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?
Trump is a funny man. in other words the fake fiat debt will be paid the same way....Fiatly.
BTC is not fiat. Anyone who understands bitcoin knows this fact.
What is BTC based upon? Teach me.
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?
“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.