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Author Topic: Bitcoin, What it is and what it does?  (Read 161 times)
Sealis
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June 27, 2018, 02:25:07 PM
 #1

So hi, I'm relatively new here in this forum and even though I have some knowledge with regards to bitcoin, its only on the surface so I wanted to ask you guys some questions that can be understood by a beginner like me. So my questions would be in the scope of what is bitcoin? I know it is the largest form of cryptocurrency as of now but I still don't get it that much. Researching bitcoin through the net have given me answers but as a layman who initially knew nothing about it, I wanted to get more clarifications. So again questions would be:
What is bitcoin
What is it used for
How is it used
I may have additional questions for later but this would do for now.
No flame against me because I know i lack knowledge and thats why i am here asking you guys because i want to learn about it.

Thanks

Sterling Sovereign (STSO) (https://www.sterlingsovereign.co.uk/) used for business, hotel or flight booking
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June 27, 2018, 04:55:07 PM
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bitcoin is a new currency or arguably bitcoin is a bitcoin electronic money unlike most currencies because bitcoin does not rely on trusting the major publishers of bitcoin using distributed databases and spreading to nodes from P2P networks to transaction journals and using cryptography to provide basic security functions such as to ensuring that bitcoin can only be spent by people who have it and never been allowed more than once.
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June 27, 2018, 05:37:26 PM
 #3

I think there is video to explain what is bitcoin you can check this video https://www.youtube.com/watch?v=Um63OQz3bjo
and this video for bitcoin explained https://www.youtube.com/watch?v=YHjYt6Jm5j8
and this is another video how bitcoin works https://www.youtube.com/watch?v=l9jOJk30eQs

You don't need deep knowledge about bitcoin unless if you are planning to develop it and bitcoin is just like a money online if you know how paypal works it is the same but the differences bitcoin is decentralized and you own a wallet or we can call a bank where you can save your money and no one can control your funds unlike paypal or other similar service.

tailor.and
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June 28, 2018, 02:14:42 PM
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Bitcoin is basically a decentralized currency or e-currency which can be used anywhere without converting the currency. Besides, the transactions is done to peer to peer. There is no third party interruption.
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June 28, 2018, 02:21:53 PM
 #5

Bitcoin is the first crypto currency having the feature of volatility. The price fluctuates and that's why you manage to make money.This is generally used for long term investment. A lot of people is making money out of it.
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June 28, 2018, 06:27:04 PM
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The bitcoin is a electronic money which is one of the crypto currency with decentralized and volatile nature only making peer to peer transactions with no third party interruption.
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June 28, 2018, 06:33:03 PM
 #7

It is the fastest, cheapest, and most secure way to send money around the world.
Because it is an unchangeable open source algorithm it can be trusted. It is not under the control of any bank, government, or individual. Nobody can make you use it or keep you from using it.

The best place to start is to read the "white paper". You will find a link to it below in my sig.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in AFRICA - https://bitcointalk.org/index.php?topic=2710325.msg27720734
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June 28, 2018, 07:42:02 PM
 #8

You are welcome in this forum. I am suggesting you some video links I hope it will help you to get moe knowledge about BTC https://www.youtube.com/watch?v=YHjYt6Jm5j8 and https://www.youtube.com/watch?v=l9jOJk30eQs . This will help you a lot. Moreover BTC is a the very first decentralized digital currency and it is also compared with asset.
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June 28, 2018, 08:06:50 PM
 #9

bitcoin is a cryptocurrency based on an encryption technology. It is a chain of blocks that could be said to be a better world currency than the dollar or the euro. Even gold is unsettled. It does not depend on any government or global financial institution for its blockchain technology. has many uses could be said that it is the real money you can use to buy anything in the world without depending on a bank that controls your money you can move it to any country in the world the amount you want you have a portfolio where you can save and use them when you want you can use it to invest in other cryptocurrencies and earn more bitcoin or tokens is used more than anything as a reserve of value is exchangeable digital money in any part of the miuindo for money fiat or metal

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June 28, 2018, 09:23:11 PM
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bitcoin is the world's first digital cryptocurrency and high value. attracted many people with easy transaction
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June 28, 2018, 09:34:12 PM
 #11

Is like any form of online payments system like skrill ,okpay and perfect money which allows you to send money from one person to another through his address. Just get a wallet and try sending a few dollars to friend or family that has a wallet.
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June 28, 2018, 09:57:22 PM
 #12

Is like any form of online payments system like skrill ,okpay and perfect money which allows you to send money from one person to another through his address. Just get a wallet and try sending a few dollars to friend or family that has a wallet.

The explanation is really simple and easy to understand, however, it can not express the important effects of bitcoin and its technological characteristics. The most important thing is transparency in transactions but still anonymous.

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June 28, 2018, 10:21:14 PM
 #13

bitcoin is the first high value digital currency used without third parties. Bitcoin is able to advance the currency further into the future and can help many people to meet the needs of life
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June 28, 2018, 11:03:45 PM
 #14

Bitcoin is a digital coin. It is a profitable site that’s why peoples are investing on this coin and earn lots of profit. i know many poor people who invest on this site and now they are well establish. In near future it will more popular.
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June 28, 2018, 11:04:13 PM
 #15

BTC is a crypto currency developed by satoshi in 2009 based on this btc is the first crypto currency in the world and with this you can trade whatever you wants also you can do limitless trading where is no boundaries of countries based on this it provide good  profit to their customers.
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June 29, 2018, 06:26:47 PM
 #16

Bitcoin is a decentralized digital currency. Now-a-days it is the most popular currency in the whole world. As it is a decentralized system so it works user to user peer to peer. People can transfer this Bitcoin one part to another of the world. It can be transferred by the blockchain technology. As it works peer to peer so no one can hack this Bitcoin wallet at all but if anyone gives their blockchain id and password to any unknown person then it will be hacked. So, be careful and don't give your id or password to any person to save.
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June 29, 2018, 07:07:31 PM
 #17

Bitcoin is the 1st discovered cryptocurrency and it still ranks 1st among all other cryptocurrencies in the market. It was discovered by Satoshi who has anonymously hidden his identity. It runs on a completely decentralized system and you can use it for investments and payments.
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June 29, 2018, 07:52:29 PM
 #18

Bitcoin is an intangible currency with no fixed price. The price fluctuates a lot but the digits it remain are always a safe amount resulting in an almost a zero loss for the investors. Try goggling about bitcoins or watch video tutorials to help get a good concept in bitcoins.
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June 29, 2018, 11:38:14 PM
 #19

Bitcoins is a currency use online to make payment amount peers. It is not a legal tender but the capacity it contains is much like most national currencies. Apart from serving as mode of payment, you can benefit from its price increase and make profit on your invested amount, but beware it is also risky .
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June 29, 2018, 11:55:38 PM
 #20

Welcome to the forum. Worth checking out this link, an ever increasing thread of knowledge for someone who genuinely wants to learn.

https://bitcointalk.org/index.php?topic=2968050.0

Plenty more out there too.

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