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/biz/ - Business & Finance

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File: 361 KB, 481x631, btcwhatitreallyis.png [View same] [iqdb] [saucenao] [google]
17820816 No.17820816 [Reply] [Original]

It is not electronic cash. It is not digital gold. Bitcoin is a decentralized peer to peer electronic payment system. It does not have a central point of authority or a single person in charge of the network. Instead of paying fees to the bank, you pay fees to miners who solve cryptographic puzzles that solve blocks. When the block reward number is solved, bitcoins are rewarded to miners who helped provide the most hashes to solve the solution to the blocks. Computers, electricity, and cryptography allow for Bitcoin to exist just as H2O, glucose, and sunlight allow for plants to reproduce using photosynthesis.

Bitcoin was never meant to be like a stock that is invested in and goes up when the next person purchases a share. It was used to send and receive money globally without an intermediary.

>> No.17820825

>>17820816
And that’s why it failed

It didn’t deliver

>> No.17820873

>>17820816
which is why BC is going to get obliterated come this next bullrun. all the interest is going to be in eth, and maybe bcash if it doesnt get forked to death

>> No.17820879

>>17820816
No coin has lived up to bitcoin's original design.

>> No.17820892

>>17820816
And this is why maximalists are even dumber than once originally thought. Eth will #1 eventually. Btc failed miserably.

>> No.17820927
File: 156 KB, 1000x1000, LOL.jpg [View same] [iqdb] [saucenao] [google]
17820927

>>17820816
>It is not electronic cash
>Bitcoin: A Peer-to-Peer Electronic Cash System

>> No.17820946

>>17820825
It's Paypal without a company. The issue with why it is thought of as a failure is because everyone who buys it doesn't use it as digital cash. They hodl and wait for the price to go up before cashing out to traditional currencies. The technical part of how it works is driven by the protocol itself. A 1 MB block size that after enough users begin to use it, there is trouble adding up all those transactions in each block. Confirmations take a long time and it becomes like a traffic jam, waiting to be detoured safely to their destination.

>> No.17820977
File: 214 KB, 600x350, payment system.png [View same] [iqdb] [saucenao] [google]
17820977

>>17820927

>> No.17821089

>>17820977
exactly, electronic cash

>> No.17821104

>>17820816
Bitcoin is a useless speculative asset. Dot.

>> No.17821390

All these comments..
So bullish..

>> No.17821609

>>17820816
when? in 2017. i've accumulated about 13 bitcoins. ill stop at 21. never selling before hyperbitcoinization.

>> No.17821788

>>17821609
you can get far more than 21 when BTC drops to $0.00001