What is Bitcoin?

[Dr.Bitcoin_Strange]

I see defining bitcoin as a common and ordinary thing anyone can do when they make the action to go online and google it, there could be various interpretation on what bitcoin is, but the best way is to begin by knowing what a cryptocurrency is first, that will serve as an intro to understanding better what Bitcoin is for a lay man, if you want a digital currency and are tired of being under the control of the central authorities, then maybe bitcoin is the best for you.

People focus on the definition of Bitcoin. And indeed it needs to be understood because it is basic. Oh yes, apart from these definitions, there are things that are actually basic about Bitcoin, namely related to the risks that exist in Bitcoin. Because, Bitcoin is an asset that still has risks that must be taken by its holders. And the risk that this means exists and is inherent to Bitcoin and depends on how someone experiences and controls it.

I strongly agree with you, it's not just enough to consider just the definition of Bitcoin, while it's important to know the definition of bitcoin, it's also very important to also acknowledge the potential risks involved in it. Bitcoin may have very high potential for profitability and so are the risks very high too and it'll be suicidal for one to dive into Bitcoin investment without first acknowledging the possible risks involved.

Bitcoin is very volatile and its price can fluctuate unpredictably, and just like every other digital assets, it's vulnerable and the possibilities of hack and other security threats are all in thr picture.
So one should be aware of the threats and risks associated before diving in, and not just the potential for profits and gains.

[Z-tight]

if you want a digital currency and are tired of being under the control of the central authorities, then maybe bitcoin is the best for you.

Yeah, BTC is censorship resistant and there is no central authority in control, BTC users can also achieve a good level of privacy when they use BTC and they can even achieve anonymity if they use BTC privacy solutions. This is why the government continues its attack on services that enhance privacy for BTC users and they are also on the attack against BTC fungibility, but the network is still what it is.

[Sim_card]

if you want a digital currency and are tired of being under the control of the central authorities, then maybe bitcoin is the best for you.

Yeah, BTC is censorship resistant and there is no central authority in control, BTC users can also achieve a good level of privacy when they use BTC and they can even achieve anonymity if they use BTC privacy solutions. This is why the government continues its attack on services that enhance privacy for BTC users and they are also on the attack against BTC fungibility, but the network is still what it is.

In one word bitcoin gives financial freedom to her adopters, and the government hates this, for their citizens to be making transactions without their notice or unable to track it. For these reason government decided to attack bitcoin that people are using them for illicit activities of which fiat is also used for illicit activities before the existence of bitcoin, and they are still using fiat for illicit activities but the government will not do anything to fiat. Biased people.

[Dr.Bitcoin_Strange]

if you want a digital currency and are tired of being under the control of the central authorities, then maybe bitcoin is the best for you.

Yeah, BTC is censorship resistant and there is no central authority in control, BTC users can also achieve a good level of privacy when they use BTC and they can even achieve anonymity if they use BTC privacy solutions. This is why the government continues its attack on services that enhance privacy for BTC users and they are also on the attack against BTC fungibility, but the network is still what it is.

In one word bitcoin gives financial freedom to her adopters, and the government hates this, for their citizens to be making transactions without their notice or unable to track it. For these reason government decided to attack bitcoin that people are using them for illicit activities of which fiat is also used for illicit activities before the existence of bitcoin, and they are still using fiat for illicit activities but the government will not do anything to fiat. Biased people.

Normally, the government and lawmakers are used to being in charge of all the affairs that concerns their citizens and within their jurisdiction, especially matters that concerns finance, whichbis the most important aspect, so even I do not expect them to embrace a technology that takes away tgat right from them to make all financial decisions and placing it in the hands of the citizen, regardless of the tremendous innovation and economic advantages that Bitcoin brings.

[vegasus]

In one word bitcoin gives financial freedom to her adopters, and the government hates this, for their citizens to be making transactions without their notice or unable to track it.

In principle, yes, because the government does not want its community to be unable to be controlled and under its regulations. And even the government wants all financial transactions and assets, the government can monitor them. Yes, especially if taxes are not one of the reasons besides power to control anything in the country? For this reason, they have created one or more regulations to regulate and control the activities of people in the crypto world, especially Bitcoin which is decentralized in nature.

In fact, as long as it is done in a private wallet or global exchange, the government cannot trace it and especially if P2P is successful. However, it will have an impact if you do it on a local exchange and do a withdrawal of the results. Meanwhile, if it is in a private wallet and we are just investing, it will not be detected.

[Dr.Bitcoin_Strange]

In one word bitcoin gives financial freedom to her adopters, and the government hates this, for their citizens to be making transactions without their notice or unable to track it.

