Posted by Tom in TN on February 26, 2014 at 06:31:24 from (70.210.12.205):
In Reply to: Bitcoin posted by Traditional Farmer on February 26, 2014 at 05:21:45:
I've read a number of articles about bitcoins in the past year or so. Either, the writers of the articles didn't know what they were talking about, or I'm just not smart enough to "get it".
I understand stocks and bonds pretty well. I understand fiat currency pretty well. I understand the workings of the Federal Reserve pretty well. Bitcoins are not any of those.
There is no material thing called a bitcoin. Some group of people (they are called bitcoin miners), for no reason whatsoever, decide that they will sell some bitcoins. People then send them money and the purchaser then has a certain number of bitcoins on their account at the place from which they bought the bitcoins.
Other people then can sell goods or services to the new owners of the bitcoins, and the people who provide the goods or services are then credited with the agreed to number of bitcoins from the purchaser's account.
The new holder of the bitcoins can then, if they want to, sell the bitcoins to other people for real money.
There are two people who can make money with bitcoins. The "miners" (whoever in the world they are), can declare that they have bitcoins for sale. If someone will give them real money for their bitcoins, the miners have just made money.
People can also buy and sell bitcoins on the exchanges. If they buy a bitcoin for a lesser amount of money and then sell it for a greater amount of money, they have made money.
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