Quote: "RuthMorrisonMR"I know that this is an old post, but is here someone that could explain me what is bitcoin? I am a little bit confused and I don't know what to think about it. My brother is talkin a lot about it but I don't knwo what is the thing about it.It is fantasy currency as far as I am concerned and backed by the full faith and credit of absolutely nobody. You can make a lot one day and lose big time tomorrow. Imagine an Airline decides to purchase a airplane and agrees to a price of $50,000,000 U.S with Boeing and agree to use a crypto currency like Bitcoin when ordered. Boeing delivers the airplane but now that same currency is only "worth" $40,000, 000. U.S. ?
Quote: "RuthMorrisonMR"I know that this is an old post, but is here someone that could explain me what is bitcoin? I am a little bit confused and I don't know what to think about it. My brother is talkin a lot about it but I don't knwo what is the thing about it.The reply from harryg is accurate, but you can read more details on Wikipedia.
Quote: "Serial_Number_8"I'm no fan of bitcoin but its proponents claim Bitcoin is:You are right.
a) more like 'real money' (as opposed to fiat currency) because there's only finite quantities
b) shielded from political events since its value (unlike currencies traded on FOREX) is a virtual currency based on math (blockchains) depending on # of people who own it/demand.
c) supposed to be more secure than other electronic currencies (such as currency from banks) since it has complex code to keep it safe & it doesn't derive from a central bank (it's decentralized & not controlled by govt)
Check out this video for a better explanation. While the video is a pretty clear cut explanation you might want to search for others that may explain it better. I find all such videos very biased (PRO-Bitcoin) b/c they're all produced by people who're heavily invested in it & geared for you to buy in. To buy in you must usually employ a wallet service such as coinbase. My problem with it is the fear of losing the key & I think it's pretty limited to what you can buy (I may be wrong about that- but most people I know who own some sit on it/more like a commodity than currency- which totally negates the first point (a)) Also- not sure how one could cash it in with no power/no network access (which often is the case during natural disasters).
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