Not quite true...yet there is a grain of truth in it.
It's a bit like having 'beer money'...you can buy beer with it but you're certainly not paid in beer.
What is Bitcoin for?
- Thread starter JohnD
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It's a bit like having 'beer money'...you can buy beer with it but you're certainly not paid in beer.
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I’m sure I could find similar posts on the 'net saying that the world isn’t round too.
Think about it. You've marched all week and all you have to show for it is a pound of salt.
What the in the name of Jove am i gonna do with that?
And the world is disc shaped and rests on the back of a giant turtle. Anyone who reads Terry Pratchett knows that.
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I'm not entirely sure why JohnD is struggling (perhaps deliberately?) to understand the concept of a Digital Currency. A Fiver is currency because people exchange it for goods and services and they accept the "promise to pay". It doesn't matter if there is no gold to pay with. If people accept Bitcoin as payment for goods, then its currency. Its much easier to create fake fivers than it is to create fake bitcoins. However, its much easier to empty your digital wallet of bitcoins than it is to empty you actual wallet of fivers.
The vast majority of transactions are digital now. We trust the banks to keep accurate data on how much we have, who we sent it to and who has paid us. We all accept that when we transfer £1000 from one account to another, a person doesn't physically take the cash out of one box and put it in another. It's done electronically and balances are settled. The banks do this for us and they charge us a fee to do so. With Bitcoin its part of the system. The problem occurs when people try to make money from trading it. Had it been pegged to USD or something, people would have widely started using it. The distrust comes from attributing something of real value to something trading at high value.
The vast majority of transactions are digital now. We trust the banks to keep accurate data on how much we have, who we sent it to and who has paid us. We all accept that when we transfer £1000 from one account to another, a person doesn't physically take the cash out of one box and put it in another. It's done electronically and balances are settled. The banks do this for us and they charge us a fee to do so. With Bitcoin its part of the system. The problem occurs when people try to make money from trading it. Had it been pegged to USD or something, people would have widely started using it. The distrust comes from attributing something of real value to something trading at high value.
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Is it possible he's been hacked? Or finally tipped over the edge???
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and pebbles
D
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He’s not. He just likes to try to prove he’s more financially savvy than everyone else , in this instance by attempting to show that crypto currency is there to mug people off. which of course everyone knows anyway.
It does not alter the fact though that millions of people have made millions of money from it.
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I remember the day it all started. I was working in a tech environment & lots of the propeller heads were VERY excited about it.
Satoshi Nakamoto has yet to be identified, something I find VERY strange in this day & age. I presume him/it to be a Gov't dept.
One of the most interesting legitimate uses of a digital currency I have heard, is to generate electricity in a place where that would be easy & cheap, then rather than transport that electricity over a long distance, use that electricity to mine the currency & use that created value to subsidise electricity generation elsewhere.
You could have a solar farm in the Australian outback subsidising the electric bills of Californians.
Satoshi Nakamoto has yet to be identified, something I find VERY strange in this day & age. I presume him/it to be a Gov't dept.
One of the most interesting legitimate uses of a digital currency I have heard, is to generate electricity in a place where that would be easy & cheap, then rather than transport that electricity over a long distance, use that electricity to mine the currency & use that created value to subsidise electricity generation elsewhere.
You could have a solar farm in the Australian outback subsidising the electric bills of Californians.
It only needs one block in the chain to break and where will it leave an entire city?
if you read my thread, you will see I asked about the purpose of Bitcoin.
While the word usually refers to something else both money and bitcoin could be regarded as a commodity. People trade in both. Both can be used to buy other things or each other.
What is bitcoin for - it's a currency but not as widely accepted as the usual currencies are. They are mostly bought and sold which establishes some value to them and there are several brands. Bitcoin is just one of them.
This should bring up bitcoin value for the last 5 years. If you fancy a gamble it looks like it's back on it's way up again.
www.google.com
What is bitcoin for - it's a currency but not as widely accepted as the usual currencies are. They are mostly bought and sold which establishes some value to them and there are several brands. Bitcoin is just one of them.
This should bring up bitcoin value for the last 5 years.
If you fancy a gamble it looks like it's back on it's way up again.
Bitcoin (BTC) Price, Real-time Quote & News - Google Finance
Get the latest Bitcoin (BTC / GBP) real-time quote, historical performance, charts, and other cryptocurrency information to help you make more informed trading and investment decisions.
www.google.com
have you hear the term "a dead cat bounce?"
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@JohnD Yes and you don't like the answer.
Its purpose is to provide a currency that can be moved digitally without the need for banks, clearing, payment services etc. What part of that don't you get?
Do you think it was created to mug people off - if so where is your evidence that this is why it was created?
@Dork Lard - there is a flaw in your electricity transfer plan. The electricity is used to mine the currency. So the benefit of the energy generated is lost. They've turned their KW in to bitcoin, so someone else needs to generate the actual electricity that is being purchased.
Its purpose is to provide a currency that can be moved digitally without the need for banks, clearing, payment services etc. What part of that don't you get?
Do you think it was created to mug people off - if so where is your evidence that this is why it was created?
@Dork Lard - there is a flaw in your electricity transfer plan. The electricity is used to mine the currency. So the benefit of the energy generated is lost. They've turned their KW in to bitcoin, so someone else needs to generate the actual electricity that is being purchased.
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Bitcoin and many decentralised coins are the future. All you need to do is look at the market makers and who are buying them to work that out. Whilst the banks downplay the future of crypto they're busy buying in the dips. If in doubt zoom out.
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