A Basic Start on Understanding Bitcoin, Answering The Most Important Fundamental Questions About Bitcoin
Q.- What is Bitcoin?
Bitcoin is a new form of money easy to use, here is an easy way to start.
Down the Bitcoin rabbit hole
Before you understand Bitcoin you will need to know a little history about money.
Money in a society has always been the most difficult thing to create, that's why gold has become the main currency recognized by everyone. But because gold is difficult to transfer over a distance, paper money equivalent to gold was created.
But the problem is when they start creating too much paper money without any gold behind them. Paper money begins to lose value.
Bitcoin is the reinvention of real money that is hard to create. Human coins cannot create more bitcoins, it has a maximum amount of 21Million BTC which can never be more.
This is because the value of bitcoin can only increase over time because they can create all the other currencies in the world without limit.
Bitcoin does not have the problem of the physicality of gold, it is digital, it is teleportable, which allows it to be transferred very quickly online without problems anywhere without barriers of identity and legal documents.
It's illegal in the USA to open a bank account to get paid in without a proper ID, but you can earn on bitcoin without any ID.
A.- Answered by Der Gigi: Bitcoin is Money Plus Energy Plus Time Plus Information #Bitcoin @dergigi
Q.- What Makes Bitcoin Digital Gold And Why is it Absolute Scarcity?
A. - Simply Explained by Piecover
Bitcoin's design inherently limits its total supply to 21 million coins. This scarcity is a fundamental aspect that the world start to acknowledge, underlining a principle that is embedded in bitcoin's source code and very well documented in its whitepaper. The halving events — the periodic reduction in the block rewards for miners — further tighten this scarcity by halving the rate at which new Bitcoins are created every 210,000 blocks (approximately four years). This mechanism served to disperse the maximum number of bitcoins in the early years of the network's existence, and facilitated an efficient price discovery process. What's more, as issuance reduces, Bitcoin's position as a store of value par excellence increases proportionally. This year's(2024) halving will reduce Bitcoin's supply growth rate from 1.7% to 0.85%, dropping below that of Gold at 1-2% per year.
BITCOIN BASICS
Bitcoin Basics Part 1: For New Users; White Paper Explained; Blockchain Simulator; Bitcoin Node