Trying to make sense of bitcoin

[stskv]

New to bitcoin but having problems understanding it.  Why can't anyone else create a coin that can be used worldwide, why do bitcoin and altcoins have the same value all over the world?

What is the benefit of a retailer or business in US letting its customers pay via bitcoin?

How do you trade bitcoin?

[1714037756]

1714037756

[AverageGlabella]

Anyone that has the skills can create a altcoin that can be used worldwide just like many are over in the altcoin sub forum of this forum. However Bitcoin was the original cryptocurrency and thus it has a certain stigma about it. Plus the fundamentals behind it are very well done and don't really need too much improvement. There are a number of other different altcoins which are worth your time if you are interested in their features.

The benefit isn't really for the retailer currently unless they believe Bitcoin will continue rising then accepting Bitcoin could be a lucrative option if they were to cash out at higher amounts. The reason people are using Bitcoin is because its decentralized and brings back control to the people using the currency rather than the centralized banking system.

You generate a Bitcoin address through a Bitcoin wallet such as Bitcoin core or Electrum and you send your address to people and they can send Bitcoin to it in exchange for whatever you have agreed upon. Think of it as a much longer account number for a bank and you don't need a sort code or any other information.

[seoincorporation]

Why can't anyone else create a coin that can be used worldwide?

Because not anyone has the knowledge to do it, but all the information is on the web, this way, in theory, anyone can do it.

why do bitcoin and altcoins have the same value all over the world?

Because the exchanges are webpages, so, anyone in the world can buy from the same exchanges...

What is the benefit of a retailer or business in US letting its customers pay via bitcoin?

the benefit is that now that business will get new customers because there are not many places to spend the bitcoins.

How do you trade bitcoin?

On exchanges, take a look at this list and visit some sites: https://coinmarketcap.com/rankings/exchanges/

[BitMaxz]

New to bitcoin but having problems understanding it.  Why can't anyone else create a coin that can be used worldwide, why do bitcoin and altcoins have the same value all over the world?

Bitcoin is actually used worldwide they don't need to create another one but since other developers want to replace Bitcoin ranking position they make another coin. There are many altcoins created every year and until now no one could replace the bitcoin position.

Both bitcoin and altcoins have a different value you can check them from here https://coingecko.com/en or https://coinmarketcap.com/

What is the benefit of a retailer or business in US letting its customers pay via bitcoin?

I think the only benefits you can get in bitcoin if you accept bitcoin as payment is getting all transaction wirelessly and secured compared to debit/credit card.
There are many shops locally that accept bitcoin as payment and they are increasing.

Check these threads and links below to check those businesses that accept bitcoin as payment.

- https://bitcointalk.org/index.php?topic=2540474.0
- https://bitcointalk.org/index.php?topic=1765181.0
- Who Accepts Bitcoin? 7 Major Companies
- Who Accepts Bitcoin as Payment? From Who Accepts Bitcoins in 2019? Massive List

How do you trade bitcoin?

Just as simple as buying low and then sell when the price is high.

[bL4nkcode]

What is the benefit of a retailer or business in US letting its customers pay via bitcoin?

All coins whether, BTC, altcoin, tokens can be used worldwide through p2p transactions, it's just that officials on some countries are afraid and stupid enough that's they banned cryptocurrencies instead of regulating it, it will boost their economy if handled correctly but no, all they want is to corrupt.

why do bitcoin and altcoins have the same value all over the world?

It's not but mostly the same, markets decided it, depending on what exchange they're using.

What is the benefit of a retailer or business in US letting its customers pay via bitcoin?

The same thing to trading, some of them hodl and store their holdings for long term then sell if they take profits. Also, to have more options of payment, since anyone can use BTC without any international fees barrier that charges too high.

How do you trade bitcoin?

Simple, buy low sell high, but it's not easy as you do. It's to broad to explain maybe you should read some on google. Just remember that no one can predict the value of BTC, all of them are pure speculations.

