What do you know about bitcoin?

[macson]

If someone wants to know about Bitcoin, I can tell them a lot about it, but in short, I'll say that Bitcoin is a digital currency developed using blockchain technology. It's decentralized, secure, and can be used as an alternative to fiat.

And I didn't learn about Bitcoin from advertising --- Bitcoin isn't promoted that way. Most people learn about Bitcoin from the internet, or they hear about it in forums, or from others who are already familiar with it, and then they learn more.

[Creeper0]

Bitcoin is a currency system that is gaining popularity day by day without any publicity on its own. Before I met Bitcoin, I had never seen any publicity about Bitcoin. This forum introduced me to Bitcoin and taught me about Bitcoin.

Simply put, Bitcoin is a financial system that works against the conventional financial system. Privacy, freedom of exchange, security and inflation are all the opposite of the conventional financial system. The main purpose of Satoshi Nakamoto behind the invention of Bitcoin was to get rid of the conventional subordinate financial system and increase his freedom and rights over his own assets. But currently, Bitcoin is used more as an investment asset. Everyone has their own reasons for using Bitcoin.

[Hyphen(-)]

The question "what do you know about bitcoin" still stands cuz I believe bitcoin is about more that I have. no idea and I'm willing to learn so help me with that secret idea about bitcoin. 

Banking system and centralization has taken over everywhere, which makes your financial freedom and privacy about your finance difficult because banks or any centralized authority will have to know your assets and may use it and give you peanuts after sometimes; this has been what is going on in the world making people to depend on banks and maybe some physical investments that can sometimes fails you because they control your finance for you and you might not get it when you want it immediately until you pass through due process which is most times annoying.

Bitcoin has come to solve all these centralization problems with aim of given you financial freedom and created Bitcoin to be decentralized and give us financial freedom with profit if we good for long. Unlike holding fiat currencies that inflation will affect, for Bitcoin investment, you will have profit of your investment when the market goes bullish and you asset is safe because it store its value. Therefore, Bitcoin gives financial freedom.

[Mate2237]

I never heard or saw a Bitcoin ads

The few times I saw  and listened to an ad promoting Bitcoin was from a scammer. Someone had sent me the audio and the rubbish writeup that followed it, claiming bitcoin helps you double your capital in few minutes. I was shocked Someone could make Bitcoin seem so strange to me. It was so good to be true that even if I'd never known Bitcoin my entire life, I will find it difficult believing in an investment that promises double my capital in seconds.

That is true even though there are genuine ads on the Internet space, especially on social media platforms. Most of the Bitcoin related writeup are done by those who have the intention about defrauding people. Fraudsters are doing everything including running adds with the main purpose of defrauding people of their money.


Criminal on the Internet is taking their tactics seriously, so always verify and be conscious of what you allow come unto your life because as far as am concerned comes of the adds you find today on the Internet space about Bitcoin is not true, especially the once that too true to be true.

[Tetu100]

Bitcoin is a crypto asset that appreciates more in value over time, it is decentralized in nature and it's not  controlled by any governmental institutions or body therefore placing you in charge of your funds without being push around by any body (financial institute) . Bitcoin asset can be very flautrating in nature and when  invested in it is more in an advantage on the long term plan than short-term investment.

Secondly, it serves as a store of value and it has saved us mainly from inflation from our local currencies. furthermore it privacy and security aspect is topnotch and amazing therefore missing out is like missing a life changing opportunity.

[Livingleged]

If the questions was pointing to me directly I think I’ll have a lot to say  now. but that wouldn’t have been possible prior to when I knew nothing about this forum, how I see bitcoin now is a little bit more different from when I had little knowledge about bitcoin. I mean the security, the way transactions are done, the cryptography as a whole. Everything became very clear to me just when I joined the forum.
If I’m to  say what I know about bitcoin I’ll say: it’s a decentralised digital currency that operate without any central bank interference.
It also uses proof of work consensus using the SHA-256 hashing algorithm Minner also competes In solving computational puzzles to add blocks to the blockchain and earn bitcoin as reward for mining.
It also uses p2p electronic cash system for transactions since it’s has no central authority.
All transactions are recorded in a public ledger.
But if you ask me about bitcoin investment my inputs will be a bit different from this.

[Ndabagi01]

Getting to learn about bitcoin is not as hard as some people might view it. It can be learnt online and from people who have knowledge about the bitcoin itself. The best of practices in Bitcoin is that you keep learning about new technologies about it so that you don’t make mistakes that’ll cost you your portfolio. Bitcoin has become a more global currency and a very good valuable asset to reckon on.

This makes even more people that are not interested in holding bitcoin looks for way to steal from those that are holding it. Privacy and security are the two main concerns you should focus on when getting to learn about bitcoin, once you’ve made mistake in one, then it could cost you your whole hard works of fortune into the Bitcoin market.

