest giving it a read: https://bitcointalk.org/index.php?topic=1733918.0

[stomachgrowls]

Bitcoin is virtual currency.

bitcoin is not virtual, it is pretty real. please stop using that word for bitcoin.
this topic has some good arguments against these types of words being used to describe bitcoin, I suggest giving it a read: https://bitcointalk.org/index.php?topic=1733918.0

Digital and virtual is just the same but people do use it seems like a real currency.If we do read the white paper of bitcoin we could really see that it is created for peer to peer transaction without any 3rd party involved.On the given link Op could really learned from that more regarding into bitcoin.

[mobnepal]

Bitcoin is virtual currency. it means that in order for a transaction to occur, no middle men or central authority is required.

Better to say bitcoin transaction are p2p based transaction and blockchain is hosted in decentralized environment it doesn't require any central authority and miners verify those transactions.

Being virtual currency doesn't mean it can be transacted without central body, the balance you see in most of the banks right now are also virtual/digital currency but they are centralized one and need central authority to improve every transactions.

[ikydesu]

Bitcoin is virtual currency.

bitcoin is not virtual, it is pretty real. please stop using that word for bitcoin.
this topic has some good arguments against these types of words being used to describe bitcoin, I suggest giving it a read: https://bitcointalk.org/index.php?topic=1733918.0

Digital and virtual is just the same but people do use it seems like a real currency.If we do read the white paper of bitcoin we could really see that it is created for peer to peer transaction without any 3rd party involved.On the given link Op could really learned from that more regarding into bitcoin.

I disagree, although common people said digital and virtual is same form, but obviously it's different, if you do a trade on MT form (for example), you can use virtual money which means in this case the money is just a form for you to learn and it's not real money, just an interface.
So I think people need to change their mind to use a better word.

[emezh10]

I preferred to call bitcoin as a digital money not as a virtual because ut sounds like not real but in digital money it reflecting that ut us real but not touchable. So lets call bitcoin as digital not virtual

[Gotottack]

I preferred to call bitcoin as a digital money not as a virtual because ut sounds like not real but in digital money it reflecting that ut us real but not touchable. So lets call bitcoin as digital not virtual

I think virtual and digital has no real difference as you are describing. Virtual just means that it is in the virtual space or the internet or in a computer similar to digital which connotes that it is something intangible and accessible only through some machine that operates it. Both descriptions are interchangeable in my opinion.

[Catmony]

@OP you can also add as bitcoin is decentralized and doesn't require any personal details you can stay anonymous while doing financial transaction in the form of bitcoin. Also bitcoin network can't be stopped or shut down by any of the government, it will live as long as we have internet.

[Zadicar]

This is what bitcoin created for on which theres no involvement or 3rd party when doing transaction and directly p2p.Yes,this is the basics of bitcoin but if you dig even more you will see the more advantages and benefits on it not only on online transactions but also on earning opportunity.

[Pursuer]

Bitcoin is virtual currency.

bitcoin is not virtual, it is pretty real. please stop using that word for bitcoin.
this topic has some good arguments against these types of words being used to describe bitcoin, I suggest giving it a read: https://bitcointalk.org/index.php?topic=1733918.0

Digital and virtual is just the same but people do use it seems like a real currency.If we do read the white paper of bitcoin we could really see that it is created for peer to peer transaction without any 3rd party involved.On the given link Op could really learned from that more regarding into bitcoin.

no they are absolutely not the same. virtual has a completely different meaning and will impose a different way of thinking in the minds of those hear it.

and if you read the white paper you can see that Satoshi never used words like these. instead you can see words like "electronic cash" (and it literary is in the first line of the paper )

[Katewind]

Bitcoin is digital currency and it is decentralized and no need the details of senders or receivers.
You can transfer bitcoin to anyone you want. it's has no border.

[rickadone]

This is what bitcoin created for on which theres no involvement or 3rd party when doing transaction and directly p2p.Yes,this is the basics of bitcoin but if you dig even more you will see the more advantages and benefits on it not only on online transactions but also on earning opportunity.

Bitcoin is decentralized, purely digital virtual coin used directly between two people with no third party involved in it, unlike modern fiat money which often is controlled by banks and governments but the problem is bitcoin is not refundable so you can’t get your money back unless the person receiving the funds sends them back.

Trading bitcoins comes from the concept/opportunity of it value appreciations. All the currencies in this world are being traded but only bitcoin has investment characteristics.

[trigger1975]

Bitcoin is decentralized, purely digital virtual coin used directly between two people with no third party involved […]

Hmmm.  This isn't sharp enough.  When you sell me some good and I pay you 10 USD, there is no third party involved either.  What you mean is the central banking system which issues the fiat money we are using and in this centralized form it's missing in Bitcoin.  But when you sell me some good and I pay you 0.01 BTC there is indeed a third party involved: the miner who needs to confirm the transaction in a block.

//alex

[JeffBrad12]

Bitcoin is virtual currency.

bitcoin is not virtual, it is pretty real. please stop using that word for bitcoin.
this topic has some good arguments against these types of words being used to describe bitcoin, I suggest giving it a read: https://bitcointalk.org/index.php?topic=1733918.0

Nope, IMO Bitcoin is an algorithm, based on the digital. So, Is there a physical form of bitcoin?
And I can say it was including on the virtual currency. I'm not refers about the virtual balances. 

[ArdiPrabowo]

Bitcoin is virtual currency.

bitcoin is not virtual, it is pretty real. please stop using that word for bitcoin.
this topic has some good arguments against these types of words being used to describe bitcoin, I suggest giving it a read: https://bitcointalk.org/index.php?topic=1733918.0

unil now bitcoin nothing real physic
and physic bitcoin only collection can't use transaction
so bitcoin not real curency, still digital curency, digital curency not diference about virtual curency
same with paypal, perfectmoney and more

[FaucetRank.com]

Bitcoin is virtual currency. it means that in order for a transaction to occur, no middle men or central authority is required. Customer can send any amount of bitcoins to any person living anywhere in the world, completely eliminating the need for traditional third parties like banks or money transmitters.

You are newbie so at first this knowledge about Bitcoin is ok and it true but there is lot if things to learn about Bitcoin and other crypto currencies. Btw you are correct if you send fund using Bitcoin there will be no middle party. This is why Bitcoin transactions are more cheaper than transacting using banking gate ways but both have their own pro and cons. 

[Ananya Zebar]

I mean to say Bitcoin is digital(Virtual) Currency.I had read these two terms - Virtual & Digital, its definitions are different.
Most of people will have same type of mind set about virtual & digital currency. they mean these two terms will same.
Bitcoin is 100% Digital currency.
Thanks all for great disucssion. @Pursuer  @stomachgrowls @mobnepal @ikydesu @emezh10 @Gotottack @Catmony @Zadicar @Katewind @rickadone @trigger1975 @JeffBrad12 @ArdiPrabowo @FaucetRank.com

[trigger1975]

Bitcoin is virtual currency.

bitcoin is not virtual, it is pretty real. please stop using that word for bitcoin.
this topic has some good arguments against these types of words being used to describe bitcoin, I suggest giving it a read: https://bitcointalk.org/index.php?topic=1733918.0

unil now bitcoin nothing real physic

The money you are using isn't physical either.  Just because you are using coins and paper does not mean anything.  A currency is whatever two parties agree a currency for a trade is.  No matter if it's fiat, cigarettes, Bitcoin, stones.  If just enough people agree to accept something as a valid currency it's a currency.

and physic bitcoin only collection can't use transaction

See above … Just as long as not enough people agree to accept this collection.  If they do, guess what, it's their currency.


//alex