[Kiefner]

Bitcoin and altcoins have different values. Bitcoin is valued more because it is unique and unrepeatable. The rest of the altcoins are just following him.

[bL4nkcode]

Bitcoin and altcoins have different values. Bitcoin is valued more because it is unique and unrepeatable. The rest of the altcoins are just following him.

You misinterpret what he's referring to, I guess what actually he's talking is why the price have almost the same value while there are many exchanges all over the world, and confused where the price is based.

[mk4]

Why can't anyone else create a coin that can be used worldwide,

But.. Bitcoin is already a coin that can be used worldwide though? Why would you create more coin unnecessarily?

why do bitcoin and altcoins have the same value all over the world?

Because open markets.

What is the benefit of a retailer or business in US letting its customers pay via bitcoin?

Visa fees suck as far as I know. Not sure how less of a fee services like BitPay has though.

How do you trade bitcoin?

Through exchanges. The best exchange to use depends on what country you're in.

[pooya87]

Why can't anyone else create a coin that can be used worldwide,

But.. Bitcoin is already a coin that can be used worldwide though? Why would you create more coin unnecessarily?

as i always say, you can always create a better coin than bitcoin since bitcoin isn't perfect. but to do so you will have to spend a lot of time and innovate and that is something that none of the current developers in this space are interested in which is why we have not seen anything better than bitcoin.
otherwise anybody can create and have created coins that can be used worldwide but "can be used" does not mean "will be used".

[mk4]

as i always say, you can always create a better coin than bitcoin since bitcoin isn't perfect. but to do so you will have to spend a lot of time and innovate

Yeap. And if some developer actually has a good idea to improve a cryptocurrency, chances are, they might be able to implement it to Bitcoin instead of creating another new coin.

But then again, anything can happen really.

[pooya87]

as i always say, you can always create a better coin than bitcoin since bitcoin isn't perfect. but to do so you will have to spend a lot of time and innovate

Yeap. And if some developer actually has a good idea for a cryptocurrency, chances are, they might be able to implement it to Bitcoin instead of creating another new coin.

But then again, anything can happen really.

actually bitcoin design is set in stone and there are a ton of things you can not change. and many ideas require fundamental changes in the protocol which can not be implemented in bitcoin at all. so the ideas that can actually be implemented in bitcoin are going to be limited.

[libert19]

I actually don't understand first one either. All cryptos can be used for payments worldwide, and they are far cheaper.

[Kakmakr]

New to bitcoin but having problems understanding it.  Why can't anyone else create a coin that can be used worldwide, why do bitcoin and altcoins have the same value all over the world?

What is the benefit of a retailer or business in US letting its customers pay via bitcoin?

How do you trade bitcoin?

>> Anyone can create an Alt coin based on Bitcoin, but Bitcoin will always be the first real Crypto currency. The value of the different coins are determined by the demand and the supply of the coins and currently there are a huge demand for coins and a limited amount of coins. 

>> The benefit for retailers is the low fees and the irreversible transactions and with the help of the Lightning Network, confirmation speed of transactions will also be almost instant.

>> You trade bitcoins on Exchanges or you can simply buy or sell bitcoins with someone that are willing to trade. <Localbitcoin> 

[Pursuer]

I actually don't understand first one either. All cryptos can be used for payments worldwide, and they are far cheaper.

well if you stop thinking of bitcoin and altcoins as investments and start ignoring the price while seeing them as currencies then you will get your answer.

put yourself in the shoes of someone who wants to make a payment online. you have the options that you have been using for years (fiat payments including credit cards, paypal,...) now if you want an alternative you are looking for certain aspects such as being decentralized, having full control, having high security, being fast and cheap,...
now all of that is offered by bitcoin but not altcoins. many of the altcoins are centralized, they are not immutable, they are very slow and most importantly lack security. many of them are poor copies of bitcoin so why would you ever choose them instead of the original?

you see when you are just looking at altcoins as investments that get pumped and give you profit you ignore things such as lack of immutability (in other words having transactions reversed!) but when you want to use it as a payment, you will care about things like that a lot.

