Search found 79 matches

by Lobudei
Thu Aug 22, 2019 3:21 pm
Forum: Bitcoin
Topic: Bitcoin - How does it work?
Replies: 50
Views: 1378

Re: Bitcoin - How does it work?

Let’s say you want to test the Bitcoin waters.
The first thing you need to do as a new user is install a digital wallet on your computer or mobile device. This wallet is simply a free, open-source software program that will generate your first and subsequent Bitcoin addresses.
by Lobudei
Thu Aug 22, 2019 3:18 pm
Forum: Bitcoin
Topic: Bitcoin - How does it work?
Replies: 50
Views: 1378

Re: Bitcoin - How does it work?

Bitcoins are completely virtual coins designed to be self-contained for their value, with no need for banks to move and store the money. Once bitcoins are owned by a person, they behave like physical gold coins. They possess value and trade just as if they were nuggets of gold. Bitcoins can be used ...
by Lobudei
Thu Aug 22, 2019 3:16 pm
Forum: Bitcoin
Topic: Bitcoin - How does it work?
Replies: 50
Views: 1378

Re: Bitcoin - How does it work?

The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority en...
by Lobudei
Thu Aug 22, 2019 3:14 pm
Forum: Bitcoin
Topic: Bitcoin - How does it work?
Replies: 50
Views: 1378

Re: Bitcoin - How does it work?

Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain and receiving a reward in the form of a few bitcoins. The block reward was 50 new bi...
by Lobudei
Thu Aug 22, 2019 1:33 pm
Forum: Bitcoin
Topic: Can i have the exact definition on Bitcoin?
Replies: 50
Views: 1341

Re: Can i have the exact definition on Bitcoin?

Bitcoin is one type of cryptocurrency.
Bitcoins are generated by users running a special computer program, in a process called “mining.” Each new bitcoin that is “mined” requires exponentially more processing power to create.
by Lobudei
Thu Aug 22, 2019 1:29 pm
Forum: Bitcoin
Topic: Can i have the exact definition on Bitcoin?
Replies: 50
Views: 1341

Re: Can i have the exact definition on Bitcoin?

Bitcoin is a type of digital cryptocurrency.
Functionally, it serves the same purpose as U.S. dollars or Japanese yen, except that it’s not tied to a central bank and isn’t regulated by a government body such as a treasury.
by Lobudei
Thu Aug 22, 2019 1:28 pm
Forum: Bitcoin
Topic: Can i have the exact definition on Bitcoin?
Replies: 50
Views: 1341

Re: Can i have the exact definition on Bitcoin?

In the United States, Bitcoins are controversial because they can be used to anonymously transfer illicit funds or hide unreported income from the Internal Revenue Service (IRS). Bitcoin policy now requires transactions that involve traditional, government-backed currencies to be attached to an iden...
by Lobudei
Thu Aug 22, 2019 1:25 pm
Forum: Bitcoin
Topic: Can i have the exact definition on Bitcoin?
Replies: 50
Views: 1341

Re: Can i have the exact definition on Bitcoin?

Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country's central bank or government.
Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.
by Lobudei
Wed Aug 21, 2019 10:00 pm
Forum: Bitcoin
Topic: Benefit of Bitcoin
Replies: 100
Views: 2306

Re: Benefit of Bitcoin

Faster, Cheaper Payment Solution
Bitcoin transactions can occur at any time, are fast
and have lower fees. The average bitcoin transaction
is executed in 10 minutes with fees for simple P2P
transfers to remittances coming in at under 1%.
by Lobudei
Wed Aug 21, 2019 9:56 pm
Forum: Bitcoin
Topic: Benefit of Bitcoin
Replies: 100
Views: 2306

Re: Benefit of Bitcoin

Risk and Volatility Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day. However, it is expected that the volatility will decrease as more time goes on. As more businesses, medias, and trading centers begin to ac...

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