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Author Topic: Common Q&A about bitcoin: non-technical edition. How much do YOU know?  (Read 1081 times)
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March 09, 2018, 10:07:15 PM
 #41

Q: Why is Bitcoin so expensive? I can't afford a bitcoin.


A: This kind of question always annoys me. I see it for almost every coin and token eventually. So here goes:

Bitcoin is (practically) infinitely divisible. So is every other coin and token.

Bitcoin is worth roughly $10k/each right now. The maximum number of bitcoins is 21 million bitcoins. 21 million is a completely arbitrary number Satoshi Nakamoto decided was a great number. If Satoshi had decided to make 210 million bitcoins the maximum number of bitcoins, the price of each bitcoin would be roughly $1k/each. If Satoshi had choosen 2.1 million the price would be around $100k/each.

The thing is, you don't NEED a whole bitcoin to do anything. It's not like having a whole bitcoin makes any difference whatsoever in your ability to use bitcoin or transfer bitcoin. The price is irrelevant.

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March 09, 2018, 10:09:40 PM
 #42

1.How to calculate bitcoin fee?
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Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
The financial crisis in 2008 led to a shake-up of people's trust in banks, and Bitcoin emerged as the first currency from peer 2 peer without having to go back to the financial system "the future currency".

I want this thread to be a tool for users to arm themselves with information that isn’t wildly technical. The majority of questions that newbies ask aren’t technical, so the questions you’ve asked aren’t generally popular ones asked when trying to learn about what bitcoin is.

Regarding your answer, when I’m asked this, it’s usually because they have no idea that you don’t have to buy a full bitcoin. The answer that I’m looking for is one that includes that you can buy any amount of bitcoin that you can afford. Want to restructure your answer and post again so I can merit somebody in this thread? Cheesy

Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A: Yes, Bitcoin is expensive and that is what most people think of when they see the actual current price and most of the reactions from my friends were seemingly shock how big it is and they were amazed and excited that they wanted to earn btc. So, in the case where some can't afford to buy it, I would suggest these people to join bounty campaign and gradually earn btc in the later time. All they have to do is pursuing the goal to earn btc through their dedication and time in this forum.

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March 09, 2018, 10:11:31 PM
 #43

I want this thread to be a tool for users to arm themselves with information that isn’t wildly technical. The majority of questions that newbies ask aren’t technical, so the questions you’ve asked aren’t generally popular ones asked when trying to learn about what bitcoin is.

Regarding your answer, when I’m asked this, it’s usually because they have no idea that you don’t have to buy a full bitcoin. The answer that I’m looking for is one that includes that you can buy any amount of bitcoin that you can afford. Want to restructure your answer and post again so I can merit somebody in this thread? Cheesy

Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A: Yes, Bitcoin is expensive and that is what most people think of when they see the actual current price and most of the reactions from my friends were seemingly shock how big it is and they were amazed and excited that they wanted to earn btc. So, in the case where some can't afford to buy it, I would suggest these people to join bounty campaign and gradually earn btc in the later time. All they have to do is pursuing the goal to earn btc through their dedication and time in this forum.

Roll Eyes

Most people you talk to for the first time about Bitcoin won't have any idea what this forum is. Or what a bounty campaign is. Or how to create a bitcoin wallet. Or how to accept bitcoin. Did you not read my suggestion about what kind of answer that I'm looking for in the very post that you quoted?

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March 09, 2018, 10:14:27 PM
Merited by BTCforJoe (1)
 #44

Q: If Bitcoin isn't bad, why do famous financial gurus like Warren Buffet warn us to stay away from it?

A: First and foremost, anyone who is a financial advisor like Warren Buffet could never advise the public to invest in an asset that isn't regulated by the SEC. He could be sued, or even jailed for giving such advice.

But, and I am showing my paranoia here, the reason people like Warren and Bill don't advise going into bitcoin is because they are the main beneficiaries of the current CENTRALIZED economic system we are living under. They are the richest people in the world! The system made them this way! So why would they want to change it?

