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0 sats \ 1 reply \ @nerd2ninja 3 Mar 2023 \ on: Bitcoin challenge questions to 🇹🇿⚡️Tanzania bitcoin
Bitcoin is an agreement.
The fact that Bitcoin is an agreement is usually expressed by saying it is "consensus". The current agreements are, there will never be more than 21 million Bitcoin, the initial distribution of Bitcoin will only ever happen through mining rewards, the mining rewards will be 50 Bitcoin per block and the reward will be cut in half every 210,000 blocks until it reaches 0, transaction fees will be charged based on the virtual byte size, 1 virtual byte if full nodes don't need to use CPU power (segwit space) and 4 virtual bytes if full nodes need to use CPU power to verify the data (input and output space). There are more, but I'll stop here.
"Wallet of Satoshi" is an account that you do not control. Its the same as your account balance in stacker news.
This is different from something like Pheonix or Breez which are still trusted but have more control, or blixt which gives the user all the control, but compared to Pheonix or Breez requires a greater understanding of how Bitcoin works to use it.
1 sat (named after satoshi) is 100 millionth of a bitcoin decimal. 0.00000001 Bitcoin is one sat, the same way that $0.01 is one cent.
A decentralized system is an agreement, like the agreement that people born of the same parents are family. Like the agreement that people in a family support each other.
A centralized system does not ask for agreement. The person who controls it, simply does whatever they desire.
I think fiat money's only value is the demand for it to pay taxes. On the other hand, Bitcoin is desired as a fair agreement system across all places in the world. For this reason and other reasons too, I think Bitcoin is the future of money.
Breez
Pheonix
Blixt
Electrum
I have used Breez, but I use both Pheonix and Blixt on the regular these days. I have also used Electrum in the past, in fact that was the first lightning wallet I had ever used, but it was a bad experience because I didn't understand things like who I should be choosing as a channel partner and channel management and how to back up channels which are things Pheonix and Breez take care of for you.
Please read this person's review of Bitcoin wallets in places with bad internet: https://bitcoinmagazine.com/culture/top-bitcoin-lightning-wallets-in-slow-internet
I don't know who Satoshi Nakamoto is other than he was a programmer who wrote the paper describing the purpose of, and the computer code for Bitcoin. Bitcoin did not have a dollar price in 2009, but had a price of $0.0008 in 2010.
Bitcoin has no top because the dollar has no bottom. However, the daily price is determined by what people are willing to buy Bitcoin for and what people are willing to sell Bitcoin for across all places where people are buying and selling Bitcoin.
Never tell anyone how much money you have. It will keep you from being robbed.
Bitcoin is for everyone because there is no possible way for me or anyone else to stop someone from using it. The tanzania shilling on the other hand I can only imagine is only really useful for paying taxes, other than that it has no value whatsoever. Even the US dollar has a value that is only based on what people actually need to pay taxes and all of its value above that is undeserved.
Being in my part of the world, why would I as someone who doesn't live in Tanzania want a shilling? On the other hand, you can spend Bitcoin in El Salvador, the Phillipines, Hong Kong, Japan, the US, Nigeria, South Africa because between all the people who live in these places we all agree that we like Bitcoin as being a good and fair system.
Bonus video. "The Power of Faith": https://www.youtube.com/watch?v=EPspYa8TLlA
Fantastic and great answer thanks a lot bitcoin for freedom ,sorry where are you from
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