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Author Topic: What is BitCoin Data Used For???  (Read 7305 times)
TheFiendishOne
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February 20, 2014, 04:35:19 AM
 #21

Umm sorry to burst your bubble about bitcoin needing the internet to sustain itself, whereas you are right on that part, other currencies such as the US Dollar also depend HEAVILY on the internet in order to sustain itself.

Don't believe me?  Let's all withdraw our US Dollars today, at once, and see if there's enough to go around.

There won't be.

What does that mean?  That there are "digital" US Dollars floating in a cloud somewhere, being represented as a digit with 2 decimals on your computer screen or "bank statement" so your entire argument regarding bitcoins' dependence on the internet to sustain itself goes right out the window.

Also, there are a lot of people out there wasting probably just as much electricity, if not more, as these crypto-miners, on something probably far less productive.  I'm sure if we started a thread on that we would get tons of responses with legitimate proof of WASTED ENERGY and TIME and LABOR.

Now, with all that said, I am a newbie to the bitcoin world, less than 25 days into knowing about the existence of bitcoin, so I'm not just some old school enthusiast trying to glorify bitcoin, I'm on the same boat as you, and I see a very good future with bitcoin and other specific cryptocurrencies, and it has a lot of potential.  Go do some searching and check out all the companies across the world that are openly, willingly and publicly taking bitcoin as payment for their products and services.  This includes overstock.com!  If big corporations are using bitcoin, I can't imagine that anything you have against bitcoin will matter at this point in time.

When it comes to how it works, or why, or what it's for, or how it's productive, or whatever it is you are trying to ask, you really need to be tech savvy to fully understand how it works, and WHY it works.  

*EDIT*

When I  make a purchase via paypal, or credit card, etc, over the internet, it takes days to  process.  I have to wait for the payment to process before I even get my  product shipped or service activated.  Bitcoin is pretty....instant, when it comes to transaction time, and the fee's are  minimal because there isn't a government and banks running it and applying these transaction fees.

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franky1
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February 20, 2014, 05:14:49 AM
 #22

the blockchain data is the ledger that secures each persons transactions to ensure it cant be counterfeited, or lost in the digital ether.

banks employ companies to make special cotton paper, special inks. etc.
banks employ companies to make special armoured vehicles, safes, atms, and bank teller counters
banks employ people to be security and watch over the safes, atms, armoured vehicles
banks employ people to be middle-men, to interact with customers and ensure the money flows between each other with minimal risk
banks employ IT people you look after their systems and ensure risk is minimised

now what do all of these people do that are effectively employed by the bank. they all help to secure the banks value....

are these employee's solving world hunger or working out Pi to the millionth decimal. nope, they are just securing the banks system in exchange for a small amount of value for the time they work.



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