Posted by MarkB_MI on January 20, 2018 at 04:45:08 from (174.230.7.107):
In Reply to: Please define bitcoin? posted by wilson ind on January 19, 2018 at 09:39:32:
An overly simplified explanation of a Bitcoin is it is a solution to a mathematical problem. And the more Bitcoins there are, the harder it is to create new ones. Sort of like prime numbers: it's real easy to find the first few primes (1, 3, 5, 7, 11...) but it takes a lot of calculations to find, say the 100th or 1000th prime number (541 and 7919). To solve these problems takes powerful computers; the people who run these computers are called "miners" because what they're doing isn't that much different than a miner digging for gold. They're spending money to find something of value.
The miners do more than find bitcoins. They maintain the "blockchain" that records all the Bitcoin transactions. Each transaction requires miners to solve a problem; I believe at least three miners have to verify the solution for a transaction to be recorded in the blockchain. Their reward for this work is new Bitcoins.
So that's what it is in a nutshell. Is Bitcoin a scam? No, it's a technology. But that doesn't mean there aren't disreputable people involved in it. And since it is intended to be a CURRENCY, not an investment, the current price volatility is not good. At some point the Bitcoin price will either stabilize or it will fail as a currency.
Also, there are now hundreds of "alt-coins" in existence. Most of these ARE scams. Think of them as penny stocks. Remember, the first coins are cheap to mine, so the creators of these new crypto-currencies can generate a lot of coins very cheaply and sell them to gullible investors who think they'll reap a fortune.
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