I asked the question on my Facebook to see what people would say.
I received about 25 answers that included:
- That is internet money that criminals use.
- It is fake and I heard it crashed a few years ago.
- I mined it once, but found out it was a scam.
- One friend’s little brother gave a decent run down on a plot to steal money back from the government.
So, What is Bitcoin?
- Bitcoin Current Price: $6161 Total Market Cap: $102,749,801,750 as of 5 am PST 10/30/17
- Deployed in 2009, Bitcoin is a global digital monetary system which supports peer-to-peer exchanges of funds. Two users with access to a computer or a cell phone can exchange Bitcoin, regardless of location, national currency or access to a financial entity like a bank or clearing house.
- Like other currencies Bitcoin can be held, traded and purchased on International exchanges and is often held as an investment.
Bitcoin runs on a worldwide network of computers, making it difficult to edit,hack, regulate or shut down even by the largest banks or governments. There is no centralized ownership of the network.
- Many Nations embrace the use of Bitcoin and have Bitcoin Banks, ATMs, and Debit Cards, and it is commonly accepted in exchange for good and services.
- Bitcoin is not illegal in the USA
- Criminals do use Bitcoin, more often they use USD and other currencies.
Obviously now I am asking a more savvy crowd, what I am looking for are concise concept level answers to speak to those who do not have experience with Bitcoin.
The more Bitcoin becomes popular, the more the canard criminals use Bitcoin will be used. When that fails, terrorists use Bitcoin will take its place.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I was playing that out in my imagination earlier. If it can't be controlled it can be demonized into a bad public opinion.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I have a good knowledge about bitcoins and mining it since last two years.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
We have a handful, I'm not saying how many, and I know what bitcoin is...🤑
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
lol, dang I was trying to get an accounting of exactly who had how much. You've foiled my evil attempts. :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
There be sharks in these here waters....🏊🏼♀️🦈
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Honestly @watsup I have intentionally not put my attention to money markets, stock markets etc over the years so know very little on those subjects especially the cryptocurrency side of it all. Of course I do see more of a reason to pay more attention now.
All I know of Bitcoin is what I've learned here on Steemit during my first 30 days so wanted to reply here on this post and anxiously await input from the Steemian community that certainly know more than I.
Glad you posted this question!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I also got my education from SteemIt. Welcome to the community.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Interesting comments from your Facebook page.
I have bitcoin and etherium. They, and the whole blockchain concept are the future. I think they are especially valuable as a currency and a store of wealth in countries where the national currency and economy is unstable.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I talk to people about bitcoin and other cryptocurrency, but very few have any. I know one guy who bought some bitcoin a few years back, so he's done well. I show them that I've been able to buy a few things with steem.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Bitcoin is the most powerful tool to fight against banks and find more transparency in all things that use money. Regards
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@whatsup,
I don't know Satoshi, I have average knowledge about Black Chain concept! But I know one thing! BTC is the thing which made me suffer a lot by "Why I didn't bought BTC in 2009?" Its the global platform of easy and most secured transaction! Nothing else, nothing more! And I am suffering by it as I said! Great article with useful information for new joiners to the market place!
Cheers~
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's astonishing how few people know what BTC is. I was speaking to a work colleague recently who had never even heard the term 'cryptocurrency' which shocked me. None of my friends and family had heard of Bitcoin before the beginning of 2016 when I started talking to them about it, most did the right thing and got involved in the space so I'm pleased they listened but those who didn't feel they have missed the boat, I don't agree. We're still at the beginning of this thing, there is so much further to go and I hope those who haven't invested yet go and do it before it is too late.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I know bitcoin is a digital currency that can be used for transactions, but am still not verse in the totality of what bitcoin is. Am still learning more about bitcoin.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Bitcoin has great powerful options. Price always rise up. growth market volume here. Lot of bankers hate cryptocurrencies bcz they have no transactions. Bitcoin usage trough online of digital cash.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
nice post, well i like to mentioned that Just as the US has the dollar Japan has the yen and the UK has the pound the internet has the bitcoin. Bitcoin is digital money used directly between peoples any where in the world to buy online goods and services. to get started create online your bitcoin wallet like a real wallet it stores your bitcoins and is used to sent and receive payments using unique addresses.
