What Is Bitcoin?

[fiend91]

Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator.

[Yur]

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name.

[jonas5222000]

I personally know quite a bit about Bitcoin. However, this thread is for the community here. The idea is every post should contain NEW info which hasn't previously been posted in this thread.

For example, I will start with the obvious: Bitcoin is internet money

Is this a perfect explanation? Of course not. This is where you come in.

Please post the most detailed aspects about Bitcoin you know, without repeating any info previously posted in this thread.

The idea is as we scroll down, the discussion should get continually more complicated as we dig further into the technology, development, history, etc.

Make sense?

So I will repeat the starting point: Bitcoin is internet money

its only according to my research.

What is bitcoin?
Bitcoin Back in 2008, when Bitcoin was first invented, it was a new and unique financial vehicle, unlike anything the world has ever seen. Nowadays, it’s just one of 700+ cryptocurrencies which all use cryptography to control the creation and transfer of money.

Despite the name, there is no physical coin or representation to speak of – Bitcoin is an entirely a peer-to-peer digital form of money.

One of the greatest advantages of Bitcoin is its decentralized nature, which doesn’t require a  central authority or a middleman to be involved. Therefore, you can send money to anyone living around the world, eliminating the need for traditional parties like banks. And you don’t have to pay extraordinary fees or wait days for the money to arrive at your bank account – it takes minutes.

All the transactions that have ever happened are recorded in the so-called public ledger. The ledger is based on blockchain technology and allows anyone who’s a member of the Bitcoin network to access the records and see every user’s history. Thus, nobody can cheat, steal money or double-spend them. If there was anything suspicious happening, the entire network would be notified.

Whether Bitcoin itself will ever be able to replace fiat currency entirely is a big question mark. But it has undeniably started a revolution that the world is still not entirely ready for.
Source:
http://www.newtraderu.com/2017/07/19/difference-investing-trading-bitcoin/

[Anakcikal]

If I think bitcoin is one of crypto which is basically a bitcoin digital currency can also be used for transaction purchase services such as games or websites until now bitcoin is still limited.

[mulia tani]

Bitcoin is one of cryptocurrency which is basically a digital currency. This form of money and its storage is digital. The inventor of Bitcoin for the first time is a / unknown (redundant) group of programs that use the name Satoshi Nakamoto.Bitcoin can be used to purchase various services such as games up to website hosting.for now, the number of services that receive Bitcoin is still quite limited. Then why are people fond of Bitcoin? Because most of them use for investment and get rich. From time to time Bitcoin prices continue to rise and peak at the end of 2018.

[bert20]

Bitcoin is to me a trade change the lifestyle of a person and can change a nation towards development  of its citizens. Bitcoin is a crumb schools which look to earn a lot of money.

[gabbiee]

For me bitcoin is not just a digital currency but also can be considered as an asset, it just depends upon the person who is using it, or the way they use it. Bitcoin offers a lot of advantages to people especially in terms of financial situations. You can earn through bitcoin and there are a lot of ways on how to do that. It is a great source of income, you just need to know how to use it and how to make use of it.

[yvesp110]

which I know about bitcoin, I think bitcoin is a digital currency that has a fluctuating price and keeps increasing every year so investing in bitcoin will be very profitable

Bitcoin is not only digital currency but it also has some features which distinguish bitcoin from other cryptocurrency. Bitcoin is free economy. People can buy and sell with bitcoin what they want. Bitcoin give the people a sense of safeness. That their economy is safe and sound. Many bitcoiner get rid from traditional bank system. One-day bitcoin will replace fiat money.  Bitcoin is future currency.

[mir1127]

Bitcoin is the mother of crypto currenccy,Bitcoin is a digital currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name.Bitcoin was first invented and the technology came into market first. No doubt, people has been familiar with the cryptocurrency concept via Bitcoin and to many people, Bitcoin still stands for the synonym of cryptocurrency. However, the recent crash has marked that bitcoin is no longer as popular as it used to be or seemed to be though it stills holds the major market cap! It’s declining.so bitcoin is  mrother all coin

[cryptohunterSL]

Bitcoin is a digital currency—or “cryptocurrency”—that allows online payments to be made directly from one party to another through a worldwide digital payment network, without the need for a central third-party intermediary such as a bank. Records are held on a distributed public ledger called the blockchain that is stored and duplicated on thousands of computers throughout the world. While there are over 700 different types of cryptocurrencies, collectively called altcoins, several examples other than bitcoin include Litecoin, Ethereum, Ripple, and Zcash to name a few.

The global supply of bitcoins is increasing through computer “mining”—a  record-keeping service that involves repeatedly verifying and collecting new transactions into a new group of transactions called a block. The total supply is fixed at a maximum of 21 million coins. To date, about 16.7 million bitcoins have been created—although Chainalysis, a digital forensics company, has estimated that somewhere between three and four million already may have been lost (for example, through irrecoverable passwords or people who accidentally threw away bitcoin collections back when they weren’t worth very much).

Like physical gold, which is likewise not backed by any central bank or government, bitcoin’s value stems primarily from its scarcity and public faith in bitcoin as a store of value, means of payment or hedge against inflation.

[Chachacoin17]

which I know about bitcoin, I think bitcoin is a digital currency that has a fluctuating price and keeps increasing every year so investing in bitcoin will be very profitable

Yes, bitcoin is a digital crypto currency that really do can help everyone to make their life much easier than before. Bitcoin helps you to be strong enough to face anything that it really do need. Like how its price drop then we must patiently wait. Bitcoin is a big help to everyone. It can help you make your life better.

[zaytsevsasha654]

There is a special cryptophone there are no analogues in the world of stocks and bonds. Only here the investment occurs only in crypto-currencies. The manager of the forms independently decides what to invest in.

[levvv]

you may can find the answer on google what bitcoin is.
but for me, bitcoin is the first decentralized currency that created in the world.
it is a new technology that created in 2009.

[btccointalk]

Bitcoin is a decentralised digital currency. Bitcoin was the first and most valuable cryptocurrency ever.

[Razib]

I think bitcoin is the most online currency in the world. And I think bitcoin is a job for me because we earn money to bitcoin. And it early develop our life.

[tuikindu01]

Bitcoin is a digital currency in the form of P2P. Point-to-point transmission means a decentralized payment system.

, unlike most of the currency, the currency monetary authorities don't depend on the specific issue, it is according to the specific algorithm, through a lot of calculation, the currency economic use of the P2P network composed of many nodes in a distributed database to identify and record all transactions, and the use of cryptography security currency to ensure that each link of the design.

The total number of bitcoins with a strong scarcity will be permanently limited to 21 million. So now more and more people are investing in bitcoin.

[vladimirovleanid]

It takes some effort to protect your privacy with Bitcoin. All Bitcoin transactions are posted publicly and instantly on the network, which means that everyone can see the balance and transactions of any Bitcoin address.

[multikript888]

before proceeding to the explanation of mining and bitcoin-system, it is worthwhile to open up more fog and tell about the creator of bitcoin, about which practically nothing is known, which makes it much more attractive.

[Glutius]

Here before me already said it all.  I can only add that bitcoin is a chance for each of us and a chance for all of humanity to really change something in this world.

[Gyugita]

I think bitcoin is a digital currency that gives a bright future for its users.
for example bitcoin can create financial freedom for the owner or managers, but need to have its process first.