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Author Topic: What are the uses of Bitcoin, and how is it mined?  (Read 80 times)
LUXMICOIN
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December 06, 2017, 11:59:32 AM
 #1

What are the uses of Bitcoin, and how is it mined?
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enterprevic1
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December 06, 2017, 12:04:04 PM
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There are tons and loads of uses of bitcoin, it does almost everything your physical money does, just that it is yet to be fully accepted, and again it is mined by miners, you can go read more about that online
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December 06, 2017, 02:27:24 PM
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Main use it as a future investment (save 1BTC today and get 100,000 in future).

others use it in Deep/Darknet, trading, porn,......etc.

how to be mined need to buy miner and electric bill (so risky for the newbie).

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December 06, 2017, 02:34:24 PM
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Uses of bitcoins well there are plenty of them to name a few :-

1. It provides an alternative to the normal fiat , since it being decentralized and somehow private makes it an amazing tool to put into use

2.you can buy and eat around Japan though the bitcoins accepting community is a lil less in number but yes its popular out there and in many other countries too they are slowly adopting it

3. Its an investment with very high returns.. just like ypu would Invest in gold you come forward to invest in bitcoins Smiley

4. It can be taken as a simple transaction method between countries since you won't need to pay taxes and everything except the wallet charges ..large sum of money can be transferred in an instant that too super safely !


Mining of bitcoins require big machines ASCI's but more or so consider mining to be a set of equations more like a mathematical problem and a number of people work together on it.. to solve it and when they mine one block completely then they get reward as bitcoins that is distributed between everyone that worked to solve it..be it a person or a group.

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