Answers To Your Questions About Bitcoin

Answers To Your Questions About Bitcoin

Cryptocurrency doesn't have to be so cryptic.
118
views

Behold, the mysterious bitcoin. With the tech media raving endlessly about this digital currency, it would make sense to say that us common folk have a clear picture of its nature. However, having analyzed my own knowledge of cryptocurrency, and having consulted others about their comprehension, I realized that collectively, our bitcoin smarts were rudimentary at best. Thus, I decided to investigate the hidden realm of bitcoin, and eliminate the cloak veiling its identity.

For starters, what is cryptocurrency? If this term prompts your mind to imagine genius coders implementing complicated algorithms to protect sensitive data transfers, your thoughts are correct, and exactly defined as cryptographic protocols. Jacked on mathematical steroids and fed with complex engineering frameworks, it would take a James Bond-like hacker to even attempt to break these protocols.

Cryptocurrencies are controlled by a decentralized system, meaning that the value and supply of the currency is governed by user activity and protocols, not banks. Additionally, digital currencies are limited in stocks, which means that once supply runs out, its game over. Lastly, cryptocurrency both possesses perks and drawbacks. The former has to do with the fact that the political independence of cryptocurrency makes it nearly impossible for the government to freeze accounts of users–essentially free reign. However, cryptocurrency drawbacks also revolve around the shady transactions of the hacker underground, which has lead various countries to cast severe discontent upon the matter. Now that you know some background information on digital currency, it's time to dive into the world of bitcoin!


Bitcoin was born in 2009, and though its creator is said to be a man by the name of Satoshi Nakamoto, the author's true identity is still speculated over. As previously mentioned about cryptocurrency, bitcoin is governed by a decentralized system, and is politically independent. The currency has no physical attributes, as its anatomy is entirely composed of complex mathematical computations, and further, bitcoin doesn't exist as "bitcoin", but rather as a set of digital keys that are stored electronically and in the cloud.

In order to spend bitcoin, users need to buy it and exchange it via transaction platforms like Coinbase in San Francisco. All of these transactions are recorded on something called the blockchain, which the Guardian defines as a "digital ledger that provides a secure way of making and recording transactions, agreements and contracts." Usually, one can pay for bitcoin by traditional means such as with credit cards, but bitcoin ATMs have also appeared that enable users to exchange the cryptocurrency with cash as well.

As mentioned before, cryptocurrencies have a finite supply, and bitcoin's total stands at 21 million. Of that total, 15 million bitcoin are currently in circulation. Supporters of the digital currency claim this circulation rate makes bitcoin more stable than currencies supported by the government, as central banks that print money have the potential to depreciate currency values. According to The Sun Newspaper, one bitcoin is worth $12,990.00 to the US dollar as of Wednesday, December 21st.

Through this article, I hope I have enabled you to achieve a greater understanding of bitcoin and the general operation of cryptocurrencies, and hope to have successfully eliminated any confusion over the media-populated matter. Perhaps you will now have the courage to go out there in the digital world and explore the realm for yourself! And who knows, maybe you will become the next big face in cryptocurrency trading.

Cover Image Credit: Crypto Reporting

Popular Right Now

25 Responses To Your Friend Who Doesn't Text Back

Omg thanks for responding so quickly...oh, wait.
82340
views

We all have that friend. That friend we love to death, but if we are sure of anything in this world, it’s that they will not respond to your text because they suck at texting. That moment when you see “Read 1:04 p.m.” and you’re like “and???? Helloooooooo!”

These are 25 responses for that dear friend.

1. Lol thanks for tagging me in that FB post, now text me tf back.


2. OMG, wait you met Chris Hemsworth and he’s professing his love to you??!! No? Okay, then you can def text me back.

3. Hey I’m coming to help you since you obviously broke your thumbs and can’t respond.

4. Lolol thanks for responding. I’ll just continue the conversation with myself. That’s cool.

5. Good chat.

6. Yeah I wouldn’t know how to respond either, pizza topping selection is a thought-provoking process. Take your time. Meditate on it.

7. The classic: ^^^^^^^^^


8. I hope you’re writing me the 8th Harry Potter novel.

9. That was a yes or no question. This isn’t difficult. You wouldn’t do well with ‘Sophie’s Choice.’

10. Omg, did you pass out from the excitement of getting a text from me? Totally understandable. Text me when you regain consciousness, love.

11. Omg what a witty and clever response. Nothing. So philosophical.

12. The only excuse I’ll accept is if you’re eating guac and don’t want to get it on your phone. Because avocados are life.

13. I love it when you do that adorable thing when you don’t text me back for hours. So cute.


14. Okay I’ll answer for you. Yes, you’re going out tonight. Glad we had this convo.

15. In the time it has taken you to respond, dinosaurs could have retaken the earth.

16. HAHAHAHAHAHAHAHAHAHAHHAHAHAHA

17. The dramatic but also very valid response: That’s what happens when you don’t respond for 30 minutes. People die.


18. I apologize for asking if you were coming to watch Bachelor, clearly the decision has caused you serious reflection on your priorities. I’m sorry to have caused you this existential crisis.

