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Old 02-11-2015, 10:15 PM
 
3,496 posts, read 4,653,591 times
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I'm in my early 30s with a B.S. and a Masters in Engineering.....i don't consider myself a dumb person (not a genius either....by any stretch of the imagination).....but I feel dumb as a rock right now, as for the past half hour, i've been trying to understand how BITCOIN realy works....(and i have all the resources you'd think one would need (ie. google, the internetssss, etc...); I still feel like i understand next to ZERO!

- what are the 'problems' being solved?
- who is it being solved 'for'?
- who is funding bitcoin? ie. who pays the miners?
- etc.

AAAAAAAAAAAAAA....this is so frustrating!
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Old 02-11-2015, 11:44 PM
 
207 posts, read 245,319 times
Reputation: 154
I'm not an expert, but what I know is this.

The problem it solves- in part, some people don't like having a monetary system in which rate are set by the fed. They also worry about inflation (bitcoins are finite in number). Bitcoins can be used as an alternative currency.

Who is it being solved for? I don't know conspiracy theorist? Adventurous people? Counter Culture?

WHo pays the miners? No one. If you find the bitcoin, you can sell it or purchase something with it.
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Old 02-12-2015, 09:19 AM
 
2,219 posts, read 1,581,026 times
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I am not an expert on this, but I will share what I know. Bitcoin is consider internet type of currency that's backup by whoever claim the value of bitcoin, and who is really backing it up, base on what I know, really no one, maybe someone who is credible in general to the public, people that know pretty well. When the person that's backing up the bitcoin fall, then bitcoin is equal to nothing.

Bitcoin is created online, and the inventor of bitcoin hide it on virtual website, which we called internet. In order to get bitcoin, you need computer do math computation and try to look for these bitcoin. That's why part of the reason why some people need to use stronger computer with stronger cpu etc to run the mining process because there's a lot to digest by the computer, it could be data, or code, etc, I am not too sure with the specific.

Bitcoin can be use to purchase for something that's relatively expensive in our daily life, but you might be able to use 1 bitcoin, to pay for an item that might worth thousands of dollars.

Bitcoin is untraceble, so you can't know who owns the bitcoin. You might possess these currency as of today, the next day, hacker might be having it all on their hand if you don't know how to securely store them.

Bottom line, bitcoin is a currecy that's use to engage in buying and selling without being trace back to who the buyer or the seller is.

I wouldn't recommend with bitcoin because you never know if you will become the victim, and the world full of unkown, I would not touch bitcoin at all.
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Old 02-13-2015, 08:50 PM
 
Location: Victoria TX
42,666 posts, read 71,948,015 times
Reputation: 35913
Here -- this will explain everything to you.

An Inside Look Into How Bitcoins Are Being "Mined" In China [VIDEO]

I understand there are now ATM Machines in the US where you can swipe your credit card and buy Bitcoin. I looked up the locator map, and found that the one closest to my house is in a gunshop. Apparently much of the investment in them is among the same people that are investing in ammo.

In the first few months of 2013, the price shot up from about $13 to over $1,100. Since thne it has been steady downward, now in the low $200s.
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