[Upgate]

Albeit many investors and researchers are creating and making plans to have their own coin to outshine bitcoin in value but it all seems impossible cos bitcoin has dominantly dominate cryptocurrency and its well recognized and valued. Existing coins will still be valued but not the same value with bitcoin

[yazher]

New to bitcoin but having problems understanding it.  Why can't anyone else create a coin that can be used worldwide, why do bitcoin and altcoins have the same value all over the world?

What is the benefit of a retailer or business in US letting its customers pay via bitcoin?

How do you trade bitcoin?

Most of your question has been answered on this thread: https://bitcointalk.org/index.php?topic=5140668

so if you are new to this kind of technology you better read answers on most of the frequently asked question on Bitcoins.

Thank me later cause undoubtedly this thread has answered most of the questions I have back then.

[NathanJB]

New to bitcoin but having problems understanding it.  Why can't anyone else create a coin that can be used worldwide, why do bitcoin and altcoins have the same value all over the world?

What is the benefit of a retailer or business in US letting its customers pay via bitcoin?

How do you trade bitcoin?

Bitcoin is already worldwide. Everyone can use it even if one is in Europe, or in Asia, or in South America, or in North America, or even in Africa. The only problem with Bitcoin is that other countries do not allow it. So it is not on Bitcoin's end but on the part of the government of the countries where Bitcoin is not allowed. Do you think their restriction will be lifted if another coin is going to replace Bitcoin? We have thousands of altcoins and yet some countries remain hard and close-minded.

[freedomgo]

The only problem with Bitcoin is that other countries do not allow it.

That's a problem of the countries who does not allow bitcoin, they think they are protecting their people but they are wrong.
 
They just don't fully understand the potential it will bring to the economy of the certain country, how can they ban bitcoin when most countries who regulate crypto are getting the benefits of it,  this crypto is bridging us to have a better transaction as bitcoin is very transaction and it has no down times like other payment system.

Ponzi are different, bitcoin is legit, the government just need to be educated first before they can educate the people but with lack of interest in solving the risk, they come up with a very bad decision which is to ban bitcoin.

[Skieleton]

New to bitcoin but having problems understanding it.  Why can't anyone else create a coin that can be used worldwide, why do bitcoin and altcoins have the same value all over the world?

What is the benefit of a retailer or business in US letting its customers pay via bitcoin?

How do you trade bitcoin?

This is the meaning of cryptocurrency. Globality! You can pay the same currency anywhere in the world. This is the future of payments ... Market regulation is still a problem. That's why many countries block Bitcoin.

[JJenkins247]

Anyone that has the skills can create a altcoin that can be used worldwide just like many are over in the altcoin sub forum of this forum. However Bitcoin was the original cryptocurrency and thus it has a certain stigma about it. Plus the fundamentals behind it are very well done and don't really need too much improvement. There are a number of other different altcoins which are worth your time if you are interested in their features.

The benefit isn't really for the retailer currently unless they believe Bitcoin will continue rising then accepting Bitcoin could be a lucrative option if they were to cash out at higher amounts. The reason people are using Bitcoin is because its decentralized and brings back control to the people using the currency rather than the centralized banking system.

You generate a Bitcoin address through a Bitcoin wallet such as Bitcoin core or Electrum and you send your address to people and they can send Bitcoin to it in exchange for whatever you have agreed upon. Think of it as a much longer account number for a bank and you don't need a sort code or any other information.

That helped me too, thanks! I aswell haven't really completely understood everything there is to know, and therefore I have been scared away from trying to getting in on the fun. Guess I am old-fashioned in that sense..


Jerome / https://bilhandel.dk/