Bitcoin is a risk. A MASSIVE risk. The risk of a completely changed economic landscape for billions of people...And the truth is, even if the world adopts decentralized crypto as a major asset/currency, YOU may never make a penny on your investments.

(But that won't stop me from trying) Cool Cool Cool
 

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March 09, 2018, 10:34:51 PM
 #45

Q: If Bitcoin isn't bad, why do famous financial gurus like Warren Buffet warn us to stay away from it?

A: First and foremost, anyone who is a financial advisor like Warren Buffet could never advise the public to invest in an asset that isn't regulated by the SEC. He could be sued, or even jailed for giving such advice.

But, and I am showing my paranoia here, the reason people like Warren and Bill don't advise going into bitcoin is because they are the main beneficiaries of the current CENTRALIZED economic system we are living under. They are the richest people in the world! The system made them this way! So why would they want to change it?

Bitcoin is a risk. A MASSIVE risk. The risk of a completely changed economic landscape for billions of people...And the truth is, even if the world adopts decentralized crypto as a major asset/currency, YOU may never make a penny on your investments.

(But that won't stop me from trying) Cool Cool Cool
 

This is extremely similar to the way I personally answer this question. Great answer! Enjoy the merit and top-post fame Tongue

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March 10, 2018, 08:58:09 AM
 #46

Sorry about this. Thank you for letting me know where to improve. This really helped me. Thanks for your honest feedback. What I don't like is the "merit whore". I respect your opinion with regards to that. I'm still a newbie in here, ready to accept all your hurtful words for my improvement. Anyways goodluck and sorry for wasting your time! Have a great day ahead of you! Peace!

9 out of your last 10 posts are in topics that have to do with merit. The other 1 has to do with making money with Bitcoin. It's obvious that you're here on the forums to make money. That's fine and all, but try to become a healthy part of conversation, as well. You're much better than other shitposters I've encountered; at least you're trying and putting in time to write and answer posts properly. Just try to shift some of your focus from solely using these forums to earn money, and more towards the utility and future of bitcoin and cryptocurrency, and you'll be fine.

Thanks for the honest feedback. I appreciate it so much!
I'm in this forum to gain a lot of knowledge and information regarding bitcoin and how to earn bitcoin as well since I'm new to crypto. I'd be a hypocrite if I'd say I don't want to earn small fractions of bitcoin in here if there's an opportunity in front of me. As long as I'm not stepping at anyone's shoe and not doing illegal things in here then I'm good.

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March 10, 2018, 01:20:32 PM
Merited by BTCforJoe (1)
 #47


How do I cash out Bitcoin?

you can pay for coffee or dinner with bitcoin easily. more and more shops receive bitcoin .you can exchange USD EURO or other on bitcoin ATM machine . of course ,you can trade any currency in the cryptocurrency exchange.

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March 11, 2018, 07:06:16 AM
Merited by BTCforJoe (2)
 #48

Q: Who controls Bitcoin?

A: Bitcoin is controlled by a lot of people, like the people who hold bitcoins, the miners, the traders, and the developers. You and me could be a part of it. It is the bitcoin community as a whole that controls the value of Bitcoin. For example, the more people hold bitcoin and believe in the value of bitcoin, the price will go up, you can say that the holders controls the value of bitcoin. Also, if the miners stops mining the value of bitcoin will go down, then you can say that the miners control bitcoin as well. So it is not really a single party that controls bitcoin, it is the community, the whole bitcoin ecosystem controls bitcoin.


Q: How do I cash out Bitcoin?

There are a number of ways that you can cash out Bitcoin.

First, you can use exchange. For example, if you are using exchange like Coinbase, you can just transfer your bitcoin there, then sell it for cash. Of course you need a bank account for this.

There are also some bitcoin debit cards service available. Where you can just load the prepaid card with Bitcoin and then shop anywhere with that card. There are also some other payout service where you send them your bitcoin then they will send fiat to your bank account.

