IsuruMaduranga
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Okay i will answer 2 questions using less technical details.
Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A: Why gold is expensive? Because anyone cannot create gold, gold is rare to find, hard to mine and most of all gold has high demand so anyone who has gold will never sell it lower than the market price.
Same here, In Bitcoin.
1.Anyone can't create bitcoin on there own.
2.Bitcoin mining(Let's say finding new Bitcoins) is very difficult, expensive and time-consuming.
3.Limited supply.
4.Because of the high demand, anyone who has bitcoin is not ready to sell it lower than the market price.
The price is going up because the demand is going up.
You don't have to buy a whole Bitcoin because Bitcoin has many smaller units. You can buy some smaller units of Bitcoin.
Q: Is Bitcoin safe?
A: Yes perfectly safe!
The public key is like the identity number of your wallet. The private key is like the password or the unique key. Your wallet is public and transparent so it can be seen and checked by anyone if the wallet number(public key) is known. But only you can open it because only you know the password. This password is the one and only way to open the wallet. If you lose it you can not open the wallet. Anyone can open your wallet if the password is known because the wallet is public. Any thief or hacker can not guess the password because it is too long (64 characters). There is no any other way to hack the Bitcoin system. Unless you reveal your password to anyone you are perfectly safe.
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marzyyy
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March 15, 2018, 12:43:42 PM |
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Common Questions & Answers about Bitcoin
Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A: [your answer here]
Due to DEMAND and SUPPLY. First and foremost, let it be known that prices goes UP when there is more demand than supply, while prices goes DOWN when there is more supply than demand. Back in 2009, BTC has no value, because there is no demand for it. It was reported that someone even tried to sell his 10,000 BTC for $50, but was not sold. Again because there was no demand for it and there's so much supply back then. Today, lots and lots of people wants to get hold of BTC. There's so much demand while having limited supply that it's price rose from nothing to all time high of $17,900. When someone buy or sell BTC, number of available supply changes. That's why prices vary from time to time. |
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IsuruMaduranga
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I would like to add 2 more questions to your list. Because many of my friends and newbies ask them often.
Q: Why Bitcoin when we have international fiat currencies?
A: Because of many reasons.
1. Bitcoin is not controlled by any central authority.
2. Bitcoin is truly international. You can send Bitcoin from anywhere to anywhere at any time.
3. Bitcoin transactions are very fast and low cost.
4. Bitcoin transactions are peer to peer.
5. Bitcoin transactions are anonymous.
6. You can keep your money anonymously.
7. Bitcoin has no inflation.
8. The value of bitcoin is going up. So it is a good investment as well.
Fiat currencies are controlled and regulated by governments and banks. Fiat currency transactions must be done through a third party which takes more time, high service charges and government taxes. Fiat transactions have limitations, unlike Bitcoin transactions. You cannot keep fiat currency or do a fiat transaction anonymously because you are revealing your details to the third party(Bank). Fiat currencies have inflation unlike Bitcoin so the value of your fiat money is decreasing day by day. But Bitcoin has no inflation and the value of a Bitcoin is increasing day by day.
Q: What is Bitcoin mining and who is a Bitcoin miner?
A: Bitcoin mining is the process of confirming a bitcoin transaction. When someone does a transaction there must be someone to confirm it. Miners is a person (a computer actually) who confirms a bitcoin transaction and write it in a public ledger.( This is like a book where all the transaction of bitcoin network is recorded). For doing this task miners charge a small fee and when confirming a transaction a small amount of new Bitcoin is created automatically and given to the miner. This is the way how new Bitcoins are generated.
All miners in the world are connected through the internet and that network is called the Bitcoin network. Their job is confirming the transactions.
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BTCforJoe (OP)
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March 22, 2018, 10:04:30 AM |
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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) This is a great portion of the answer I was looking for; I'll be including a variation of your answer in the top post. Just a side note: I found it extremely ironic that the user that answered the question of " Is Bitcoin safe?" is named cryptothief 
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.
I'm including a variation of your answer, as well. Thanks for taking the time to answer this.
