What is Bitcoin for?

[JohnD]

the FT says what digital figments of the imagination are not for



"It isn’t a store of value — bitcoin is 70 per cent off its highs and down 25 per cent in the last five days alone.

It isn’t an inflation hedge — it would be up 10 per cent this year if it were. It isn’t uncorrelated to interest rates — far from it!

It doesn’t provide a hedge to equity markets — again, far from. It isn’t better at shifting money around the place than conventional methods — for those of us not evading taxes, money laundering or fleeing war zones.

It isn’t environmentally friendly and, crucially, it isn’t easy to use. As all the fluff around it disappears it is hard to see what will be left for crypto holders."

so what is it for?

1) separating mug punters from the money they have saved or borrowed

2) enabling criminals to move money around, often unseen

3) money laundering

anything else?

 

[Dork Lard]

It is difficult to explain to anyone without a fundamental basic understanding of traditional currency, but one of its major features is it doesn't need a central bank . . . Or ANY bank !

It's way past time for you to learn & understand exactly what is a digital currency & how it all works, 'cos the b#st@rd child of all currencies CBDC's are coming soon . . . . . .

 

[JohnD]

sadly the dork does not like expressing himself meaningfully.

my lawnmower does not need a bank. What is it for? It is for cutting grass.

apart from saying it does not have the support of a bank, he fails to say what bitcoin is for.

is he being deliberately obtuse? or does he not know?

probably both.

 

[Notch7]

sometimes you just cant afford a whole coin

 

[Deleted member 292770]

anything else?

there was talk it would be used as the platform for the financial reset, social credit system .
Judging by it’s rapid demise that looks unlikely.
I appreciate the concept will be nothing more than conspiracy to most of you.

 

[JohnD]

a pyramid scheme is not neccessarily a conspiracy.

it would be interesting if any bitcoin enthusiast can say what it is "for"

 

[Odds]

You're better off asking a resident of El Salvador than me but as far as i can tell it was dreamt up as a means to make purchases on the internet - but as online banking is easy enough i don't see the point. It appears to be subject to the whims of the currency market and without any reserve of Gold to back it up is a very risky way to invest real money.

 

[charliegolf]

but one of its major features is it doesn't need a central bank . . . Or ANY bank !

OR ANY REGULATION! What can go wrong?

 

[Bod ...]

I've invested £40000 its worth just over £1000 now.

Not worried its a chance I took. Some very clever people snd dome lage companies are involved so I'm optimistic even though I don't really under stand. I'm going to invest another £1000 soon but waiting for it to his rock bottom. Where ever that may be.

 

[fillyboy]

I've invested £40000 its worth just over £1000 now.

Not worried its a chance I took. Some very clever people snd dome lage companies are involved so I'm optimistic even though I don't really under stand. I'm going to invest another £1000 soon but waiting for it to his rock bottom. Where ever that may be.

Sorry to hear about your loss Bod, my advice would be not to chase that loss by buying more, it's a strategy that rarely works.
The big boys and the likes of Musk will be well out of it by now, I know bitcoin has been incredibly successfull in the long term but in recent years these crypto currencies have all shown signs of being pump and dump operations, too much publicity.

I've no idea how they work or what their intended purpose was, I've heard it's a convenient currency for drug dealers and the like, I've aways been fascinated by them but never been able to get my head around why they've been so successful.

Better waiting for stock markets to crash, which is growing more likely and buy into the ftse 100.

Alternatively, the Ruble is doing well.

 

[Bod ...]

Sorry to hear about your loss Bod, my advice would be not to chase that loss by buying more, it's a strategy that rarely works.
The big boys and the likes of Musk will be well out of it by now, I know bitcoin has been incredibly successfull in the long term but in recent years these crypto currencies have all shown signs of being pump and dump operations, too much publicity.

I've no idea how they work or what their intended purpose was, I've heard it's a convenient currency for drug dealers and the like, I've aways been fascinated by them but never been able to get my head around why they've been so successful.

Better waiting for stock markets to crash, which is growing more likely and buy into the ftse 100.

Alternatively, the Ruble is doing well.

It was £4000 not £40000.

 

[Bod ...]

Better waiting for stock markets to crash, which is growing more likely and buy into the ftse 100.

I've been saving up and will invest soon. I've signed up on IG. I'm not clued on it or know how to use IG so will just do my research

 

[Trazor]

Where ever that may be.

It could quite easily cost you every penny, here are some speculative bubbles from the past.

6 Disastrous Economic Bubbles

From a 17th century Dutch tulip craze to the infamous 1929 stock market crash, learn the stories behind six historical booms that eventually went bust.

www.history.com

 

[Bod ...]

At one stage I had £300 in Crow. That went upto £1600. That's when I bought more.

Some people have made a fortune so I think it's worth the gamble. I don't understand it , but that does mean it doesn't work.

3 fellas I now pumped a hell alot of money into it I've lost nothing in comparison

 

[Dork Lard]

Oh deary me.

Personally, I only ever invest in tulip bulbs.