kcal63 |
11-24-2020 11:30 AM |
Unlike fiat currency bitcoin is transparent and traceable.
Quote:
Originally Posted by tophcfa
(Post 1864456)
Very questionable ethical stuff. Seems to be used by people who for some reason don't want to be held responsible for their transactions. If you can't take responsibility, then don't do it.
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Unlike fiat currency, bitcoin allows every transaction ever made to be seen and tracked by anyone at any time. The blockchain is a public record of every single bitcoin transaction. The only secrecy is in who owns what account. The recent price jump may be a bit ahead of itself but everyone is looking to the end of bitcoin mining, which should happen within the next year. The total number of bitcoins is 21 million. Take into account that approx 4 million are know to be lost forever in unrecoverable accounts and wiped wallets and the transition to a network that is paid only through transactions rather than the processing as peripheral to mining is expected to drive increased demand overall. However, it is the redirection of the tens (possibly hundreds) of billions of dollars that have been poured into mining in the past few years (largely by companies such as IBM, Microsft, Apple, Bitmain, Intel, etc.) that also brought major investments from investment funds, is widely expected to push the price of bitcoin over the next couple of years.
Setting up a local wallet is very different (and much more complicated) than setting up a remote wallet because a remote wallet service is constantly updated with new blockchain info, a local full bitcoin wallet must be updated before each use, and if you use it infrequently these blockchain updates can be large and time consuming (I didn't use a wallet for over a year and the update before I could use it took 22 hours on a fiberoptic connection to download). There are also "lite" local wallets that only tie to online blockchain resources when connected. Once you figure out which type is best for you there are numerous youtube videos and instructions available on the web. Try reading a few threads on bitcointalk.org its also a great place to ask questions. Hope this helps.
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