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Guys Please Help Me to Understand What is Bitcoins Exactly?

by alamest
12 replies
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Hello Guys.

I am really confused what is Bitcoins exactly :confused: means somebody is saying is internet currency, but how do we store the money, do we need to have online bank account or what. Cause this is really confusing..

do we convert from dollars to Bitcoins or do we buy bitcoins with dolloars..

Does anybody knows what is the rate between dollars and bitcoins..

There are plenty of people looking for this answer but I don't have it.. what to do?
#bitcoin #bitcoins #guys #understand
  • Profile picture of the author sbucciarel
    Banned
    Bitcoin - Open source P2P money

    Bitcoin - Wikipedia, the free encyclopedia

    What is Bitcoin? - We Use Coins

    Bitcoins.com
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  • Profile picture of the author ServeNoMore
    Here's a simple explanation of how to start using bitcoin... How can I buy bitcoins? - CoinDesk
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    • Profile picture of the author alamest
      Originally Posted by ServeNoMore View Post

      Here's a simple explanation of how to start using bitcoin... How can I buy bitcoins? - CoinDesk
      i have gone through your link and read the whole article and there was one quote in the article

      Both have their vulnerabilities: if you store it all locally on your computer make sure you back up your hard drive regularly in case it crashes; and online web wallets employ varying degrees of security, from quite good to quite poor. It's up to you which one you trust the most.
      So that means we are storing bitcoins in our hard drive and we can carry that hard drive with us anytime and we can purchase normal things from the store offline or only online transactions we can do it from bitcoins..

      But still not understanding what is the purpose to make bitcoins.. just to make a internet currency cause internet is kind of country..

      I think it will take time for everybody to learn it.

      Anyway still trying to understand it properly..
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      • Profile picture of the author Kay King
        I would do a google search for

        bitcoin forums

        You'll find quite a few of them where that's all the people talk about.
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        • Profile picture of the author MikeTucker
          Originally Posted by Kay King View Post

          I would do a google search for

          bitcoin forums

          You'll find quite a few of them where that's all the people talk about.
          Better to search forums off the clearnet, if you really want to
          know what is going on.
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  • Profile picture of the author Yair Dolev
    Google is your best friend in this case, you will find plenty of answers for this question just with 10 seconds of searching.
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    • Profile picture of the author Danny McConnell
      They are a digital currency. Can be purchased with many currencies and changed back to many currencies.

      Their value swings more than most commodities. I would guess that almost all the traffic in bitcoins right now is in speculation.
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      • Profile picture of the author AvisMarketing
        I never understood bitcoin at first and i still don't fully either. It is a form of internet currency and is basically becoming the economy of the internet, with more online companies accepting it as a form of payment. The price also changes a lot, always going up and down.

        Earning and mining for bitcoins is a whole other confusing story.
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  • Profile picture of the author salegurus
    Originally Posted by alamest View Post

    There are plenty of people looking for this answer but I don't have it.. what to do?
    There's this new thing called Google....
    Let me google that for you
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