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Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
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Anonymous Coward |
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Same here. I've seen many threads about it but could never understand it at all.
My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.
We really don't get EXACTLY WHAT is being mined.
To me it seems much ado about nothing.
Anyone wish to give a short explanation ?
Bitcoin for dummies.
Quoting: Anonymous Coward 21256830 The price goes up dramatically faster. Why? In is then more rare. About 18.5 million have been mined, it will take 120 more years to mine it all. After that, read on..... ....Even when the last bitcoin has been produced, miners will likely continue to actively and competitively participate and validate new transactions. The reason is that every bitcoin transaction has a small transaction fee attached to it. These fees, while today representing a few hundred dollars per block, could potentially rise to many thousands of dollars per block, especially as the number of transactions on the blockchain grows and as the price of a bitcoin rises. Ultimately, it will function like a closed economy, where transaction fees are assessed much like taxes..... [ link to www.investopedia.com (secure)] Unlike taxes, you choose to participate in crypto. Actual taxes you have no choice and they will come with guns if you are late on a payment.
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