If you really wanted to know what cryptocurrencies are for you'd google it and not just set up a thread to take the ****.
You'd need to understand how a blockchain works, which is probably beyond the person who has to ask.
"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."
Major currencies stopped working like that (Gold Standard) about 50 years ago, or more. We now use a "Fiat" system based on faith, there's nothing physical backing them up - as pointed out vigorously by crypto advocates.
I bought 1k's worth way back, but it was a scam and I lost the lot. I had another go with more when a reputable agent established. Sold the lot before last xmas. It had been very volatile and was dropping but still high enough. Bought a house with it about 3 weeks ago.
So nobody knows what it's for
Though one person says they used it for gambling, and after losses, had a lucky win.
So, you’re an 'ethical investor' then, are you? And you still made 70% on your investments?So purposes already known (see post no. 1)
Interesting that no "good" purposes have been stated yet.
Are you well JohnD?"What is Bitcoin for?
I'm glad you explained why you fail to grasp the question."what is water for".
The only thing I wish re Bitcoin is that I'd followed through on some thoughts I had around 2017 to risk buying a few thousand worth. I don't recall expressly deciding not to invest, for whatever reason I just didn't. If I'd then had the sense to sell 2021 would have netted myself a nice little profit. Regardless, that's hindsight and rightly or wrongly I won't be buying at current levels (even though they've dropped) in the hope future prices will significantly increase.
So a bit like one of your frequent 'Mottie doesn’t care' posts then?yet another worthless contribution that adds nothing to the topic.
"What is Bitcoin for?"