What Is Bitcoin and How Does It Work? CoinJournal

Bitcoin - The Currency of the Internet

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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Theory of Bitcoin

Theory of Bitcoin is a mildly navel-gazing space for inquiring into what makes Bitcoin work as a currency, why it's a better currency than the others, and what we in a community can do to help make it better.
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Bitcoin Green

Bitcoin Green: The Sustainable, Proof-of-Stake Bitcoin
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How can Bitcoin work as currency?

Here's some stuff so that people reading will understand where I am in my knowledge of BTC (you can judge for yourself if my level is shit or mid-level).
  1. I get there's a max limit on the supply of btc
  2. I get what private keys are and how they generate public keys via elliptic curves, thus I know how to store btc on a hardware wallet like a Trezor
  3. I get that btc and crypto in general is programmable money which means it's a platform in which things that I can't even fathom will be built (similar to how no one could see social media be a thing in 1990).
  4. I have a general understanding of economics and the properties of what makes a currency a currency
  5. There's more but this should give you enough of an idea
---------------- SKIP TO HERE IF YOU DON'T GIVE A FOOK ABOUT JUDGING OTHERS ----------------
QUESTION: Bitcoin is at best neutral but most likely slightly biased towards being deflationary mainly through people misplacing/losing their Bitcoin. Now there's a certain group of people that believe Bitcoin could replace currently existing fiat currencies but I don't understand this. Being able to print currency seems to be a primary need for existing economic structures to work (I realize this reason does not imply that other economic structures can't work) since inflation works as an incentive to invest current dollars today. But since Bitcoin is most likely deflationary, how can this ever replace fiat currency?
My current belief is that Bitcoin (at least for the next 30-50 years) will be something that will work alongside fiat currencies. In fact, I think fiat currencies will be built on top of the bitcoin network and in some cases use bitcoin to perform large transactions.
So what am I missing? How can Bitcoin ever replace fiat currencies given it's fundamental constraint of having a supply limit?
submitted by tornAclFooker to Bitcoin [link] [comments]

How can Bitcoin work as currency? (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Can BitCoin work as a single ledger uniting Earth, Moon & Mars despite the current communication delays ? discussion with Daniel Krawisz

Can BitCoin work as a single ledger uniting Earth, Moon & Mars despite the current communication delays ? discussion with Daniel Krawisz submitted by zhell_ to bitcoincashSV [link] [comments]

Post-apocalyptic paranoia question: Can bitcoin work without the Internet?

submitted by Dartagnonymous to Bitcoin [link] [comments]

Mass adoption — can bitcoin work like Uber ?

Mass adoption — can bitcoin work like Uber ? submitted by blockonomics_co to CryptoCurrency [link] [comments]

Can Bitcoin work as Forex?

I was wondering in some ways can bitcoin and other crypto work as forex as well? I haven’t really tested out this theory but it is just something that I thought of. So say buy BTC with USD, and BTC to EURO or other currency that is available?
I am guessing for this to work then you will need two different account that can respectively trade in the currency.
Thank you for the inputs!
submitted by stock808 to Bitcoin [link] [comments]

Can Bitcoin Work as a Safe Haven During a Crisis?

Can Bitcoin Work as a Safe Haven During a Crisis? submitted by andix3 to BitcoinAUS [link] [comments]

Can Bitcoin Work as a Safe Haven During a Crisis?

Can Bitcoin Work as a Safe Haven During a Crisis? submitted by andix3 to BitcoinCA [link] [comments]

Can Bitcoin Work as a Safe Haven During a Crisis?

Can Bitcoin Work as a Safe Haven During a Crisis? submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Can Bitcoin Work as a Safe Haven During a Crisis?

Can Bitcoin Work as a Safe Haven During a Crisis? submitted by andix3 to Bitcoin [link] [comments]

Can Bitcoin Work as a Safe Haven During a Crisis?

Can Bitcoin Work as a Safe Haven During a Crisis? submitted by andix3 to Crypto_Currency_News [link] [comments]

Can Bitcoin Work as a Safe Haven During a Crisis?

Can Bitcoin Work as a Safe Haven During a Crisis? submitted by bitnewsbot to bitnewsbot [link] [comments]

Can Bitcoin Work as a Safe Haven During a Crisis?

