{"id":2560,"date":"2018-10-26T08:46:33","date_gmt":"2018-10-26T07:46:33","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=2560"},"modified":"2019-09-09T09:17:19","modified_gmt":"2019-09-09T08:17:19","slug":"bitcoin-is-digital","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/","title":{"rendered":"Bitcoin is Digital &#8211; How To Use It?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">2 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1610\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/viva-la-crypto-e1532422039934.jpg\" alt=\"\" width=\"700\" height=\"523\" \/><\/p>\n<p><b>Bitcoin is both: currency and commodity<\/b><\/p>\n<p><b>What bitcoin is maybe the best describes this. <\/b><b>Bitcoin cannot be held or kept in a pocket or wallet like currency.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country&#8217;s central bank or government. You can trade Bitcoin for goods or services with vendors who accept it as payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What is bitcoin else? Bitcoin is a worldwide payment system and decentralized virtual currency.\u00a0 It offers quick, cheap, and highly private payments for everyone.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/#Do_you_see_Bitcoin_is_both_of_this_How\" >Do you see? Bitcoin is both of this. How?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/#What_is_Bitcoin\" >What is Bitcoin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/#What_is_bitcoin_in_comparison_with_fiat_currencies\" >What is bitcoin in comparison with fiat currencies?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/#Bitcoin_is_digital\" >Bitcoin is digital<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/#Bitcoin_is_anonymous\" >Bitcoin is anonymous.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/#Bitcoin_is_a_fixed_asset\" >Bitcoin is a fixed asset.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/#So_what_is_bitcoin_if_you_cant_touch_it\" >So, what is bitcoin if you can&#8217;t touch it?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/#Can_we_on_the_question_what_is_bitcoin_say_it_is_currency\" >Can we, on the question what is bitcoin, say it is currency?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/#Can_we_on_the_question_what_is_bitcoin_say_it_is_a_commodity\" >Can we, on the question what is bitcoin, say it is a commodity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-is-digital\/#What_is_bitcoin_in_the_future\" >What is bitcoin in the future?<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Do_you_see_Bitcoin_is_both_of_this_How\"><\/span><strong>Do you see? Bitcoin is both of this. How?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">As Bitcoin is separated into two components, it might cause some confusion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin \u2013 with a capital letter is a decentralized P2P network which helps to facilitate transactions between people without a middleman. The Bitcoin protocol is openly published. Developers can review the code as well as easily adapt an open source software and modify it to their own needs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">bitcoin \u2013 with a lowercase &#8216;b&#8217; is the coin which exists on the Bitcoin network. It can be perceived as a currency for the internet. In the same way as dollar or euro are currencies for the United States and Europe. Bitcoin-the-coin is the first cryptocurrency. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also known as virtual or digital currency and BTC is an abbreviation of it.\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_is_Bitcoin\"><\/span><b>What is Bitcoin?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">In 2009, Bitcoin was developed and launched as an open-source protocol. It was based on a whitepaper written by Satoshi Nakamoto. He described the bitcoin as a digital currency. That is to say, backed up by the idea of an electronic payment system. But such that should be secure, verifiable and independent of any central authority. <\/span><span style=\"font-weight: 400;\">The first Bitcoin transaction was for two pizzas costing 10,000 BTC (a cool $190,000,000 at the high point of 2017).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since the Bitcoin release, it has experienced highs and lows. However, it stayed as the preeminent cryptocurrency in the world.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unlike regular fiat currency, there is no central Bitcoin bank to print and regulate the flow of currency. Bitcoin is held by users linked together by a central ledger. The ledger is a core Bitcoin feature known as the blockchain. The blockchain records every single transaction made using Bitcoin. It validates transactions and ensures the integrity of the network.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1630 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/the-pros-and-cons-of-investing-in-cryptocurrencies-3-e1532425478184.jpg\" alt=\"Bitcoin is Digital - How To Use It?\" width=\"700\" height=\"438\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_is_bitcoin_in_comparison_with_fiat_currencies\"><\/span><b>What is bitcoin in comparison with fiat currencies?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">It&#8217;s like an online version of cash. You can use it to buy products and services. But not many shops accept Bitcoin yet.\u00a0 And some countries have banned it altogether.<\/span><\/p>\n<blockquote><p><strong>The physical Bitcoins you see in photos are a ornaments. They would be worthless without the private codes printed inside them.<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Fiat currencies are a physical medium of <a href=\"https:\/\/traders-paradise.com\">exchange<\/a> with an unlimited supply. It is issued and controlled by a government. Bitcoin, on the other hand, has a set maximum supply of 21M coins.\u00a0 And as on first place, it is not controlled by any government or entity. Both crypto and fiat currencies coexist alongside each other. And have their advantages and disadvantages. <\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bitcoin_is_digital\"><\/span>Bitcoin is digital<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Bitcoin has some resemblances to fiat money: value changes according to market variables.\u00a0 As Bitcoin is digital people can use them to buy things or pay for services. Also, people already use it in their daily lives as any other fiat currency, but this is where similarities end. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin has several attributes that set it aside from traditional currencies as a pan-global means of exchange. Central banks or monetary authorities do not control the number of Bitcoins. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is decentralized making it global. Anyone with a computer can set up a Bitcoin address to receive or transfer Bitcoins in seconds. <\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bitcoin_is_anonymous\"><\/span><span style=\"font-weight: 400;\"><strong>Bitcoin is anonymous.