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Bitcoin

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Bitcoin

Postby Nostalgic » Mon May 21, 2018 10:50 am

As far as I’ve understood it, people have made money from it but it’s suppossed to fall apart.
I don’t understand economics and money at all, let alone bitcoins and digital currency.
How could they though create a digital currency?
It’s just like me printing off paper and saying here is a new currency you can use?
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Re: Bitcoin

Postby Dorn » Mon May 21, 2018 12:55 pm

Nostalgic wrote:As far as I’ve understood it, people have made money from it but it’s suppossed to fall apart.
Bitcoin may fall, but cryptocurrencies are here to stay. Regular currencies are tied into debt and Federal Reserve or central bank decisions, while the blockchain free from such contaminants.

How could they though create a digital currency?
You can read up on it here.
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Re: Bitcoin

Postby Nostalgic » Mon May 21, 2018 11:54 pm

Thanks, I had a read, it’s mostly Chinese to me lol
I get how it’s done though with the mining of the coins and it having a cap.

I wish I had invested in a few early on though! They worth a fortune now. If I had brought just one Bitcoin that’s like 7000 euro now!
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Re: Bitcoin

Postby raymond1234 » Wed May 23, 2018 1:22 am

The value in a digital coin is whatever people apply to it.......supply and demand.

The biggest lure is security and not being hackable and the ability to transfer it wherever you live.

BTC is most popular in Asia. Last year 90% of all the buying and selling was in China.

People were buying it to launder money and hide it from the tax man.

If you buy BTC in Texas, you establish an account and you can assign it to a random account number you carry with your or use a secure USB device and that becomes your bank.

Then, you can carry the USB thingee anywhere you go, and either open an account in an exchange or use it to buy things online without it being traced like a chekcing account or a debit card, credit card.


They are still questionable but they are not going away......
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Re: Bitcoin

Postby Nostalgic » Wed May 23, 2018 3:19 am

raymond1234 wrote:The value in a digital coin is whatever people apply to it.......supply and demand.

The biggest lure is security and not being hackable and the ability to transfer it wherever you live.

BTC is most popular in Asia. Last year 90% of all the buying and selling was in China.

People were buying it to launder money and hide it from the tax man.

If you buy BTC in Texas, you establish an account and you can assign it to a random account number you carry with your or use a secure USB device and that becomes your bank.

Then, you can carry the USB thingee anywhere you go, and either open an account in an exchange or use it to buy things online without it being traced like a chekcing account or a debit card, credit card.
Thx,
I would be terrified of forgetting my password or losingnthe USB key lol
I can 8magine it helped black markets and avoiding tax etc, it is officially a currency though right? As in recognized legally?
They are still questionable but they are not going away......
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Re: Bitcoin

Postby raymond1234 » Sat Jun 02, 2018 5:42 am

Nostalgic wrote:
raymond1234 wrote:The value in a digital coin is whatever people apply to it.......supply and demand.

The biggest lure is security and not being hackable and the ability to transfer it wherever you live.

BTC is most popular in Asia. Last year 90% of all the buying and selling was in China.


Thx,
I would be terrified of forgetting my password or losingnthe USB key lol
I can 8magine it helped black markets and avoiding tax etc, it is officially a currency though right? As in recognized legally?


They are still questionable but they are not going away......



I have heard stories of people losing their key.........lol

It is not an official currency because it is not backed by any central bank

It is an ASSET not a currency.

There are a few places that accept it in the marketplace.......for early adopters.

But most people would have to sell their cryptos for dollars, euros etc......and then place them in a traditional bank account to spend to buy most things.

China is suppose to be establishing a new cryptocurrency this year that will be backed by gold. ....that will be big....!
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Re: Bitcoin

Postby Nostalgic » Fri Jun 08, 2018 12:34 pm

raymond1234 wrote:
Nostalgic wrote:
raymond1234 wrote:The value in a digital coin is whatever people apply to it.......supply and demand.

The biggest lure is security and not being hackable and the ability to transfer it wherever you live.

BTC is most popular in Asia. Last year 90% of all the buying and selling was in China.


Thx,
I would be terrified of forgetting my password or losingnthe USB key lol
I can 8magine it helped black markets and avoiding tax etc, it is officially a currency though right? As in recognized legally?


They are still questionable but they are not going away......



I have heard stories of people losing their key.........lol

It is not an official currency because it is not backed by any central bank

It is an ASSET not a currency.

There are a few places that accept it in the marketplace.......for early adopters.

But most people would have to sell their cryptos for dollars, euros etc......and then place them in a traditional bank account to spend to buy most things.

China is suppose to be establishing a new cryptocurrency this year that will be backed by gold. ....that will be big....!


An asset but it’s used like a currency no? Some sites even accept bitcoin as payment.. well so Ive heard lol
Backed by gold? How can they just create a currency backed by gold? They would have to purchase the gold or discover it?
That’s what our paper money is supposed,to be backed on too no? But there’s a lot more paper floating about than gold
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Re: Bitcoin

Postby raymond1234 » Thu Jun 14, 2018 12:17 am

Nostalgic wrote:
raymond1234 wrote:
Nostalgic wrote:
raymond1234 wrote:



An asset but it’s used like a currency no? Some sites even accept bitcoin as payment.. well so Ive heard lol
Backed by gold? How can they just create a currency backed by gold? They would have to purchase the gold or discover it?
That’s what our paper money is supposed,to be backed on too no? But there’s a lot more paper floating about than gold


Yes few places accept BTC but not many.

The thing is......people market cryptos as being a substitute for money. But the value of an item is priced in Dollars or Francs or Euros etc...then the crypto has to be converted into the local currency and then you have an 'exchange fee' in addition to a fluctuating exchange rate. Some times you have to wait a minute or several minutes longer before the exchange is verified. NO ONE is going to accept that as a legitimate use of time in high volume store like Wal Mart or Target.

I think the gold backed currency is a way to compete with the US dollar. If China wants to buy oil, they have to have dollars because oil is priced in dollars internationally.

That makes them upset. Being backed by gold is a sales gimmick. It gives people the false impression that you can go to a bank and turn your paper money into the cashier and get gold in return. It doesn't happen like that. But we'll know more when China releases more information.

Paper money is becoming obsolete around the world. In the U.S. only about 40% of all sales are cash. But that is the sales number, not the dollar value.
People use credit and debit cards to buy their merchandise more than cash but only about 5-10% of all the money is held in cash. The rest is 0's and 1's represented in deposits and withdrawls that occur online / digitally.

In many places the use of cash is even lower.

Check out the link and read some of the blogs on crypto.......you'll have a better idea about them

https://www.armstrongeconomics.com/?s=cryptocurrency
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Re: Bitcoin

Postby Nostalgic » Fri Jun 15, 2018 3:24 am

Isn’t out current paper money systems suppossed to be backed by gold and silver etc?
Thx, I’ll take a look at the link this afternoon
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Re: Bitcoin

Postby WilliG » Mon Aug 13, 2018 6:40 am

BCH, in some sense, is now a liability to bitmain. They have so much of it, and interest is so low, they cannot pull their hashing power or the network is certain to get 51% attacked. It would be more profitable to mine btc, but they can't, because they must spend hashing power defending the network they're so invested in.

They are burning through cash to prop up an asset nobody wants.
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