Of course you can also use bitcoin for shopping. There are a lot of stores/online stores accepting bitcoin. Even the korean restaurant near where I live accept bitcoin now. That is a way of cashing out bitcoin as well.

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March 11, 2018, 07:48:31 AM
 #49

Q: How do I cash out Bitcoin?


Option 1:
Step 1. Transfer your bitcoin to Bitcoin to Paypal exchanger like unichange or okchanger
Step 2. Convert your bitcoin to PayPal (your fiat) like PayPal(USD)
Step 3. Transfer your PayPal balance to MoneyGram
Step 4. Receive the cash (fiat) in your nearest MoeyGram

References:
https://www.okchanger.com/CRYPTOCURRENCIES-BTC-to-PAYPAL-USD
https://unichange.me/order/bitcoin_paypal_usd
http://ir.moneygram.com/releasedetail.cfm?releaseid=778502

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March 11, 2018, 07:59:06 AM
 #50

Q: Who controls Bitcoin?


There is no single person who can control bitcoin even satoshi himself.
But there are people and company who help to run the blockhain and they are....




source:
https://blockchain.info
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March 11, 2018, 03:03:35 PM
 #51

Q: If Bitcoin isn't bad, why do famous financial gurus like Warren Buffet warn us to stay away from it?

A: First and foremost, anyone who is a financial advisor like Warren Buffet could never advise the public to invest in an asset that isn't regulated by the SEC. He could be sued, or even jailed for giving such advice.

But, and I am showing my paranoia here, the reason people like Warren and Bill don't advise going into bitcoin is because they are the main beneficiaries of the current CENTRALIZED economic system we are living under. They are the richest people in the world! The system made them this way! So why would they want to change it?

Bitcoin is a risk. A MASSIVE risk. The risk of a completely changed economic landscape for billions of people...And the truth is, even if the world adopts decentralized crypto as a major asset/currency, YOU may never make a penny on your investments.

(But that won't stop me from trying) Cool Cool Cool
 

This is extremely similar to the way I personally answer this question. Great answer! Enjoy the merit and top-post fame Tongue

Thank you very much! It feels so difficult to earn merit sometimes. I appreciate that you are giving people the chance to earn merit while also educating newbies on some of the most frequently asked questions. I plan to link to this thread whenever I get someone who is (honestly) asking some of these basic questions.   

Here is a question you can add: Do people only use bitcoin for illegal activities like buying stuff off the dark web or laundering money?

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March 12, 2018, 09:38:27 PM
 #52

Q: Is Bitcoin safe?
Yes bitcoin is safe and secured because it is decentralized which means not controlled by someone. If it's about the safety of bitcoin you have the safety of your bitcoin depends on you on how you take care of it and keeping it safe.
Q: Isn't it too late to get into Bitcoin?
It's not too late to get into bitcoin. My brother-in-law still earn from bitcoin and i'm getting into bitcoin, there are still more investing in bitcoin so it's never too late to get in bitcoin, right now there's a possibility that bitcoin's price goes up it's still changing right now.

Thank You so much for the one who created this thread and to those who support. I hope i could earn merit here.

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March 12, 2018, 10:46:46 PM
 #53

     I want to answer this...
Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
     Bitcoins uses and benefits are the reasons behind it's value. Another factor and reason bitcoin is so expensive because of limited supply of bitcoin while the demand is higher. As the year goes by,bitcoin community become higher and higher,it means the demand increasing that makes also the value of bitcoin so expensive. You can still buy bitcoin when it drops,you can afford it,but always buy only the amount that you can afford  to lost.
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March 14, 2018, 05:37:59 AM
 #54


How do I cash out Bitcoin?

you can pay for coffee or dinner with bitcoin easily. more and more shops receive bitcoin .you can exchange USD EURO or other on bitcoin ATM machine . of course ,you can trade any currency in the cryptocurrency exchange.

This is a very simple answer, but it's very effective. I will add this to the top post, but anyone else can feel free to embellish on this answer, if they like.



