Bitcoin

[dazzle]

So, folks, either you came here looking for an answer, or you just stumbled upon a link --welcome!

Many of you may have already been familiar with an already-existing method of payment called the bitcoin. As simple as this sounds, it is a currency designed to be represented digitally, without any centralized denomination.

That's right. Decentralized.

Let's start with a flowchart I so simply made:



Easy.

The concept of Bitcoin was made by an anonymous group known as Satoshi Nakamoto, hence, the "satoshi" as the lowest BitCoin value. Unlike normal currency, no more than 21 million bitcoins will ever me made. This is called deflation process.

Currencies like PHP, USD, etc., are created such that the total number of manufactured coins (and bills, of course) increases across time, therefore resulting in the rise in prices.


THE DEFLATION PROCESS (by dazzle; with illustrations of course)
Given this scenario:
-Supposing there were only 2 BitCoins in the world.
-And there was only one thing to buy in the world --a sack of rice.
-The value of the sack of rice will be equal to 2 bitcoins (since there will be nothing else to buy).
This is hypothetical; in the real world, there are many factors affecting prices.

-Now, take for instance one coin gets lost (damaged, eaten by the Collins)
-There will be only 1 coin left to represent the value of a 1 sack of rice.
-Therefore, this remaining bitcoin will have to represent the values of:
---2 bitcoins
---1 sack of rice
..essentially gaining value (imaginary, non-tangible value) and reducing the price of rice (down from 2 BTC to 1 BTC)


If real fiat follows deflation process, the drawbacks of such is that:
As coins get higher value, it will come to a point that everything must be expressed in smaller denominations, smaller than centavos.

BitCoin solves this problem, however, by providing room for Infinite Divisibility:

Examples:
0.0000001 BTC = 1 sack of Rice
0.0000020 BTC = 1 iPhone (insert number here)
0.0000800 BTC = 1 Honda Civic

Thanks for reading. Donations are welcome:
1JFSroc5zR12kfFMtXKYUi7ttPY3t1Vhoe

[engitien]

im buying BTC = $180 locally.. for today .. lemme know if interested...

[engitien]

dont buy or deal with this guy.. he doesnt know what he is saying...

[dazzle]

Trolling newbie. Reported.

[engitien]

yes... newbie here.. but not trolling

[dazzle]

trampling.

selling mining services is better than drugs, i believe.

[JayDark]

unsa diay na? wala ko kasabot ani nila....

[ChaosOrb]

deep web entities.....beware.

[dazzle]

Bingo!

Pero btc has surfaced na. Have a look at forbes.com. theyve got plenty of articles about it.

[ChaosOrb]

Bingo!

Pero btc has surfaced na. Have a look at forbes.com. theyve got plenty of articles about it.

forbes is now noticing bitcoins as a means of alternative monetary income since it has the power to purchase anything in the right market without the repercussion of being traced or any fear of being backslashed of your purchase.

if you're mining here....you will never get that far....not many know how to go deep enough in the web to be able to get interests in bitcoins.