Register

If this is your first visit, please click the Sign Up now button to begin the process of creating your account so you can begin posting on our forums! The Sign Up process will only take up about a minute of two of your time.

Follow us on Facebook Follow us on Twitter Linked In Flickr Watch us on YouTube Google+
Results 1 to 3 of 3
  1. #1
    Junior Member
    Join Date
    Nov 2013
    Posts
    2
    Downloads
    0
    Uploads
    0

    So, what's a Bitcoin?

    I keep seeing it in the news, and what makes it so unique and different over our current currency system?

  2. #2
    Senior Member cody's Avatar
    Join Date
    Jun 2008
    Posts
    515
    Downloads
    0
    Uploads
    0
    http://bitcoin.org/en/faq

  3. #3
    Junior Member JoeFinkle's Avatar
    Join Date
    Jan 2009
    Posts
    10
    Downloads
    0
    Uploads
    0
    It's a private currency created in a way that it cannot be regulated, even by its creator. The closest analogues are the bank notes that were American currency until the civil war. Under that system, different banks would produce their own notes with some nominal value in dollars and then when you took that note to a particular establishment anywhere in the country, they would have a large book, updated daily, to tell them the value of that note locally. It was kind of a pain in the butt, so when the Federal government issued its own notes and sold them to help fund the Civil War, intended as a temporary measure, it was so popular it became what we now know as the US Dollar.

    But with computer technology, many of the flaws in that old system are now largely irrelevant. You could have many different bitcoin-like currencies and an app that gives a real-time exchange rate between them so you can use them all together seamlessly.

    The downside of an unregulated currency, though, is the inability to put in any stabilizing controls. There is no central bank able to expand or restrict the money supply to ensure a reasonable and steady rate of inflation. As a result, it has been going wildly up and down making running commerce with it a little impractical. Prices fluctuate wildly and so does your wealth if you have money in bitcoins, which can be a real problem for merchants who want to accept them. That may get better as time goes on, but without a central bank, it may not.


Similar Threads

  1. How do I buy bitcoin or Litecoin?
    By Allen in forum Litecoin Forum
    Replies: 0
    Last Post: 12-08-2013, 07:07 AM
  2. I just want to own one Bitcoin?
    By kernal in forum Bitcoin Forum
    Replies: 0
    Last Post: 12-07-2013, 05:41 PM
  3. How do i BitCoin Mine?
    By HACKSCOMICON in forum Bitcoin Forum
    Replies: 0
    Last Post: 12-07-2013, 02:23 PM
  4. What is a Bitcoin!!!!!?
    By Loading ???=? in forum Bitcoin Forum
    Replies: 0
    Last Post: 12-07-2013, 01:07 PM
  5. Would You Use a Bitcoin ATM?
    By Geek in forum News
    Replies: 0
    Last Post: 10-26-2013, 01:00 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
All times are GMT -4. The time now is 12:40 AM.
Powered by vBulletin® Version 4.2.5
Copyright © 2024 vBulletin Solutions Inc. All rights reserved.