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A growing list of companies interested in investing in Bitcoin have popped up in recent months. Earlier this year, Tesla disclosed a $1.5 billion investment in Bitcoin and more recently started accepting it as a payment for electric cars.

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imageI am reading through Friedberg, Spence, and Insel's book on Linear Algebra. In section 1.5, the section introducing the notions of linear dependence and crypto independence, the following statement is made: Brendan Chamberlain Asks: How are these two theorems about linear independence equivalent/saying the same thing?

Most notably, it’s not a real, physical thing, but an entirely digital entity (no matter what the header image may suggest) with no middle-man controlling its use. To put it simply, Bitcoin is a cryptocurrency.

Bitcoin sits atop the public ledger that is blockchain technology, and is gradually created by a practice called "mining." Although the specifics of mining go beyond the scope of this article (this one explains it in more detail) in effect, powerful computers run incredibly complicated mathematical formulas to provide the verification for Bitcoin transactions, and at the same time create new Bitcoins. The difficulty of this formula creates scarcity.

The same is true with Bitcoin — it’s just numbers in a wallet — but you can do a lot with them. A cryptocurrency, of which Bitcoin was the first and still the foremost, is an entirely digital form of currency. Think of it like the way you operate your online bank account or use credit cards. You never have to physically have that money to own it or use it.

You can’t ever tell if it is under or overvalued, and there is no scientific methodology to measure it out like you see in the stock market. This is a problem for bitcoin because there is no underlying story or clear path.

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BEP2 refers to the BNB Beacon Chain (former Binance Chain). BTC (SegWit) refers to Native Segwit (bech32), and the address starts with "bc1". BEP20 refers to the BNB Smart Chain (BSC) (former Binance Smart Chain). Users are allowed to withdraw or send their Bitcoin holdings to SegWit (bech32) addresses. TRC20 refers to the TRON network. For more details, please refer to About Segregated Witness (SegWit). BTC refers to the Bitcoin network. ERC20 refers to the Ethereum network.

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The store says to you that they can offer a refund or swap it for something of a similar value, so you pick up a pair of jeans that have a similar value. You leave, decide you don’t like the jacket and go back to return it. An easy way to picture counter-trading is to imagine you buy a jacket from a store for £100.

Please make sure that the selected network is the same as the network of the platform you are withdrawing funds from. Next, choose the deposit network. If you select the wrong network, you will lose your funds.

Imagine taking a big sheet of glass and then punching a bunch of disks out of it and then handing them out, claiming that’s a monetary system, that’s similar to what Bitcoin is," says Scott. "The technological aspect of Bitcoin is ingenious, but the actual monetary side is quite crude.

You can select the desired network from the platform you’re withdrawing from, enter the amount to withdraw, and you will see the relevant transaction fees. For example, if you’re depositing USDT, Binance supports the ERC20, BEP2, and TRC20 networks.

The overall value of more than 6,600 coins tracked by crypto data tracker CoinGecko.com recently surpassed $2 trillion, putting cryptocurrencies on par with massively traded companies such as Apple. Other cryptocurrencies, such as second-ranked Ether, have also been rising in value.

The network selection depends on the options provided by the external wallet/exchange that you are making the withdrawal from. Select the one that is compatible with the external platform. If the external platform only supports ERC20, you must select the ERC20 deposit network. DO NOT select the cheapest fee option. If you select incompatible/different deposit networks, you will lose your funds. For example, you can only send ERC20 tokens to another ERC20 address, and you can only send BSC tokens to another BSC address.

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