Jump to content

Bitcoins


NorthernLights24

Recommended Posts

  • 1 month later...

  • 4 weeks later...

I made my first bitcoin transactions recently, it was all very exciting - buck rogers stuff.

 

Anyone have thoughts on whats best - desktop wallet v online wallet?

 

I used electrum (desktop) and sent my coins to it from my localbitcoins wallet. Actually buying the coins in the first place is probably the biggest rigmarole.

 

What did you buy exactly? @police

Link to comment
  • 2 weeks later...

I doubt I'll ever get my head around the value of Bitcoin or any cryptocurrency for that matter.

 

I'm likely repeating myself, but what's the basis for it's value other than a willingness of certain vendors to honour it's alleged value?

 

At least with a Pound or a Dollar there's, supposedly, national assets which give the paper money it's value. There's a clause written right there on the money itself, 'This note is legal tender for all debts public and private' for Yanks, and likely something similar on UK money. With Bitcoin there's no pile of gold or silver that gives the Bitcoin any kind of inherent value.

 

Obviously I'm missing something, but I've never heard any good explanation as to why I should sell something in exchange for a Bitcoin.

 

I understand it's great if you want to but drugs, guns, or sex slaves on whatever iteration the Silk Road is currently at, but even then... why would you hand over a kilo of smack for a Bitcoin? So you can go buy more smack wholesale and sell it on for more virtual, essentially worthless, Bitcoin?

 

And what if governments, as they inevitably will, decide to go after crypto currency because it's a threat to their own central banks? Or what if government realisescrypto currency can be better controlled if they create their own form of Bitcoin? At some point they have to believe that Bitcoin Farms pose a real threat to the value of their own currency. Banks of unregulated computers churning out rival currencies to the national currency? How long is THAT going to be ignored by Western banks?

 

I've read articles that say it's possible that Bitcoin could be shut down, and conversely that it's impossible to shut down. But they've already shut down cryptocurrency in the past, so it's demonstrably possible to do so.

 

I'm amazed Bitcoin has been allowed to carry on unimpeded for as long as it has, to be honest. But that's probably because I have zero understanding of what makes it attractive to anyone not dealing in drugs, weapons, or Rohingya slaves.

  • Upvote 1
Link to comment

I doubt I'll ever get my head around the value of Bitcoin or any cryptocurrency for that matter.

 

I'm likely repeating myself, but what's the basis for it's value other than a willingness of certain vendors to honour it's alleged value?

 

At least with a Pound or a Dollar there's, supposedly, national assets which give the paper money it's value. There's a clause written right there on the money itself, 'This note is legal tender for all debts public and private' for Yanks, and likely something similar on UK money. With Bitcoin there's no pile of gold or silver that gives the Bitcoin any kind of inherent value.

 

Obviously I'm missing something, but I've never heard any good explanation as to why I should sell something in exchange for a Bitcoin.

 

I understand it's great if you want to but drugs, guns, or sex slaves on whatever iteration the Silk Road is currently at, but even then... why would you hand over a kilo of smack for a Bitcoin? So you can go buy more smack wholesale and sell it on for more virtual, essentially worthless, Bitcoin?

 

And what if governments, as they inevitably will, decide to go after crypto currency because it's a threat to their own central banks? Or what if government realisescrypto currency can be better controlled if they create their own form of Bitcoin? At some point they have to believe that Bitcoin Farms pose a real threat to the value of their own currency. Banks of unregulated computers churning out rival currencies to the national currency? How long is THAT going to be ignored by Western banks?

 

I've read articles that say it's possible that Bitcoin could be shut down, and conversely that it's impossible to shut down. But they've already shut down cryptocurrency in the past, so it's demonstrably possible to do so.

 

I'm amazed Bitcoin has been allowed to carry on unimpeded for as long as it has, to be honest. But that's probably because I have zero understanding of what makes it attractive to anyone not dealing in drugs, weapons, or Rohingya slaves.

 

I don't get it either.

Link to comment

I purchased a few months ago and the climb has been remakable.

 

My original investment was high £100s and now worth few times more. Im gonna keep it running for some time yet, some so called experts (speculators...) see $30k as the ceiling price.

There are plenty brokers and exchanges in the UK (and elsewhere) that you can cash out for £, but reallt need to look at the tax side of it.

 

Perhaps just use it all to buy fake currency from the dark web instead.

Link to comment

I doubt I'll ever get my head around the value of Bitcoin or any cryptocurrency for that matter.

 

I'm likely repeating myself, but what's the basis for it's value other than a willingness of certain vendors to honour it's alleged value?

 

At least with a Pound or a Dollar there's, supposedly, national assets which give the paper money it's value. There's a clause written right there on the money itself, 'This note is legal tender for all debts public and private' for Yanks, and likely something similar on UK money. With Bitcoin there's no pile of gold or silver that gives the Bitcoin any kind of inherent value.

 

Obviously I'm missing something, but I've never heard any good explanation as to why I should sell something in exchange for a Bitcoin.

 

I understand it's great if you want to but drugs, guns, or sex slaves on whatever iteration the Silk Road is currently at, but even then... why would you hand over a kilo of smack for a Bitcoin? So you can go buy more smack wholesale and sell it on for more virtual, essentially worthless, Bitcoin?

 

And what if governments, as they inevitably will, decide to go after crypto currency because it's a threat to their own central banks? Or what if government realisescrypto currency can be better controlled if they create their own form of Bitcoin? At some point they have to believe that Bitcoin Farms pose a real threat to the value of their own currency. Banks of unregulated computers churning out rival currencies to the national currency? How long is THAT going to be ignored by Western banks?

 

I've read articles that say it's possible that Bitcoin could be shut down, and conversely that it's impossible to shut down. But they've already shut down cryptocurrency in the past, so it's demonstrably possible to do so.

 

I'm amazed Bitcoin has been allowed to carry on unimpeded for as long as it has, to be honest. But that's probably because I have zero understanding of what makes it attractive to anyone not dealing in drugs, weapons, or Rohingya slaves.

 

It's probably best to focus on the benefits of Blockchain instead of Bitcoin individually. Plenty of 5-10min youtube videos will do this better than anyone can type out an explanation. Bitcoin is just a financial implementation of Blockchain. There's loads of exciting companies using blockchain to revolutionise other industries like logistics and air travel.

 

Many say in terms of investing Blockchain is what the internet was in the 90's. If it is, Bitcoin is quite possibly Blockchain's Myspace or FriendsReunited. One of the many alts could turn out to be the Facebook.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...