Do You Know What a Bitcoin Is?

To start off, the best definition of what a Bitcoin actually is that I was able to find was this-a decentralized digital currency based on an open-source peer-to-peer protocol. Translation-a non-physical item that's tracked through a database that functions as a ledger that records, and processes debits and credits between two parties.One important thing to add is that it is not attached to any government or entity, so they are decentralized, and has no counter party risk. (In theory)

As always, each person should always do their own homework before doing anything that is monetary. With that said, the questions, and then of course the answers that followed that I found most interesting were.

Q: If the bitcoin price system is internet based, what

if the internet goes down?

A: All Bitcoin accounts would be frozen in time and

when the system is back up, your account would be

intact. No different from your online banking, credit

cards, or ATM machines.

Q: Can Bitcoins be debased?

A: Only to a certain extent. Bitcoins get created

every ten minutes based on a formula, and

cannot exceed 21 million Bitcoins, ever. That

would be the most amount allowed created

according to the programs software. Each

Bitcoin can be broken in 100 million pieces,

allowing for them to increase in value and still

be useable in smaller purchases.

Q: Who is behind Bitcoins, is there a company or

entity?

A: Nobody is behind Bitcoins. It is a self-governing

software program that has artificial intelligence

attributes working on a predetermined schedule,

and the codes cannot be changed.

Q: What if I want to remove my Bitcoins from

the system and convert them to cash?

A: Bitcoins will be exchanged for cash at

exchange locations, as well as, with any person

that is willing to exchange them for a rate that

is agreeable to both parties.

Q: Can one look at Bitcoins as not just a digital

currency, but also as an investment?

A: Yes, but one considered highly speculative due

to the fact that there are no guarantees that people

will decide to use them, and their newness in

general.