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How are Bitcoins created and used?

By |2017-03-15T14:30:11-05:00March 13th, 2017|

New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are [...]

What gives Bitcoins value?

By |2017-03-13T12:24:26-05:00March 13th, 2017|

Bitcoins have value because they are useful as a form of money. Bitcoin has the characteristics of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on the properties [...]

What if a better digital currency emerges?

By |2018-07-10T08:35:13-05:00March 13th, 2017|

That could happen. For now, Bitcoin remains by far the most popular decentralized virtual currency, but there can be no guarantee that it will retain that position. There [...]

What determines Bitcoin’s price?

By |2017-03-13T12:24:26-05:00March 13th, 2017|

The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls. There is [...]

Can Bitcoins become worthless?

By |2017-03-13T12:24:26-05:00March 13th, 2017|

Yes. History is littered with currencies that failed and are no longer used, such as the German Mark during the Weimar Republic and, more recently, the Zimbabwean dollar. Although [...]

Is Bitcoin a Ponzi scheme?

By |2017-03-13T12:24:26-05:00March 13th, 2017|

No.  A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money, or the money paid by subsequent investors, instead of from [...]

Is Bitcoin a bubble?

By |2017-03-13T12:24:26-05:00March 13th, 2017|

A fast rise in price does not constitute a bubble. An artificial over-valuation that will lead to a sudden downward correction constitutes a bubble. Choices based on individual human [...]

Does Bitcoin unfairly benefit early adopters?

By |2017-03-13T12:24:26-05:00March 13th, 2017|

Some early adopters have large numbers of bitcoins because they took risks and invested time and resources in an unproven technology that was hardly used by anyone and that [...]

Is the finite amount of Bitcoins a limitation?

By |2017-03-13T12:24:26-05:00March 13th, 2017|

Bitcoin is unique in that only 21 million bitcoins will ever be created. However, this will never be a limitation because transactions can be denominated in smaller sub-units (fractions) [...]

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