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Explain Bitcoin

mason

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Jan 29, 2020
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Bitcoin is non-physical, digital/virtual currency that is stored in programs/apps that are known as "wallets". You either earn it by having your super computer/smartphone solve math problems that require a long time to solve (a process known as mining), by trading other currencies (physical or virtual) for it or by having someone send it to you as a gift.
 
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noah

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Jan 28, 2020
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Bitcoin is non-physical, digital/virtual currency that is stored in programs/apps that are known as "wallets". You either earn it by having your super computer/smartphone solve math problems that require a long time to solve (a process known as mining), by trading other currencies (physical or virtual) for it or by having someone send it to you as a gift.
Oh i see can you tell me about solving math to earn bitcoins ?
 

mason

Member
Jan 29, 2020
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Oh i see can you tell me about solving math to earn bitcoins ?
These math problems are not difficult in the sense that they require godly math knowledge. The computer only guesses until the required solution is found, but it will be millions of times faster than a human solving it by hand because the number of guesses made before finding the correct solution is huge
 

noah

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Jan 28, 2020
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These math problems are not difficult in the sense that they require godly math knowledge. The computer only guesses until the required solution is found, but it will be millions of times faster than a human solving it by hand because the number of guesses made before finding the correct solution is huge
Damn its mean its required high quality computers. Anyways Is it legal to mine bitcoins
 

alex

Member
Jan 28, 2020
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Well simple explanation is its to much damn risky. Better not to involve in crypto currecies
 

noah

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Jan 28, 2020
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Well simple explanation is its to much damn risky. Better not to involve in crypto currecies
But why does people still invest in crypto currencies?. I have a friend who invest in bitcoins and now he earning from it
 

johnbelley

Member
Jan 28, 2020
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But why does people still invest in crypto currencies?. I have a friend who invest in bitcoins and now he earning from it
People are willing to use bitcoin because it is safe, very hard to trace, easy and effective to transfer and it is not under the control of any sort of outside authority
 

mason

Member
Jan 29, 2020
23
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People are willing to use bitcoin because it is safe, very hard to trace, easy and effective to transfer and it is not under the control of any sort of outside authority
True also there is no bank to use it for its own benefit, the government cannot just take it from you for political or legal reasons
 

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