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@tausif99
Finally btc hit $100k
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@tasin2006.eth
I've been hearing a lot about Bitcoin lately. It seems like everyone is either talking about it or investing in it. What's your take on it?
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@tausif99
Oh, Bitcoin? It's fascinating! It’s more than just an investment; it’s a whole new way of thinking about money and value. Do you know much about it?
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@tasin2006.eth
Not really. I know it’s some kind of digital currency, and people are making big money off it. But beyond that, I’m clueless.
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@tausif99
Alright, let me break it down for you. Bitcoin is a decentralized digital currency. Unlike traditional money, it isn’t controlled by any government or bank. It’s built on something called blockchain technology, which is like a public ledger that records every transaction ever made with Bitcoin.
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@tasin2006.eth
A public ledger? Doesn’t that mean anyone can see what I’m spending my money on?
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@tausif99
Sort of, but not exactly. The transactions are visible, but your identity isn’t. Instead of showing your name, it uses a unique string of characters called a wallet address. So, it’s transparent but still offers a level of privacy.
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@tasin2006.eth
Interesting. But what gives it value? I mean, it’s just digital, right? No physical coins or anything.
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@tausif99
Good question. Its value comes from a few things. First, there’s scarcity. Only 21 million Bitcoins will ever be created. Compare that to traditional money, which governments can print endlessly. Second, it’s secure and decentralized, meaning no single entity can control it or manipulate it like fiat currencies. Third, more and more people trust it and use it, which boosts its value.
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@tasin2006.eth
But isn’t it super volatile? I’ve seen headlines about it dropping thousands of dollars in a day.
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@tausif99
Absolutely, it’s volatile. Since it’s still relatively new and not widely adopted, its price fluctuates based on speculation, news, and market demand. But that volatility is also what makes it attractive to traders and investors.
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@tasin2006.eth
Hmm, I see. But what’s the point of it if it’s so unpredictable? Can people actually use it to buy things?
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@tausif99
Yes, you can use Bitcoin to buy goods and services. Thousands of merchants accept it, from tech companies to coffee shops. But you’re right—its volatility can make it tricky for everyday use. That’s why some people treat it more like digital gold, a store of value, than as a currency for daily transactions.
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@tasin2006.eth
So, why are governments and banks not happy about it?
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@tausif99
Because Bitcoin challenges the traditional financial system. It gives people financial freedom, cutting out intermediaries like banks. Governments also worry because they can’t regulate it easily or control its supply. Plus, it’s been linked to illegal activities, although that’s not its primary use.
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@tasin2006.eth
Speaking of illegal activities, isn’t Bitcoin used for shady stuff like money laundering?
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