5+years Bitcoin Experience

[brendalamberty]

I am a business student and researching the Bitcoin technology.  I was wondering if a business professional of 5+ years of Bitcoin experience  would help answer the questions listed below?  Please include your name and contact information.  Thanks 

Who can really accept Bitcoin?
How are businesses using Bitcoin?
Is there a transaction fee?
How are transactions made?
Who controls the Bitcoin network?
What are the advantages of Bitcoin?
What are the disadvantages of Bitcoin?
Is Bitcoin legal?
Is Bitcoin secure?

[nara1892]

I think you can google those questions or just look around this forum to get answers. Even one-year-experience bitcoin user can amswer those question. but nowadays there are a lot of blogs that provide information about bitcoin including what you ask.

If you want to do research of bitcoin, it is better to review the literature before interviewing sample.

[Iranus]

You don't need a business professional to answer most of these questions, it's just knowledge for most people who take an interest.  I'll answer the ones that I can and other people can fill the gaps.

3.  There is a transaction fee, it's to pay people who verify transactions in the private sector ("miners").
4.  You send to a specified "address" which is a long sequence of letters and numbers which is usually changed regularly for each person (and some people have many addresses for different groups to send to them).
5.  No one controls the Bitcoin network.  That's the glory of it, it's decentralised.  The code is open source and was originally created by the pseudonym Satoshi Nakamoto.
6.  The advantages:
-Bitcoin is designed to deflate over time as the number of new Bitcoins introduced decreases over time and will eventually halt.  This means that your invested money will most likely increase in value (as it has thousands of per cent in the last few years), as Bitcoin becomes more popular.
-Bitcoin is near anonymous and, when used right, can keep your privacy safe when doing sensitive transactions online.  You also don't have to give any personal information out as all anyone needs is an address.
-Bitcoin's fees are comparatively low for large transactions as they are based on the number of bytes/amount of data in a transaction, so larger transactions are very cheap and easy compared to other payment systems.
Disadvantages:
-Bitcoin is not backed up by any physical asset so it could be risky if people deem it worthless.
-For small transactions Bitcoin is currently quite inconvenient due to pressure on the network (there are scaling debates on fixing this which have been going on for a while, watch that space and they might get better).
7. Bitcoin is legal in most jurisdictions, with some minor exclusions.  If you're in America, for example, it is definitely legal, but is of course not legal tender.
8. As far as we know, Bitcoin is secure, and as long as you use an offline or hardware wallet and keep it very private and safe, you will be secure as the Bitcoin network itself is very secure.

[pixie85]

I have a year of experience and can more or less answer you.

Who can really accept Bitcoin?

There's a list of stores available here: https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/

How are businesses using Bitcoin?

They are offering goods and services in exchange for it, just like they do with fiat.

Is there a transaction fee?

Yes

How are transactions made?

If you want to pay someone you need his public address. Businesses publish it on their site or send you an address via email.
You open your wallet, copy the address and choose the amount to pay. You can also be given an address with a request that will automatically input the amount of coins when you open it with your wallet.
Then you confirm it by entering your password and it's done.

Who controls the Bitcoin network?

The miners have the most control, but it's a kind of indirect, collective control.

What are the advantages of Bitcoin?

You could find hundreds of answers on this forum.
Just to name a few: it's fast, gives you control over your money by skipping the middleman, it's anonymous as long as you don't convert to fiat.

What are the disadvantages of Bitcoin?

The transaction fees are going up as more people are using it. In a few years it could become expensive to use.

Is Bitcoin legal?

Yes.

Is Bitcoin secure?

Yes, but the responsibility falls onto the user. If your computer or phone is not secure your Bitcoin won't be.

