Could someone explain bitcoin to me?

[Baby]

Hello

I have quite a bit of money to spend, and I was really interested in Bitcoin. However, I'm still a little confused on how it works. Here are some questions I have for it.

How do you get bitcoin?
Where do you store bitcoin?
Is it worth it?

 

[Baby]

How do you get bitcoin? Buy it off coinbase if your above 18, or find a cheaper way. (Buying from people on here)
Where do you store bitcoin? Store it in a wallet (Blockchain.info is the most well known one)
Is it worth it? Long term, yes. Its pretty low right now so I'd jump on it.

Alright thank you.

I've also heard you can mine bitcoin? What do they mean by that?

 

[Turtle]

Alright thank you.

I've also heard you can mine bitcoin? What do they mean by that?

in real life, money is either fiat money, or it is backed by a valuable item (like gold).
Let's say the dollar is backed by gold (which it is no longer), every dollar is worth a tiny amount of gold.
Bitcoin is backed by computer processing, just like what a server does - so every bitcoin is worth a large amount of processing. because bitcoin as a currency is backed by processing, it's easier to trust it as the value of bitcoin will stay about the same - or come back to around the same after crashes. To mine bitcoin, you are just creating a bitcoin with your processing time - just like the government once created dollars with gold. The difference with bitcoin is - the public is the bank who makes the money, not the governemtn

 

[9yz]

Transferring Bitcoin between wallets involves a ton of complicated math. People who "Mine" bitcoin have a computer(s) that's connected to the internet and performing those calculations. The first person to get a math equation right gets some fraction of a bitcoin. From what I've seen, unless you have a massively powerful computer or a ton of computers, you probably just break even with your electricity bill.

Here's a demo of the math:

 

[Offender]

You should do research before investing in any cryptocurrency and see what you think I wouldn't just go with the hype such as Bitcoin as that is never a sure thing, If you do your research on certain types of cryptos you can decide for yourself

A really good one that seems like it is very promising is Ripple as it is tradeable within the South Korean Market (I may be wrong) and is used by a few websites such as Sellfy.gg just to name one and seems to be just slowly getting more popular

Another plus about Ripple is about how cheap it is at the moment with $1 AUD being transferred to $0.64522831 XRP
Just do some research about certain cryptocurrency's and make a choice for yourself.

Hope this helped you

 

[Creeprr]

Bitcoin is advanced money gambling.

 

[Brazy]

Hello

I have quite a bit of money to spend, and I was really interested in Bitcoin. However, I'm still a little confused on how it works. Here are some questions I have for it.

How do you get bitcoin?
Where do you store bitcoin?
Is it worth it?

ight time to answer this not like a total NERDDD

1. coinbase, leet hack forums, or places that sell it
2. in a wallet
3. I mean, Bitcoin is slowly becoming a cash grab scam. its kind of a slippery slope, much like my sexuality