<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The cryptocurrency allows users to maintain multiple addresses and setting up an address requires no personal information. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">DLT technology makes Bitcoin completely transparent. It stores complete details by an address of every transaction that ever occurs. Transfers of Bitcoin are immediate and when you make it once, they are final. At the same time, there are some fees.\u00a0 And international and domestic transfers are not subject to foreign currency exchange rates and fees for the transfer. There are no borders when it comes to Bitcoin.\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bitcoin_is_a_fixed_asset\"><\/span><strong>Bitcoin is a fixed asset. <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">However, Bitcoin is divisible so the <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/monetizing-bitcoin\/\">growth potential<\/a> for the exchange medium is unlimited. Certainly, one of the most interesting inventions that came alongside Bitcoin is blockchain or distributed ledger technology (DLT). DLT has amazing potential when it comes to traditional operations.\u00a0 And also as settlement results for businesses in the financial as well as other industries.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What bitcoin is maybe the best describes this. <\/span><span style=\"font-weight: 400;\">Bitcoin cannot be held or kept in a pocket or wallet like currency. <\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"So_what_is_bitcoin_if_you_cant_touch_it\"><\/span><strong>So, what is bitcoin if you can&#8217;t touch it?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">It is purely a computer-based means of exchange.<\/span><span style=\"font-weight: 400;\"> Bitcoin has morphed from a fledgling digital currency into an asset or commodity. In fact, Bitcoin somewhat straddles the median. Its use of a currency is limited, it is too volatile to be considered a solid asset. But it is traded similarly to regular stocks and shares.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1497\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/crypto-1-e1531933871422.png\" alt=\"Golden rules for investing in stock market for beginners 2\" width=\"700\" height=\"390\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Can_we_on_the_question_what_is_bitcoin_say_it_is_currency\"><\/span><b>Can we, on the question what is bitcoin, say it is currency?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">There is a great deal of debate about whether Bitcoin is a currency. We called The Merriam-Webster Dictionary for help and found that this dictionary defines currency as:<\/span><br \/>\n<b><i><\/i><\/b><\/p>\n<p><b><i>Circulation as a medium of exchange<\/i><\/b><br \/>\n<b><i>General use, acceptance, or prevalence<\/i><\/b><br \/>\n<b><i>The quality or state of being present<\/i><\/b><br \/>\n<b><i>Something (like coins, treasury notes, and banknotes) that is in circulation as a medium of exchange<\/i><\/b><br \/>\n<b><i>Paper money in circulation<\/i><\/b><br \/>\n<b><i>A comment article used for barter<\/i><\/b><br \/>\n<b><i>A medium of verbal or intellectual expression<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">The official definition of currency may leave you more confused about whether what is bitcoin. Is it a currency or something else? It certainly meets some of the characteristics in the definition, but not all. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In September 2015, the Commodity Futures Trading Commission (CFTC) in the United States officially designated Bitcoin as a commodity.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2561\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/what-is-bitcoin-the-guide-to-cryptocurrency-e1540539407844.jpg\" alt=\"What is Bitcoin? The Guide to Cryptocurrency 1\" width=\"700\" height=\"321\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Can_we_on_the_question_what_is_bitcoin_say_it_is_a_commodity\"><\/span><b>Can we, on the question what is bitcoin, say it is a commodity?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Bitcoin is one of those assets that does not quite fit well into any definition. In addition, and a historical understanding of what is a currency and what is a commodity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While throughout history, many commodities and even some manufactured products have served as currency. The best examples are gold and silver. Central banks and monetary authorities around the world continue to hold vast gold reserves.\u00a0Moreover, they are categorizing their holdings as \u201cforeign exchange reserves.\u201d Hence, both gold and silver are off in the same class as Bitcoin.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As you can see, the classification what bitcoin is as a commodity is both dubious and understandable, at the same time. It is not easy to categorize Bitcoin. Because it is so new and different from other assets available to the market participants.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_is_bitcoin_in_the_future\"><\/span><b>What is bitcoin in the future?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Bitcoin is a child of the technological revolution. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the first global currency that people can use all over the world as a method of <a href=\"https:\/\/traders-paradise.com\">exchange<\/a> without involving governments. This cryptocurrency will continue to attract interest and resistance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For people in countries where currency flows are subject to stringent government control, bitcoin offers a method to transfer fortune to parts of the world where restrictions are less difficult.<\/span><\/p>\n<blockquote><p><strong>Bitcoin appears here to stay, at least for the time being.<\/strong><\/p><\/blockquote>\n<p><a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\/\"><b>Risk Disclosure (read carefully!)<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 2 min read Bitcoin is both: currency and commodity What bitcoin is maybe the best describes this. Bitcoin cannot be held or kept in a pocket or wallet like currency. Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country&#8217;s central bank or government. You can trade Bitcoin for [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1018,1021],"tags":[602,12,214,603,604,605,606],"class_list":["post-2560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance-secrets","category-how-to-earn-online","tag-commodity","tag-cryptocurrency","tag-currency","tag-exchange","tag-guide","tag-p2p","tag-what-is-bitcoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin is Digital - How To Use It? - Traders-Paradise % Bitcoin is Digital - How To Use It?<\/title>\n<meta name=\"description\" content=\"Bitcoin is digital. 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