All You Need to Know about Bitcoin in 5 Minutes
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Bitcoin is increasing in popularity, but let's be honest, we don't really know what it is. Here is our five-minute guide to everything Bitcoin. WARNING: This may make you sound like an expert to fellow novices.
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All You Need to Know about Bitcoin in 5 Minutes
- 1. In 5 minutesLearn about Bitcoin
- 2. Iām sure youāve heard of that bitcoin thing.. ..and probably wondered what it was.
- 3. I wondered too, so I did some research.. Iām not an expert or anythingā¦
- 4. But if you are trying to sound well cultured in front of your coworkersā¦ Youāve come to the right place.. ??
- 5. The simple answer: Electronic currency or electronic cash $ What is it?
- 6. Bitcoin is universal. It can be used nearly anywhere, and can be bought with most currencies $ ā¬ Ā£Ā„ What is it?
- 7. Bitcoin seeks to remove the middleman from exchanges And also eliminate his fees (- $10) (- $10) (+$20) Why use it?
- 8. (- $0.006) Instead of $20 or more, Bitcoin costs just 6/10ths of a cent Why use it?
- 9. Countries like the U.S and U.K may not see as much value in Bitcoin. Why use it?
- 10. But in areas where economic collapse is frequentā¦ ā¦the utility is self explanatory. (Source: usnews.com) Argentina Venezuela Mexico ā¦and there is no trust in banks or credit card companiesā¦ Why use it?
- 11. Some retailers like bitcoin ā¦ ā¦ because it is cheaper than accepting credit or debit cards Why use it?
- 12. and therefore require a very high bitcoin minimum 50+ However some are nervous about the volatility OPEN ENERAL STORE 50+ Why use it?
- 13. You can use almost any currency to buy bitcoin. The price will vary day to day depending on popularityā¦ M Tu W Th F ā¦ much like the stock market How do you buy it? $ ā¬ Ā£ Ā„
- 14. There are several physical bitcoin exchange centers where you can buy bitcoins. How do you buy it?
- 15. But it is much more popular to use online exchanges How do you buy it?
- 16. But you should be cautious ! ! Even the bitcoin website warns users about frequent issues with fraud How do you buy it?
- 17. You use bitcoin by downloading a digital wallet to your mobile phone How do you USE it?
- 18. Which you can scan at participating retailers How do you USE it? This gives you a barcodeā¦ GOODS
- 19. You simply enter the amount of bitcoin you wish to send a person or business How do you USE it? Screenshot of bitcoin pay/stylized version STORE
- 20. STORE If youāve ever paid using āSquareā, itās a similar concept How do you USE it?
- 21. Itās actually a well thought out, stable system. It doesnāt appear it was thought up and started all in one lunch date. How does it actually work?
- 22. There are several different bit coin āminingā locations. But its not the kind of mine you might think ofā¦ How does it actually work?
- 23. A bitcoin mine is essentially a large room filled with highly powerful processors. How does it actually work?
- 24. People who work at these āminesā are called bitcoin Miners They make sure you have enough bitcoin to complete each requested transaction How does it actually work? And yes, they mine the bitcoin
- 25. The way the mining process works isā¦ These servers generate really complex math problems. And miners solve them.. In order to release bitcoins How does it actually work?
- 26. Every time a bitcoin is released the math equations get more and more difficult.. ..in order to keep bitcoin from being mined too fast. How does it actually work?
- 27. When bitcoin was first born, the creator(s) decided that only 21 million bitcoin would be released into currency How does it actually work?
- 28. < Limiting the number of bitcoin makes the system more stable. How does it actually work? Compare this to a government who can print more currency at any time, if need be.
- 29. How does it actually work? 2009 21402015 21 Million 13 Million 0 Currently there are 13 million bitcoin in circulation. Itās predicted that we wonāt run out until 2140.
- 30. My question is, what happens after that? Is it sustainable to manage with what we have? How does it actually work? 2009 21402015 21 Million 13 Million 0 ?