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.
This is getting much closer to the type of answer I'm looking for. I have a very specific way of answering this question that really helps to open up newbies' eyes and I have yet to still hear that type of answer. I'll use parts of yours to add to the top post. Thanks for taking the time!
Q: what is an airdrop?
I have never been asked this question when speaking to a newbie or stranger of Bitcoin.
I would like to add 2 more questions to your list. Because many of my friends and newbies ask them often.
Q: Why Bitcoin when we have international fiat currencies?
A: Because of many reasons.
1. Bitcoin is not controlled by any central authority.
2. Bitcoin is truly international. You can send Bitcoin from anywhere to anywhere at any time.
3. Bitcoin transactions are very fast and low cost.
4. Bitcoin transactions are peer to peer.
5. Bitcoin transactions are anonymous.
6. You can keep your money anonymously.
7. Bitcoin has no inflation.
8. The value of bitcoin is going up. So it is a good investment as well.
Fiat currencies are controlled and regulated by governments and banks. Fiat currency transactions must be done through a third party which takes more time, high service charges and government taxes. Fiat transactions have limitations, unlike Bitcoin transactions. You cannot keep fiat currency or do a fiat transaction anonymously because you are revealing your details to the third party(Bank). Fiat currencies have inflation unlike Bitcoin so the value of your fiat money is decreasing day by day. But Bitcoin has no inflation and the value of a Bitcoin is increasing day by day. I love this question! I'll add it, along with a variation of your answer. Kudos for adding such a relevant question to the thread! Q: What is Bitcoin mining and who is a Bitcoin miner?
A: Bitcoin mining is the process of confirming a bitcoin transaction. When someone does a transaction there must be someone to confirm it. Miners is a person (a computer actually) who confirms a bitcoin transaction and write it in a public ledger.( This is like a book where all the transaction of bitcoin network is recorded). For doing this task miners charge a small fee and when confirming a transaction a small amount of new Bitcoin is created automatically and given to the miner. This is the way how new Bitcoins are generated.
All miners in the world are connected through the internet and that network is called the Bitcoin network. Their job is confirming the transactions.
Honestly, I rarely get asked this question. I would say that out of the thousands of people I have had fresh conversations about Bitcoin with, this subject was only brought up by the other person twice. Additionally, Bitcoin mining includes more than just confirming transactions. This is where it starts to get technical, so I never really take my friends down this road until they understand what Bitcoin is first.
Hang tight, the top post will be revised tomorrow when I have access to my computer. For now, enjoy your merits! I'm enjoying how this thread is playing out. Keep it up, all! |
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1993jochico
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March 27, 2018, 03:25:52 AM |
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Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
Before..., the value of bitcoin is too low because the its limited supply is higher than demand but last year (2017) due to its popularity high demand comes in and the value of bitcoin increase 1300% of its value from the start of the year and that why bitcoin now is too expensive. About affording a bitcoin a potential investor dont need afford 1 whole bitcoin, most of the people outside crypto world thinks that they cant invest on bitcoin because its too much expensive they dont know that they can invest even a $1, Almost everyone looks at its price first and if they cant afford the value of it their interest will suddenly lost. (like you see a new mobile phone released in the mall and you like it very much but you only have $500 in your pocket and the price of the phone is $1500 and you just leave..., but you did know that there is a installment process without interest). People sometimes afraid to ask. |
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ValeryO
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Q: Is Bitcoin safe?
A:
The algorithms and technical solutions that underpin the operation of Bincoin are absolutely safe. But the answer to this question depends on you personally. Just ask yourself. Is your credit card safe? Is Dollar, Euro or Yen safe? The water you drink, the air you breathe, is it safe? Is Car or Plane safe? Don't get on the plane if you doubt his safety. The same is with Bitcoin. Only your faith in Bitcoin will give the answer whether he is safe or not.
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BTCforJoe (OP)
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March 30, 2018, 06:01:04 PM |
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Q: Is Bitcoin safe?
