hi friends how are you today ? after the part 1 BITCOIN FOR ABSOLUTELY NOOBS here we are at the part 2 i hope you enjoy it let continues

![nintchdbpict000306226097.jpg](https://steemitimages.com/DQmdpGV3w6a5GR87eSX8jga4EhAMgz4nYy2CSk8qm8k37Ls/nintchdbpict000306226097.jpg)

What are the defects of the Coin?

Degree of Acceptance - Many people are still not familiar with the Queen. Every day, more businesses accept Bit Coin because they want to get the benefits of accepting it, but the list remains small and still needs to grow to take advantage of the network's efforts. Volatility - the full value of the octagonal in the range and the number of actions using the bitwise is still small compared to what it might be. Therefore, relatively small events and trade or business activities can have a significant impact on price. Theoretically, this volatility will decrease with the development of the markets and technology of Bit Coin. The world has never seen such an emerging process, so it is really difficult (and exciting) to imagine what will happen. Continuing Development - The Bit Queen program is still under beta testing with many incomplete features that are still under development. Many new tools, features and services are being developed to make Bit Coin more secure and accessible to everyone. Many of them are still not yet ready for everyone. A lot of business that uses the Coin Decoder is still new and does not offer insurance. In general, the Coin action is still maturing. Why do people trust Beethoven? A lot of confidence in Pete Quinn comes from the fact that it does not require any confidence at all! The open source bit is completely decentralized. Which means that anyone has access to the full source code source at any time. Accordingly, any developer in the world can be sure exactly how the action works. Anyone can view all transactions and Currencies that have been issued in a transparent and instantaneous manner. All payments can be made without relying on a third party. The entire system is protected by an encrypted algorithm and thoroughly reviewed by both parties, just like those used in online banking systems. No individual or organization can control Bit Quinn, and the network will remain secure even if all users can not trust it.

Can I make money with Bit Coin?

![maxresdefault.jpg](https://steemitimages.com/DQmedHfVBMv7UYcoMkEzZ9k9pFEZCxnAUzK9AK38GJUQrbC/maxresdefault.jpg) You should never expect to become a millionaire from Bit Coin or from any emerging technology. It is always important to be careful about anything that seems too good to be "too good to be true" or against the rules of the economy! Bit Queen is a growing space for creativity and there are business opportunities that also contain risks. There is no guarantee that Bit Coin will continue to grow even though it has developed at a very fast rate so far. Investing time and resources in anything related to Pete Quinn requires the spirit of entrepreneurship and adventure. There are multiple ways to make money with Bit Coin as drilling, speculating or running a new business based on the Bit Coin. All of these methods are competitive and there is no guarantee of profit. It is up to everyone to make an appropriate assessment of the costs and risks associated with each project.

Is Quinn a completely passive and realistic?

Bit Coin is purely "virtual" as credit cards and e-banking networks that people use every day. Bit Coin can be used for payment through the Internet or in regular stores just like any other type of money. Coin bit can also be exchanged physically as Casascius currencies. But mobile payment always stays more comfortable. Coin bit balances are stored in a distributed large network and can not be fraudulently manipulated by anyone. In other words, Bit Coin users have full and exclusive control over their money and their Coin Currencies can not just disappear because they are not physical.

Is Queen Quinn Unidentified?

Bit Coin is designed to allow users to send and receive money using an acceptable amount of privacy just like any other form of money. In any case, the action of Quinn is not anonymous and can not provide the same degree of privacy as liquid funds. Using the Bit Queen leaves behind a comprehensive general record. There are multiple technologies to protect the privacy of users, and more techniques are still under development. However, there is more work to be done before these features are properly used by the majority of BitQuinn users. There were some concerns on the surface that special transactions might be used for illegal purposes using bitumen. In any case, without discussion, the argument that the Act of Queen will be subject to rules and laws similar to those already exist in the various financial systems is worth nothing. Bit Coin can not be more anonymous than liquid money and is unlikely to prevent criminal investigations from taking place. Further, the Coin Act is also designed to prevent a wide range of financial crimes.

What happens when you lose Coin Currencies?

![dims.jpg](https://steemitimages.com/DQmcuBdUYnx7W78ZRWkbM7NroS56gRoLXC425fpkkXMih1X/dims.jpg) When a member loses his or her own coin-purse, what will happen is the same effect caused by the release of funds from circulation. Coin Coins The Lost Coin will remain in the block series exactly like any other Coin Currencies. However, the lost Coin Currencies will remain frozen forever because there is no way for anyone to find the special key (or keys) that allow you to spend these coins again. Because of the law of supply and demand, when the supply of Currencies is less, the demand for the remaining currencies will be greater and the value of these currencies will be increased to compensate for the shortfall in supply.

Can a Pay Queen network multiply into a major pay network?

