BITCOIN Q/A
Bitcoin is online money. It stays on computers and computers only. This money is never printed.
Who created Bitcoin?
one techie scientist person who is not known presently
Why was Bitcoin created?
The creator of bitcoin was probably tired of financial losses and mismanagement caused by governments, corporates, banks etc. at the expense of hard working earning people. so this scientist experimented with the idea of Bitcoin and it worked
How does Bitcoin work ?
Bitcoin works with help of a computer based technology called blockchain
Who manages Bitcoin ?
Bitcoin is managed by more than 10000+ computers (called nodes), each owned by some ordinary people like us
Can Bitcoin disappear?
Yes. Just switch off the 10000+ computers managed by various people and bitcoin will no longer exist
How can anyone make sure bitcoin never disappear?
Technically only one good computer is required to manage Bitcoin. So buy a computer, install bitcoin software, connect and work with other computers on blockchain network that have installed bitcoin. Till then your machine is online, bitcoin will live.
Recommended by LinkedIn
Is bitcoin to stay?
Bitcoin is old tuff proven technology which works slow like a bullock cart and consumes lot of electricity. It may stay but its value may drop and so its software usage with growth in future generations blockchain technology.
Should I invest in bitcoin?
Cryptos are generally associated with big financial risks. Bitcoin is not an accepted currency in most countries. Bitcoin is old 1st generation blockchain technology. Bitcoin is unfairly controlled by pool of people with powerful computers. People are earning based on hype of market demands similar to hyped stocks.
We are in 5th generation of blockchain technology. I usually choose crypto from 3rd generation onwards.
Why governments have a problem accepting Bitcoin as a legal tender?
Bitcoin could be managed by anyone in public without accountability.
But new generations crypto and blockchain technology enable government, businesses, institutions or just about anyone to create private blockchain, consortium blockchain, cross-chain, off-chain, non-financial apps too.
Though Bitcoin may not be accepted, cryptos of latest blockchain generation may be accepted especially if the government is creating and managing the same.
So Which crypto is good ?
One cannot guarantee crypto based on market value because traders are trying to create false hype, hackers are trying to steal and governments are not accepting crypto.
I am a lover of technology and not money exactly. So I just invested few thousand rupees across ADA, FIL, DOT and KSM because the technology driving it looked promising to me. I did not invest in Bitcoin.
Bitcoin was like a Big Bang in the financial world. It must have come by surprise and would not be pleasant to feel or understand. But with time, the blockchain technology driving it is evolving to create a better managed world of inequalities.
Nice