{"id":127895,"date":"2018-12-10T06:53:23","date_gmt":"2018-12-10T04:53:23","guid":{"rendered":"https:\/\/www.myza.co.za\/bitcoin-basics-101-part-12\/"},"modified":"2018-12-10T06:53:23","modified_gmt":"2018-12-10T04:53:23","slug":"bitcoin-basics-101-part-12","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/bitcoin-basics-101-part-12\/","title":{"rendered":"Bitcoin Basics 101-Part 12"},"content":{"rendered":"<p><a target=\"_blank\" target=\"_blank\" rel=\"nofollow\" href=\"http:\/\/mypr.co.za\/bitcoin-basics-101-part-12\/\">Bitcoin Basics 101-Part 12<\/a>: <\/p>\n<p><iframe class='youtube-player' type='text\/html' width='740' height='417' src='https:\/\/www.youtube.com\/embed\/PXI9i953F7Y?version=3&#038;rel=1&#038;fs=1&#038;autohide=2&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;wmode=transparent' allowfullscreen='true' style='border:0;'><\/iframe><\/p>\n<p>Read and learn about the many aspects of Bitcoin and Markethive. You can <strong><span style=\"color: #0000ff;\">Join Markethive Social Network For Entrepreneurs Here For Free<\/span><\/strong>. For any answers to questions <strong><span style=\"color: #0000ff;\">Contact Clyde Thorburn Here<\/span><\/strong>.<\/p>\n<p>Author : Bitcoins Basics 101 PDF Ebook by DAVID DODGE and BRIAN DIXON<\/p>\n<p>Other virtual currencies offer these to an extent, but Bitcoin was the first to use a peer-\u00adto-\u00adpeer network instead of a central authority in control of the currency. When you add in advanced encryption and anonymity, it&#8217;s easy to see why Bitcoin is growing so quickly all over the world -\u00ad and will likely continue to experience growth for the next decade at least. As forced cutbacks and problems with existing financial systems occur around the world -\u00ad like in Greece, for example, with austerity measures put in place -\u00ad Bitcoin is going to become more useful for billions of people. Because Bitcoin is not tied to the current financial institutions -\u00ad like banks and governments -\u00ad the people are more likely to latch onto it and use it because of their hatred for what&#8217;s been done to the world economy. At the same time, if Bitcoin is to continue growing, it&#8217;s going to have to come to terms with governments and financial institutions around the world. Because if not many people accept Bitcoin as a form of currency, it&#8217;s still necessary to transfer bitcoins to your currency of choice before you can use it. This is why it&#8217;s going to be necessary for Bitcoin to &#8220;grow up&#8221; eventually and learn to interact with current financial systems a little better. As this happens, Bitcoin is going to become even more popular around the world and experience a huge growth spurt. In the far future, some fiat currencies may suffer from inflation and be dropped entirely as people begin to use Bitcoin instead.<\/p>\n<p>This may be decades away, but there are signs pointing to this happening. Banks are already collapsing around the world, but now people have an alternative -\u00ad Bitcoin. It&#8217;s going to be very interesting to watch the growth of Bitcoin as more and more financial institutions go under. Bitcoin Strengths and Weaknesses. While Bitcoin has a lot of strengths, there are some weaknesses for the cryptocurrency as well. We&#8217;re going to take a look at both the pros and cons of Bitcoin so that you can get a better understanding of where this virtual currency is going to head in the years ahead. The fact that it&#8217;s already growing in popularity so rapidly is a good sign, but there are hurdles that Bitcoin is going to have to get over if it&#8217;s to survive and thrive in the future. Strengths. First, let&#8217;s go over some of the main strengths of cryptocurrency in general and Bitcoin specifically. Anonymity and Privacy. One of the big strengths of Bitcoin currently is that it offers virtual anonymity and a lot more. privacy than is found in current financial systems. Bitcoin uses hash addresses to send and receive money, and these hashes or addresses can be changed from transaction to transaction. Because of that, it&#8217;s entirely possible for two parties to be completely anonymous when conducting their transactions. Because addresses (hashes) can be created for each transaction, it makes it really difficult to track and trace financial activity of any single person in the network.