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Cryptocurrency: A Beginner's Guide to Bitcoin

Cryptocurrency has become a buzzword in recent years, and one name that often comes up in conversations is Bitcoin. But what exactly is Bitcoin, and how does it work? In this article, we will delve into the world of cryptocurrency and explore the basics of Bitcoin, providing you with a beginner's guide to understanding this revolutionary digital currency.

What is Bitcoin?

Bitcoin is a decentralized digital currency that was invented in 2008 by an anonymous person or group of people using the name Satoshi Nakamoto. Unlike traditional currencies such as the US dollar or the Euro, Bitcoin is not controlled by any central bank or government. Instead, it operates on a peer-to-peer network and utilizes blockchain technology to ensure security and transparency.

How Does Bitcoin Work?

Bitcoin operates on a technology known as blockchain, which is a public ledger that records all transactions made using the currency. When someone makes a Bitcoin transaction, it is verified by a network of computers known as miners. These miners compete to solve complex mathematical problems, and once a problem is solved, the transaction is added to a block in the blockchain. This decentralized nature of Bitcoin means info slot that no single entity has control over the currency. Transactions are transparent and cannot be altered, making Bitcoin a secure and reliable form of digital currency.

Benefits of Bitcoin

Bitcoin offers several benefits that have contributed to its popularity among users worldwide. Some of the key advantages of Bitcoin include:

Decentralization: Bitcoin operates without the need for intermediaries such as banks or governments, giving users full control over their funds.

Security: The use of blockchain technology ensures that Bitcoin transactions are secure and cannot be tampered with. The transparent nature of the blockchain also allows for easy tracking of transactions.

Anonymity: While Bitcoin transactions are recorded on the blockchain, the identities of the users involved are not disclosed, providing a certain level of privacy.

Lower Transaction Fees: Compared to traditional banking systems, Bitcoin transactions generally have lower fees. This makes it an attractive option, especially for cross-border payments.

Global Accessibility: Bitcoin can be accessed and used by anyone with an internet connection, regardless of geographical location. This makes it an inclusive and borderless form of currency.

Is Bitcoin Legal?

The legal status of Bitcoin varies from country to country. While some countries have embraced the use of slot online cryptocurrency and have established regulations to govern its use, others have banned or restricted it. It is important to research the legal status of Bitcoin in your jurisdiction before engaging in any transactions.

Is Bitcoin a Good Investment?

Bitcoin has experienced significant price fluctuations since its inception, leading some to view it as a speculative investment. While Bitcoin has the potential for high returns, it is also subject to volatility and market risks. It is essential to slot gacor carefully consider your risk tolerance and conduct thorough research before investing in Bitcoin or any other cryptocurrency.

Conclusion

Bitcoin has revolutionized the world of finance, offering a decentralized and secure form of digital currency. With its global accessibility and potential benefits, Bitcoin has garnered widespread attention and adoption. Whether you are a indo3388 curious beginner or an experienced investor, understanding the basics of Bitcoin is essential in navigating the world of cryptocurrency. So, grab your digital wallet, and embrace the future of finance with Bitcoin!

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Learn the basics of Bitcoin, a decentralized digital currency, in this beginner's guide to cryptocurrency. Explore its benefits, workings, and legal status.

Let's get back to Black Mesa!!!

So "charitable" donations from billionaires were BS all along? Economics rant incoming.

I've been looking up how to set up a charity trust, like the kind hella rich people use, because I've got this dream of buying land someday and turning it into a public park / food forest that stays public and has maintenance and taxes covered?

But hoooooly shit, just reading up on the kinda of charitable trusts you can set up??? Insane. The #1 person benefitting from that "charity" is the person who donated. It's legal tax evasion, a way to hold investments without paying taxes on them, and get payouts for yourself for a long ass time before a charity ever sees a dime.

Like literally I think I figured out how someone could take a million bucks, put it in one of these tax sheltered trusts, invest and pay themselves 3 million bucks over 40 years, and only leave 200k of it to charity? While still following the letter of the law. No, even better, donating twice as much money to charity as the law requires, far sooner than it actually requires. I'm never again reading an article like "billionaire donates millions to charity" the same way again. ("Billionaire legally turns millions into more millions for himself and his family, who will have to give a few hundred thousand dollars to charity after he and his kids die?")

