Everything you need to know about Bitcoin

21 Cards

CURATED BY Timothy B. Lee

2014-06-22 18:03:51 -0400

  1. What is Bitcoin?
  2. Can you explain bitcoin in a 2-minute video?
  3. Why are geeks excited about a new payment network?
  4. What will people be able to do with Bitcoin that they can’t do with conventional financial systems?
  5. Who created Bitcoin?
  6. Who is in charge of Bitcoin?
  7. How does the Bitcoin network process transactions?
  8. Why does the Bitcoin network use such a crazy scheme to process transactions?
  9. What incentive do people have to help process Bitcoin transactions?
  10. What is a 51 percent attack and why is it a threat to Bitcoin's future?
  11. How do people get bitcoins?
  12. People have made a lot of money investing in bitcoins. Should I buy some?
  13. Is volatility going to be a fatal problem for Bitcoin?
  14. Isn’t Bitcoin just a currency for criminals?
  15. What can I buy with bitcoins?
  16. What’s up with Bitcoin competitors such as Litecoin and Dogecoin?
  17. Isn’t Bitcoin’s fixed money supply going to create deflationary problems?
  18. Is using Bitcoin a good way to fight inflation?
  19. Does Bitcoin have a security problem?
  20. You didn't answer my question!
  21. Where can I read more about Bitcoin?
  1. Card 1 of 21

    What is Bitcoin?

    Bitcoin is a new kind of global payment network. Like MasterCard or Paypal, it allows money to be transmitted electronically. But Bitcoin is different from these conventional payment networks in two important ways.

    First, the Bitcoin network is fully decentralized. The MasterCard network is owned and operated by MasterCard Inc. But there is no Bitcoin Inc. Instead, thousands of computers around the world process Bitcoin transactions in a peer-to-peer fashion.

    Second, MasterCard and PayPal payments are based on conventional currencies such as the US dollar. In contrast, the Bitcoin network has its own unit of value, which is called the bitcoin. The value of one bitcoin fluctuates against other currencies in the same way the euro’s value fluctuates against the dollar. In June 2014, one bitcoin is worth around $600, and all bitcoins in existence are worth around $8 billion.

  2. Card 2 of 21

    Can you explain bitcoin in a 2-minute video?

  3. Card 3 of 21

    Why are geeks excited about a new payment network?

  4. Card 4 of 21

    What will people be able to do with Bitcoin that they can’t do with conventional financial systems?

  5. Card 5 of 21

    Who created Bitcoin?

  6. Card 6 of 21

    Who is in charge of Bitcoin?

  7. Card 7 of 21

    How does the Bitcoin network process transactions?

  8. Card 8 of 21

    Why does the Bitcoin network use such a crazy scheme to process transactions?

  9. Card 9 of 21

    What incentive do people have to help process Bitcoin transactions?

  10. Card 10 of 21

    What is a 51 percent attack and why is it a threat to Bitcoin's future?

  11. Card 11 of 21

    How do people get bitcoins?

  12. Card 12 of 21

    People have made a lot of money investing in bitcoins. Should I buy some?

  13. Card 13 of 21

    Is volatility going to be a fatal problem for Bitcoin?

  14. Card 14 of 21

    Isn’t Bitcoin just a currency for criminals?

  15. Card 15 of 21

    What can I buy with bitcoins?

  16. Card 16 of 21

    What’s up with Bitcoin competitors such as Litecoin and Dogecoin?

  17. Card 17 of 21

    Isn’t Bitcoin’s fixed money supply going to create deflationary problems?

  18. Card 18 of 21

    Is using Bitcoin a good way to fight inflation?

  19. Card 19 of 21

    Does Bitcoin have a security problem?

  20. Card 20 of 21

    You didn't answer my question!

  21. Card 21 of 21

    Where can I read more about Bitcoin?

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