someone explain to me all I need to know about btc
- Thread starter Megumin
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can't use paypal, it's limited. Have nothing to deal in currently
huh? Is that your way of post farming?
Sending or receiving bitcoin is done via 'wallet addresses'. These look a little bit like this:
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
(this is the first ever Bitcoin wallet address that received funds to it.)
You do not need to send entire bitcoins. You can send an amount as small as a Satoshi (0.00000001 BTC).
Coincidentally, Satoshi Nakomoto is the pseudo name of the creator of Bitcoin, who's identity is currently unknown (no, it is not Craig Wright).
The premise of Bitcoin is that, in simple terms, it is inflation-proof. The Government (specifically the US government) controls what is essentially the world currency (USD) and has the ability to print as much USD as it wants without backing it up by anything. Bitcoin is inflation-proof because there are only 21 million Bitcoins in existence, no more can ever be minted. That's why it's so attractive as a currency, and why many people put trust in it. It's also why many refer to it as "digital gold".
It's used on the internet as a currency because of it's total freedom. Nobody can 'limit' your Bitcoin wallet, stop you from sending or receiving it. It very much represents freedom because of this. Meanwhile, Paypal, banks, and other money services have been known to limit or freeze accounts for all sorts of reasons.
Whether you should use/accept Bitcoin for your items is up to you to decide. Bitcoin's "liquidity" is a little bit different than normal currencies. What do you want to do with your Bitcoin/crypto earnings? Sell it back to USD? Spend it on places/online stores that accept Bitcoin? HODL (aka save) it for some years in hopes that the value will skyrocket? How fine are you with the US value of your money fluctuating short-term?
(If you want to sell BTC back into your bank account, it's technically a taxable event. This is because the entire "fiat" monetary system is very traceable. If you're dealing with several thousand dollars, it's likely the IRS (if you're US) or your country's "tax man" will count it as earnings and demand tax on it. They've been cracking down lately)
If you do start using BTC, the wallet you use matters a lot, and is very tied to everything I said above. That's a topic for another day though.
I'm not sure what else to cover, so if you have any questions, just @ me.
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
(this is the first ever Bitcoin wallet address that received funds to it.)
You do not need to send entire bitcoins. You can send an amount as small as a Satoshi (0.00000001 BTC).
Coincidentally, Satoshi Nakomoto is the pseudo name of the creator of Bitcoin, who's identity is currently unknown (no, it is not Craig Wright).
The premise of Bitcoin is that, in simple terms, it is inflation-proof. The Government (specifically the US government) controls what is essentially the world currency (USD) and has the ability to print as much USD as it wants without backing it up by anything. Bitcoin is inflation-proof because there are only 21 million Bitcoins in existence, no more can ever be minted. That's why it's so attractive as a currency, and why many people put trust in it. It's also why many refer to it as "digital gold".
It's used on the internet as a currency because of it's total freedom. Nobody can 'limit' your Bitcoin wallet, stop you from sending or receiving it. It very much represents freedom because of this. Meanwhile, Paypal, banks, and other money services have been known to limit or freeze accounts for all sorts of reasons.
Whether you should use/accept Bitcoin for your items is up to you to decide. Bitcoin's "liquidity" is a little bit different than normal currencies. What do you want to do with your Bitcoin/crypto earnings? Sell it back to USD? Spend it on places/online stores that accept Bitcoin? HODL (aka save) it for some years in hopes that the value will skyrocket? How fine are you with the US value of your money fluctuating short-term?
(If you want to sell BTC back into your bank account, it's technically a taxable event. This is because the entire "fiat" monetary system is very traceable. If you're dealing with several thousand dollars, it's likely the IRS (if you're US) or your country's "tax man" will count it as earnings and demand tax on it. They've been cracking down lately)
If you do start using BTC, the wallet you use matters a lot, and is very tied to everything I said above. That's a topic for another day though.
I'm not sure what else to cover, so if you have any questions, just @ me.
Hi.
Can I be so bold as to request that you write an immensely useful blurb on this topic too?
Thanks!
do any of you recommend using btc? Bitconnect
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