[Text]

Who can really accept Bitcoin? Anyone can use bitcoin, it is being use globally. For me only if you are in legal age, a user who is open minded, computer literate and a risk taker.
How are businesses using Bitcoin? It can be use on investments to earn more and gambling. It can also apply to online merchants for buy and sell of products and services; as a payment method.
Is there a transaction fee? A few has no fee but almost less fee compare to other currency.
How are transactions made? Peer to peer, it uses unique addresses.
Who controls the Bitcoin network? No one manipulates it neither governments nor organizations
What are the advantages of Bitcoin? Oppotunity to make money online, fast and cheap online transactions.
What are the disadvantages of Bitcoin? Bad currency because there are treating it as illegal.
Is Bitcoin legal? For me yes, as long as you don't use it in black market.
Is Bitcoin secure? Yup, there are securities to make your wallet and transactions safe and protected.

[btvGainer]

I am a business student and researching the Bitcoin technology.  I was wondering if a business professional of 5+ years of Bitcoin experience  would help answer the questions listed below?  Please include your name and contact information.  Thanks 


Is Bitcoin legal?

Every sovereign country has their own law.Bitcoin is legal in most of the countries but there are few who are skeptical about bitcoin and there are also some who are neutral policy. Here is the list of country where bitcoin is legal and where it is not https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country

Is Bitcoin secure?

Yes bitcoin network is secure but unfortunately not all bitcoin wallets particularly online wallets are not secure.

[Zadicar]

I think you can google those questions or just look around this forum to get answers. Even one-year-experience bitcoin user can amswer those question. but nowadays there are a lot of blogs that provide information about bitcoin including what you ask.

If you want to do research of bitcoin, it is better to review the literature before interviewing sample.

This is right actually even on a short period of time bitcoin user could able to answer these questions easily since these are the most common question been always asked for people who dont know bitcoin yet and as you said all informations about bitcoin is all on the internet and its really easy to search up about it.

[Kakmakr]

People will not post their personal contact details on a public forum, so let's just get that cleared.

Who can really accept Bitcoin?
Answer : Anyone

How are businesses using Bitcoin?
Answer : As most other do, as a currency for payment or to trade as a commodity.

Is there a transaction fee?
Answer : Yes, but it is usually much less than other payment options.

How are transactions made?
Answer : You get a wallet <hardware or software> and buy some bitcoins and transfer the bitcoins to someone else's Bitcoin address.
 
Who controls the Bitcoin network?
Answer : Everyone running a full Bitcoin node
 
What are the advantages of Bitcoin?
Answer : It is cheaper and decentralized and censorship resistant.

What are the disadvantages of Bitcoin?
Answer : It is not yet accepted everywhere and it cannot scale for mainstream adoption in it's current form.

Is Bitcoin legal?
Answer : Yes, in most countries. If you trade with other commodities in your county, then Bitcoin would be fine.

Is Bitcoin secure?
Answer : Well, Satoshi has 1 000 000 coins stashed away and nobody has been able to steal that. ^smile^

[batang_bitcoin]

I am a business student and researching the Bitcoin technology.  I was wondering if a business professional of 5+ years of Bitcoin experience  would help answer the questions listed below?  Please include your name and contact information.  Thanks  

I'm not a 5+ years expert nor does have experience for that long. I still consider myself as rookie on this crypto currency but these type of questions can be answered easily. Here's a brief answer for these questions.

Who can really accept Bitcoin?

Anyone that has interest on accepting it, yeah everyone.

How are businesses using Bitcoin?

The same thing as fiat, they are using it as method of payment (currency).

Is there a transaction fee?

Yes, miners fee.

How are transactions made?

When someone sends and receives bitcoin through their bitcoin addresses.

Who controls the Bitcoin network?

If I'm not mistaken, nobody controls the bitcoin network.

What are the advantages of Bitcoin?

There's a lot of it but I'll give one which is it gives privacy and anonymity to it's users.

What are the disadvantages of Bitcoin?

There's a lot also, if you are an official of a government agency, it's decentralized.

Is Bitcoin legal?

Yes, depending on what country you are living. Most of the countries doesn't really care about it's legality.

Is Bitcoin secure?

Yes it is but refer to this.

Yes bitcoin network is secure but unfortunately not all bitcoin wallets particularly online wallets are not secure.

If I've got some answers that is quite wrong in your thought, please correct me with it.

[QuestionAuthority]

This page will answer all your questions.

http://bfy.tw/AgTG