The Bit Coin network can process far more transactions per second than it does today. However, they are still not fully able to expand to the equivalent of what credit card networks do. Development in the way now in order to get rid of the current constraints, we are well aware of future requirements. From the very beginning, every element of the Bit Coin network is under maturity, evolution, equivalence and customization, and it is expected to remain on this

Can a Pay Queen network multiply into a major pay network?

The Bit Coin network can process far more transactions per second than it does today. However, they are still not fully able to expand to the equivalent of what credit card networks do. Development in the way now in order to get rid of the current constraints, we are well aware of future requirements. From the beginning, every element of the Bit Coin network is maturing, evolving, equivalent and customizable, and it is expected to remain so for years to come. As network traffic grows, more users of Bit Coin may use lighter software and more network convergence points that may become more specialized. For more details, see the Wiki expansion page.

Legal status

![bitfinance_Image-1078x516.jpg](https://steemitimages.com/DQmS2usfktKkJFy9VXJvS1eNH3KZ3HF6WGUEUvs4Nrs1UtB/bitfinance_Image-1078x516.jpg)

Is Quinn legal?

To our knowledge, the Coin Act has not been criminalized by legislators in most countries. However, some countries (such as Argentina and Russia) restrict or prohibit foreign currencies. Some other countries (such as Thailand) may restrict certain licenses as bitwise swaps. Legislators in different jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the rules of the official financial system. For example, FinCEN, an official department of the US Treasury, has issued a non-binding public directive on how to characterize and distinguish certain activities involving counterfeit currencies.

Can I use Bit Coin in illegal activities?

Bit Coin is money, and money has always been used for both legitimate and illegal purposes. Liquid funds, credit cards and current banking systems go much further than when it comes to financing crime. Bitumen introduces significant creativity into financial systems, and the benefits of using such creativity are often considered far superior to their potential risks. Bit Coin is designed to be a huge step forward in making safer money and can also represent important protection against many forms of financial crime. For example, it is impossible to counterfeit the Coin bit. Users have full control over their payments and can not be required for unauthorized payments, such as fraud with credit cards. Bit Coin transactions are not reversible and are protected against fraudulent refund requests. Bit Coin makes it possible to secure money against theft and loss using powerful and very useful mechanisms such as backup, encryption and multiple signatures. Some concerns have been raised that the action of Quinn may be attractive to criminals because it can be used to make secret payments that can not be reversed. However, these same characteristics already exist in liquid funds and bank transfers, which are already in use and widely used. The use of BitQuin will be subject to the same rules as those currently in use in financial systems, and deciding to prevent criminal investigations from taking place. In general, it is common knowledge that important and new inventions are controversially accepted before their advantages are well understood. The Internet is a good example among many examples that can illustrate this.

Can you codify the Coin action?

The same Quinn protocol can not be modified without the participation of almost all Bit Queen users who determine which of the BitQuinn programs they will be using. Attempting to assign rights or benefits to a local authority within the rules of the global BitQueen network is not feasible. Any financially capable organization can choose to invest in exploration equipment to control half of the capacity of the Bit Coin production network and be able to block or reverse recent transactions. However, there is no guarantee that they can maintain such a capacity as they will have to invest an amount equal to what all prospectors around the world invest. However, it is possible to control the use of Bit Coin in a similar way to any other instrument. Just like the dollar, the Bit Coin can be used for many different purposes, some of which may be considered legitimate or not according to the laws of each jurisdiction. In this regard, the decision is no different from any other instrument or source and can be subject to different rules in each State. The use of Bit Coin can also be made difficult by its restrictive rules, and in such a case it is difficult to predict the percentage of users who will still be using Bit Coin technology. Any government that decides to ban the Quinn ruling can prevent local businesses and markets from developing, and thus transfer creativity to other countries. The challenge for legislators, as usual, is to develop effective solutions that do not undermine the growth of emerging markets and businesses.

What about the Coin and Taxation?

Bit Coin is a non-paper currency and has no formal authoritative power in any jurisdiction, but tax liability usually arises regardless of the financial position used. There are many and numerous legislations issued by different jurisdictions that may result in taxes on income, sales, salaries, capital gains or any other type of tax liability such as those arising out of the Act.

How about a Coin and Consumer Protection?

The Queen gives individuals the freedom to act on their own terms. Each user can send and receive funds in a similar way to liquid funds but they can also participate in more complex contracts. Multiple signatures allow a transaction to be accepted by the network only if several people from specific groups have accepted the transaction. This allows the development of creative services for intermediaries who resolve conflicts in the future. Such services may allow a third party to approve or reject a transaction if it is not

this the end of the part 2 of WHAT IS THE BITCOIN FOR ABSOLUTELY NOOBS i hope you like it dont forget to follow me and upvote this post to see the part 3 see you in the next part PEACE GUYS