What The Hell is A Bitcoin? Explained



What The Hell is A Bitcoin? Briefly go over what a Bitcoin is, some history, and what you can do with it. Visit the site at: thefutureiscryptocurrency.com Email Us: …

12 Comments

  1. LMAO…..just because we're moving towards digital currency doesn't mean that cryptocurrency in the form of Bitcoin, or any of the other crypto "coins", is what that digital currency is going to be! They're only worth anything now because, one….there's a supposed ceiling on how many bitcoins are available……and that's coming soon. Two, they're worth something because they're tied to a dollar value…..in other words….one Bitcoin is worth so many dollars. And three……that's because, someone "says so" Who exactly IS that someone?

    Yes, we're heading towards digital currency. We're heading for digital currency in terms of, Dollars, Yen, Rubles, Yuan, the German Mark, the Euro, etc, etc, etc.

    You're deluding yourself if you think that any kind of moving money around, is not going to involve Governments, or more importantly, banks.

    Your explanation of Bitcoin is its own "case in point."

    Bitcoin is valued in dollars. In order for something to be worth anything, it has to be at least tied to something tangible. It's never going to be its own entity. You would argue that it already is……I'm here telling you that it most definitely isn't. It sort of is, if you mined it, and for the time being can actually get money for it, or use it to buy something, and as long as the payee accepts Bitcoin, but…..it's still tied to a physical dollar amount somewhere, somehow. If no physical money ever traded hands on a Bitcoin transaction, it was most definitely all between Bitcoin users from the beginning to the end, and everyone is counting on the fact that it's actually worth the dollar amount that it's supposed to be. It'll be funny to watch the SHTF when it collapses, and everyone that did transactions in strictly Bitcoin has to find the actual money to pay for what they bought…..like the house…or the car….etc, etc. Someone is going to want their actual money in the end.

    There's no doubt that we're heading towards digital money. No Shit Sherlock. But Bitcoin, or any other "made up" coins, are never going to be THE digital money. Bitcoin and all the others are never going to be anything other than something you can buy with real money, then use that to buy other stuff with, once you've paid for the Bitcoin. It's not really anything more than a techno geek's PayPal.

    And the whole "Decentralized" thing will also be its own downfall, because it only has any value right now because….someone says it does…..again…..who is this someone? It's not tied to anything tangible. Well….for right now it's "tied" to the dollar…..but….it's just a fad man….. It's like Dungeons and Dragons. No dude! Seriously! You rolled a 26!! But I only rolled a 3. NO! Dude! You rolled a 26!!

    You can sit there and "Say" that it might be worth 10, 20….even 100 thousand dollars. But…..it is…..until it isn't. As soon as the banks all say….nah….we're not dealing with this stupid nonsense……that's it. And that will be it….that simple. Because again……it's not tangible. Why am I going to pay 100,000 dollars for one bitcoin, when I can just spend 100,000 actual dollars, and not have to worry about whether or not my transaction is going to be honored in the future?

    See…at least with banks….your money is guaranteed. The value of your dollar might go up and down, sure. But…..if you write a cashiers cheque for 100,000 dollars, once that cheque is cashed, or deposited by the payee……that's it! Your responsibility for that transaction is DONE. It's the bank's responsibility now. What happens when Bitcoin crashes, and all the payees that accepted it, want their actual money? Actual money has to be paid in the end. That's just how stuff works, and it won't work any other way……ever.

    And……BTW…..good luck with Bitcoin, or any digital money for that matter, when the grid goes down.

  2. Is this legal? Can I just download an app on my phone and just use bitcoin for everyday stuff? This would be a great way for someone in highschool to just get some extra money on the side for whatever.

  3. This explanation is TOTALLY USELESS! Still no clue what a bitcoin is , who controls it, how much of it there is, who can make more bitcoin and how, etc etc tec

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