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What is BitCoin (BTC) and how does it "earn"?


 Posted 2 months ago

Profitably, and in short, BTC is a cryptographic "currency", which is not recognized by any country, beyond which there is no institution or individual. It is a program that is constantly being run on the Internet, supported by thousands of computers that process BTC transactions between users. Also, this is the amount that is in your digital "wallet" (which you hold on your phone, on a hard disk of a computer, or on a USB drive, or in a "trusty" on the Internet). BTC can steal (not easy, but can), and once lost (due to, hardware failure), it always disappears from the system. "Mining" is the basic function of BTC, which is both currency and payment method. Each transaction is the subject of every one in the network who has included their computers in the calculation of complicated problems, with a common goal of securing transaction security (as well as their anonymity and irrevocability). The reward will receive the appropriate "newly created" BTC (which would be "primary emission" in economic terminology). Due to the frequent and drastic changes in the value of this currency, which go up to 10 percent a day, many go into standard stock market speculations - sell more expensive, buy cheaper. Of course, as in any currency stock exchange, some of these transactions get, and some lose. Something more extensive text on this topic has been done by Digizalizuj.me, so I recommend you read it. Why is Bitcoin so popular? Everyone will, of course, see what suits him: Deflator Currency - There is a clearly defined final (total) number of BTCs (21,000,000). This means that no "authority" can emerge that would start printing money arbitrarily, asking us to believe that the more and more of the money you spend has the same value. In relation to the previous, the lack of central authority to whom we should believe, but who have been so many times released (from Vojvodina inflation, through inflation in the then Yugoslavia of the nineties of the last century to the worst of all, LIBOR scandals). Everything is defined in the original algorithm and no one can change the algorithm. Anonymity of the transaction, so this really is a real digital cash equivalent, with all the good and bad sides of it. Transaction security, relative transparency of the whole process, or inability to use multiple BTCs Peer-to-peer Technology - There is no point (IT bank or card processor) that can cancel, while tens of thousands of computers work around the world at the same time. [img]https://i.imgur.com/F7zW1Re.jpg[/img]
Profitably, and in short, BTC is a cryptographic "currency", which is not recognized by any country, beyond which there is no institution or individual. It is a program that is constantly being run on the Internet, supported by thousands of computers that process BTC transactions between users. Also, this is the amount that is in your digital "wallet" (which you hold on your phone, on a hard disk of a computer, or on a USB drive, or in a "trusty" on the Internet).

BTC can steal (not easy, but can), and once lost (due to, hardware failure), it always disappears from the system.

"Mining" is the basic function of BTC, which is both currency and payment method. Each transaction is the subject of every one in the network who has included their computers in the calculation of complicated problems, with a common goal of securing transaction security (as well as their anonymity and irrevocability). The reward will receive the appropriate "newly created" BTC (which would be "primary emission" in economic terminology).

Due to the frequent and drastic changes in the value of this currency, which go up to 10 percent a day, many go into standard stock market speculations - sell more expensive, buy cheaper. Of course, as in any currency stock exchange, some of these transactions get, and some lose.

Something more extensive text on this topic has been done by Digizalizuj.me, so I recommend you read it.

Why is Bitcoin so popular?
Everyone will, of course, see what suits him:

Deflator Currency - There is a clearly defined final (total) number of BTCs (21,000,000). This means that no "authority" can emerge that would start printing money arbitrarily, asking us to believe that the more and more of the money you spend has the same value.
In relation to the previous, the lack of central authority to whom we should believe, but who have been so many times released (from Vojvodina inflation, through inflation in the then Yugoslavia of the nineties of the last century to the worst of all, LIBOR scandals). Everything is defined in the original algorithm and no one can change the algorithm.
Anonymity of the transaction, so this really is a real digital cash equivalent, with all the good and bad sides of it.
Transaction security, relative transparency of the whole process, or inability to use multiple BTCs
Peer-to-peer Technology - There is no point (IT bank or card processor) that can cancel, while tens of thousands of computers work around the world at the same time.

34x SUPPORT
Snezana M.

Serbia

E365 Country Champion
 
Posts: 972 | Followers: 378 | Joined SFI: Jun 3, 2016

 Posted 2 months ago

Hi Snezana, Interesting peace of information. May be in coming years it will play an important role in universal currency so that many hurdles can be over taken. Regards, Bijesh
Hi Snezana,

Interesting peace of information.

May be in coming years it will play an important role in universal currency so that many hurdles can be over taken.

Regards,
Bijesh
3x SUPPORT
Bijesh O.

India

 
Posts: 162 | Followers: 88 | Joined SFI: Aug 8, 2018

 Posted 2 months ago

I have always tried to stay clear of Bitcoin. In USA prices are sky rocking and wages are flat. Gasoline $2.85 a gallon,wages $8-$10 an hour. Owners screaming about that.
I have always tried to stay clear of Bitcoin.
In USA prices are sky rocking and wages are flat.

Gasoline $2.85 a gallon,wages $8-$10 an hour.
Owners screaming about that.
37x SUPPORT
mary b.

