The news about August 1st for Bitcoin seems to be a very big issue at the moment. I’ve been reading about news and articles about it, but I’m a bit confused until now.
I’m using Bitcoin for a while now and as a casual user
, I never thought of the difference of it from other fiat currencies. To tell you guys this is my understanding about Bitcoin ever since: It is a digital currency, that uses private keys that protect my privacy when transacting; it has an open ledger for visibility of transactions whether it has completely been processed or not; It has limited supplies that can have a higher price when demand is going up; It is not literally mined by miners
(just like gold), thus transactions made are being completed by the miners(which is run by high powered computers) for some sort of reward from miner fees or somewhat called transaction fees; lastly It’s something that I can use to trade and make money. That is all ever since.