What Is A Bitcoin?

[ResidentEvil7Participant 9544]

I’ve seen it mentioned on here before, and I asked and don’t know if anyone was nice to answer my question on those other forums, so I’ll ask in a new topic.

What are bitcoins, and why are some of you guys making them look like something to invest in?

https://themanszone.webs.com/

[Anonymous 7]

Bitcoin is a decentralized (owned by no company) currency that has a set amount of 21 million in total to eventually be mined, we are around 13 million mined so far.

Complex algorithms that your computer solves is how you mine them. At this point you need a warehouse of computers to make money off of mining because of the electricity.

You store your bitcoin on the blockchain. Math equations that link all the bitcoin coins together and keeping them safe using block chain technology.

Read Satoshi Nakamoto’s white paper.

Start of with coinbase.com, they store your bitcoin for you on there website but I would eventually move it to paper, offline wallets, or a hardware device for security.

A lot of libertarians are into it because it is money not authorized by the federal government and you cant just print more of it.

You can also send bitcoin around the world in seconds for free unlike time and money with bank transfers.

Most people are into it I assume because it is one of the safest investments you can make.

Useful links.
BitAddress.org
Bitcoinpaperwallet.com
https://blockchain.info/
coinbase.com

[BeerParticipant 11832]

The 2 biggest holders of Bitcoins…

1. Satoshi Nakamoto…the guy who started Bitcoin.
2. The United States government…Bitcoins seized from criminal activity.

Anonymous wrote:

Most people are into it I assume because it is one of the safest investments you can make.

How the hell is it a safe investment? Its literally backed by nothing lol. I’d much rather buy dividend paying stock that are partial ownership of a company that actually produces something or rental properties. Satoshi is laughing his ass off at all the people who made him a multi billionaire for essentially playing his e-game. It reminds me a lot of people selling gear for mmos on ebay before ebay cracked down on virtual property sales due to all the scmaming going on.

[RusskyParticipant 13503]

The idea is great, but consider the risks.
Governments are working at stealing the idea under the name “Chain” as a step towards cashless society. Once it’s done – they might let you exchange bitcoins for chain (if you’re lucky) and then outlaw bitcoin altogether. Or tie bitcoin to terrorism and outright outlaw it without any exchanging at all
Governments and Rothschilds don’t like competition. Cryptocurrencies currently allowed to operate probably as a guinea pig for governments and banks to research cashless currency so they could roll out their own more efficiently

proud carrier of the 'why?' chromosome

[Biggvs_DickvsParticipant 3725]

ResidentEvil7 wrote:

What are bitcoins, and why are some of you guys making them look like something to invest in?

Bitcoin is NOT an investment any more than buying Euros or Yuan Renminbi is an investment. It’s medium of exchange and store of value, nothing more.

That said, it may arguable be a safer store of value than many currencies because it’s not subject to hyperinflation by government/central bank fiat.

If you don’t know the difference between an investment and a medium of exchange, do yourself a favor and just leave your money in the bank or a diversified mutual fund (preferably a little of both).

You’ll be much better off.

"Data, I would be delighted to offer any advice I can on understanding women. When I have some, I'll let you know." --Captain Picard,

[RennieParticipant]

Also if someone empties your bitcoin wallet, you have no recourse – the money is gone forever.

At the bank there is accountability and people who can deal with fraud and theft.

[RoyDalParticipant]

I think real coins are a better bet. I mean coins minted by a government and made of, copper, brass, silver, or gold — as opposed to the pot metal US coins are made of these days. They will never be worth less than the market value of the metal. They may have a collector value above their melt value.

I am told on good authority, that a gold coin has opened many a border crossing to people with dubious papers.

Society asks MGTOWs: Why are you not making more tax-slaves?

[Anonymous 7]

Bitcoin have gone from 30 cents to 450 dollars.

Choose not to invest you will regret.

You cant have blockcahin what the banks want, without having a decentralized system like bitcoin.

Read mastering bitcoin.

Metals are a good investment to I have been buying Silver and want to get some gold coins too. @roydal

@ Rennie If you store your money off the grid no one can empty your wallet unless they break in your house.

I often do wonder if Satoshi is just a government NWO experiment.

[Y_Participant 4591]

Hi everyone

I think the concept of the bitcoin is great as it bypasses the banks and value is set by the free market.

However it is a first step by the market to create digital wealth. It is an experiment in progress. One critical problem is the risk of digital theft. We have no way of knowing if the system is viable as code can be hacked, especially by sovereign states with supercomputers at their disposal.

Just imagine your bitcoins stolen or wiped out and you had substantial savings in there – not nice.

Until there is a way to guarantee this not many will want to store or trade wealth this way.

I for one would not risk it as a storage medium. I may buy and use it as a currency but not for storing wealth.

Peace.

[ResidentEvil7Participant 9544]

Y_ wrote:

Hi everyone

I think the concept of the bitcoin is great as it bypasses the banks and value is set by the free market.

However it is a first step by the market to create digital wealth. It is an experiment in progress. One critical problem is the risk of digital theft. We have no way of knowing if the system is viable as code can be hacked, especially by sovereign states with supercomputers at their disposal.

Just imagine your bitcoins stolen or wiped out and you had substantial savings in there – not nice.

Until there is a way to guarantee this not many will want to store or trade wealth this way.

I for one would not risk it as a storage medium. I may buy and use it as a currency but not for storing wealth.

Peace.

So according to what you’re saying is that bitcoins are valuable, yet too risky right now?

https://themanszone.webs.com/

[Y_Participant 4591]

@residentevil7

My opinion only – yes it is risky precisely because it is valuable and because it is a first experiment into digital currency with no laws controlling its use or behavior. You are on your own here.

I do not see a problem using it for payment if both parties are ok with it – that is between the buyer and seller. A few coins for the purpose of common day-to-day use can be held by anybody. It is the investment and long term storage implications that I am not comfortable with.

Cyber theft is a big business nowadays and storing in cyberspace is a big risk. If someone hacked your password or knew how to get your cybercash from a dealer for example you are in serious trouble.

Then again, who knows how long it will last.

Hope this clarifies my post. My opinion only. Peace.

PS I replied to your question on the post regarding gold investments.

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