In principle, yes, because the government does not want its community to be unable to be controlled and under its regulations. And even the government wants all financial transactions and assets, the government can monitor them. Yes, especially if taxes are not one of the reasons besides power to control anything in the country? For this reason, they have created one or more regulations to regulate and control the activities of people in the crypto world, especially Bitcoin which is decentralized in nature.

In fact, as long as it is done in a private wallet or global exchange, the government cannot trace it and especially if P2P is successful. However, it will have an impact if you do it on a local exchange and do a withdrawal of the results. Meanwhile, if it is in a private wallet and we are just investing, it will not be detected.

Well, one thing for sure is that, governments are all about controlling and regulating, particularly when it comes to money! They wish to oversee money-related operations and products, and the decentralized nature of crypto is not very appealing to them. I mean, tax revenue is also very  important to them yeah, and they don’t want to be out of the party!

Therefore, they are formulating standards and policies that will regulate crypto; for instance, know-your-customer (KYC) and anti-money laundering(AML). Well, I think even the government knows how important and beneficial crypto is to the society and the whole thing is all about how to innovate and advance but, at the same time, keep things under control since they're not really the ones in charge of the technology. They don’t wish to completely destroy the crypto revolution, but they have to retain steadiness and remain secure as well as some level of control.

[Jewan420]

Bitcoin is a digital currency. It is controlled by a computer network and is used as a medium of exchange. You can use Bitcoin from any country in the world. Because it will not be wrong to call it an international currency. Many use it as a business area. Bitcoin is the first and successful currency which was successfully released by Satoshi Nakamoto in 2009. We can use Bitcoin as open source software.

[Faisal2202]

Bitcoin is a digital currency. It is controlled by a computer network and is used as a medium of exchange. You can use Bitcoin from any country in the world. Because it will not be wrong to call it an international currency. Many use it as a business area. Bitcoin is the first and successful currency which was successfully released by Satoshi Nakamoto in 2009. We can use Bitcoin as open source software.

You should have written first and successful digital currency because it's digital. And what do you mean by we can use it as open-source software. Because we can develop open source applications for BTC like the electrum wallet, or some network, etc. we can create products for it. But how can we use it as open-source software? And speaking of Bitcoin is being used as a medium of exchange.

The idea at first was to use it as a peer-to-peer exchange but now people are interested in holding it as an asset for the long term. Bitcoin has made people a hell lot of money in a shorter period just by holding it. Besides, it's easier to make money by holding BTC compared to trading in it.

[sampoerna]

Well, one thing for sure is that, governments are all about controlling and regulating, particularly when it comes to money! They wish to oversee money-related operations and products, and the decentralized nature of crypto is not very appealing to them. I mean, tax revenue is also very  important to them yeah, and they don’t want to be out of the party!

Therefore, they are formulating standards and policies that will regulate crypto; for instance, know-your-customer (KYC) and anti-money laundering(AML). Well, I think even the government knows how important and beneficial crypto is to the society and the whole thing is all about how to innovate and advance but, at the same time, keep things under control since they're not really the ones in charge of the technology. They don’t wish to completely destroy the crypto revolution, but they have to retain steadiness and remain secure as well as some level of control.

Ah, here's the point, the government can't directly regulate Bitcoin, making it centralized like fiat, they can't do it directly. Because of that, it is true, they are always trying to find out how they can still manage and make them get part of the circulation of money in crypto, at least even though it can't be all of it, it can still be some of it that goes to them. And in the end, it's about money, with various ways to get taxes from it.

KYC/AML, local exchange regulations that must be registered with the government, blocking of global exchange sites that are not under local government regulations, these are part of their strategy. And finally, in several countries, one example is that they require all local exchanges to directly tax a certain percentage of each crypto buying and selling transaction. And we can't avoid it, unless we use P2P. And it doesn't end there, when people think that they are safe from being taxed when doing P2P directly, in the end, when the money goes into their bank account and it becomes a very large amount and not like usual, then There will be a freezing of the account, and again, later the government will contribute to the solution, by collecting taxes. This is sad, except for people who continue to hold crypto in their personal wallets and don't cash it in, then it will be safe.

I know that regulations in each country may be different, but the government's goals are probably almost the same. Namely the desire to maintain control and get a share of the financial cycle, namely through crypto taxes.

[Dr.Bitcoin_Strange]

I know that regulations in each country may be different, but the government's goals are probably almost the same. Namely the desire to maintain control and get a share of the financial cycle, namely through crypto taxes.

That's a great point! It is also seen that the government’s of different countries might have different policies of regulating these currencies, but their aim may be largely similar. Pricing control and revenue generation are, in effect, strategic objectives. All over the world, governments are interested in controlling the new form of cash, which is trying to dominate the existing monetary structures.

Crypto taxes are an exemplary case of what is mentioned above. Governments can also regulate this emerging market through taxing of all forms of transactions and the holding of these cryptocurrencies. It is one way through which they can have their piece of the cake of cryptocurrency and at the same time have it conform to usual financial regulations.

