Questions about Bitcoin from a complete Noob

  • Is Bitcoin a legitimate currency?
  • Are thieves the main users of Bitcoin?
  • Can I make money using bit coin?
  • Is Bitcoin Handled on the legitimate markets?
  • Can I generate Bitcoins?
  • What is the technology behind Bitcoin?
  • Where can I cash in Bitcoins?

Questions about Bitcoin from a complete Noob

Bitcoin a legitimate currency:

The electronic mail, email, has become a standard accepted legitimate mail. At the Dutch Family Court, the judge accepted email as proof of communicating information to the opponent. Would a judge accept Bitcoin as legitimate currency? Well, some judges would. But is Bitcoin widely accepted as a valid way of paying for services. Even further, would the IRS, the tax man, accept it to pay taxes? For some companies it is perhaps accepted as valid. But as for the legality of using Bitcoin, how legal is it.

There are stocks. They are now electronic. Their use has a longer history than Bitcoin. Will Bitcoin be regulated as stocks? SEC, Securities and Exchange Commission controls the rules of trading for stock in USA. Do they also monitor the use of Bitcoin?

Paper money or plastic as it is in Australia is produced by the government. Bitcoin is not produced by the government, but who gave the government the right and power to administer paper money? Moreover; who gave government the power to collect taxes? How legal is it to collect tax? Is Bitcoin use a way of circumventing the tax collector? The history of printing money, and collecting tax is perhaps similar to the history of Bitcoin. Now paper money is regulated by government. Perhaps Bitcoin will follow suit.

Are thieves the main users of Bitcoin

One perspective on the criminology of the thought process of committing a crime is as follows: Before a crime is committed we neutralize the crime. After the crime is committed, it is rationalized. Who decides that Bitcoin usage is a crime?

White washing of money could be done via Bitcoin, but how? This I cannot answer as I am new to this. Although, the knowledge of its existence has been with me for 2 years, still I do not understand its use. First, I thought it was indeed for tax evasion and lifting victims money out from them; a sort crime of deceit or fraud. It seems more valid now as more companies and people are becoming acquainted with it. I want to know more, and will perhaps acquire part of a coin as I cannot or perhaps will not pay for a whole Bitcoin.

IT intelligent people, entrepreneurs and legitimate businesses are perhaps using Bitcoin, and soon I hope to gain experience by owning some Bitcoin myself. And, I am afraid that it is a crime. Or am I afraid of success? Also, I feel guilty. It is an unconscious source of guilt. To just think of owning Bitcoin; Moreover, what if I make money, will I be a criminal? But it is only perhaps a fraction of a Bitcoin, not even a whole Bitcoin, I was planning to pay tax on it. Already, I am thinking of a defense in case I get caught as if it were a crime.

Can I make money using Bitcoin:

So, perhaps using Bitcoin is not a crime. The reason to get it is to make money. So how do you make money with Bitcoin? The value of the Bitcoin goes up and down. The British Pound will perhaps go down in value. Would it be smart for British citizens to buy Euros to make money? I would consider buying Bitcoin with my Pounds if I had them. That’s how you make money with Bitcoin. In the case of a hard Brexit you can invest in Bitcoin or the Euro. When the Pound sinks in value, you can then buy Pounds with your Euros or Bitcoin and you will have made money. It seems simple.

Is Bitcoin handled on the legitimate markets:

Premise: I have 50 Euro worth of Bitcoin, and buy pounds with it. How can I do that? Via the Bank with internet banking? Or can I use an online trading company. I have never even Googled this, but I do know that the Banks offer special accounts for handling in stocks and mutual funds. Perhaps they can manage or administrate their Bitcoin. So, how can I purchase an item in the internet with Bitcoin to gain something tangible from the electronic money? Loads of questions. It is indeed possible to make money with Bitcoin. I do believe that, but it takes an investment of time and work.

Can I generate BitCoins:

With a powerful computer, Bitcoin can be generated. So, can I beef up my machine with RAM and processors to make the Bitcoins? How hard is it to do? Who made the first Bitcoins? Anyway, the idea of printing or generating my own money so to say enrages me. It perhaps takes to many processors, work and intelligence for the average person to generate Bitcoins, but it is being done. So assume that I generated a Bitcoin, where do I save it?

What is the technology behind Bitcoin:

The idea of Bitcoin is pretty clear: electronic money. But the technology that is used is not clear. Is there a recognized protocol for sending Bitcoins across the wide WWW? Is there an extension for the Bitcoin media such as .docx is for Word media? Are there a group of developers making guidelines and scripts to maintain a universal Bitcoin archive? Are the MAC address of the buyers and sellers machines listed there? Is a central governing body keeping the code/script working? Are cyber threats being controlled the way that Microsoft pushes critical updates? Are the open source guys developing for Bitcoin? What software can work with Bitcoin? I just started with the adventure into the Bitcoin world. I thought about it, I wrote about it, and now need over 4000 Euros to realize one.

Greg D – 9th APRIL 2019

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