Can Bitcoin Work as a Safe Haven During a Crisis? submitted by andix3 to bitcoin_uncensored [link] [comments]

How can bitcoin work in cyclone affected demonetised (no power, banks, atms, cash) cities in india? /r/btc

How can bitcoin work in cyclone affected demonetised (no power, banks, atms, cash) cities in india? /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

How can bitcoin work in cyclone affected demonetised (no power, banks, atms, cash) cities in india?

Cash is King in Chennai as Vardah leaves debris, damage, dents digital payments
submitted by ajvw to btc [link] [comments]

Can Bitcoin work with 0 fees as well?

Can Bitcoin work with 0 fees as well? submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Can Bitcoin work without the Internet?

Can Bitcoin work without the Internet? submitted by coincrazyy to BitcoinAll [link] [comments]

Can Bitcoin work with 0 fees as well?

Can Bitcoin work with 0 fees as well? submitted by xeroc to Bitcoin [link] [comments]

When Satoshi Nakamoto released the Bitcoin whitepaper, every initial response criticized why it wouldn't or can't work. Then Hal Finney responded:

When Satoshi Nakamoto released the Bitcoin whitepaper, every initial response criticized why it wouldn't or can't work. Then Hal Finney responded: submitted by Blockfolio to Bitcoin [link] [comments]

I became fascinated by bitcoin back in 2014 and the same fascination never went away. Because of that, I wrote a short book on how cryptocurrencies work and how an ordinary person can invest in the same space. The result, called The Crypto Mindset, is today free on Amazon.

submitted by IvicaMil to FreeEBOOKS [link] [comments]

Is there a Discord/Slack/community where a beginner can ask questions about learning how the bitcoin code works?

Hi,
If anyone knows any communities like this, please let me know.
submitted by Cwlrs to Bitcoin [link] [comments]

I'm proud to present to you Bitcoin Cash in dominoes!! It was super fun to build, hope you will enjoy it! BCH donations to support my work are appreciated so I can make even bigger projects! qqsm7d4n7raeghhpjwyntv562rumulsq4qjrsxe9a9

I'm proud to present to you Bitcoin Cash in dominoes!! It was super fun to build, hope you will enjoy it! BCH donations to support my work are appreciated so I can make even bigger projects! qqsm7d4n7raeghhpjwyntv562rumulsq4qjrsxe9a9 submitted by librefuturosk to btc [link] [comments]

Money Talks: What can you buy with bitcoins? What is Bitcoin? (v2) - YouTube But how does bitcoin actually work? - YouTube What is Bitcoin? Bitcoin Explained Simply for Dummies ... How Does Bitcoin Mining Work? Here's How You Can Do It ...

How Bitcoins Work . Bitcoins are completely virtual coins designed to be self-contained for their value, with no need for banks to move and store the money. Once bitcoins are owned by a person, they behave like physical gold coins. They possess value and trade just as if they were nuggets of gold. Bitcoins can be used to purchase goods and services online with businesses that accept them or ... In order for the Bitcoin system to work, people can make their computer process transactions for everybody. The computers are made to work out incredibly difficult sums. It can be used to buy or sell items from people and companies that accept bitcoin as payment, but it differs in several key ways from traditional currencies. Most obviously, bitcoin doesn’t ... How bitcoin transactions work Individuals, businesses, developers: learn from our simple Bitcoin guides. How Bitcoin works, what is Bitcoin, what is blockchain, how to buy Bitcoin, what is Bitcoin mining and more. How does bitcoin work? Bitcoin is a cryptocurrency that is conducted on a public ledger, the "blockchain." Digitally transferred, it exists only online. Much like gold, it can have monetary value ...

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Money Talks: What can you buy with bitcoins?

Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X Bitcoin is the first decentralized digital currency. All Bitcoin transactions are docume... The math behind cryptocurrencies. Home page: https://www.3blue1brown.com/ Brought to you by you: http://3b1b.co/btc-thanks And by Protocol Labs: https://prot... Whether or not it's worth investing in, the math behind Bitcoin is an elegant solution to some complex problems. Hosted by: Michael Aranda Special Thanks: Da... The most watched Bitcoin introduction video ever. Updated in April 2014, this video explains how bitcoin works and the importance of this paradigm shifting t... Now that the price of Bitcoin has skyrocketed once again, many people will be looking to get involved. One possible way is through Bitcoin mining. There are ...

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