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What is Bitcoin?

Nicholas15
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What is bitcoin? How can I earn them? Where can I spend them? What can I buy with them? Are there any laws? Im so confused.

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Something that /died/ takes forever to mine

Don't bother trying to earn them, you need high end ASIC cards to get any now a days

Any place that accepts Bitcoins as payment

Anything (seriously, thats why we have the deep web, their primary currency btw)

No laws 

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its a waste of your time and money

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forget you ever heard the name. its a waste of time at this point

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Bitcoin is a virtual currency based on public-private key cryptography. It uses a blockchain to document transactions and was the first cryptocurrency, leading to the creation of many cryptocurrencies and some really interesting advances.

Bitcoin can be earned through "mining" which is the process of using processing power to solve a mathematical problem. This will build the blockchain and release some coins to the successful miner. Equally you can "earn" them by having someone pay you in Bitcoin.

You can spend them anywhere that say they accept Bitcoin. There are a few companies that accept it now, notably the Humble Bundle and Scan which I have personally paid using Bitcoin.

There are now some laws surrounding cryptocurrencies such as some US states declaring them property, but generally they aren't hugely well policed.

 

If you are interested in Bitcoin then this thread will help you out if you want to learn about it:

http://linustechtips.com/main/topic/10886-introduction-to-bitcoins/

 

I encourage you to research it if you are interested, cryptocurrencies are fascinating in my opinion and definitely worth checking out. Please don't start mining cyrptocurrencies, they are very computationally expensive and you won't be able to make any money.

 

This thread is pretty negative, don't let it put you off researching crpytocurrencies.

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Coins that have been bitten.

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It'll give you cancer. /s

 

Fold instead.

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