- 31. Or will the system collapse shortly after? How does it actually work? 2009 21402015 21 Million 13 Million 0
- 32. it seems like just another finite resource.. Kind of like oilā¦ ..and the last thing we need is dependency on another finite resource. How does it actually work?
- 33. Is it regulated ? No Is it insured ? Is it safe? No
- 34. So basically if something goes wrong there is no one to be held accountable Everyone just loses. Is it safe? SAD FACE
- 35. From that perspective it doesnāt seem very safeā¦ However some would argue that its more reliable than some lesser developed economies. Is it safe? !*%!! >
- 36. But from the hacker/coder perspective it is a highly advanced system Is it safe? 1001001011100101010101001001010100101010001101 0100111011100101010001001001010100111001010010 001001011010010101001001000100001011111100001 010101011001001010100100100010011100001010101
- 37. āIt is a very safe, well thought out system, that is always getting saferā -CNN Is it safe?
- 38. ā¦ but lawmakers arenāt exactly happy about it ā¦ Is it illegal? ANGRY FACE Noā¦
- 39. ???? There is a big debate even amongst bit coin enthusiasts on whether or not bitcoin should start being regulatedā¦ Is it illegal? ā¦ā¦.. ???? ā¦ā¦..
- 40. On the one hand, the entire purpose of bitcoin was to have an unregulated currency ā¦ But on the other side of the argument, regulation would make bitcoin safer and more secure. Is it illegal?
- 41. This would also safeguard bitcoin against scandals that could tarnish its reputationā¦ ā¦Such as the ā Silk Road ā scandal Is it illegal?
- 42. āSilk Roadā was an online marketplace where you could basically buy anything black market. From illegal drugsā¦ ā¦ to medical equipment ā¦ to watches ā¦ to fake IDs And even foreign animals (All available for purchase only via bitcoin) Is it illegal?
- 43. Since bitcoin isnāt regulated, it was difficult for governments to track down.. ..both the customers Is it illegal? ..and the source ?
- 44. Remember, bitcoin is like electronic cash Is it illegal? $
- 45. $ $ Think about paying cash at a storeā¦ There may be a record that someone came in and exchanged $2 cash for a cup of coffee, But they donāt necessarily have a way of finding that person again Is it illegal? $ STARCUPS ?
- 46. So while usually governments can track down these illegal online operations via credit card statements ā¦ Is it illegal? STATEMENT
- 47. Is it illegal? ? With bitcoin tracking people down becomes a lot trickier.. ? ? ? ? ? ? ?
- 48. Itās like trying to prove that someone paid cash to buy one specific itemā¦ ā¦ months ago.ā¦ at a specific store Is it illegal? DECEMBER 2014
- 49. Bitcoin is an electronic form of payment. It isnāt regulated by any governmentā¦ ā¦which is good for some countries. ā¦but investing in it can be risky So to conclude.. $
- 50. If you want your presentation to look like thisā¦ Click here! Elizabeth StodolskiDavid Talavera Brought to you by:
Editor's Notes
- Its also universal, in that it isnāt specific to any country or region and theoretically could be used from anywhere.
- Its also universal, in that it isnāt specific to any country or region and theoretically could be used from anywhere.
- Its also universal, in that it isnāt specific to any country or region and theoretically could be used from anywhere.
- Its also universal, in that it isnāt specific to any country or region and theoretically could be used from anywhere.
- Its also universal, in that it isnāt specific to any country or region and theoretically could be used from anywhere.
- The idea behind bitcoin is to remove the middleman from exchanges. Person to person, rather than person, to bank, to person. In addition to eliminating the middleman, bitcoin also eliminates the middlemanās fees. For example, when I transfer money with my checking account it costs me around $20 for each transfer. However with bitcoin making a transfer costs juts 6/10ths of a cent.
- The idea behind bitcoin is to remove the middleman from exchanges. Person to person, rather than person, to bank, to person. In addition to eliminating the middleman, bitcoin also eliminates the middlemanās fees. For example, when I transfer money with my checking account it costs me around $20 for each transfer. However with bitcoin making a transfer costs juts 6/10ths of a cent.