Q: Who controls Bitcoin?

A: Bitcoin is controlled by a lot of people, like the people who hold bitcoins, the miners, the traders, and the developers. You and me could be a part of it. It is the bitcoin community as a whole that controls the value of Bitcoin. For example, the more people hold bitcoin and believe in the value of bitcoin, the price will go up, you can say that the holders controls the value of bitcoin. Also, if the miners stops mining the value of bitcoin will go down, then you can say that the miners control bitcoin as well. So it is not really a single party that controls bitcoin, it is the community, the whole bitcoin ecosystem controls bitcoin.


Q: How do I cash out Bitcoin?

There are a number of ways that you can cash out Bitcoin.

First, you can use exchange. For example, if you are using exchange like Coinbase, you can just transfer your bitcoin there, then sell it for cash. Of course you need a bank account for this.

There are also some bitcoin debit cards service available. Where you can just load the prepaid card with Bitcoin and then shop anywhere with that card. There are also some other payout service where you send them your bitcoin then they will send fiat to your bank account.

Of course you can also use bitcoin for shopping. There are a lot of stores/online stores accepting bitcoin. Even the korean restaurant near where I live accept bitcoin now. That is a way of cashing out bitcoin as well.

Great answers! I will use modified versions of this to update the Q&A.



Q: How do I cash out Bitcoin?


Option 1:
Step 1. Transfer your bitcoin to Bitcoin to Paypal exchanger like unichange or okchanger
Step 2. Convert your bitcoin to PayPal (your fiat) like PayPal(USD)
Step 3. Transfer your PayPal balance to MoneyGram
Step 4. Receive the cash (fiat) in your nearest MoeyGram

References:
https://www.okchanger.com/CRYPTOCURRENCIES-BTC-to-PAYPAL-USD
https://unichange.me/order/bitcoin_paypal_usd
http://ir.moneygram.com/releasedetail.cfm?releaseid=778502



I like that you took the time to reference and cite links here, but never NEVER NEVER recommend crypto-to-paypal exchanges to a bitcoin newbie. Or any digital payment processor, for that matter. That's where you find all the scammers, and someone that barely understands Bitcoin will surely get scammed when trying to convert to digital currency.




[snip]

Here is a question you can add: Do people only use bitcoin for illegal activities like buying stuff off the dark web or laundering money?

This is similar to the question I asked: "Don't people use Bitcoin for the black market or for illegal stuff?". You can feel free to embellish on the answer that was provided if you think you can provide an example or something.

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March 14, 2018, 01:56:39 PM
Merited by BTCforJoe (1)
 #55

Q: Is Bitcoin safe?

A: Bitcoin is as safe as any other asset as long as you safeguard it as much as you would anything else. Obviously the ways to keep it safe are different compared to traditional physical assets, but it is just as theft-proof (or not) as cash/cars/gold etc. The amount you own also reflects on how much effort you put into keeping it safe, same as the reason I wouldn't carry around $10,000 in my pocket, but happy enough carrying $50 for a night out.

Some quick tips.

* Only buy it from reputable exchanges (I like this review site, lots of options and graded on a number of factors https://www.bestbitcoinexchange.io/)
* Double (triple) check any addresses that you are sending it from/to - one wrong digit/letter and it's unlikely you will see it again!
* Store it in a cold wallet that only you hold the private key for access (https://trezor.io/ or https://www.ledgerwallet.com/ are two well established and trusted wallets, but there are more out there)


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March 14, 2018, 04:32:09 PM
 #56

Q: Is Bitcoin a scam? What about a Ponzi scheme?

No. During the economic crisis of 2008, existing financial systems and the form of money was shaken. Bitcoin comes up whose purpose is to create a peer-to-peer electronic cash system. It relied on a trust less network. The gold like properties of Bitcoin made it superior as compared to other currencies.
What's more, there is never a single party or person promoting bitcoin. In fact, profits were never promised. People can earn or lose money due to the extreme volatility of the price which is different from Ponzi scheme.

