Bitcoin is owned by the banks?
- Thread starter SEUWorship
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There are banks that accept bitcoins, and so they therefore have some in their possession, but they don't have ownership control over bitcoin..
Bitcoins are mined mathematically somehow. No one controls bitcoin. That's the whole concept behind it.. To create a currency that isn't controlled by a country or banking system.
Bitcoins are mined mathematically somehow. No one controls bitcoin. That's the whole concept behind it.. To create a currency that isn't controlled by a country or banking system.
There are even ATMs for Bitcoin. But it's turning into a kind of pyramid scheme, which makes me wonder if that was one end result intended. Trading Bitcoin is getting pretty big, similar to stock trading. One has to "buy into" a trading partnership with other traders (IOW pay a trading fee), and that costs real money. The pyramid comes in where you recruit other traders and they pay the trading fee to you, and they in turn do the same.
Mining is different. The mining requires purchase of $50,000+ worth of computer equipment to search out the "coins", which are really math puzzles (an encrypted balance of all the previous Bitcoin transfers to date) that must be solved (find the 'key' to the encrypted value), and it takes mega-computing power to do it. So mega-computer companies make a lot of money too.
The whole Bitcoin thing is past it's 'half-life' (half the coins have already been mined), so there's no point in investing in mining computers, since the value of the coins goes down as they are mined. It's the trading that will continue after the coins are all 'discovered', around 2022 I think.
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claysmithr
Guest
In general bitcoin is electronic money having its own exchange rate in relation to another currency, but not having a physical form, bitcoin has a second name XBT, what is XBT - https://cryptalker.com/what-is-xbt/
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LPT
Guest
Silly me, but I still think God's in control.
Cryptocurrency is 100% virtual money. No coins, no paper, no cards, nothing; just numbers in cyberspace. This is the setup the Beast will use. It won't be as democratic as crypto is now though; the Beast system will control it.
Hey, great question! 
As a fellow enthusiast, I can understand why there might be confusion about Bitcoin and its ownership. But no, Bitcoin isn't really owned by all of the banks. In fact, it's decentralized, which means it operates without a central authority like banks. Instead, it's powered by a global network of users, known as miners, who verify transactions and secure the network.
To dive deeper into blockchain and digital assets, check out "NFTs Explained." It's a fantastic resource to understand Non-Fungible Tokens (NFTs) and how they revolutionize ownership and digital art.
As a fellow enthusiast, I can understand why there might be confusion about Bitcoin and its ownership. But no, Bitcoin isn't really owned by all of the banks. In fact, it's decentralized, which means it operates without a central authority like banks. Instead, it's powered by a global network of users, known as miners, who verify transactions and secure the network.To dive deeper into blockchain and digital assets, check out "NFTs Explained." It's a fantastic resource to understand Non-Fungible Tokens (NFTs) and how they revolutionize ownership and digital art.
Tall_Timbers
Well-known member
Bitcoin was/is a private endeavor. For that reason I see it eventually having zero value. At some point many countries will have their own cryptocurrency and beyond that there will eventually be a single global currency. In those coming days any "currency" that is not the single global currency will have no value, none whatsoever. I've called Bitcoin the current generation's pyramid scheme. by bitcoin, I mean to imply all of the private (non-government) currencies out there.
