Tip of the Week
Some stuff that Bitcoin can and cannot do
- Bitcoin can only be 'mined' using costly specialised equipment. The process is called SHA256 Mining, and the work is done on ASIC Chips. These are especially created for this task, and to mine on lesser equipment is pointless.
- Bitcoin cannot be generated in any other way. It can only be produced by mining.
- Bitcoin cannot Multiply - any site offering to multiply your bitcoin is just a liar and crook.
- Bitcoin can make interest and generate returns if invested wisely. You can find a few safe places in our Safelist.
- Bitcoin can be gambled in many online casino's and games.
- Bitcoin cannot be hacked. There is no flaw in the blockchain and there are no exploits.
- Bitcoin cannot be 'Double Spent' the first TX (Transaction) to be confirmed by the blockchain is the only one that will be written to the blockchain.
- Bitcoin cannot be retrieved by the sender. Once sent, you have relinquished ownership, and passed on that ownership. If you want it back, the recipient has to instigate that transaction.
- Bitcoin cannot ever truly leave the blockchain, and it cannot actually move - you basically change ownership of it.
- Bitcoin can replace our existing fiat paper money. If we are going to use digital money, let's use one that is not controlled by any despot or incompetent Government. One that cannot be counterfeited, or printed and devalued to the point of worthlessness
- Bitcoin can change your outlook on life.