A:
The algorithms and technical solutions that underpin the operation of Bincoin are absolutely safe. But the answer to this question depends on you personally. Just ask yourself. Is your credit card safe? Is Dollar, Euro or Yen safe? The water you drink, the air you breathe, is it safe? Is Car or Plane safe? Don't get on the plane if you doubt his safety. The same is with Bitcoin. Only your faith in Bitcoin will give the answer whether he is safe or not.
This. Great answer. I often make comparisons between Bitcoin and fiat currency. I like to state that I trust the blockchain 100% more than I trust banks. I throw some personal opinion and speculation in there, as well, stating that if/when global currencies collapse, Bitcoin will be there to pick up the slack  Welcome to the forums, and enjoy your merit! I will add your answer to the top post. |
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Moiyah
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March 31, 2018, 12:06:31 AM
Last edit: April 01, 2018, 04:43:19 PM by Moiyah |
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Let me try this one:
Q: Will bitcoin make me rich?
A: It depends. As we all know cryptocurrencies can fluctuate the value sincerely. Investing into it is a serious risk endeavor. If we'll invest in bitcoin and is smart enough to handle it and we know how to play with rules, then there is a big possibility that we'll become rich in the future. I've known some people who became well off but not all are successful , and because bitcoin is a global craze today, even a person not that knowledgeable about it, is buying btc and investing. For some reason, wisdom about cryptocurrencies is really significant.
Hodling btc for a long time will give us great benefits and good profits. So, at the end our victorious and prosperous are all depends on us.
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xbiv2
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March 31, 2018, 12:09:12 AM |
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Q: Is Bitcoin a scam? What about a Ponzi scheme?A: https://pastebin.com/ZUxTmR991. BITCOIN HAVE LIMITED QUANTITY, IN DIFFERENCE FROM TULIPS, DOLLARS AND Ethereum
2. GOLD EXACTLY SAME A PYRAMID SCHEME AS A BITCOIN BUT ALREADY ABSORB ALL IN |
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bixbem90
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April 14, 2018, 09:18:35 PM |
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Q: Is Bitcoin a scam? What about a Ponzi scheme?
A: [your answer here]
Q: Is Bitcoin a scam? What about a Ponzi scheme?A: Bitcoin is not "scam" . Bitcoin - BTC, look like currency or asset - not as activity or any organization. Obviously, it is one of cryptocurrency which is most popular for make anonymous online payment. You can earning Bitcoin by mining, buy/trade, working, etc. So that, Bitcoin can make profitable or not is depend on your decision. Ponzi scheme is the funding system who join after pay for who join before at crowdfunding or some collect funding format like that, Ponzi scheme does not creat any economic value, the person running it using the money and cash from people sent to people with high interest, and when they cannot paid, the system fall -> bankrupt -> Who join system after lost all their investment.
My answer maybe so obviously, hope it is enough. |
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lindapowell262
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April 15, 2018, 01:58:27 AM |
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Common Questions & Answers about Bitcoin
Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A: [your answer here]
Due to DEMAND and SUPPLY. First and foremost, let it be known that prices goes UP when there is more demand than supply, while prices goes DOWN when there is more supply than demand. Back in 2009, BTC has no value, because there is no demand for it. It was reported that someone even tried to sell his 10,000 BTC for $50, but was not sold. Again because there was no demand for it and there's so much supply back then. Today, lots and lots of people wants to get hold of BTC. There's so much demand while having limited supply that it's price rose from nothing to all time high of $17,900. When someone buy or sell BTC, number of available supply changes. That's why prices vary from time to time. |
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Aprilperez1
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April 23, 2018, 03:17:41 AM |
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I want to answer is bitcoin is legal? Bitcoin before the blockchain not created it is illegal because some of the users of bitcoin is from the deep web. It can use the bitcoin for payment in drugs and smuggle fire arms. It is also use in money laundry because the transactions cannot trace. But after the blockchain was created the deeb web do not use bitcoin for payment because the money laundry can be traced and it will make as a proof to be as a crime and go to jail. And now the bitcoin from anonymous converted into popular.
