I personally know quite a bit about Bitcoin. However, this thread is for the community here. The idea is every post should contain NEW info which hasn't previously been posted in this thread.
For example, I will start with the obvious: Bitcoin is internet money
Is this a perfect explanation? Of course not. This is where you come in.
Please post the most detailed aspects about Bitcoin you know, without repeating any info previously posted in this thread.
The idea is as we scroll down, the discussion should get continually more complicated as we dig further into the technology, development, history, etc.
Make sense?
So I will repeat the starting point: Bitcoin is internet money
its only according to my research.
What is bitcoin?
Bitcoin Back in 2008, when Bitcoin was first invented, it was a new and unique financial vehicle, unlike anything the world has ever seen. Nowadays, its just one of 700+ cryptocurrencies which all use cryptography to control the creation and transfer of money.
Despite the name, there is no physical coin or representation to speak of Bitcoin is an entirely a peer-to-peer digital form of money.
One of the greatest advantages of Bitcoin is its decentralized nature, which doesnt require a central authority or a middleman to be involved. Therefore, you can send money to anyone living around the world, eliminating the need for traditional parties like banks. And you dont have to pay extraordinary fees or wait days for the money to arrive at your bank account it takes minutes.
All the transactions that have ever happened are recorded in the so-called public ledger. The ledger is based on blockchain technology and allows anyone whos a member of the Bitcoin network to access the records and see every users history. Thus, nobody can cheat, steal money or double-spend them. If there was anything suspicious happening, the entire network would be notified.
Whether Bitcoin itself will ever be able to replace fiat currency entirely is a big question mark. But it has undeniably started a revolution that the world is still not entirely ready for.
Source:
http://www.newtraderu.com/2017/07/19/difference-investing-trading-bitcoin/