/biz/ - Business & Finance

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>>14838159
Hello my boomer friend!
I traded many bitcoins in my life and I even mined some. I am going to explain you how it all works:

1. To create a bitcoin, one has to sign up for Coinbase or any other exchange (I've created dozens of bitcoins this way)

2. you give them your bank account so that the exchange can mine the bitcoins with your bank account. For those who don't know, "real" money is mined by banks too, it's called a central bank, but in this case it's DEcentralized mining, so now every bank can create money, hence it's a DECENTRALIZED currency.

3. The banks then upload their newly created bitcoin onto the blockchain, this data structure tells us the age of every bitcoin, the older they are, the lower the price, older bitcoins are called Bitcoin Cash or Bitcoin SV (you can see that those bitcoins are cheaper).

An attentive reader might ask himself: why can't we just put a timestamp on every bitcoin and get the age this way?

Well you could alter the age of your bitcoin this way couldn't you? in a blockchain this wouldn't be possible because it literally breaks if something's changed.

That's it, you're now ready to start trading bitcoin and other crypto currencies, congrats!

>>14840428
That's nice anon, I hope you make it