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aksen
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April 23, 2018, 05:21:47 AM |
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Should I sell my house or take a loan for investing in bitcoins ?
The prices of Bitcoins are very volatile. If you are thinking about selling your house or taking a loan for investing in Bitcoins, this is not a good idea. If the price drops drastically, you will be in huge financial crisis. The prices of Bitcoins reduce by even more than 30-40% in single day. If you have invested borrowed money in Bitcoins, this can be very stressful. On the other hand, if you have invested only a fraction of your savings, it will not be a huge deal. Only invest the amount that you are ready to lose.
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loggin
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April 23, 2018, 05:32:18 AM |
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Nice initiative.
Let me add some questions:
How can I get free bitcoins?
How can one mine Bitcoins? What are the investment returns?
Will bitcoin become a mainstream currency, or will its popularity wane, and why?
How do you convert bitcoins to real money?
What determines the value of Bitcoins?
Why were Bitcoins created?
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ItsZeroLimit
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April 23, 2018, 11:30:45 PM
Last edit: April 24, 2018, 12:07:56 PM by ItsZeroLimit |
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Q: Will Bitcoin make me rich? (asked by Walrus1 here)
A: Bitcoin can not make you rich. Bitcoin is a tool. Ask yourself, can a hammer, build a house for you? Knowledge and practice, will help you to build a house with his help. Learn the mining, market, entry points, exit, exchange trading, investment, try, make mistakes, but do not give up. And YOU will became rich, USING Bitcoin.
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fuck4ass
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April 25, 2018, 12:05:47 AM |
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I would like to answer the question about, "Is Bitcoin legal? I heard it's illegal in some countries. Why?", Each country has its own legal considerations of bitcoin and cryptocurrency. Some classify bitcoin as money and legal, some consider bitcoin as either legal or illegal. The United States is a country with the most users in the world. buying and selling and other transactions using bitcoin is legal there. And in japan as well, Bitcoin has been legalized there for digital transactions.
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Rtd1604
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April 25, 2018, 12:26:12 AM |
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How can I get free bitcoins?
I feel like I could answer this one mostly due to the fact it's the way I'm getting my share of Bitcoin.
There are several ways one could get free Bitcoin one of these ways are through websites called faucets, these websites pay people a small fraction of Bitcoin based on their completion of simple task as filling out surveys, Recaptecha and solve captcha's to claim these small portions of any cryptocurrency that they might be interested in.
While another way to earn free Bitcoins would also be to participate in a airdrop for less known cryptocurrencies and then exchange those coins for Bitcoin as well.
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fuck4ass
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April 25, 2018, 08:38:58 AM |
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Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A: What do you know about assets? like gold. Gold can not be created, but can be found. Just like bitcoin. Bitcoin is discovered through mathematical problem solving which involves a series of complex algorithmic calculations on the computer. This is what makes miners sell bitcoins at a great price. And because the number of bitcoin is also limited. Bitcoin itself was originally designed to produce only a limited amount of 21 million pieces. Currently it is about half of that number mined and circulated. But the price of this bitcoin can still rise and fall. The cause of this price volatility is from demand and supply. So, if you want to buy bitcoin, Try to buy at the lowest price. Because bitcoin is long-term investment.
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metenjean
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April 25, 2018, 09:07:18 AM |
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Trying to do some answer with limited knowledge and hope it helps  Q: Is Bitcoin a scam? What about a Ponzi scheme? A: Ponzi scheme / Pyramid scheme definition by society: Is a high yield investment program which offer high interest beyond imagination to an investor. Where did they got the money for that high interest? It was gathered from other new investor's investment so basically the interest money generated by newcomers and if there is no new guinea pig (new investor) or the quantity of new investors money can't cover the interest regularly then the investment will failed. Is bitcoin a scam if you compared with ponzi scheme, then it isn't because bitcoin didn't generated interest or money from newcomers rather than the price of it depends on the demand and supply. Q: Will Bitcoin make me rich? A: It depends, bitcoin is an investment so like any other investment you can either make money or lose money from it. So if bitcoin makes you rich then its probably because you've been good at making decision from it. |
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