What is Bitcoin really?

[hack3rcon]

Hello,
What is Bitcoin really? Is it just a digital currency? Any application running on the Bitcoin blockchain?


Thank you.

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[Don Pedro Dinero]

I don't know what you want us to explain to you if you've been registered on the forum for over a year and you still don't know.

With a little interest on your part, you wouldn't be asking this question today.

Bitcoin was created as a digital currency, an electronic payment system designed to operate from person to person, without the intervention of a central bank or other centralised entities.

It's not exactly person-to-person, though, because in between are the miners, but the system is decentralised.

However, nowadays many people use it with centralised intermediaries, although at the base it works in a decentralised manner.

Anyway, put some interest in it and read the White Paper or some of Andreas Antonopoulos' videos, for example.

[mindrust]

Hello,
What is Bitcoin really? Is it just a digital currency? Any application running on the Bitcoin blockchain?


Thank you.

Bitcoin is the hardest money ever known by humanity. Harder than steel, harder than titanium. Even adamantium looks like a little girl when compared with bitcoin. Bitcoin is hard like men. Hard and sound. They say gold is hard money too but That’s not my experience with gold. Gold is nothing like bitcoin. You can scratch or bend gold easily. Gold is not hard money. Gold is a wimp.

[mk4]

You're really just going to ask this now, after almost a year of being here and after 266 posts?


* If you like reading articles: https://coindesk.com/learn
* If you like reading books: https://theinternetofmoney.info/
* If you like watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

[re-start]

Believe me, instead of asking this question here, go and watch some videos or read some books. Also, if you want a suitable person to teach you about Bitcoin and blockchain, contact Mr.Magkaisa.
He's currently teaching Bitcoin to his neighbors, maybe he can create an online class for you.

https://bitcointalk.org/index.php?topic=5408842.msg60696956#msg60696956

[passwordnow]

The bitcoin whitepaper might be the answer that you're looking for: https://bitcoin.org/bitcoin.pdf

Hello,
Thanks, but on the other cryptocurrencies blockchain like the Ethereum many DApps running, How about Bitcoin?

It's incomparable. I think this could also explain well why you're comparing smart contracts/dapps of Ethereum to bitcoin.

Bitcoin or Ethereum: Which one is Better?

[..]While Bitcoin works better as a peer-to-peer transaction system, Ethereum works well when you need to create and build distributed applications and smart contracts.[..]

I'm sure that you have an idea of the huge difference between bitcoin and Ethereum and other projects that has the feature to build dapps or smart contracts. It's like a project that can build another project.

[TheUltraElite]

Hello,
What is Bitcoin really? Is it just a digital currency? Any application running on the Bitcoin blockchain?

It is a currency, a mode of transaction that is different from how traditionally money have been known to transact. Blockchain is the technology on which bitcoin works in simple words.

Comparing this to altcoins that can run apps on blockchain is a wrong way to think. Just like the fact that older science texts are nowadays proven wrong by newer development does not mean any of it is inferior.

Again whether such apps are useful at all or have only been a marketing gimmick needs more critical thinking. Bitcoin on its own is a coin enough to the economy. It does not need such developements.

[NeuroticFish]

What is Bitcoin really? Is it just a digital currency? Any application running on the Bitcoin blockchain?

Is it me or you just ask random questions?
What is bitcoin, what is a block, and questions on programming languages and wallet creation.. these are imho at quite different levels, which means you are either tremendously confused (which is not normal after so much time and posts here, so just go to the links others have provided for you and fill the gap), either you have decided to post questions, no matter what (which is ugly).

[Pmalek]

Any application running on the Bitcoin blockchain?

The quality of a blockchain is not determined by the share amount of applications running on it. Ethereum can have a million dApps but none of them will reach the adoption and usability of bitcoin. Bitcoin is what is running on its native blockchain. That's all there needs to be. It's a decentralized currency that can be exchanged P2P and is irreversible in nature.

The DAO hack a few years ago has proven that Ethereum is centralized and reversible. It also cares for the interests of a few wealthy foundation members and not the whole community.  

[Jeger.Kiting]

Hello,
What is Bitcoin really? Is it just a digital currency? Any application running on the Bitcoin blockchain?


Thank you.

I'm still confused by the question you made in this thread, because your rank on Bitcointalk has reached members but why do you create a thread with questions like a complete beginner who just entered this forum. I give a little explanation about Bitcoin. Bitcoin is a decentralized digital currency system used is peer to peer or P2P.

This bitcoin ownership will be stored on a personal computer with a swiftlet or swallow file provided by a third party without the need for identity. Bitcoin aliases can be owned with an anonymous identity.

There is a public transaction record that forms a dependent network of bitcoins called a block-chain or blockchain. Confirmed bitcoin transactions will be stored on the block-chain.

[bitzizzix]

Actually you can find it on search or the internet.
And in my opinion bitcoin is a digital currency and the feature that distinguishes bitcoin from other currencies is the absence of monetary authority and government dominance over botcoins, because the bitcoins that are created or produced are not under the control of the government or companies and are completely under self-control.
And it is an independent currency and also freedom, which is based on peer-to-peer, has low authority to control and control the center.
and bitcoin is the most popular cryptocurrency, dominating the crypto space with its blockchain technology, and bitcoin was created in 2009 under the pseudonym Satoshi Nakamoto, who may be an individual or group of people who to date have not been accurately verified.