- Countries like the US and the UK may not see as much value in this, but in areas where economic collapse are frequent and there is absolutely no trust in banks/credit card companies, the utility of bitcoin is self-explanatory.
- Countries like the US and the UK may not see as much value in this, but in areas where economic collapse are frequent and there is absolutely no trust in banks/credit card companies, the utility of bitcoin is self-explanatory.
- Some retailers really like bitcoin, because itās cheaper for them than accepting credit cards or debit cards, especially with purchase fraud running ramped nowadays. However some retailers are nervous about the volatility of it, and therefore have a very high minimum when accepting bitcoins.
- Some retailers really like bitcoin, because itās cheaper for them than accepting credit cards or debit cards, especially with purchase fraud running ramped nowadays. However some retailers are nervous about the volatility of it, and therefore have a very high minimum when accepting bitcoins.
- You can use any currency to buy bitcoin The price will vary day to day based on how much its being used, kind of like the stock market. There are several physical bitcoin exchange centers where you can bid on bitcoins However it is much more popular to use an online exchange. But you should be careful: even on the official bitcoin website, they advise users to obtain the real-world identity of their exchange operator. Since the exchanges arenāt regulated, its pretty easy for a dishonest service to continue operating.
- You can use any currency to buy bitcoin The price will vary day to day based on how much its being used, kind of like the stock market. There are several physical bitcoin exchange centers where you can bid on bitcoins However it is much more popular to use an online exchange. But you should be careful: even on the official bitcoin website, they advise users to obtain the real-world identity of their exchange operator. Since the exchanges arenāt regulated, its pretty easy for a dishonest service to continue operating.
- You can use any currency to buy bitcoin The price will vary day to day based on how much its being used, kind of like the stock market. There are several physical bitcoin exchange centers where you can bid on bitcoins However it is much more popular to use an online exchange. But you should be careful: even on the official bitcoin website, they advise users to obtain the real-world identity of their exchange operator. Since the exchanges arenāt regulated, its pretty easy for a dishonest service to continue operating.
- You use bitcoin by downloading a digital wallet to your mobile phone. In order to pay someone using bitcoin you simply scan their bar code, and enter the amount of bitcoin you wish you send them. If youāve used the square itās a similar concept.
- You use bitcoin by downloading a digital wallet to your mobile phone. In order to pay someone using bitcoin you simply scan their bar code, and enter the amount of bitcoin you wish you send them. If youāve used the square itās a similar concept.
- You use bitcoin by downloading a digital wallet to your mobile phone. In order to pay someone using bitcoin you simply scan their bar code, and enter the amount of bitcoin you wish you send them. If youāve used the square itās a similar concept.
- You use bitcoin by downloading a digital wallet to your mobile phone. In order to pay someone using bitcoin you simply scan their bar code, and enter the amount of bitcoin you wish you send them. If youāve used the square itās a similar concept.