19. Sorry I annoyed you with my friendship. But like plz respond…

20. Your response time is longer than Ross and Rachel’s entire relationship. 10 seasons. You couldn’t text me back for 10 seasons?!!

21. Wait. You’re responding too fast. I can’t keep up. Hang on. Don’t respond so quickly. Jeez.

22. A subtle but perfectly placed gif. What will you go with? The classic eye roll perhaps or maybe a “you suck.”


23. Did you fall off a cliff? Wait, you don’t exercise. Pause your Netflix and respond b*tch.

24. Omg I WON THE LOTTERY. *responds* Lol now you respond…

25. And my personal favorite and go to, Did you text me and then decide to THROW YOUR PHONE ACROSS THE OCEAN?! Lol swim fast, I need an answer.

Cover Image Credit: http://farm9.staticflickr.com/8289/7759302068_fac2dfd31d_b.jpg

Related Content

Connect with a generation
of new voices.

We are students, thinkers, influencers, and communities sharing our ideas with the world. Join our platform to create and discover content that actually matters to you.

Learn more Start Creating

This Phone Kidnapping Scam Could Cost You Thousands And My Situation Should Be A Warning

This article is to tell you my story and provide tips on how to understand what is a scam/how to prevent them.

176
views

A few weeks ago, my family was caught in the middle of a kidnapping phone scandal that costs us a couple hundred dollars. Many times you hear these stories on the news and think it couldn't happen to you or your loved ones. Then, when it happens, you haven't taken any cautionary measures. This article is to tell you my story and provide tips on how to understand what is a scam/how to prevent them.

This scam took place between my sister and father at first. All the scammers needed was the two phone numbers and some computer software to trick us. They began by calling both my sister and father at the same time. The call to my sister's phone looked like it was coming from my father because they use software that made the call come from my father's phone number. Caller ID showed my father's name and made it seem like they had his phone. The same concept happened to my father with my sister's number.

After they get you to pick up, they told both my father and sister they had kidnapped the other. They told my father they kidnapped her off the streets. They told my sister that my father had a debt to pay and they're holding him hostage until they get the amount. At this point, both my sister and dad think the other is being held hostage (when neither was). They tell you not to hang up the phone or they will hurt the loved one.

They then ask for money in the form of VISA gift cards or such. They will tell you to buy/max out multiple cards to the highest it will allow (usually $500) and then tell you to read the numbers of the card to them. This makes them untraceable. The number varies between each scammer so that might now always indicate a scam.

The reason you don't immediately hang up is that they are smarter than just telling you they have someone you love. For example, they used personal information they made my sister tell them against my father (and vise-versa). They make you say your location (ex. my sister's college) and what is around you to make it believable.

Also, people tend to begin these times and they will use all of the info you share against the other person they called to make it seem real. On top of the info, they record parts of the conversation when someone is talking and play it back for the other. In our case, they told my sister to say, "Don't worry dad, I'll take care of us. We'll be okay". Then, they played this clip back for my father to make it seem like they actually had her there.

Now, most people just think it's so easy to just hang up and call bullshit but they make it very clear not to mess with their rules. They told my father not to tell anyone about this, stay on the line at all times, and do what they say. If he was to not listen, they threatened to rape and/or kill my sister. This obviously is a brutal image to even imagine, so it's not worth risking it. So, he stayed on the line.

My mother then came up to my father and figured out what was happening and the real game began. She took the phone and used her skills at lying to delay buying the cards. My sister didn't have anyone with her at college so she ended up giving them a few gift cards. She then was stranded at a Kroger just waiting. They kept her on the line to keep recording her voice for my mom. Now that my father wasn't on the phone, he called the police and began investigating. He called her roommate and asked if he had seen my sister.

The roommate hadn't seen her; however, he had her location turned on. He tracked her to Kroger and ran there (he lives in the city). The roommate and my father worked with the police and SWAT team to get my sister. Meanwhile, my mom is just acting like an idiot and asking many questions because she wanted them to think she was confused. Any lie she could think of, she was using.

When the SWAT team saw my sister, they didn't grab her immediately. They made sure nobody was with her. After confirming she was alone, they radioed that they had the victim. This caused my sister confusion because she didn't think she was the victim. She still thought they had our mom and dad. So she's yelling at SWAT to find my parents. They then bring her to the station and explain what was actually happening. After my parents got confirmation my sister was safe, they called the scammers out and they hung up immediately. All were safe and the police were now trying to track the scammers.

Overall, it took hours to get the full story from all 4 people (and what you just read was the abridged version). They then took my sister's phone and made my parents come to pick her and her phone up.

HOW TO PREVENT SOMETHING LIKE THIS:

- Turn on your location with at least 3 trusted people and tell your family who has it

-Make a code word in case this situation happens so you know it's real

-Never actually buy the cards they ask for

-Always have a pad and paper so you can write notes to people if they are around

-DO NOT tell them how much money you have

-Never trust the scammer, even if they tell you some true information

Related Content

Facebook Comments