What is Bitcoin? (yet, another post)
Thank you for asking 🙂 Please watch this video, it`s the best way to start.
Well… What now? First, I think you have to keep in mind 3 things:
- thing1: BITCOIN IS 100% DIGITAL CURRENCY.
- thing2: IT IS DECENTRALIZED AND TRANSPARENT.
- thing3: NO DEBT WITH BITCOIN. Do you see the awesomeness?
Also, there are 2 major issues with Bitcoin
- issue1: SCALING
- issue2: UNSTABLE VALUE/PRICE
Issue 1 is technical and it`s huge. What`s going to happen when a lot of people start to use it and you are going to need more storage than the average device has? Well… Someone may offer to store BTC on their servers. That means thing2 is killed and we are doomed… That will be the end of Bitcoin as decentralized currency.
Issue 2 is from the realm of finance. It is somewhat natural and expected, but yet needs to be addressed. Lacking the central authority BTC value may vary a lot. Unlike the government`s fiat currency that is supported by the state economy, think, all the government`s assets, including people (human recourses), military and international agreements that the government has, Bitcoin has only it`s economy and the faith of the people that it has value. People`s/user`s faith as well as the number of companies that uses BTC may change resulting in huge value decreases over a short period of time.
REMEMBER: DO NOT TRUST ANYONE, NOT EVEN THIS WEBSITE ! Things may get tricky when it comes to the money. Always be careful and check lots of different sources before you decide what to do.
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Outside Links:
If You wanna dive a bit deeper, check the khan academy. They have 9 videos by Zulfikar Ramzan. Here
please visit https://smarticinig.click/ a quiz website and have fun!