Like giving money to "charity" through these trusts? Well, that means a way of investing some of your money while avoiding paying income or capitol gains taxes, and every year getting a payout (like up to 50% of the assets in the trust, re-assessed annually as they grow - and 50% is more than most investors would choose to withdraw annually anyway? So it's really just a tax sheltered investment.) (Not even getting into the fact that art is one of the investments you can have, and art valuation is verrry subjective? So you get an art assessor saying the art you bought at 1million is now worth 5million? Okayyy)

So.... If you put money in, and invest it in stocks? Or more cynically, apartment buildings? You can have tax-free paychecks TO YOURSELF, as your investment grows and you can take money out of that investment till you die. Then, if the date you chose to give the leftover money to charity hasn't happened yet? Your kids (or other beneficiaries) get that paycheck.

Like holy shit. When you see billionaires donating lots of money to charity? They could (and probably are) donating it to their damn selves, and kids, while legally evading taxes. It ain't selfless, it's a fuckin moneymaker for THEM.

Now I really get this saying i heard from a corporate accountant I went out with - "a good tax lawyer will ask you how much you want to pay in taxes" ... And what the fuck. Didn't realize how goddamn literal that was.

(Also fun fact I learned from her - most tax laws on the books were lobbied for by a single corporation to give themselves a tax loophole above other companies, and after it becomes law, it has the strange effect of other companies mimicking the financial model of the first, once they catch on, to exploit the same loophole. So there's a huge incentive to make tax laws as confusing as possible - so the competitor businesses don't catch on to the lobbyist businesses secret loophole. And taxes won't get easier or fairer without legislation against corporate political lobbying)

Like even the kinds of tax-sheltered investments that "normal people" know about like IRAs and 401ks are just the tip of the iceberg when you think about how, the more money you have, the less taxes apply to you. Not to mention the whole way the idea of "investment" is really just another word for skimming the profits off another person's labor.

I'd always heard people cynically say that billionaires only donate for the tax deduction, but I thought it meant "don't pay taxes, and give the money to charity" not "don't pay taxes, and invest the money, and make money for yourself and your children tax free"

anyway I don't think I'm gonna make a trust, gonna just keep on giving the food not bombs crew cash because they actually do something with it?

(also if any of y'all nerds think I'm misunderstanding shit, I might be? I'm very much not an economics nerd, just trying to learn and getting p cynical about what I find)

Bitcoin Inscriptions: Security Flaw Flagged as Cybersecurity Risk by NVD

The National Vulnerability Database (NVD) has raised concerns about a security flaw in Bitcoin’s inscriptions, which was exploited in 2022 and 2023 by a protocol called Ordinals. This vulnerability allows data to be hidden as code in certain versions of Bitcoin Core and Bitcoin Knots. The NVD is a database managed by the National Institute of Standards and Technology (NIST), which highlights cybersecurity risks for public awareness.

This vulnerability could have a significant impact on the Bitcoin network. It may lead to an influx of non-transactional data flooding the blockchain, causing network congestion, slower processing times, and increased fees. Bitcoin Core developer Luke Dashjr raised the issue on X (formerly Twitter), comparing it to receiving junk mail that slows down the process of finding important messages.

Ordinals, a protocol introduced in late 2022, made data embedding more popular in Bitcoin. It allowed unique digital arts to be directly embedded into Bitcoin transactions, similar to nonfungible tokens (NFTs) on the Ethereum network. However, the volume of Ordinals transactions has led to network congestion and increased fees. If the vulnerability is patched, it could restrict Ordinals inscriptions on the network, potentially affecting the existence of Ordinals and BRC-20 tokens. Existing inscriptions, however, would remain due to the immutability of the network.

To read the full article, click here.

The Immerse Global Summit (IGS) will kick off its 2023 edition in Orlando, Florida, between 17 and 23 October. The VRAR Association is helping to host the annual event alongside the MetaCentre and Synapse. Following ten years of operations, IGS 2023

#AR #VR #Metaverse

5 March 2023, Sunday.

I practiced more questions from taxation today. I'm a little behind on my unit test schedule, but I think I'll be able to bring it back on track by this weekend.

It's interesting to attempt questions from tax, and I have pretty decent conceptual clarity, but making sense of the madness and not missing out on any calculation is such tedious work.

-G

El Salvador’s Bitcoin Adoption Starts To Pay Off, Profits Exceed $3.6 Million

Share this article El Salvador, the first country to adopt Bitcoin as legal tender, reports profits from its investment in the cryptocurrency. El Salvador president, Nayib Bukele, announced on Monday that his country had profited more than $3.6 million from its bitcoin investment, the cryptocurrency it adopted as legal tender last September. Bukele said that his government had bought 550…

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