Do you know what Bitcoin is and do you have any?
I asked the question on my Facebook to see what people would say.
I received about 25 answers that included:
- That is internet money that criminals use.
- It is fake and I heard it crashed a few years ago.
- I mined it once, but found out it was a scam.
- One friend’s little brother gave a decent run down on a plot to steal money back from the government.
So, What is Bitcoin?
- Bitcoin Current Price: $6161 Total Market Cap: $102,749,801,750 as of 5 am PST 10/30/17
- Deployed in 2009, Bitcoin is a global digital monetary system which supports peer-to-peer exchanges of funds. Two users with access to a computer or a cell phone can exchange Bitcoin, regardless of location, national currency or access to a financial entity like a bank or clearing house.
- Like other currencies Bitcoin can be held, traded and purchased on International exchanges and is often held as an investment.
Bitcoin runs on a worldwide network of computers, making it difficult to edit,hack, regulate or shut down even by the largest banks or governments. There is no centralized ownership of the network.
- Many Nations embrace the use of Bitcoin and have Bitcoin Banks, ATMs, and Debit Cards, and it is commonly accepted in exchange for good and services.
- Bitcoin is not illegal in the USA
- Criminals do use Bitcoin, more often they use USD and other currencies.
Obviously now I am asking a more savvy crowd, what I am looking for are concise concept level answers to speak to those who do not have experience with Bitcoin.
I have a good knowledge about bitcoins and mining it since last two years.
We have a handful, I'm not saying how many, and I know what bitcoin is...🤑
lol, dang I was trying to get an accounting of exactly who had how much. You've foiled my evil attempts. :)
There be sharks in these here waters....🏊🏼♀️🦈
Honestly @watsup I have intentionally not put my attention to money markets, stock markets etc over the years so know very little on those subjects especially the cryptocurrency side of it all. Of course I do see more of a reason to pay more attention now.
All I know of Bitcoin is what I've learned here on Steemit during my first 30 days so wanted to reply here on this post and anxiously await input from the Steemian community that certainly know more than I.
Glad you posted this question!
I also got my education from SteemIt. Welcome to the community.
Interesting comments from your Facebook page.
I have bitcoin and etherium. They, and the whole blockchain concept are the future. I think they are especially valuable as a currency and a store of wealth in countries where the national currency and economy is unstable.
Bitcoin is the most powerful tool to fight against banks and find more transparency in all things that use money. Regards
@whatsup,
I don't know Satoshi, I have average knowledge about Black Chain concept! But I know one thing! BTC is the thing which made me suffer a lot by "Why I didn't bought BTC in 2009?" Its the global platform of easy and most secured transaction! Nothing else, nothing more! And I am suffering by it as I said! Great article with useful information for new joiners to the market place!
Cheers~
BTC has big investment market volume.Then I don`t mind its a criminal one. But some of scammers can use its a criminal one because BTC transactions do only internet.
It's astonishing how few people know what BTC is. I was speaking to a work colleague recently who had never even heard the term 'cryptocurrency' which shocked me. None of my friends and family had heard of Bitcoin before the beginning of 2016 when I started talking to them about it, most did the right thing and got involved in the space so I'm pleased they listened but those who didn't feel they have missed the boat, I don't agree. We're still at the beginning of this thing, there is so much further to go and I hope those who haven't invested yet go and do it before it is too late.
Bitcoin has great powerful options. Price always rise up. growth market volume here. Lot of bankers hate cryptocurrencies bcz they have no transactions. Bitcoin usage trough online of digital cash.
I know bitcoin is a digital currency that can be used for transactions, but am still not verse in the totality of what bitcoin is. Am still learning more about bitcoin.