what is bitcoin?

What is Bitcoin?

Bitcoin in Simple words is just a computer programme.

Ok don’t be scared and start with your friend’s sad story who’s lost a couple of thousands dollar in some Ponzi schemes or Pyramid schemes or even Multi-Level Marketing scams run scammers by using the name of Bitcoin. Also, a lot of my friends ask me, I got a text on my phone or an email from bitcoin with a link and all that kind of scams.

People losing money on scams stories make me laugh even some of my friends lost money on these scams and came to me to ask about bitcoin and I happily taught them and they are all benefiting from trading, mining, and teaching people about bitcoins and cryptocurrencies.

Is Bitcoin money or currency?

Yes, it is money and currency both. Its people’s money. It’s a currency that’s made by people for the people. No government or banks or any other intermediaries controls the supply or demand of this currency nor they determine the exchange rates.

Who makes Bitcoin?

Your next door neighbours.
Even you can make your own Bitcoins and I can make my own as much as I want and need, until all of them are mined. Every tom, dick and harry can make their own bitcoin. It’s only a matter of scaling, big or small and how powerful your computer is?

Who determines the price of Bitcoin?

No one can control the price of bitcoin. Not even governments or banks or the Wall Street.
People who own bitcoins control the price and use case of bitcoin.
If you want to look as Bitcoin as an investment then it’s a bullet proof investment which, I like to call it. Bullet-proof because it’s not affected by anything but the people who use it.

Gold, Silver, Share Markets, National Currencies and any other investment, you name it and I will prove it to you that it can be manipulated by creating a fake demand and supply ratio against the people. It can be done up to some extent in Bitcoin but it has a very little effect and the more people start to use bitcoin the more bulletproof bitcoin becomes.

Where do I keep my Bitcoins?
In your Bitcoin wallet.

Who controls the network?

The same as above anyone can do it. every person who runs a Bitcoin node and anyone can choose to run one. Every Tom Dick and Harry with basic computer skills can. Maybe your next door dorky geeky neighbour is.

Who determines the price of bitcoin?

Every single person on earth. Even if you buy 1 bitcoin right now or sell one, you may cause the price to rise or fall be it be a fraction on a small percentage but the price would be effected for sure.