My first attempt to Bitcoin
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What the f***is BITCOIN, i ask.
How is this backed up?
Is not that a fraud? I can not understand what is that, maybe is just something that someone invented to make money?
Ponzi scheme?
I am not too sure, be careful.
All of this were my fraises around 7 or 8 years ago. My brother started being involved in finance education and he was getting to know about BITCOIN. On my end, based on my formal education, I did have very clear that any money given by the bank had to be backed up somehow, and then all the traditional economy and finance theory. Of course, I made sure to persuade my brother softly about not getting in that type of “investment”, obviously It never passed by my head to investigate further, because for me was all but not something that I could feel confident about, did not invest more time on that.
About 15 months ago, I met someone that is in the cryptocurrency and blockchain industry and as always happens, we listen to those that are out of our circle… i was more open to listen, learn and investigate. I am still trying to understand how it works, the more I go deeper the more sometimes I get confused, but so far what I have learned makes sense to me. At this point I think this is an option, a good possibility to manage assets in a different way to what we are used to, lets see what the education I am getting about gets me too….
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Thanks for your question. I will try to answer some of your questions:
How is this backed up?
Different people will answer these questions differently. I consider bitcoin as digital gold, as a commodity. It's primarily backed by his community (Bitcoiners) formed of miners (who mathematically produce new bitcoin every 10 min), developers, speculators, hard money seekers, businesses, entrepreneurs, educators, countries, states etc. Anyone can independenetly join the Bitcoin network.
Is not that a fraud? Is Bitcoin a Ponzi scheme?
I don't think so because Bitcoin is an open source project and How it works is available to everyone to take a look. Bitcoin incentive to secure the network is design to last 140 years.
I will suggest to read the whitepaper - Bitcoin: A peer-to-Peer Eletronic Cash System.
https://bitcoin.org/bitcoin.pdf
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Funny thing aboit ponzis...get enough users and it can work...us dollar system is a ponzi so is social security and yet they keep it going
Bitconnect , if it had adopted a steem style social network , it coud have kept itself going and slowly allowed the money to drain oit and no one would have called it a scam lol
But when a dpos chain has enoigh value its more like a bigtech software company
Hey by the way whats the hashtag for thiagore? #thia ? #thiagore ? Even just #eos #bitcoin ? That'd be cool if that's true ! That would make it easy to get content
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Hi, the hashtag is #thiagore. You can also use #eos or #bitcoin.
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