- Its actually a very well thought out, and stable system. It doesnāt appear that this was some idea that was thought of and started over a lunch date. There are several different bitcoin āminingā locations, but its not mining in the sense that you might think. A bitcoin mine is essential a large room filled with highly powerful processors. At the outset of bit coin, it was decided that only 21 million bitcoin would be released into currency. Compare this to a government who can print more currency whenever they like. The idea behind this is that the bitcoin system would be much more stable. In order to maintain stability, the mining process was developed: basically what these processors in order to āmineā bitcoin is solve really complex math problems all day. Once a math problem is solved, bitcoin are released into circulation. In order to keep bitcoin from being mined to fast, each time a new bitcoin is released, the network of math problems gets more and more difficult. Because of this stable system, there are currently only 13million bitcoin in circulation, and its projected that we wonāt run out until 2140. Another problem I see here is, assuming that the bitcoin lasts that long, what do we do after that? Is it sustainable to manage with what we have? Or will the system collapse shortly after? It seems to me that this becomes a finite resource, similar to oil, and the last thing we need is dependency on another finite resource. People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- Its actually a very well thought out, and stable system. It doesnāt appear that this was some idea that was thought of and started over a lunch date. There are several different bitcoin āminingā locations, but its not mining in the sense that you might think. A bitcoin mine is essential a large room filled with highly powerful processors. At the outset of bit coin, it was decided that only 21 million bitcoin would be released into currency. Compare this to a government who can print more currency whenever they like. The idea behind this is that the bitcoin system would be much more stable. In order to maintain stability, the mining process was developed: basically what these processors in order to āmineā bitcoin is solve really complex math problems all day. Once a math problem is solved, bitcoin are released into circulation. In order to keep bitcoin from being mined to fast, each time a new bitcoin is released, the network of math problems gets more and more difficult. Because of this stable system, there are currently only 13million bitcoin in circulation, and its projected that we wonāt run out until 2140. Another problem I see here is, assuming that the bitcoin lasts that long, what do we do after that? Is it sustainable to manage with what we have? Or will the system collapse shortly after? It seems to me that this becomes a finite resource, similar to oil, and the last thing we need is dependency on another finite resource. People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- At the outset of bit coin, it was decided that only 21 million bitcoin would be released into currency. Compare this to a government who can print more currency whenever they like. The idea behind this is that the bitcoin system would be much more stable. In order to maintain stability, the mining process was developed: basically what these processors in order to āmineā bitcoin is solve really complex math problems all day. Once a math problem is solved, bitcoin are released into circulation. In order to keep bitcoin from being mined to fast, each time a new bitcoin is released, the network of math problems gets more and more difficult. Because of this stable system, there are currently only 13million bitcoin in circulation, and its projected that we wonāt run out until 2140. Another problem I see here is, assuming that the bitcoin lasts that long, what do we do after that? Is it sustainable to manage with what we have? Or will the system collapse shortly after? It seems to me that this becomes a finite resource, similar to oil, and the last thing we need is dependency on another finite resource. People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- In order to maintain stability, the mining process was developed: basically what these processors in order to āmineā bitcoin is solve really complex math problems all day. Once a math problem is solved, bitcoin are released into circulation. In order to keep bitcoin from being mined to fast, each time a new bitcoin is released, the network of math problems gets more and more difficult. Because of this stable system, there are currently only 13million bitcoin in circulation, and its projected that we wonāt run out until 2140. Another problem I see here is, assuming that the bitcoin lasts that long, what do we do after that? Is it sustainable to manage with what we have? Or will the system collapse shortly after? It seems to me that this becomes a finite resource, similar to oil, and the last thing we need is dependency on another finite resource. People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- Because of this stable system, there are currently only 13million bitcoin in circulation, and its projected that we wonāt run out until 2140. Another problem I see here is, assuming that the bitcoin lasts that long, what do we do after that? Is it sustainable to manage with what we have? Or will the system collapse shortly after? It seems to me that this becomes a finite resource, similar to oil, and the last thing we need is dependency on another finite resource. People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- At the outset of bit coin, it was decided that only 21 million bitcoin would be released into currency. Compare this to a government who can print more currency whenever they like. The idea behind this is that the bitcoin system would be much more stable. In order to maintain stability, the mining process was developed: basically what these processors in order to āmineā bitcoin is solve really complex math problems all day. Once a math problem is solved, bitcoin are released into circulation. In order to keep bitcoin from being mined to fast, each time a new bitcoin is released, the network of math problems gets more and more difficult. Because of this stable system, there are currently only 13million bitcoin in circulation, and its projected that we wonāt run out until 2140. Another problem I see here is, assuming that the bitcoin lasts that long, what do we do after that? Is it sustainable to manage with what we have? Or will the system collapse shortly after? It seems to me that this becomes a finite resource, similar to oil, and the last thing we need is dependency on another finite resource. People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- In order to maintain stability, the mining process was developed: basically what these processors in order to āmineā bitcoin is solve really complex math problems all day. Once a math problem is solved, bitcoin are released into circulation. In order to keep bitcoin from being mined to fast, each time a new bitcoin is released, the network of math problems gets more and more difficult. Because of this stable system, there are currently only 13million bitcoin in circulation, and its projected that we wonāt run out until 2140. Another problem I see here is, assuming that the bitcoin lasts that long, what do we do after that? Is it sustainable to manage with what we have? Or will the system collapse shortly after? It seems to me that this becomes a finite resource, similar to oil, and the last thing we need is dependency on another finite resource. People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- Another problem I see here is, assuming that the bitcoin lasts that long, what do we do after that? Is it sustainable to manage with what we have? Or will the system collapse shortly after? It seems to me that this becomes a finite resource, similar to oil, and the last thing we need is dependency on another finite resource. People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- Another problem I see here is, assuming that the bitcoin lasts that long, what do we do after that? Is it sustainable to manage with what we have? Or will the system collapse shortly after? It seems to me that this becomes a finite resource, similar to oil, and the last thing we need is dependency on another finite resource. People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- Another problem I see here is, assuming that the bitcoin lasts that long, what do we do after that? Is it sustainable to manage with what we have? Or will the system collapse shortly after? It seems to me that this becomes a finite resource, similar to oil, and the last thing we need is dependency on another finite resource. People who work at these āminesā are called bitcoin miners. Their role is to maintain the processors and verify the bitcoin transactions. Basically, they make sure that you actually have enough bitcoin to complete each transaction you are trying to make. All of these transactions are now verified in a transparent public ledger that essentially anyone can have access to.
- This is a tricky question Is it regulated? No Is it insured? No So basically if something goes wrong then there is no one to be held accountable. Everyone just loses. So from that perspective it doesnāt seem very safe, however some will argue that it its more reliable and stable than some lesser developed economies. However from the hacker/coder perspective it is a highly advanced system. āit is a very safe, well thought out system, that is always getting safeā- CNN documentary (get name and exact quote)
- So from that perspective it doesnāt seem very safe, however some will argue that it its more reliable and stable than some lesser developed economies. However from the hacker/coder perspective it is a highly advanced system. āit is a very safe, well thought out system, that is always getting safeā- CNN documentary (get name and exact quote)
- So from that perspective it doesnāt seem very safe, however some will argue that it its more reliable and stable than some lesser developed economies. However from the hacker/coder perspective it is a highly advanced system. āit is a very safe, well thought out system, that is always getting saferā- CNN documentary (get name and exact quote)
- So from that perspective it doesnāt seem very safe, however some will argue that it its more reliable and stable than some lesser developed economies. However from the hacker/coder perspective it is a highly advanced system. āit is a very safe, well thought out system, that is always getting saferā- CNN documentary (get name and exact quote)
- No, but lawmakers arenāt necessarily happy about it. There is a constant debate, even amongst bit coin enthusiasts on whether or not bitcoin should start being regulated On one side of the argument, the entire purpose of creating bitcoin was to have an unregulated currency However on the other side of the argument, regulation would make bitcoin safer and more secure. This would also safeguard it against scandals that have tarnished itās reputation in the past, such as the SilkRoad scandal: Silkroad was an online marketplace where you could basically buy anything black market. From illegal drugs, to prescription drugs, to watches, to medical equipment, and even foreign animals. Eventually the creator of this was brought down, but he was able to continue operations for so long because he only accepted bitcoin on his website. As mentioned in the how does it work section (link) all transactions are recorded in a public ledger, but the ledger only proves that a transaction occurred, not necessarily between whom. Think about paying cash in person: A store may have record that someone came in and exchanged $2 cash for a cup of coffee, but they donāt necessarily