United States

E365 Champion
Guru Rank: #19
 
Posts: 1,865 | Followers: 559 | Joined SFI: Oct 15, 2016

 Posted 2 months ago

Snezana M; Thanks for this post. You've given me a fair peep into what BTCs are. The very phenomenal trend of BTC gave me enough reason to be weary of it. What with the present crash. To quote you: [i][b]"BTC can steal (not easy, but can), and once lost (due to, hardware failure), it always disappears from the system."[/b][/i] This on its own is one good reason to be careful with owning and trading BTC. Regards.
Snezana M;

Thanks for this post. You've given me a fair peep into what BTCs are.
The very phenomenal trend of BTC gave me enough reason to be weary of it.
What with the present crash.

To quote you: "BTC can steal (not easy, but can), and once lost (due to, hardware failure), it always disappears from the system." This on its own is one good reason to be careful with owning and trading BTC.

Regards.
8x SUPPORT
Gabriel E.

Nigeria

 
Posts: 373 | Followers: 169 | Joined SFI: Jan 5, 2017

 Posted 2 months ago

Hello Snezana, Thanks for this post on Bitcoin. With what you've written I think it has many disadvantages than advantage Although Every investment has it own risk Please what do you think? Is it worth venturing into Bitcoin? Thanks
Hello Snezana,
Thanks for this post on Bitcoin.
With what you've written I think it has many disadvantages than advantage
Although Every investment has it own risk
Please what do you think?
Is it worth venturing into Bitcoin?
Thanks
Chimezirim A.

Nigeria

 
Posts: 64 | Followers: 51 | Joined SFI: Jun 6, 2018

 Posted 2 months ago

Good. Bitcoin seems atractive,but, there is not a window to buy, everything is online, you use your wallet on your smartphone and it credits you in a digital wallet. If the system falls. You lost your money. In my region it is still no reliable
Good.
Bitcoin seems atractive,but, there is not a window to buy, everything is online, you use your wallet on your smartphone and it credits you in a digital wallet. If the system falls. You lost your money. In my region it is still no reliable
Miguel D.

Paraguay

 
Posts: 1 | Followers: 4 | Joined SFI: May 26, 2018

 Posted 2 months ago

[i]Good. Bitcoin seems atractive,but, there is not a window to buy, everything is online, you use your wallet on your smartphone and it credits you in a digital wallet. If the system falls. You lost your money. In my region it is still no reliable[/i] [b][/b] Hi Miguel. You need not to worry about theft of bitcoins from your wallet. For safety precaution you need to create "[b]Cold Storage[/b]" format where bitcoins are stored in an offline wallet. Safe and secure.



Good.
Bitcoin seems atractive,but, there is not a window to buy, everything is online, you use your wallet on your smartphone and it credits you in a digital wallet. If the system falls. You lost your money. In my region it is still no reliable


Hi Miguel.
You need not to worry about theft of bitcoins from your wallet.
For safety precaution you need to create "Cold Storage" format
where bitcoins are stored in an offline wallet. Safe and secure.
Philip I.

Kenya

E365 Runner Up
Silver Fast-Track
 
Posts: 733 | Followers: 139 | 7th year with SFI

 Posted 2 months ago More by Marilynn D. 1 Reply

To those who say its prohibitive to buy in because the price is so high vs the US exchange rate, that is now. 5 years ago, it was far cheaper, even a year ago it was still less than $1000, but the value has risen as people see increased value in it. It is also possible to earn your own BTC without buying into it. I am doing that myself. I can't share links because that is cross-soliciting, but there are ways out there, most of them legit, some not so legit (I steer clear of those ones) to earn your way in with time and effort, just as I am doing here at SFI. It is slow going for sure, but I have used my BTC earnings to pay a couple bills and buy groceries in the past. I currently have roughly $50 USD worth of BTC. But if you don't have the patience, it does cost a pretty penny to get into it now.
To those who say its prohibitive to buy in because the price is so high vs the US exchange rate, that is now. 5 years ago, it was far cheaper, even a year ago it was still less than $1000, but the value has risen as people see increased value in it.

It is also possible to earn your own BTC without buying into it. I am doing that myself. I can't share links because that is cross-soliciting, but there are ways out there, most of them legit, some not so legit (I steer clear of those ones) to earn your way in with time and effort, just as I am doing here at SFI. It is slow going for sure, but I have used my BTC earnings to pay a couple bills and buy groceries in the past. I currently have roughly $50 USD worth of BTC. But if you don't have the patience, it does cost a pretty penny to get into it now.
7x SUPPORT
Marilynn D.

Canada

 
Posts: 292 | Followers: 155 | Joined SFI: Jun 21, 2017

 Posted 2 months ago

[quote=1512830]But if you don't have the patience, it does cost a pretty penny to get into it now.[/quote] Just to clarify, you can buy any amount of Bitcoin you want basically. No one is required to purchase an entire Bitcoin (about $6500 USD currently). A person can buy $10 worth of Bitcoin or whatever amount...and it may very well increase in value manyfold in the years to come.
Marilynn D. posted:
But if you don't have the patience, it does cost a pretty penny to get into it now.


