What is Bitcoin?

[Weratti]

To quote from a fairly comprehensive article on Bitcoin that I think is a good definition:

"Bitcoin is an electronic store of value and medium for trade, that uses a combination of algorithms and other code to replace the need for a trusted central bank, and allows for quasi-anonymous direct transfers of value between peers, without middlemen."

Bitcoin as a technology is too complicated to comprehend it by reading only 1 article If you want to fully understand what BTC is better get the book by Kalle Rosenbaum "Grokking Bitcoin", available on Amazon. It is quite thick (about 500 pages) but after reading it I am sure that you will have no questions unanswered

 

[rossmiller]

Yeah, in order to fully understand all the complications of bitcoin cryptocurrency you really need to read much about it to know for sure how it works and don't get fooled by some scammers. This cryptocurrency was created like much other digital money to keep users anonymous. I lost my money when I bought something and hackers discovered all my transactions and my data. So I found a way to protect my personal information and keep my privacy. I use a bitcoin mixer service that helps me to protect my data and make the transactions untraceable.

 

[DaviFlody]

Right now, knowing what cryptocurrency is and how it works is a necessity. I think it should be taught in schools alongside math. It is becoming a huge part of our life and economy.

 

[Wilsa]

Cryptocurrency is definitely the future of economics. Nowadays, its popularity and influence are growing at an enormous rate. The most popular cryptos like Bitcoin are being accepted and recognized as a form of payment in more and more places. People started gambling with crypto, these websites https://crypto-gambling.net/ are becoming way more popular than one might think. I love how at the beginning of this thread someone said that there was a time Bitcoin was worth $1 then 300$. Now Bitcoin is $40,743 and growing. The influence and reach of cryptos as a concept cannot be denied.

 

[AceJuarez]

Idk how to explain something complex in simple words xd. But I will try. BTC is a decentralized digital currency you can buy, sell and exchange directly without an intermediary like a bank. It's an electronic payment system based on cryptographic proof instead of trust.

 

[AceJuarez]

Idk how to explain something complex in simple words xd. But I will try. BTC is a decentralized digital currency you can buy, sell and exchange directly without an intermediary like a bank. It's an electronic payment system based on cryptographic proof instead of trust.

Many tools, like https://fbs.com/trading/mobile-personal-area , allow you to have quick access to all the data from your phone. In the following years, BTC has the potential to become more popular and convenient than traditional currency.