<\/p>\n<p>And, unlike cash which is also private to an extent, you can use Bitcoin online to do virtual transactions. Add to that the fact that there&#8217;s no central authority keeping tabs on all transactions, people can feel safer about their privacy. No transaction fees. When you use a credit or debit card, the processor charges a transaction fee. The charge is given to the merchant which can cut down on their profit margin considerably. However, Bitcoin doesn&#8217;t have transaction fees -\u00ad at this time. When 21 million bitcoins are produced and released into the world this may change, but for now Bitcoin doesn&#8217;t charge a transaction fee. When Bitcoin mining goes away, there&#8217;s going to be no financial incentive for people to verify transactions by solving a block and adding it to the block chain. At that time, there&#8217;s a good chance that a low BTC transaction fee may be instituted in order to make sure others still verify transactions. Giving them a cut of the transaction fee will enable the system to continue. No central governing authority. When you purchase something around the world, you&#8217;re typically taxed by the government for the transaction. Currently, Bitcoin is not recognized as money by any government so it is not taxed. Most Bitcoin transactions could be thought of as trades -\u00ad which are generally exempt from taxation by governments. This is likely to change if and when Bitcoin begins to be recognized as legitimate currency around the world.<\/p>\n<p>Read more about <strong><span style=\"color: #0000ff;\">Bitcoin and Markethive<\/span><\/strong>.<\/p>\n<p><strong>From:<\/strong> Clyde Thorburn<\/p>\n<p>CLICK HERE to submit a Video Press Release to MyPR.<\/p>\n<p><small><strong>Source:<\/strong> <a target=\"_blank\" rel=\"nofollow\" href=\"http:\/\/mypr.co.za\/bitcoin-basics-101-part-12\/\">MyPR<\/a><\/small><br \/>\n<\/p>\n<p><a target=\"_blank\" target=\"_blank\" href=\"http:\/\/mypr.co.za\/submit\">Submit your own Press Release<\/a> or get free content for your publication.<\/p>\n<p><strong>Video &#8211; How to post your Press Release on MyPR:<\/strong><br \/>\n<iframe loading=\"lazy\" width=\"700\" height=\"394\" src=\"https:\/\/www.youtube.com\/embed\/9ovzdChGkuU\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<p><small>My Press Release (MyPR) provides free South African targeted content and press releases for on and off line publishers and media. Registering on MyPR enables public relations companies and practitioners to post articles under their own author name. Public Relations Companies and practitioners, event organisers, sports and political writers use MyPR as a distribution mechanism for their press releases, content, images and news. A forever free subscription allows publishers and media free access to all press releases, content and images on MyPR.<br \/<br \/>\nThis press release is courtesy of <a target=\"_blank\" target=\"_blank\" href=\"https:\/\/mypr.co.za\/>MyPR.co.za<\/a> and was automatically curated and published with <a target=\"_blank\" href=\"http:\/\/wprobot.net\/?ref=578\" target=\"_blank\">WP Robot<\/a> plugin &#8211; <a target=\"_blank\" href=\"http:\/\/wprobot.net\/?ref=578\" target=\"_blank\">CLICK HERE<\/a> to learn more about <a target=\"_blank\" href=\"http:\/\/wprobot.net\/?ref=578\" target=\"_blank\">WP Robot for WordPress<\/a> &#8211; a massive time and money saver.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Basics 101-Part 12: Read and learn about the many aspects of Bitcoin and Markethive. You can Join Markethive Social Network For Entrepreneurs Here For Free. For any answers to questions Contact Clyde Thorburn Here. Author : Bitcoins Basics 101 PDF Ebook by DAVID DODGE and BRIAN DIXON Other virtual currencies offer these to an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9021],"tags":[33176,12053,12342],"class_list":{"0":"post-127895","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-mypr","7":"tag-101part","8":"tag-basics","9":"tag-bitcoin","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/127895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=127895"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/127895\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=127895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=127895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=127895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}