I would like the confirmation of more expert people on what Bitcoin is

[OgNasty]

You're right, but there is exactly zero chance OgNasty isn't aware of that and hasn't read the whitepaper many times. The point he was making is who today defines bitcoin as a peer-to-peer electronic cash system.

Indeed. I find it disturbing that there are newcomers to Bitcoin who don’t realize the core developers do not agree with the whitepaper’s definition of Bitcoin and haven’t for some time now. Bitcoin is being developed as a settlement layer and not a peer-to-peer electronic cash system. Those who invest in Bitcoin based on the whitepaper’s definition are being misled by an outdated document that is no longer an accurate description.

[AniviaBtc]

On the other hand, that article compares it with money, which is something I have never found before... I would love if you could tell me your opinion on that if you understand Bitcoin

Bitcoin is money. Bitcoin fulfills the three main criteria for being classed as money:

• a medium of value - the price of other goods can be expressed in bitcoin.
• a store of value - bitcoin can be safely and securely stored and accessed when required, although it has a very unstable value over time compared to most types of fiat money.*
• a medium of exchange - self explanatory. Bitcoin can be exchanged for goods or services.

*Fiat money is what most people think of when you use the term "money" - currency created and maintained by the government of a country.

Bitcoin can change your life, doing and managing bitcoin is not that easy because this asset is risky than you think. Compared to other coins, bitcoin can really give you huge profits and it is also can be a store of value besides gold. If you want a short term profit then you should choose bitcoin in contrast of gold because gold is only a store of value but it will never give you larger profits. Bitcoin is volatile and can varies in the market so you need to make a good decision in order for you to become more effective in cryptocurrency. As a medium of exchange, it is also can be converted in to a stock or fiat money if you want it but I don't guarantee you to do that if there is still more possibility to increase its price, wait for the right moment.

[gmaxwell]

Indeed. I find it disturbing that there are newcomers to Bitcoin who don’t realize the core developers do not agree with the whitepaper’s definition of Bitcoin

Og, That is the biggest most infuriating piece of dogshit I've seen all week and that's saying something because I read rbtc once or twice at some point.

It is entirely untrue. Just flat out.  It isn't consistent with anything the people you're speaking for have said, and its repetition comes from a tortured and likely malicious misunderstanding of the words involved.  (Settlement means final payment as opposed to an IOU. Settlement is not something that exists in comparison to cash, cash USD is one of the worlds most common settlement mechenisms!)

Please retract it.  If you want to make some complaint or criticism do so without putting highly objectionable words into other people's mouths.

[furrypickle_]

Hello all
In my research and understanding of what Bitcoin is I struggled a lot as google keeps showing results that tell me too complicated things that talk in a jargon that I don't know/understand.
I seem to have found a website that looks very simple and I would like to know if what they write is true or it is just another scammy websites...
I don't know who else I can ask, so I am posting here hoping to see if you can confirm whether I found on this page is correct or not.
The guy seems legit to me as I follow him on YouTube and has some good advises, but yet, I don't  trust much what I find online talking about Bitcoin because I often feel that all the information ranking is just the same stuff reworded... I find this article completely different, but I have no clue
Thanks in advance
https://www.promisingtrader.com/cryptocurrency/bitcoin/what-is-bitcoin

What the fuck is it with this generation ? always needed to be spoon fed like a hundred times before they get it. 

RTFM -- or simply read the fucking manual is what we used to tell people like this about anything.

[Fundamentals Of]

Answering the question who, it is Satoshi Nakamoto that brought the idea of bitcoin being a peer-to-peer electronic cash system.

You're right, but there is exactly zero chance OgNasty isn't aware of that and hasn't read the whitepaper many times. The point he was making is who today defines bitcoin as a peer-to-peer electronic cash system.

I barely know OgNasty but from what I see through his profile I can assume that he is one of the pioneers of the forum. You are right, OgNasty already know it and I do get his point that no one is using bitcoin as a currency or means of trading, most of us here use it as a form of investment. Satoshi knew this day would come but he can't control it since he made it decentralized.

Is that what he actually meant? That 'no one is using Bitcoin as a currency or means of trading'? I only get that he refers to Bitcoin in a way like a dollar is in relation to cent.

Anyway, Bitcoin has now gained a lot of nuances out of its original description. But it remains to be the Bitcoin that is decentralized at the very least.

[o_e_l_e_o]

I do get his point that no one is using bitcoin as a currency or means of trading

Speak for yourself. If you ignore my mortgage and other monthly bills which come out of my account automatically, for which I have not yet figured out a satisfactory way to pay using bitcoin, I use bitcoin as a currency more than I use fiat. Certainly the majority of my day-to-day spending on things like food, gas, clothing, electricals, etc., is done either directly using bitcoin, or via a gift card or store card which has been bought or topped up using bitcoin.

Bitcoin is being developed as a settlement layer and not a peer-to-peer electronic cash system.

How can a settlement layer be developed if the underlying asset, in this case bitcoin, isn't something that can be used to settle debts?

[Natsuu]

You're right, but there is exactly zero chance OgNasty isn't aware of that and hasn't read the whitepaper many times. The point he was making is who today defines bitcoin as a peer-to-peer electronic cash system.

Indeed. I find it disturbing that there are newcomers to Bitcoin who don’t realize the core developers do not agree with the whitepaper’s definition of Bitcoin and haven’t for some time now. Bitcoin is being developed as a settlement layer and not a peer-to-peer electronic cash system. Those who invest in Bitcoin based on the whitepaper’s definition are being misled by an outdated document that is no longer an accurate description.

I also think bitcoin actually doesn't have any specific description or the real meaning. It depends only on the person who are using it and in what context it will use. But as far as I know, Bitcoin wayback was described as a cryptocurrency. This word means a cash or money that is intangible that is used by online gamers, traders, gamblers, etc. This electronic currency serves as the platform of online connection or online money.

But bitcoin literally doesn't have any exact description. There are lots of experts in bitcoin. You can actually see them everywhere and it will also useful to ask here in forum.

[MicroGuy]

Bitcoin is being developed as a settlement layer and not a peer-to-peer electronic cash system.

How can a settlement layer be developed if the underlying asset, in this case bitcoin, isn't something that can be used to settle debts?

It's important to understand the original P2P cash payment function has been removed from the protocol. Txs on the main chain have been intentionally throttled. No one is debating that point, it's a fact.

The way the LN network is designed, it 'settles' transactions by closing channels on the main chain. Bitcoin will probably also be used for other types of settlement systems and may still be used for remittance payments in the future.

[gmaxwell]

the original P2P cash payment function has been removed from the protocol. Txs on the main chain have been intentionally throttled. No one is debating that point, it's a fact.

Bitcoin's capacity has been restricted since day one: it must be or the system's decenteralization could be easily obliterated by the single largest (potentially malicious) participant bloating all other participants off the network. To the extent the Bitcoin's capacity restrictions have changed at all since the first day they have only been relaxed. Fortunately, this isn't much of an impediment for Bitcoin's use worldwide because even a modest limit can go a long way due to Bitcoin's smart contracting which enables things like payment channels.  Payment channels were envisioned since day one and the transaction format has explicit accordances for them (e.g. nlocktime and input sequence numbers).

No "cash payment function" has been removed from the protocol, in fact you can use the original software to transact (though you need to fix some bugs to keep it from crashing out).

So another lie failed, you dishonest scammer shill piece of dogshit.

[fiulpro]

Hello
Am not an expert but I think the best way to explain Bitcoins is :-

A non centralized currency which runs in between just sender and receiver without any middle man . Now when you are making a transactions you need to broadcast the transaction to a network where Mining necessarily completes it .

A block is added and analyzed , then it directly converts the transaction's input into Output. Which takes approximately 10-20 min, sometimes even longer.

This is why mining would be important even though all of the Bitcoins would be mined one day.

Therefore heads off to miners for working for us every day and this is why there is a network fee for the transactions :') , Even they need to get paid .

Sorry if I said something wrong though , please feel free to correct me and add something more.

[Wind_FURY]

the original P2P cash payment function has been removed from the protocol. Txs on the main chain have been intentionally throttled. No one is debating that point, it's a fact.

Bitcoin's capacity has been restricted since day one: it must be or the system's decenteralization could be easily obliterated by the single largest (potentially malicious) participant bloating all other participants off the network. To the extent the Bitcoin's capacity restrictions have changed at all since the first day they have only been relaxed. Fortunately, this isn't much of an impediment for Bitcoin's use worldwide because even a modest limit can go a long way due to Bitcoin's smart contracting which enables things like payment channels.  Payment channels were envisioned since day one and the transaction format has explicit accordances for them (e.g. nlocktime and input sequence numbers).