[8rch7]

Bitcoin is a precious metal created by Satoshi in 2009, bitcoin is harder than gold, bitcoin availability is also very limited, bitcoin currency that uses cryptography to keep it comfortable, bitcoin offers the promise of very low transaction fees, compared to payment mechanisms traditional online, you could say bitcoin is also the most difficult currency ever known to humans, and a very promising investment and can help our finances in an era that is all digital.

[Moeda]

Hello,
What is Bitcoin really? Is it just a digital currency? Any application running on the Bitcoin blockchain?


Thank you.

In my opinion, the application is not running on the Bitcoin blockchain, but the Bitcoin blockchain can run on any application and it depends on the developer of the application. Bitcoin nodes are created transparently, so they can be easily learned by anyone to develop. Many wallets are being developed today without having to work with Bitcoin developers. Bitcoin is a digital technology that can be managed by all parties without changing the blockchain system.

[justdimin]

Any application running on the Bitcoin blockchain?

The quality of a blockchain is not determined by the share amount of applications running on it. Ethereum can have a million dApps but none of them will reach the adoption and usability of bitcoin. Bitcoin is what is running on its native blockchain. That's all there needs to be. It's a decentralized currency that can be exchanged P2P and is irreversible in nature.

The DAO hack a few years ago has proven that Ethereum is centralized and reversible. It also cares for the interests of a few wealthy foundation members and not the whole community.  

I am not entirely sure if we can call ethereum 100% centralized, it is really not. Because, the logic was to get everyone to agree again, so it is democratic. By the same logic, we could actually have more than 21 million bitcoins, did you know that? How? Well, someone could create a side chain to bitcoin where there are 210 million bitcoins total instead of 21 million, and if 90%+ people start to use that, it will become the de facto new bitcoin blockchain.

So, it is "possible", decentralized doesn't mean untouched, if it was then we wouldn't have segwit, it means that it is decentralized meaning there are no central figure that decides all by themselves, all changes are asked to us, before being done.

[secone]

bitcoin is a bit of data stored in blockchain technology 

[Pmalek]

So, it is "possible", decentralized doesn't mean untouched, if it was then we wouldn't have segwit, it means that it is decentralized meaning there are no central figure that decides all by themselves, all changes are asked to us, before being done.

Ethereum has the Ethereum Foundation which is a major player when it comes to changes on the network. They make arbitrary changes that serve their interests first and foremost. If they lose money, they can just roll back the chain so the problematic transaction never happened. That's something they have already done. To become a validator in their upcoming 2.0 Ethereum version, you need to stake 32 ETH. That will make the network even more centralized around only those who have the required stake or can afford to buy it. Nodes needs to be spread out as much as possible, not concentrated around a few wealthy individuals.   

[Adbitco]

This seems to a silly questions.
unlike having a fish inside water and yet asking if the fish could swim. Without being told you would have learned or search around the forum to know about the Bitcoin and its development instead of asking such question.

Please read

https://www.bitcoin.com/get-started/what-is-bitcoin/

I think your answer was best to him.
There are lot replies which can be seen as spamming, watching clearly in this board same related questions has been asked.

[TheNineClub]

While everyone above gave great info and answers, I would like to point you to two videos that might give inside into what BTC and crypto is.

https://www.youtube.com/watch?v=954e3mi-W3E

https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=22s

https://www.youtube.com/watch?v=HrehEWYj16s

Some are shorter, some are longer, but I feel that, in this case, videos are a better source of info. I mean, there are also a ton of videos that explain this, some better some worse, but the main thing is to watch those for pure facts and not the opinions of the authors and then form your own opinions.

[Nrcewker]

Hello,
What is Bitcoin really? Is it just a digital currency? Any application running on the Bitcoin blockchain?


Thank you.

Bitcoin can be claimed as both Digital currency and also as an asset. It completely depends upon a user and how he/she gonna use it.
In order to understand Bitcoins more clearly, you can compare it to gold in digital form.
As Bitcoins are limited in supply, so if you buy and store it in a earlier phase, then definitely after some years when you sell it, you will get huge profit like the gold.
In other words Bitcoin gave us the opportunity to use our money independently in a decentralised manner.

[Jo_Liu]

Bitcoin is the world’s first successful decentralized cryptocurrency and payment system, launched in 2009 by a mysterious creator known only as Satoshi Nakamoto. The word “cryptocurrency” refers to a group of digital assets where transactions are secured and verified using cryptography – a scientific practice of encoding and decoding data. Those transactions are often stored on computers distributed all over the world via a distributed ledger technology called blockchain.
Bitcoin can be divided into smaller units known as “satoshis” (up to 8 decimal places) and used for payments, but it’s also considered a store of value like gold. This is because the price of a single bitcoin has increased considerably since its inception – from less than a cent to tens of thousands of dollars. When discussed as a market asset, bitcoin is represented by the ticker symbol BTC.
The term “decentralized” is used often when discussing cryptocurrency, and simply means something that is widely distributed and has no single, centralized location or controlling authority. In the case of bitcoin, and indeed many other cryptocurrencies, the technology and infrastructure that govern the creation, supply, and security of it do not rely on centralized entities, like banks and governments, to manage it.