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Posted on 1/22/13 at 2:21 pm to I Love Bama
quote:
explain it to me like I was 5
To me, it sounds like tokens at Chuck E Cheese... You buy tokens, use them throughout their websites in order to buy shite or gamble and then you can cash back out for cash on the other end
Posted on 1/22/13 at 2:32 pm to I Love Bama
quote:
explain it to me like I was 5
Bitcoin is a decentralized peer-to-peer digital currency.
There will only ever be 21 million bitcoins mined. A little over half of them have already been mined.
The inflation rate is cut in half every 4 years until it reaches zero.
There are no bitcoin "accounts." Bitcoin is basically just a large transaction ledger that everyone has a copy of. Your total bitcoins are calculated from that transactions ledger.
Bitcoins utilize public key cryptography. Bitcoin uses the same cryptography as banks. If you are concerned about bitcoin security, then you should also be concerned with your banks security.
Bitcoin addresses can be generated with ease. No personal information is required.
Bitcoin value is based on the basic concept of supply and demand.
Bitcoins cannot be seized or frozen by governments.
Bitcoin transactions take place with extreme quickness.
Bitcoin transaction fees are currently zero or near zero. And will likely become fractions of a US penny as time goes on.
Bitcoin transactions can be sent anywhere in the world with extreme ease.
Bitcoin has the potential to be used anonymous if the user chooses.
Ummmmmmmm, that's all I can think of off-hand.
This post was edited on 1/22/13 at 2:33 pm
Posted on 1/22/13 at 3:12 pm to I Love Bama
quote:
explain it to me like I was 5
You can "mine" Bitcoins using a computers graphics card. That's the only way to earn them. Unless you're willing to utilize a bunch of computers the return is minimal. However, you can join a cooperative with your computer(s) and you get a percentage of what the cooperative earns.
If the gambling sites were to take off the potential is that the value of a Bitcoin could skyrocket. One of the big problems right now is that if an exchange gets hacked it destroys the value.
This post was edited on 1/22/13 at 3:15 pm
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