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<p>[QUOTE=&quot;GH#75, post: 7419705, member: 101202&quot;]Bitcoin is a cryptocurrency... And there are thousands of other cryptocurrencies, but none come close to bitcoin. One thing about bitcoin is that it has a cap - meaning that there are a certain amount of bitcoins in the blockchain and once they are all done being mined, there will be none left. Many other cryptocurrencies though, don&#039;t have a cap. An undefined amount will be produced, and there could be billions and billions of coins created per year. </p><p><br /></p><p>As bitcoin rises in value, it gets harder to mine. Think of it like you earn $10.00 in a month of mining. Not you get 0.0002 bitcoins on month, and 0.0001 another. At the time you mined it, that amount would be worth the same as what you got the previous month - only difference is it might be more or less bitcoin. </p><p><br /></p><p>Bitcoin is backed by the community of people who mine it and buy it and everything. Like the stock market except it is extremely volatile. One day you could have $10, and the next you could have $100. Or it might co down to $0.10. Bitcoin started out at $0.00, and when people mined it it started to become more valuable.</p><p><br /></p><p>The blockchain can technically be hacked, but it would be extremely difficult. If you hacked it, then you could steal all transactions of bitcoin, but you couldn&#039;t take the millions of bitcoins that are being mined.</p><p><br /></p><p>Nobody knows who created the bitcoin as they just went by a code name Satoshi Nakamoto. And that&#039;s where the get the term satoshi - a 100 millionth of a bitcoin. Eventually, bitcoin will probably be shut down, but that wouldn&#039;t be for a long time as nobody knows who created it, and nobody can control the blockchain. Not even the creator. But the government may say its illegal, which would cause it to go down in price. If many populated countries banned bitcoin, than it could potentially reach $0.00 as it has less people backing it.[/QUOTE]</p><p><br /></p>

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