have any way of finding that person again. So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- No, but lawmakers arenāt necessarily happy about it. There is a constant debate, even amongst bit coin enthusiasts on whether or not bitcoin should start being regulated On one side of the argument, the entire purpose of creating bitcoin was to have an unregulated currency However on the other side of the argument, regulation would make bitcoin safer and more secure. This would also safeguard it against scandals that have tarnished itās reputation in the past, such as the SilkRoad scandal: Silkroad was an online marketplace where you could basically buy anything black market. From illegal drugs, to prescription drugs, to watches, to medical equipment, and even foreign animals. Eventually the creator of this was brought down, but he was able to continue operations for so long because he only accepted bitcoin on his website. As mentioned in the how does it work section (link) all transactions are recorded in a public ledger, but the ledger only proves that a transaction occurred, not necessarily between whom. Think about paying cash in person: A store may have record that someone came in and exchanged $2 cash for a cup of coffee, but they donāt necessarily have any way of finding that person again. So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- On one side of the argument, the entire purpose of creating bitcoin was to have an unregulated currency However on the other side of the argument, regulation would make bitcoin safer and more secure. This would also safeguard it against scandals that have tarnished itās reputation in the past, such as the SilkRoad scandal: Silkroad was an online marketplace where you could basically buy anything black market. From illegal drugs, to prescription drugs, to watches, to medical equipment, and even foreign animals. Eventually the creator of this was brought down, but he was able to continue operations for so long because he only accepted bitcoin on his website. As mentioned in the how does it work section (link) all transactions are recorded in a public ledger, but the ledger only proves that a transaction occurred, not necessarily between whom. Think about paying cash in person: A store may have record that someone came in and exchanged $2 cash for a cup of coffee, but they donāt necessarily have any way of finding that person again. So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- This would also safeguard it against scandals that have tarnished itās reputation in the past, such as the SilkRoad scandal: Silkroad was an online marketplace where you could basically buy anything black market. From illegal drugs, to prescription drugs, to watches, to medical equipment, and even foreign animals. Eventually the creator of this was brought down, but he was able to continue operations for so long because he only accepted bitcoin on his website. As mentioned in the how does it work section (link) all transactions are recorded in a public ledger, but the ledger only proves that a transaction occurred, not necessarily between whom. Think about paying cash in person: A store may have record that someone came in and exchanged $2 cash for a cup of coffee, but they donāt necessarily have any way of finding that person again. So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- This would also safeguard it against scandals that have tarnished itās reputation in the past, such as the SilkRoad scandal: Silkroad was an online marketplace where you could basically buy anything black market. From illegal drugs, to prescription drugs, to watches, to medical equipment, and even foreign animals. Eventually the creator of this was brought down, but he was able to continue operations for so long because he only accepted bitcoin on his website. As mentioned in the how does it work section (link) all transactions are recorded in a public ledger, but the ledger only proves that a transaction occurred, not necessarily between whom. Think about paying cash in person: A store may have record that someone came in and exchanged $2 cash for a cup of coffee, but they donāt necessarily have any way of finding that person again. So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- This would also safeguard it against scandals that have tarnished itās reputation in the past, such as the SilkRoad scandal: Silkroad was an online marketplace where you could basically buy anything black market. From illegal drugs, to prescription drugs, to watches, to medical equipment, and even foreign animals. Eventually the creator of this was brought down, but he was able to continue operations for so long because he only accepted bitcoin on his website. As mentioned in the how does it work section (link) all transactions are recorded in a public ledger, but the ledger only proves that a transaction occurred, not necessarily between whom. Think about paying cash in person: A store may have record that someone came in and exchanged $2 cash for a cup of coffee, but they donāt necessarily have any way of finding that person again. So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- Think about paying cash in person: A store may have record that someone came in and exchanged $2 cash for a cup of coffee, but they donāt necessarily have any way of finding that person again. So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- Think about paying cash in person: A store may have record that someone came in and exchanged $2 cash for a cup of coffee, but they donāt necessarily have any way of finding that person again. So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.
- So while previously the government could track and shutdown illegal online operations by accessing credit card statements, with bitcoin tracking people down becomes a lot trickier. Its like trying to prove that you paid cash to buy a specific cup of coffee, from a specific store, months ago.