What Is Bitcoin?

[amzad]

Bitcoin is a type of currency that is traded through cryptographic protocols. It does not have any organization for transaction control. This is a complete open source project. Satoshi Nakamoto, a gentleman who discovered this coin in 2008. He called this currency as peer-to-peer. All types of transactions are stored in the name of Bitcoin Miner. When it is transmitted from any computer, the data on its central server is automatically updated. Now its popularity has increased greatly.

[yana0901]

Bitcoin is a digital currency that has grown almost 8 times! On which you can earn and work well in life

[TrevorSmith]

Bitcoin is a digital currency and the future of payment system

[laravuemaster]

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

Bitcoin is a digital currency and you can use this coins to buy goods and products online. Bitcoin is also good for long term invest and why ?, the market is volatile and we never knew when will be the pump or dump of each coins so most of the traders are reading different news and articles in order to make a good decision when they will get more profit.

[Kanda Yu]

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

We all give different definitions on what bitcoin is, it usually depends on how it gives us benefits. We are all aware that bitcoin is the most popular cryptocurrency and it is the very first one. To give a clearer explanation, bitcoin is a cryptocurrency or a digital coin that has great features like having global payment, fast transactions and being decentralized and it is one of the reason why it is very popular.

[AdoboCandies]

For me Bitcoin is the largest cryptocurrency that has a chance to change our future it can be our second currency in the future. And will change our perspective on online transactions.

[Pandacomel]

In my opinion,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! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.

[zxl912157]

For me Bitcoin is the largest cryptocurrency that has a chance to change our future it can be our second currency in the future. And will change our perspective on online transactions.

What about paypal and perpect money both using the internet.(online)
I would rather say that Bitcoin is a decentralized, free currency without the other's role.
Everyone has the right to access their transactions data.

[Aleister Crowley]

In my opinion,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! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.

bitcoin is a digittal asset that is used as a tool (payment system) but along with the growing script and emerging new coins that are released after the success of bitcoin. and bitcoin began to trade .. because the price is skyrocketing ,, many new rich people who succeed through the trade bitcoin

[Ekimzjames20]

Bitcoin is a cryptocurrency and worldwide payment system. It is the decentralized digital currency, as the system works with out a central bank. The most advance cryptocurrency exchange. That can be used for online transactions between individuals.

[Dudeperfect]

For me, Bitcoin is a payment system having more benefits as compared to that of traditional fiat system. I was using popular international money transfer service but it was charging me excess amount in terms of fees/exchange rates etc but when I shifted my (income) payments, I have noticed significant savings in the cost of transfer so for me it is a better payment system.

[Moses Short]

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

[Milo Hill]

Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.

[Moses Short]

Bitcoin is a secure and safe way for you to send money to anyone anywhere in the world for the cost of a few pennies, instantly.

[Budugbass]

For me, Bitcoin is a payment system having more benefits as compared to that of traditional fiat system. I was using popular international money transfer service but it was charging me excess amount in terms of fees/exchange rates etc but when I shifted my (income) payments, I have noticed significant savings in the cost of transfer so for me it is a better payment system.

But i think that doesn't mean it will continue to be more benefit, because considering the price is easily changes, so sometimes transaction costs would be highly in a certain time.

[jercynjeth]

in my own opinion.,bitcoin is the way to invest money and to earn money.,

[Anewor]

Bitcoin can be understood in many ways to include the different version of definitions from wikipedia to several dictionaries available online. But I think for a beginner it would be so hard to understand what it really means especially when such person doesn't even know much about computers. So I'd like to suggest that the definition should be the simplest way possible. How about this "the equivalent of the paper money that is used to buy products or pay services online" which is because of course we cannot send the actual paper money online. Or any simpler means? Maybe anybody can add.

[esprit man]

Bitcoin is the magical currency. Something of value, without form, and no weight, with Blockchain modern technology Which is decentralized.

yes.There are many things to know about bitcoin. I know myself a bit.
Bitcoin is the virtual transaction system. It is a transaction on a computer network or it can be called internet money.

It is very strong. It is increasing demand. You can do everything of bitcoin with whatever you need. It is a fast transaction system. It is easy to deal with bitcoin.

[anwar98]

The simplest definition of Bitcoin is "virtual currency". Full, Bitcoin is a virtual currency that exists only in digital form. It is neither governed nor influenced by any government regulation or financial institution. If so, then Bitcoin, although functioning as a means of payment, it does not have a physical form like a sheet of paper money or coins in your wallet. But the function is the same, as a means of payment. Bitcoin can also be cashed into the official / conventional currency.

In its role in the process of buying and selling, Bitcoin can be an alternative that offers a number of conveniences. Using Bitcoin each party may keep the privacy of the data held for each payment. Consumers no longer need to inform personal data and financial data each time an online transaction.

[Dudeperfect]

For me, Bitcoin is a payment system having more benefits as compared to that of traditional fiat system. I was using popular international money transfer service but it was charging me excess amount in terms of fees/exchange rates etc but when I shifted my (income) payments, I have noticed significant savings in the cost of transfer so for me it is a better payment system.

But i think that doesn't mean it will continue to be more benefit, because considering the price is easily changes, so sometimes transaction costs would be highly in a certain time.

Agree but that's what the reward is given. Bitcoin is volatile in nature and still in the development phase so if we are holding it then we are bearing the loss when price decreases, similarly we expect profit when the price increases. High risk give high returns, low risk give low returns and it will take much time to expect stability from it but that should not be the reason to avoid it, even though the decision is based on the risk profile of the user.