What is bitcoins?

I've heard many people telling me to buy bitcoins and sell them for more later? How is this possible, and what even is bitcoins?

Edit: i know its a cryptocurrency/digital currency, but im just wondering how you can buy bitcoins and then sell them for more later?

A cryptocurrency, just write the same question on google and you don't have to open a new thread...

Vagr said:

A cryptocurrency, just write the same question on google and you don't have to open a new thread...

Click to expand...

sorry, i asked the wrong question. I meant to ask how can you buy bitcoins and then sell them for more later? Does the bitcoins value always rise, and why?

Well yeah investing now is pretty reasonable since bitcoin is very desirable right now.

Muzan said:

sorry, i asked the wrong question. I meant to ask how can you buy bitcoins and then sell them for more later? Does the bitcoins value always rise, and why?

Click to expand...

It doesn't always rise: https://coinmarketcap.com/. It's very volatile. It was very close to $5k once then it crashed to $3.5k, now it's close to $6k and all this happened in the last one and a half month.
If you want to buy it, you can only buy it at a higher price. If you buy 1 BTC, you'll be looking at a couple hundred dollar loss for a while until the price doesn't rise to the level, where you bought it, if it rises at all and doesn't decrease.

If it's your last money and you can't deal with a (short-term) loss, you shouldn't gamble on this imho.

Why don't you Google it & read What is bitcoin ?

Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator..

How does it work?

Bitcoin works on a public ledger called blockchain, which holds a decentralised record of all transactions that is updated and held by all users of the network.

To create bitcoins, users must generate blocks on the network. Each block is created cryptographically by harnessing users' computer power and is then added to the blockchain, letting users earn by keeping the network running.

A limit for how many bitcoins can be created is built into the system so the value can't be diluted. The maximum amount is just under 21 million bitcoin. There are currently 15 million in circulation, each of which was worth more than $4,000 ($3,080) at the time of writing.


Reference : http://www.telegraph.co.uk/technolo...verything-need-know-about-the-cryptocurrency/

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. Copy.

It depends on Luck as well. It is still unsure and you never know.

Like BTC now 5500 USD. You bought some and Wished for it to touch 6k. Somehow if it goes down to 5000 USD, You will think if it will touch 5500, I will sell as i scared enough. Then it may lower more and reach to 4000 USD as well and then see how much loss you already got.

SO you never know.