Q: Why is Bitcoin so expensive? I can't afford a bitcoin.

It depends on the market value and utility. For example, beautiful girls are usually asked out on many dates and Porsche cost lots of money because both of them are limited and precious in the market. The amount of BTC is limited and it can be used and payed for goods in the real world. More and more people know about it and become popular among people. Therefore, everyone wanted to own one and the price increased rapidly and become expensive.
You don't buy a whole BTC, fractions of bitcoin are ok for you. For example, you can buy 2.32 BTC or 0.0003 BTC.

Q: Is Bitcoin safe?

Yes, Bitcoin’s technology can be trusted so long as you know how it works.
It is more secure than most existing financial services, including legacy banking platforms, which has been compromised repeatedly by hackers.
Just keep the private key same as password for your wallet and don't let people see your private key. Bitcoin’s technology can help you to prevent from being stolen.

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March 15, 2018, 02:10:02 AM
Merited by BTCforJoe (1)
 #57

Q:Is Bitcoin safe?

The theft of a Bitcoin wallet requires malware to identify the wallet file on the user's computer, control it, and transfer the funds to another wallet. If these files are encrypted with a strong password, malware is less likely to violently enter the file and obtain the user's Bitcoin.

What about the security of money in your wallet? Just like the dollar pound, the security of your bitcoin depends on your vigilance. A victim of a credit card thief can terminate the use of a credit card or withdraw a fraudulent transaction. But Bitcoin is very attractive to thieves because the transaction is irrevocable. The theft of most Bitcoins is the result of inappropriate or poorly managed wallet security, which has caused hackers to steal private keys.

When bitcoin is stolen, in theory, it is possible to track them because every bitcoin transaction is open. However, shrewd criminals have the ability to systematically interfere with this process, making the process extremely difficult.

In short, protect your bitcoin's security just as it protects cash; you should always be vigilant about potential dangers and take every necessary step to protect your bitcoin's security.

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March 15, 2018, 02:14:59 AM
 #58

Q: Why is Bitcoin so expensive? I can't afford a bitcoin.


A: This kind of question always annoys me. I see it for almost every coin and token eventually. So here goes:

Bitcoin is (practically) infinitely divisible. So is every other coin and token.

Bitcoin is worth roughly $10k/each right now. The maximum number of bitcoins is 21 million bitcoins. 21 million is a completely arbitrary number Satoshi Nakamoto decided was a great number. If Satoshi had decided to make 210 million bitcoins the maximum number of bitcoins, the price of each bitcoin would be roughly $1k/each. If Satoshi had choosen 2.1 million the price would be around $100k/each.

The thing is, you don't NEED a whole bitcoin to do anything. It's not like having a whole bitcoin makes any difference whatsoever in your ability to use bitcoin or transfer bitcoin. The price is irrelevant.

In fact, Bitcoin frequently asked questions and answers, the Internet search for a bunch, but we can not understand the proper nouns in the explanation, which requires you to further explore, this part of the study can only rely on their own.
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March 15, 2018, 02:36:08 AM
Merited by BTCforJoe (1)
 #59

I would like to answer this one since this was left unanswered.

Q: Why is Bitcoin so expensive? I can't afford a bitcoin.

A: Bitcoin is so expensive right now because the demand has grown to an exponential rate. But this did not start this way. There was a time when Bitcoin's price was less than a cent. In fact, the first purchase using Bitcoin was made by a man buying a $25-worth pizza with 10,000 BTC. Bitcoin's value is determined by its demand across the world. And if you cannot afford a full Bitcoin, you can always start with .5 BTC or .1 BTC or even a much smaller amount.
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March 15, 2018, 02:49:54 AM
 #60

Q: what is an airdrop?

It is the team of ico, the behavior of giving people tokens free of charge!

The effect of airdrop is obvious, raise the popularity of ico! Raise people's awareness of digital cryptographic currency!

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