7 Questions to get you started with Bitcoin


#1

Originally published at: https://wirexapp.com/intro/7-questions-get-started-bitcoin/

From the outset, Bitcoin may seem like a tricky subject to wrap your head around. But honestly, it’s a lot more simple than it seems. Before you dive right into it, it’s best to familiarise yourself with these 7 questions – at least for the sake of keeping up with the Joneses. 1. What is Bitcoin? Digital money. That was easy. Well, it has a few other bells and whistles as well, but we will get into that…


#2

Nice read.
One thing I don’t understand is, if inflation can’t happen because the quantity is known up front, then the opposite will happen, we already see that the price being so high (the article claims it’s just the beginning) how can it be possibly become a daily use currency?
Let’s assume it will reach the $100K or even the $1M as some predict, how the heck am I gonna pay with it for a bubble gum at the kiosk? It’s very unmanageable to deal with numbers such as ฿0.00000000000000213.
The higher the demand and price in bitcoin, the larger the fraction that will occur.
That’s why I don’t believe it will become a normal currency you pay with at grocery store, unless they find that problem a good solution.
Just my opinion.
Cheers!
Ziv


#3

Its pretty likely that to make it easier, we will start calling fractions of bitcoin something else. for example, one-hundred-millionth of a bitcoin is called a ‘satoshi’ - so we could deal in satoshis instead, and pay for a coffee with 100 satoshis or however much it is worth.


#4

Something like that will have to happen, to makes things simpler…
Let’s hope that there will be only a few crypto currencies that will become the official and well accepted, because dealing with thousand different coins will also complicate things up…