[NurseHub]

What I know about bitcoin is that it doesn't select people, everyone can have it and that is because bitcoin is money and everyone can have it but not everyone has money today so not everyone has bitcoin and for you to be among the 1% of the one percent you will definitely have to go the way eolle are not rushing to and that is probably buying yourself some amount of bitcoin.

[nakamura12]

I never heard or saw a Bitcoin ads, and Satoshi never used any ad networks to promote Bitcoin. You might be talking about other coins, not Bitcoin. Usually most of the ads I see on social media and YouTube are for tokens and memes, not real coins, but any layer 2 coins.
They indeed mention Bitcoin, but they are not promoting Bitcoin; instead, they promote their meme or tokens.

Same here. I never saw any ads about bitcoin at all not even once although I did saw many platforms like a casino that have ads about their events or something like that and the reward will be in bitcoin so, I'd say that it's like having an ad about bitcoin. In my opinion, it is kinda promoting bitcoin indirectly since they did mention about Bitcoin although it is mainly about their meme coin or tokens. Anyway, I am sure you also saw some ads that mentioned bitcoin and even display the symbol of Bitcoin and also the amount of bitcoin that will be given as a reward to whoever won in the event.

[I_Anime]

For a long period of time I knew about bitcoin but the question is "what do you know about bitcoin" sometimes people do get the wrong knowledge/information about the right way at which the product as it may be works, making them not to take the item serious
secondly the person who introduced you to bitcoin will be like an adviser pertaining on how to invest and manege your earnings, most people knew bitcoin through  ads and doesn't really knows how to invest or know the main purpose of the coin and might not know, else someone who knows better teaches them what it means to buy, to mine, to hold and also to trade
The question "what do you know about bitcoin" still stands cuz I believe bitcoin is about more that I have. no idea and I'm willing to learn so help me with that secret idea about bitcoin. 

I won’t say I have much knowledge about bitcoin but I can say now I’m far better to my previous self (during my newbie era ).  One of the things I know Bitcoin for is that is a decentralized currency use to store value and stuff , it can also be seen as a form investment, due to its volatility, that’s I don’t see any reason why some users will be calling it a stable coin, example stable coin are usdt  and usdc .

[Yablee0]

Their is no point dragging words around it when the facts are very obvious, Bitcoin is a store of value and has put me in charge of my financial decision without a third-party interference.

Furthermore, one I have also know it for is that it's security measures is one thing you can't compromised, it's a decentralized coin that can't be controlled by any institution. However Bitcoin has not only thought me how to be financially independent on my own but how far consistent and discipline can take me, so at this point Bitcoin innovation is just way more than an investment deal.

[GiftedMAN]

I won’t say I have much knowledge about bitcoin but I can say now I’m far better to my previous self (during my newbie era ).  One of the things I know Bitcoin for is that is a decentralized currency use to store value and stuff , it can also be seen as a form investment, due to its volatility, that’s I don’t see any reason why some users will be calling it a stable coin, example stable coin are usdt  and usdc .

Once you embrace Bitcoin, learn the basics and adopt it as a store of value like many are doing lately, you'll learn to understand it better as time goes. I think it's that decentralized nature of it that's made it unique, therefore attracting more people to it. Everyone who switched their attention to Bitcoin probably got tired of the policies of Fiat and how it's been censored. People who call Bitcoin a stable coin don't really have an idea of what they're saying cause a coin powered by demand/supply can never be stable.

[Rockstarguy]

For a long period of time I knew about bitcoin but the question is "what do you know about bitcoin" sometimes people do get the wrong The question "what do you know about bitcoin" still stands cuz I believe bitcoin is about more that I have. no idea and I'm willing to learn so help me with that secret idea about bitcoin. 

No matter how you know Bitcoin, either through someone or from ads, it is your own responsibility to do further research to understand Bitcoin better because no one can do it for you.

If you are not willing to learn about Bitcoin, you won't gain any knowledge about it. What do you know about Bitcoin? It's an important question for every beginner, Bitcoiner, and investor to ask themselves because it urges one to do more, especially when you don't have enough knowledge. Learning about Bitcoin is an everyday endeavor, and we need to develop more knowledge concerning it.

[Fivestar4everMVP]

For a long period of time I knew about bitcoin but the question is "what do you know about bitcoin" sometimes people do get the wrong knowledge/information about the right way at which the product as it may be works, making them not to take the item serious
secondly the person who introduced you to bitcoin will be like an adviser pertaining on how to invest and manege your earnings, most people knew bitcoin through  ads and doesn't really knows how to invest or know the main purpose of the coin and might not know, else someone who knows better teaches them what it means to buy, to mine, to hold and also to trade
The question "what do you know about bitcoin" still stands cuz I believe bitcoin is about more that I have. no idea and I'm willing to learn so help me with that secret idea about bitcoin. 

