What is Bitcoin for?

[diy_fun_uk]

You don't know the top of the graph, or the bottom, until after it's too late.

When you invest in a business, you (should) have some idea of how well it's run, is it profitable, is it sustainable, is it based in an honest country, is it run by a crook, is it growing, and enough to start taking a real view of its future worth.

Yeah yeah I get all that. My salient point is simply (with a large dose of hindsight) I wish I'd bought back in 2017 and sold around 2021 when the price significantly increased, regardless of whether or not I thought the price was going to continue upwards.

 

[motorbiking]

If we change JohnD's opening question to "what are digital currencies for?".

Then the answer is simple: moving currency between entities for payment without involving banks or bank handling fees.

 

[Harry Bloomfield]

If we change JohnD's opening question to "what are digital currencies for?".

Then the answer is simple: moving currency between entities for payment without involving banks or bank handling fees.

..and if people buy into Bitcoins, the price rises, or if people loose faith in it and sell, the price drops. Which is why so many who own some Bitcoins, are so keen for others to buy. It's all based on smoke and mirrors.

 

[JohnD]

..and if people buy into Bitcoins, the price rises, or if people loose faith in it and sell, the price drops. Which is why so many who own some Bitcoins, are so keen for others to buy. It's all based on smoke and mirrors.

Purpose no. 1

 

[JohnD]

If we change JohnD's opening question to "what are digital currencies for?".

Then the answer is simple: moving currency between entities for payment without involving banks or bank handling fees.

There is no reason to suppose that digital currencies can never involve banks.

Do you think that Bitcoin is a currency?

 

[Deleted member 292770]

There is no reason to suppose that digital currencies can never involve banks.

Do you think that Bitcoin is a currency?

officially , yes it is.

 

[motorbiking]

You asked what they are for. Digital Currencies are Currency.

 

[Dork Lard]

There is no reason to suppose that digital currencies can never involve banks.

They are going to. Google "Central Bank Digital Currency" & get ready to be horrified at the extent they can be controlled.

A few years into CBDC's & you'll be BEGGING for Bitcoins return.

 

[JohnD]

officially , yes it is.

what does "officially" mean?

 

[JohnD]

If we change JohnD's opening question to "what are digital currencies for?".

Then the answer is simple: moving currency between entities for payment without involving banks or bank handling fees.

like I can do by handing over a bunch of fivers when I buy something?

 

[Dork Lard]

Oh FFS.

 

[Dork Lard]

like I can do by handing over a bunch of fivers when I buy something?

Where did you get those fivers from JohnD'ski???

 

[JohnD]

if you can explain why that is relevant to the question "what is bitcoin for" then I will consider answering.

please try.

Otherwise, go away and troll somebody else.

 

[Dork Lard]

You really have lost the plot haven't you.

RIP JohnD'ski.

 

[IT Minion]

if you can explain why that is relevant to the question "what is bitcoin for" then I will consider answering.

please try.

Otherwise, go away and troll somebody else.

You can buy things with Bitcoin, it isn't accepted most places but some people and companies will accept it.

It's a digital currency, that it's not a very user friendly one is irrelevant.