I’ll break it down Barney level for you. Bitcoin operates on a technology called “the blockchain”. The block chain is basically a ledger. If I give you 1 bitcoin, it’s transferred to you over the network, and is recorded in the ledger. The transaction is processed by “Bitcoin miners” but that is another topic. Just know that the miners get paid a small fee in bitcoin for processing the transaction. The ledger, ie the blockchain, is recorded on every computer that is used in mining/processing Bitcoin. To “delete” or “hack” bitcoin, you’d have to hack the entire Bitcoin network and every computer attached to it in order to change the ledger. This is simply not possible with the technology and encryption we have today. The downside that no one seems to acknowledge is that every Bitcoin transaction can be traced. Cash has a feature called “fungibility” which Bitcoin cannot replicate. However, other crypto currencies do have privacy and fungibility baked into their design, but those cryptos are not available on mainstream exchanges. Wonder why that is?
BTC holder here……A gold and silver backed currency note destroys the leash around the necks of the population. It also destroys the darkness holding that leash. Needed is a way to buy and sell without an internet connection; btc is a useful tool, however you must exchange a currency that has value for it……not a piece of paper with a Presidents picture on it which is fiat. GLTA..
I know that and you know that. Normie crypto bros don’t. That was my point. Too many people see BTC as a viable end to fiat and don’t understand the real implications of such.
Thanks.. Barney level helps a bit. I understand the encryption process. I appreciate you taking the time. I am for anything that gives power to people. Hope it works out.
I’ll break it down Barney level for you. Bitcoin operates on a technology called “the blockchain”. The block chain is basically a ledger. If I give you 1 bitcoin, it’s transferred to you over the network, and is recorded in the ledger. The transaction is processed by “Bitcoin miners” but that is another topic. Just know that the miners get paid a small fee in bitcoin for processing the transaction. The ledger, ie the blockchain, is recorded on every computer that is used in mining/processing Bitcoin. To “delete” or “hack” bitcoin, you’d have to hack the entire Bitcoin network and every computer attached to it in order to change the ledger. This is simply not possible with the technology and encryption we have today. The downside that no one seems to acknowledge is that every Bitcoin transaction can be traced. Cash has a feature called “fungibility” which Bitcoin cannot replicate. However, other crypto currencies do have privacy and fungibility baked into their design, but those cryptos are not available on mainstream exchanges. Wonder why that is?
BTC holder here……A gold and silver backed currency note destroys the leash around the necks of the population. It also destroys the darkness holding that leash. Needed is a way to buy and sell without an internet connection; btc is a useful tool, however you must exchange a currency that has value for it……not a piece of paper with a Presidents picture on it which is fiat. GLTA..
Agree 100%. BTC and more so the blockchain, has huge potential. However, replacing the dollar (or any fiat) with crypto currency isn’t likely imo.
“The downside that no one seems to acknowledge is that every Bitcoin transaction can be traced.”
No one seems to acknowledge?! It’s acknowledged by Bitcoin itself in its white paper. It transparent nature is a feature not a bug.
I know that and you know that. Normie crypto bros don’t. That was my point. Too many people see BTC as a viable end to fiat and don’t understand the real implications of such.
Thanks.. Barney level helps a bit. I understand the encryption process. I appreciate you taking the time. I am for anything that gives power to people. Hope it works out.