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What exactly IS a BitCoin?
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What exactly IS a BitCoin?Posted:

Bankais
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So, I really am having trouble understanding the entire concept of the BitCoin here, and with all the news about it, like the guy who went to a landfill to try and find his HDD with ALOT of BitCoins on it, I was wondering if someone could explain it to me.
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theartftw
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#3. Posted:
Bankais
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theartftw wrote [ Register or Signin to view external links. ]


Bitcoin is a virtual crypto-currency regulated by a peer-to-peer network that creates a time-stamped register yielding chains of valid transactions. Unlike other digital currency systems or credit payments, Bitcoins are treated like cash and transactions cannot be reversed.


I still don't understand. Where do they come from, how do they get their worth, why are they only now becoming so well-known, etc. Sorry for all the questions
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Basically you go on your computer and solves an equation that gets harder and harder and that's called mining. So once you mine them it equals a certain amount of money that decreases and increases.
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theartftw
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Bankais wrote
theartftw wrote [ Register or Signin to view external links. ]


theartftw wrote Bitcoin is a virtual crypto-currency regulated by a peer-to-peer network that creates a time-stamped register yielding chains of valid transactions. Unlike other digital currency systems or credit payments, Bitcoins are treated like cash and transactions cannot be reversed.


I have no idea what that means. I was looking for a simplified version.

Digital currency owned by no government. The money in your pocket is made by privatized banks, therefore they control the money. With bitcoin, it is a purely digital currency that has roots globally. Bitcoins can be "mined" however only exist in limited amounts.
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theartftw
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It should also be worth noting that mining isn't quite the money maker it used too be. It is very taxing on your CPU, and often the returns won't even pay for the electricity used.
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Bankais
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theartftw wrote It should also be worth noting that mining isn't quite the money maker it used too be. It is very taxing on your CPU, and often the returns won't even pay for the electricity used.


How exactly are they made, and how does one "mine" them?
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theartftw
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Bankais wrote
theartftw wrote It should also be worth noting that mining isn't quite the money maker it used too be. It is very taxing on your CPU, and often the returns won't even pay for the electricity used.


How exactly are they made, and how does one "mine" them?


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