Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:30 am

Can I make money with Bitcoin?

You should never expect to get rich with Bitcoin or any emerging technology. It is always important to be wary of anything that sounds too good to be true or disobeys basic economic rules.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:32 am

Bitcoin is a growing space of innovation and there are business opportunities that also include risks. There is no guarantee that Bitcoin will continue to grow even though it has developed at a very fast rate so far. Investing time and resources on anything related to Bitcoin requires entrepreneurship.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:34 am

There are various ways to make money with Bitcoin such as mining, speculation or running new businesses. All of these methods are competitive and there is no guarantee of profit. It is up to each individual to make a proper evaluation of the costs and the risks involved in any such project.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:36 am

Is Bitcoin fully virtual and immaterial?

Bitcoin is as virtual as the credit cards and online banking networks people use everyday. Bitcoin can be used to pay online and in physical stores just like any other form of money. Bitcoins can also be exchanged in physical form such as the Denarium coins, but paying with a mobile phone usually remains more convenient.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:37 am

Bitcoin balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody. In other words, Bitcoin users have exclusive control over their funds and bitcoins cannot vanish just because they are virtual.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:39 am

Is Bitcoin anonymous?

Bitcoin is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money. However, Bitcoin is not anonymous and cannot offer the same level of privacy as cash. The use of Bitcoin leaves extensive public records.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:41 am

Various mechanisms exist to protect users' privacy, and more are in development. However, there is still work to be done before these features are used correctly by most Bitcoin users.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:43 am

Some concerns have been raised that private transactions could be used for illegal purposes with Bitcoin. However, it is worth noting that Bitcoin will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:44 am

Bitcoin cannot be more anonymous than cash and it is not likely to prevent criminal investigations from being conducted. Additionally, Bitcoin is also designed to prevent a large range of financial crimes.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:46 am

What happens when bitcoins are lost?

When a user loses his wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:48 am

However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:50 am

Can Bitcoin scale to become a major payment network?

The Bitcoin network can already process a much higher number of transactions per second than it does today. It is, however, not entirely ready to scale to the level of major credit card networks.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:52 am

Work is underway to lift current limitations, and future requirements are well known. Since inception, every aspect of the Bitcoin network has been in a continuous process of maturation, optimization, and specialization, and it should be expected to remain that way for some years to come.
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Daniel48
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Re: Everything about Bitcoin

Fri Aug 30, 2019 1:54 am

As traffic grows, more Bitcoin users may use lightweight clients, and full network nodes may become a more specialized service. For more details, see the Scalability page on the Wiki.
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leverageguy
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Re: Everything about Bitcoin

Fri Nov 29, 2019 10:47 am

I hope you have an intention to add more. I love every posts you made.

Brigero
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Re: Everything about Bitcoin

Thu Feb 27, 2020 12:12 pm

Well, bitcoin is already a fairly large-scale payment system. Yes, not all and everywhere use cryptocurrency as a fee for services, but everything goes to that.

Glados
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Re: Everything about Bitcoin

Fri Apr 17, 2020 11:55 am

I think to know absolutely everything about cryptocurrencies is not possible. this market is developing so rapidly that keeping track of everything is very difficult.

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Qyuhn
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Re: Everything about Bitcoin

Sun Apr 26, 2020 2:21 pm

What do you think bitcoin will be able to completely replace us with fiat money? Recently, I have increasingly come across stores and services that accept payment in cryptocurrency.

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Re: Everything about Bitcoin

Sun Aug 23, 2020 1:04 pm

Only from appreciation you can.
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