You can read my complete post on what is bitcoin?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Bitcoin is most popular and valuable one of digital cryptocurrency. Lot of transactions does trough internet without using cash. its cashless and transparency transaction.Bitcoin price now is over 6000 USD. Bitcoin is not criminal one i think. Great conversation @whatsup
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
BTC has big investment market volume.Then I don`t mind its a criminal one. But some of scammers can use its a criminal one because BTC transactions do only internet.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
'Bitcoin'? What is 'Bitcoin'? How do you define 'Bitcoin'? If you're talking about what you can feel, what you can smell, what you can taste and see, then 'Bitcoin' is simply electrical signals interpreted by your brain.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Oh well, let's just be honest, got about 0.2 BTC and worse... it's on an exchange. I know, I'm such a noob..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nearly everyone in crypto is a noob. :) That is why there is so much opportunity.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Many of them are still not aware of BitCoin, or else they have wrong information. Some of them feel BitCoin is used only by ransomware. The people on Steemit are much more knowledgeable on BitCoin and other cryptos.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
If bitcoin fails because of jealous banks and governments we all can move on to other cryptocurrencies, they can't control us now😉
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Did anyone have any well thought out answers because these surely weren't. Except for the one about stealing money from the government! hehe
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
No, in facebook land, nobody had a good answer.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You know, that really doesn't surprise me one bit!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
So I assume you're sharing this post on your FB account? Cause most people here (should) already know this stuff ^.^
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Bitcoin is cryptocurrency, internet money.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I am new to it!I bought a little Bitcoin just a little tiny bit ($125.00) back in Sept. when it was $3700! It's worth $230 now so that's a great experience for me, I wish I had more to get especially at that time but just add to it when I can. I'm still learning about it, it's really exciting at times! I did get 1 Litecoin at the time, I wish i would of put it all in Bitcoin lol!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Awesome clove71! At least you are in now! I am happy you have joined the crypto craze.
I can relate as I am still learning also.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes! Better late than never applies here, I'm glad I'm here and try to learn or listen about Crypto everyday. :-) I'm so glad other women are out there in the Crypto world too!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I have a third Bitcoin, and two years ago there was 1 Bitcoin, but I was short-sighted sold it, Now I start all over again. I'm very sorry.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
well bitcoin is a digital gold and we have to spent fiat and saves bitcoins, upvoted and resteemed.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Make me a time machine so i can go back to 2011, an mine $2 bitcoins with my crappy acer laptop?
This is my answer when people say what you would do if you could time travel
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
wow nice post..verry good info...thanks for sharing
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
if you don't mind,i think bitcoin is a real gold at present
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for the info
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
wonderful post, good work, thanks for sharing & up voted
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Greetings @whatsup!
thanks for very good sharing
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi Quinnpeterson, Not yet, but it could.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
wow very needed. post i like it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
we all are criminals haha
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@whatsup - Ma'm... I'm hodl few... But today I understood the most... Thank you ma'm... To get more audience, I wish to ReSteem your post.
+W+ [UpVoted & ReSteemed]
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This wonderful post has received a bellyrub 9.26 % upvote from @bellyrub thanks to this cool cat: @whatsup. My pops @zeartul is one of your top steemit witness, if you like my bellyrubs please go vote for him, if you love what he is doing vote for this comment as well.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think the value of BitCoin will cross $7000 by end of this year. With the upcoming fork (SegWit2x) in November, many people are investing a lot in BTC. The demand has gone up, so the price doesn't dip.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm only a dog, and don't have any bitcoins.But my master may have some crypto ,i'm not really sure , he doesn't tell me anything.Maybe he's afraid i'll chew his bitcoins
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thanks to steemit i know many things about cryptos now :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
i ask my friends and they tell only to invest
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
every country govt fears the use of illegal ways to use bitcoin otherwise its the best no doubt
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
many people still don't know about bitcoin
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thank you @whatsup for the information, I do have little amount of bitcoin but not that much.
Cheers!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit