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May 16, 2020, 08:33:21 AM |
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The world biggest writer J.K Rowling has been asking questions on Bitcoin and she is getting some fascinating Answers like
1. Bitcoin is something that exist but doesn't exist
2. Bitcoin is designed so that it eliminates the need for trust. It's backed by advanced math, you won't understand
3. It's just money. It works like globally accepted cash and a high performing stock because of it's finite supply
4. Bitcoin= Magic Internet Money, Where the magic happens is blockchakn it's where each Bitcoin transactions is recorded like at bank
5. Imagine money is like Alcohol. Everyday more and more is being printed so it constantly dilutes the alcohol. Bitcoin is like the purest form of alcohol that cannot ever be diluted. You can enjoy the same taste 5,10 or 100 year down the line
6. Joe Craig did a great job here! He said; when you pay with a card, the system pings the bank to check you can pay, it pings back to Ok the transaction, then your bank pings the seller's Bank to change the amounts in your respective acounts. The bank acts as a central place keeping score. They keep the 'ledger'.
Now there's a new way of keeping score every transaction is recorded on a vast network of computers across the world that all have to agree on the numbers for anything happen . It's a distributed ledger's. If they agree, they update instantly with no need to refer a bank. They record every transaction in along chain of technology, adding the new one to the end of the chain in a new link, or ‘block'. A cryptocurrency is just currency that uses this chains of blocks of blockchian to keep score. Instead of a central institution like a bank.
And. Bitcoin is just the most popular cryptocurrency.
7. Bitcoin is a Cryptocurrency derived from cryptographic encryption and digital currency. Bitcoin is a digital cash network that relies on a cryptography for security.
8. Digital money that cannot be tampered with. Doesn't require Banks to send it. Bitcoin has a finite supply, therefore is not subject to inflation like $/£
9. Bitcoin is like fire insurance you'd buy for your home but instead of your home on fire it's economic and government systems around the world.
10. Think of Bitcoin this way. We figured out how to do letters over the internet with email, Now we figured out how to do money over the internet with Bitcoin.
These answers came from her handle on Twitter @jk_rowling among all of them all Number 5 is something else, alcohol does alcohol dilute when added another alcohol? and also using alcohol to explain bitcoin to a newbie is amusing. Let me know the answers that got you. And also I will encourage beginners to check this thread before asking anymore questions. So our forum will not be filled with same question all over. Thank you all and have a good day.
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