Just to clarify, you can buy any amount of Bitcoin you want basically. No one is required to purchase an entire Bitcoin (about $6500 USD currently). A person can buy $10 worth of Bitcoin or whatever amount...and it may very well increase in value manyfold in the years to come.
Gery

United States

 
Posts: 22,216

 Posted 2 months ago

it's great method thanks a lot
it's great method thanks a lot
mohamed k.

Algeria

 
Posts: 124 | Followers: 51 | Joined SFI: Dec 2, 2016

 Posted 2 months ago 1 Reply

how do you get free bitcoin
how do you get free bitcoin
Martin D.

United Kingdom

 
Posts: 1 | Followers: 3 | Joined SFI: Nov 24, 2017

 Posted 2 months ago

[quote=1512752]Profitably, and in short, BTC is a cryptographic "currency", which is not recognized by any country, beyond which there is no institution or individual. It is a program that is constantly being run on the Internet, supported by thousands of computers that process BTC transactions between users. Also, this is the amount that is in your digital "wallet" (which you hold on your phone, on a hard disk of a computer, or on a USB drive, or in a "trusty" on the Internet). BTC can steal (not easy, but can), and once lost (due to, hardware failure), it always disappears from the system. "Mining" is the basic function of BTC, which is both currency and payment method. Each transaction is the subject of every one in the network who has included their computers in the calculation of complicated problems, with a common goal of securing transaction security (as well as their anonymity and irrevocability). The reward will receive the appropriate "newly created" BTC (which would be "primary emission" in economic terminology). Due to the frequent and drastic changes in the value of this currency, which go up to 10 percent a day, many go into standard stock market speculations - sell more expensive, buy cheaper. Of course, as in any currency stock exchange, some of these transactions get, and some lose. Something more extensive text on this topic has been done by Digizalizuj.me, so I recommend you read it. Why is Bitcoin so popular? Everyone will, of course, see what suits him: Deflator Currency - There is a clearly defined final (total) number of BTCs (21,000,000). This means that no "authority" can emerge that would start printing money arbitrarily, asking us to believe that the more and more of the money you spend has the same value. In relation to the previous, the lack of central authority to whom we should believe, but who have been so many times released (from Vojvodina inflation, through inflation in the then Yugoslavia of the nineties of the last century to the worst of all, LIBOR scandals). Everything is defined in the original algorithm and no one can change the algorithm. Anonymity of the transaction, so this really is a real digital cash equivalent, with all the good and bad sides of it. Transaction security, relative transparency of the whole process, or inability to use multiple BTCs Peer-to-peer Technology - There is no point (IT bank or card processor) that can cancel, while tens of thousands of computers work around the world at the same time. [img]https://i.imgur.com/F7zW1Re.jpg[/img][/quote] Hi, Snezana, Maybe not the Bitcoin itself but a different crypto Currency has been declared by Sweden as its official currency instead of the Euro.
Snezana M. posted:
Profitably, and in short, BTC is a cryptographic "currency", which is not recognized by any country, beyond which there is no institution or individual. It is a program that is constantly being run on the Internet, supported by thousands of computers that process BTC transactions between users. Also, this is the amount that is in your digital "wallet" (which you hold on your phone, on a hard disk of a computer, or on a USB drive, or in a "trusty" on the Internet).

BTC can steal (not easy, but can), and once lost (due to, hardware failure), it always disappears from the system.

"Mining" is the basic function of BTC, which is both currency and payment method. Each transaction is the subject of every one in the network who has included their computers in the calculation of complicated problems, with a common goal of securing transaction security (as well as their anonymity and irrevocability). The reward will receive the appropriate "newly created" BTC (which would be "primary emission" in economic terminology).

Due to the frequent and drastic changes in the value of this currency, which go up to 10 percent a day, many go into standard stock market speculations - sell more expensive, buy cheaper. Of course, as in any currency stock exchange, some of these transactions get, and some lose.

Something more extensive text on this topic has been done by Digizalizuj.me, so I recommend you read it.

Why is Bitcoin so popular?
Everyone will, of course, see what suits him:

Deflator Currency - There is a clearly defined final (total) number of BTCs (21,000,000). This means that no "authority" can emerge that would start printing money arbitrarily, asking us to believe that the more and more of the money you spend has the same value.
In relation to the previous, the lack of central authority to whom we should believe, but who have been so many times released (from Vojvodina inflation, through inflation in the then Yugoslavia of the nineties of the last century to the worst of all, LIBOR scandals). Everything is defined in the original algorithm and no one can change the algorithm.
Anonymity of the transaction, so this really is a real digital cash equivalent, with all the good and bad sides of it.
Transaction security, relative transparency of the whole process, or inability to use multiple BTCs
Peer-to-peer Technology - There is no point (IT bank or card processor) that can cancel, while tens of thousands of computers work around the world at the same time.


Hi, Snezana,
Maybe not the Bitcoin itself but a different crypto Currency has been declared by Sweden as its official currency instead of the Euro.
9x SUPPORT
Erlinda S.

Germany

E365 Country Champion
 
Posts: 1,192 | Followers: 234 | 7th year with SFI

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