However, it is essential to realize that over-regulation or overly aggressive tax policies could deter innovation and push the activities in the crypto space to other countries that are more favorable towards the industry. Governments have to find the right approach to controlling crypto assets to reduce criminal activities while not stifling creativity.

[Makus]

I strongly agree with you, it's not just enough to consider just the definition of Bitcoin, while it's important to know the definition of bitcoin, it's also very important to also acknowledge the potential risks involved in it. Bitcoin may have very high potential for profitability and so are the risks very high too and it'll be suicidal for one to dive into Bitcoin investment without first acknowledging the possible risks involved.

Bitcoin is very volatile and its price can fluctuate unpredictably, and just like every other digital assets, it's vulnerable and the possibilities of hack and other security threats are all in thr picture.
So one should be aware of the threats and risks associated before diving in, and not just the potential for profits and gains.

There is no doubt Bitcoin is volatile and risky. But I believe the volatility is also what makes it profitable for holding and Investment. As investors all we need to do is to know our risk tolerance and work with that, so we don't experience too much loss in times of bearish movements. Due to the presence of altcoins and some shitcoins which are more volatile and risky than bitcoin, majority of us don't talk about Bitcoin being risky anymore, because the risk associated is mostly affected by traders and not long term holders.

The government have been the major reason for the retarded growth of cryptocurrency in our economy, for instance India is facing a high tax demand from their government towards cryptocurrency users, that Alon could scare newbies and traders who just began.

[Dr.Bitcoin_Strange]

I strongly agree with you, it's not just enough to consider just the definition of Bitcoin, while it's important to know the definition of bitcoin, it's also very important to also acknowledge the potential risks involved in it. Bitcoin may have very high potential for profitability and so are the risks very high too and it'll be suicidal for one to dive into Bitcoin investment without first acknowledging the possible risks involved.

Bitcoin is very volatile and its price can fluctuate unpredictably, and just like every other digital assets, it's vulnerable and the possibilities of hack and other security threats are all in thr picture.
So one should be aware of the threats and risks associated before diving in, and not just the potential for profits and gains.

The government have been the major reason for the retarded growth of cryptocurrency in our economy, for instance India is facing a high tax demand from their government towards cryptocurrency users, that Alon could scare newbies and traders who just began.

I completely agree! One of the major challenges that is really hindering the rapid growth of cryptocurrency is that the government has not been friendly towards cryptocurrency and has been ultra-regulatory towards it. Excessive taxation like in India puts off the new users and traders and can facilitate their loss of interest from the market altogether.

The governments should realize that this is a growing technology with many potential opportunities which can be unlocked only with an appropriate legal environment. Through overtaxation and over-regulation, governments threaten to stifle growth, limit employment opportunities, and force talent and capital to seek opportunity elsewhere.

Instead, it is recommended for the governments to concentrate on the formation of the credible and fair rules and regulation that will be protective towards investors and at the same time fostering right developments in the cryptocurrency market.

[nakamura12]

Additional to this, bitcoin doesn't have real life existence therefore people who knows about bitcoin made something that people can physically own which is a coin that contains Qr code that contains bitcoin in it. It can be used as gifts especially to newcomers in cryptocurrency. All you have to do is scan the qr code. Another information is that government around the world find ways to stop people using it and eventually banning the use of bitcoin and if found out then they are sent to prison. Other governments even find ways to make use of it to earn profit and won't let people avoid tax.

[Dr.Bitcoin_Strange]

Another information is that government around the world find ways to stop people using it and eventually banning the use of bitcoin and if found out then they are sent to prison. Other governments even find ways to make use of it to earn profit and won't let people avoid tax.

Most governments are against the existence of Bitcoin due to its decentralized nature, governments are known for their hunger for power and control over every affairs that goes on within their jurisdictions, and the financial aspects isn't an exception. Due to Bitcoin's decentralized nature, individuals now have absolute control over their funds and can make decisions for themselves without the government or any financial institutions interfering and the government are strongly against this, Hence the reason they try as much as they can to hinder Bitcoin's adoption.

But you know what they say, if you can't beat them, you join them. Some government realize how difficult and almost impossible it is to stop Bitcoin so they decide to impose taxes on them so they can get their own fair share of the cake.

[JoyMarsha]

if you want a digital currency and are tired of being under the control of the central authorities, then maybe bitcoin is the best for you.

Best for everyone I guess, who wants financial freedom. Day by day, people are beginning to think that they have to take charge of their finances rather than having their money saved in the bank without giving them any Interest rather the value of their money depreciates over time. It's now better to have their money invested in bitcoin for a long term, at least it will provide huge profits for them in the future.