Questions and Answers
In 2012, The Economist reasoned that Bitcoin has been popular because of “its role in dodgy online markets”, and in 2013 the FBI shut down one such service, Silk Road, which specialized in illegal drugs (whereupon the FBI took control of approximately 1.5% of all bitcoins in circulation). However, Bitcoins are increasingly used as payment for legitimate products and services, and merchants have an incentive to accept the currency because transaction fees are lower than the 2 to 3% typically imposed by credit card processors. Notable vendors include OkCupid, Reddit, WordPress, and Chinese Internet giant Baidu.
Speculators have been attracted to Bitcoin, fueling volatility and price swings. As of November 2013, the use of Bitcoin in the retail and commercial marketplace is relatively small compared with a relatively large use by speculators.
Bitcoins can be saved on a personal computer in the form of a wallet file or kept with a third party wallet service, and in either case bitcoins can be sent over the Internet to anyone with a Bitcoin address. The peer-to-peer topology and lack of central administration are features that make it infeasible for any authority (governmental or otherwise) to manipulate the quantity of bitcoins in circulation, thereby mitigating inflation.
Bitcoin is a peer-to-peer implementation of Wei Dai’s b-money proposal and Nick Szabo’s Bitgold proposal. The principles of the system are described in Satoshi Nakamoto’s 2008 Bitcoin whitepaper. Bitcoin relies on the transfer of amounts between public accounts using digital signatures. All transactions are public and stored in a distributed database which is used to confirm transactions and prevent double-spending.
I know how to use Google. I am looking for specific answers and this provides that. I don’t want to make a career out of this stuff, so I want to skip the pages and just get answers to my questions. No offense.
Hold for the long term 2-4 years……..Bitcoin is the future, it is huge.
Also, if your interested in getting small amounts of free Bitcoin, try
They give 1 Bitcoin away every hour, its a way of getting it into everyone’s hands. Encourage adoption.
Also one thing to consider, you may be buying 1 Bitcoin, but it can be broken up to the 8th decimal place.
So 1 Bitcoin can be broken up into 100,000,000 pieces, or “satoshi’s”
Lots of room for growth, this is the future. It will replace western union, bank wire’s etc in a few years.
You can move 150 million worth of Bitcoin on the network worldwide for about 60 cents. The best bank rate for that amount is about 200,000 bucks. It’s a no brainer, dont listen to the haters……..they hate it because it is going to put them out of business.
How Bitcoin Works Under the Hood
- Bihang, a new bitcoin startup in China despite ban(wantchinatimes.com)
- Bitcoins Gain Investors(newscanada-plus.com)
- DIGITAL CURRENCY: Bitcoin finds a home with S.C. businesses as a futuristic novelty(thetandd.com)
- Bitcoin: What Is It, and Is It Right for Your Business?(newscanada-plus.com)
- Why You Should Still Pay Attention to Bitcoin(wisebread.com)