No "cash payment function" has been removed from the protocol, in fact you can use the original software to transact (though you need to fix some bugs to keep it from crashing out).

So another lie failed, you dishonest scammer shill piece of dogshit.

Proof that "off-chain" payment channels were part of Satoshi's original vision.

Newbies, these are Satoshi's own words, as sent/communicated through an email for Mike Hearn, a former Bitcoin developer.

[Brightdhykseen]

Hello all
In my research and understanding of what Bitcoin is I struggled a lot as google keeps showing results that tell me too complicated things that talk in a jargon that I don't know/understand.
I seem to have found a website that looks very simple and I would like to know if what they write is true or it is just another scammy websites...
I don't know who else I can ask, so I am posting here hoping to see if you can confirm whether I found on this page is correct or not.
The guy seems legit to me as I follow him on YouTube and has some good advises, but yet, I don't  trust much what I find online talking about Bitcoin because I often feel that all the information ranking is just the same stuff reworded... I find this article completely different, but I have no clue
Thanks in advance
https://www.promisingtrader.com/cryptocurrency/bitcoin/what-is-bitcoin

Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a whitepaper by the developer Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin really offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.

There are no physical bitcoins although there are bitcoin ATMs, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.

CRypto 101 

[billykannithi]

You can search many thing about BITCOIN in the internet with "Bitcoin, The formular of Bitcoin, decentrelize chain,..." key to learn more about Bitcoin. If you dont know anything, you can search it when internet, Example "What is the Bitcoin, What is the halving, what is the block..". But on the way, you also see many investment invite. Please becareful all of these because you can lose manything by scammer and project scam.

[bitbunnny]

It's interesting to see that after so many years that Bitcoin is present there are people who need clarification about Bitcoin. Although it's not a surprise and this just shows how limited number of people is good aquainted with Bitcoin and cryptocurrencies in general.
But it's good that question is posted here, despite different available sources bitcointalk is still one of the most relevant.

[OgNasty]

Indeed. I find it disturbing that there are newcomers to Bitcoin who don’t realize the core developers do not agree with the whitepaper’s definition of Bitcoin

Og, That is the biggest most infuriating piece of dogshit I've seen all week and that's saying something because I read rbtc once or twice at some point.

It is entirely untrue. Just flat out.  It isn't consistent with anything the people you're speaking for have said, and its repetition comes from a tortured and likely malicious misunderstanding of the words involved.  (Settlement means final payment as opposed to an IOU. Settlement is not something that exists in comparison to cash, cash USD is one of the worlds most common settlement mechenisms!)

Please retract it.  If you want to make some complaint or criticism do so without putting highly objectionable words into other people's mouths.

If it makes it easier for you I could use a talking point and say that Bitcoin is no longer being developed for users to buy coffee in the morning. I won’t go into why that is or why you are so infuriated by my statement as I think most people already know and that’s not a rabbit hole I am interested in leading people down.

[vicoma]

The site provided is for an objective to get more followers for his prediction. The best place to learn the earth of Bitcoin is to read the whitepaper rather than youtubers that are providing advises on how to trades and make massive gains

[Vod]

Bitcoin is a peer-to-peer electronic cash system.

I would disagree respectfully with that.   I would say Bitcoin is a peer-to-peer electronic value system.

No one hoards cash (physical cash in your hands) expecting it to up in value.   They put it in the bank, but then it is no longer theirs. 

[Shasha80]

I'm not surprised that many people still don't understand bitcoin. So it is necessary to start bitcoin education from school. So that bitcoin
can understood by many people, and make faster growth of bitcoin. I'm not an expert who can explain bitcoin in detail, so I will explain
bitcoin from my point of view, in my opinion a bitcoin currency has two functions. The first as investment or digital assets, so we can make
money from bitcoin. Then the second function as payment, with bitcoin we can buy goods or pay for services and bills.

[Sadlife]

There are articles here in the forum about Bitcoin created by reputable and trusted users in Bitcointalk you can also find them in newbie section and local boards. I guess with the sources and reading materials provided here by some users you could understand what Bitcoin truly is but basically its just a currency just like fiat but decentralize and has no central authority to control it. Its transactions is stored inside a Blockchain.