What is Bitcoin?

Discussion in 'About crypto currencies' started by andengireng, Jan 31, 2018.

  1. andengireng

    andengireng Member



    Bitcoin is a virtual currency developed in 2009 by someone under the pseudonym of Satoshi Nakamoto. This currency is like EURO or Dollar, but it is only available in the digital world. The concept may sound like eGold, although it is actually much different.

    Bitcoin as currency has the following features:

    • Instant transfer in peer to peer.

    Peer-to-peer itself means Bitcoin runs without having a central server. The storage servers are decentralized and distributed-shared to the various servers run by each user connected to the network.

    • Transfer to anywhere

    Unlike gold, Bitcoin can be sent anywhere in seconds, whenever and wherever you want. Remittances with Bitcoin can happen only with the capital of a smartphone and an internet connection.

    • Transfer fee is very small.

    Shipping costs can be removed until free, but to speed up transactions, usually your Bitcoin wallet will cut costs around 500 - 3,000 rupiah, no matter how much money is sent.

    • The transaction is irreversible, meaning once transferred it can not be canceled.

    Bitcoin is given to someone else's hand, the transaction can not be canceled unless the person is willing to send the Bitcoin back;

    • Bitcoin transactions are pseudonymous.

    All transactions ever done at once Bitcoin balances possessed by someone we can see, but we do not know who the owner of the Bitcoin address if the owner does not tell it. Each Bitcoin user can actually choose whether or not his name will appear, but even if the user wants to keep his identity secret, all transactions are kept public and publicly monitored.

    • Bitcoin is not controlled by any agency or government.

    Bitcoin using the Blockchain database is not controlled by a party, but is so open to the public that it is impossible for someone to forge transactions in Blockchain. All transactions are recorded live, transparent, and spread over millions of servers. Those who want to alter or falsify Bitcoin transaction data, must hack millions of servers at the same time.

    Who already tried it? Share with us in comment below....
  2. Tengkorakfx

    Tengkorakfx Member

    So many advantage of this digital currency. But unfortunately I've not tried it. how about you?
  3. NewbieTrader

    NewbieTrader Member

    I have tried it. Years ago when it was still moderately cheap. Then it doubled the value and I sold them. Because I needed money as well. If only i held few years longer. Duh!
  4. Tengkorakfx

    Tengkorakfx Member

    I know about bitcoin for a long time, but I was not interested because I was too concerned about the risk because there was no regulation of the bitcoin itself. But I was surprised to learn that the value of bitcoin has increased very quickly since I first learned about this bitcoin. as well as you, I'm also a little sorry. he
  5. NewbieTrader

    NewbieTrader Member

    hahah, thanks for your concern, mate. but i had no choice, i needed to sell mine. so did you buy bitcoins recently?
  6. Tengkorakfx

    Tengkorakfx Member

    of course I did, but why you ask? don't say that you will send some btc to my wallet, I would be very pleasure. haha
  7. NewbieTrader

    NewbieTrader Member

    hahahah you wish! but no, I can't even if i want to. because i don't have any bitcoin right now :( i sold them all about 2 years ago. well, i doubled my money so it seemed like a good deal back then.
  8. Tengkorakfx

    Tengkorakfx Member

    Ahaha, it's an okay. I'm just kidding. but why don't you try to buy btc again? may you can sell them out and get even triple. :)
  9. NewbieTrader

    NewbieTrader Member

    because it's soooo expensive right now. i'm waiting for the price to go down to buy :D but it seems a bit impossible. i don't know. we'll see!
  10. Tengkorakfx

    Tengkorakfx Member

    right, we'll see. I also think to do the same thing, because after thought of it would be better if buy when the price goes down. :D
  11. NewbieTrader

    NewbieTrader Member

    my friend says it is good enough to buy at 6,000 dollars? what do you think? well judging that it reached 9,000 dollars, it is a good deal. but when will it reach that point, that's the question.
  12. Tengkorakfx

    Tengkorakfx Member

    I think so, dude. Haha, no one knows when it will happens. but never give up and keep hoping the best.
  13. liafatlouie

    liafatlouie Member

    In just one year the price of BTC broke through more than $ 10,000. Very promising but we do not know what will happen later, whether the price will be shot down or shot up.

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