Anyone had any dealings with them? As a virtual currency I struggle to see how it can have a long term future without more regulation yet the value keeps surging. Quite incredible how much it has gone up.
was looking at a place where I bought some gold from recently and noticed that they are now accepting Bitcoin as payment. And they're a main British based dealer with an actual shop, not just an online dealer. Noticed a few other mainstream businesses are also accepting Bitcoin too. So it's definitely spreading as a currency.
I have zero understanding of how it works nor how it works with all these other digital currencies that have sprung up.
was looking at a place where I bought some gold from recently and noticed that they are now accepting Bitcoin as payment. And they're a main British based dealer with an actual shop, not just an online dealer. Noticed a few other mainstream businesses are also accepting Bitcoin too. So it's definitely spreading as a currency.
I have zero understanding of how it works nor how it works with all these other digital currencies that have sprung up.
I can understand the currency concept but not really how it's regulated. Seems to be an outlet for money laundering and dodgy businesses.
Nobody really seems to know how the future of currencies will develop?
They are a bubble imo, Bitcoin is the oldest but I think will be superseded later on by another that’s slightly easier to mine and be used Day to day.
I bought a tenners worth a few months back and it’s gone up a bit. I have a uni mate who bought 30 quids worth when it was just about starting and now it’s worth northwards of ten grand.
There are stories of people when it first started using it to pay for delivery pizzas, when it was literally thousands of bitcoin that made up 15 quid. That same thousands of bitcoin would be worth millions today.
Discussed on Wake Up To Money this morning - (starts at 11 minutes 8 seconds) seems that the Chinese are (maybe) reversing their trading ban on cryptocurrencies causing their importance to soar again.
Can anyone explain how bitcoin mining works to me?
As I understand it, you get yourself a super computer and set it off carrying out loads of complicated calculations and so many hours later it's given a bitcoin. And then you set it off doing it all over again. And if you really get into it you get more than one super computer and generate more bitcoins. A cunning plan baldrick though sounds like a load of bollox to me. What could go wrong ?
Can anyone explain how bitcoin mining works to me?
As I understand it, you get yourself a super computer and set it off carrying out loads of complicated calculations and so many hours later it's given a bitcoin. And then you set it off doing it all over again. And if you really get into it you get more than one super computer and generate more bitcoins. A cunning plan baldrick though sounds like a load of bollox to me. What could go wrong ?
That's about my understanding level. I just don't get how the bitcoins are actually "found" or how that even makes sense. It's not like the mint deciding how much currency to produce... Or is it
Can anyone explain how bitcoin mining works to me?
As I understand it, you get yourself a super computer and set it off carrying out loads of complicated calculations and so many hours later it's given a bitcoin. And then you set it off doing it all over again. And if you really get into it you get more than one super computer and generate more bitcoins. A cunning plan baldrick though sounds like a load of bollox to me. What could go wrong ?
That's about my understanding level. I just don't get how the bitcoins are actually "found" or how that even makes sense. It's not like the mint deciding how much currency to produce... Or is it
There is a maximum limit on how many can be produced.
I bought £20 of Ethereum a while ago as a kind've test to make me keep an eye on it. Rose to £60 a week or so after but it's been flirting around there ever since. Think they have more of a future as can be used as some kind of virtual contracts? Don't really know too much about it though.
Due to its value is bitcoin still a currency or now a commodity? It's too valuable for everyday transactions so surely you would only trade it
It’s a currency.. but from what I can tell it’s value is based on what it could be rather than what it is, which is pretty much the definition of a bubble. Until you can use it day to day it will always be a commodity and not taken seriously.
All you people saying you (or someone you know) bought X worth and notw it's worth X worth (i.e. a heck of a lot more), can you ever realise the value/sell your 'holding' for actual cash?
Comments
I have zero understanding of how it works nor how it works with all these other digital currencies that have sprung up.
Nobody really seems to know how the future of currencies will develop?
I bought a tenners worth a few months back and it’s gone up a bit. I have a uni mate who bought 30 quids worth when it was just about starting and now it’s worth northwards of ten grand.
There are stories of people when it first started using it to pay for delivery pizzas, when it was literally thousands of bitcoin that made up 15 quid. That same thousands of bitcoin would be worth millions today.
http://www.bbc.co.uk/programmes/b09788y8
More interesting is the Blockchain technology behind it which will have an impact on many facets of our lives, personal and business.
https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
https://tradefinance.training/blog/articles/blockchain-implications-for-trade-finance/
Someone tried to sell 10k bitcoins in March 2010 and the highest bid he got was $25.
Today, 10k bitcoins is worth roughly £55.7 million.
Payable in cash.
At one point I had 0.6 bitcoins but they were saved on an SSD that died so I lost them all.
All you people saying you (or someone you know) bought X worth and notw it's worth X worth (i.e. a heck of a lot more), can you ever realise the value/sell your 'holding' for actual cash?