When it comes to bitcoin, there aren't any secret ideas based on what I myself have learnt and know about bitcoin over the years, owning bitcoin is like a straight road with no corners or short cuts through which the distance can be cut short or whatever, you either pass the long straight road to the destination or you choose another road, you land in the wrong destination..

What this mean is that, bitcoin is bitcoin, and there are no short cuts to owning and holding it, it's a simple process, you buy, maybe from a centralized exchange or from a decentralized exchange that supports the bitcoin network, then you withdraw this the coins you bought from that platform to your personal private wallet if you intend to hold the coins for a long time.
So there are no secret idea, or alternative means through which one can get bitcoin other than giving value (in what ever means) to get bitcoin in return.

[Dunamisx]

For a long period of time I knew about bitcoin but the question is "what do you know about bitcoin"

Right within our minds, we know if we have idea about bitcoin or not and we don't have to deceive ourselves on this, because if we don't know it and try to fake it, everything will bounce back on us and we are going to be affected later.

sometimes people do get the wrong knowledge/information

Uh source of information differ from each other about Bitcoin, this is why we must not rely on a single entity for our information source in cryptocurrency, instead, we can make it a commitment by trying to have various alternative source of information about cryptocurrencies so that it will help us stayed updated.

secondly the person who introduced you to bitcoin will be like an adviser pertaining on how to invest and manege your earnings,

Try to learn from them but also ensure that you are independent so that you can do all these things by yourself, don't be overdependent in other for them not to take it for granted and take advantage from you.

[Orpichukwu]

The question "what do you know about bitcoin" still stands cuz I believe bitcoin is about more that I have. no idea and I'm willing to learn so help me with that secret idea about bitcoin. 

What I know about Bitcoin is a lot, at least a lot based on how I treat it, not just about buying but also enough knowledge to be able to explain it to the next person who is willing to learn, the right message to view Bitcoin from the right way, and also enough information for me to be able to know what appears to be a scam and what does not appear to be one, and enough information to be able to know that it's not magic money, as some call it on the internet, but it's a digital asset whose value is determined by demand.

[lovesmayfamilis]

The question "what do you know about bitcoin" still stands cuz I believe bitcoin is about more that I have. no idea and I'm willing to learn so help me with that secret idea about bitcoin.  

I think, OP, you should definitely arrange a survey of each user of this forum about what he knows about Bitcoin. And first of all, look at the number of people who visit this forum every day . But seriously, your question will only get an answer if you read the forum yourself, since, if you noticed, you are on a forum about Bitcoin. It would be appropriate to create such topics on a cooking forum, but here this question seems rather strange. Don't you think so?

I predict that this topic will become a mega-topic for spam.

[Ziskinberg]

More than a good currency and a quite risky but profitable investment, bitcoin is also created to achieve financial freedom in which we can be free from the shadows of  banks and government. Its not there to compete with fiat nor beat it, but it can serve as a co-currency so that bitcoin owners and holders can freely use their bitcoin across borders and create successful transactions.

However, using bitcoin requires knowledge and skills, especially if you have future plans for trading. It requires long term preparation to ensure that trading with bitcoin will turn into a reliable and profitable outcome.

[Kelward]

I never heard or saw a Bitcoin ads

The few times I saw  and listened to an ad promoting Bitcoin was from a scammer. Someone had sent me the audio and the rubbish writeup that followed it, claiming bitcoin helps you double your capital in few minutes. I was shocked Someone could make Bitcoin seem so strange to me. It was so good to be true that even if I'd never known Bitcoin my entire life, I will find it difficult believing in an investment that promises double my capital in seconds.

What you said was quite popular years back that I know of, many people were hearing about Bitcoin but never knew what it was actually used for, it was called a Ponzi scheme because of how scammers were using it to scam people. They will tell you to invest in Bitcoin and in a couple of weeks you will start to get returns and if you give referrals you will get some bonus but they were all scams. The scam rate with Bitcoin have reduced because a lot of people now understands what it stands for yet s few ignorant people are still scammed about Bitcoin till date.

Bitcoin is a decentralized digital currency which evolved into a store of value and now profit making has become the main reason for it's fast adoption.

[barbara44]

Bitcoin is not something that you get to know by some marketing effort, it's something you just happen to come across. Back in the day it was harder because you only got to see it online in some niche places, whereas today we see it even on financial channels and online everywhere all the time and everyone in the world knows about it, some invest and some don't but they all heard it.

When I first started, more than half of the world never even heard about it, let alone invest, and we were probably just few million people who had any bitcoins. That happened because I wanted to sell something online and someone asked me if I would take Bitcoin for it instead of dollars, now I look back and I am very happy that I said yes. I mean I spent that right away lol, but it allowed me to enter bitcoin world.