To see less ads Register or Login ----- Daily Fantasy Sports games 18+

BitCoin

A forum for discussion on Science and Information Technology matters and queries (including PCs, the Internet, TVs, Mobile Phones, Ipods and other gadgets).
User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

BitCoin

Post by Finsimbo »

Thinking of investing a few quid. Looking at a mid term investment...at the moment, 1 bitcoin = £5.3K so thought I might buy £50 and see how it goes.

Just checked the graph. £50 bought last month is £100 today, but with all markets its up and down...and I know invest what you can loose, just to clear that up

MAybe looking into ETHEREUM

So I understand the concept behind what bitcoin is and how it works.

Just curious to know if anyone else has bought some coins before and used them or traded them and whats their experience with them

Got a Spectrocoin acc and in the process of completing the setup, without any details on my half exchanged other than email.

Thanks in advance

Fin

User avatar
llama
Grumpy Old Man
Posts: 2124
Joined: 03 Sep 2009, 19:19
Location: hellbound airlines

Re: BitCoin

Post by llama »

Think the boat may have sailed on Bitcoin now although still may be worthy of a small investment. My mate got on in 2014 and has made an absolute fortune!

I would hold fire on ETHERUEM. They had a bit of a disaster yesterday which won't help there valuation - http://www.bbc.co.uk/news/technology-41928147

Hearing good things about Litecoin. I invested a small amount recently. Looks to be heading in the right direction.

Striker
FISO Knight
Posts: 11136
Joined: 13 Oct 2005, 18:32

Re: BitCoin

Post by Striker »

I' m completely ignorant on the subject despite having listened to a few who've successfully invested, including a son in law, arguing that I should invest a few bob. To me it has the feeling of a bubble. Most successful investments are based on substance, but I fail to see where Bitcoin substance resides. If I invented a new currency Strikercoin and persuaded enough people to invest, that would be great, but what's to stop it dropping through the floor, when investors finally twig that Strikercoin is nothing but a house of cards?

I'd be grateful if anyone can persuade me that notwithstanding an erratic course of ups and downs, the value of Bitcoin will continue to increase over time. Surely a time will come when the criminal element will have their needs satisfied, members of the public attracted to a punt are all involved and the scope for further expansion is less than the scope for cashing in, at which point a crash would seem likely, surely?

User avatar
murf
FISO Viscount
Posts: 109450
Joined: 13 Oct 2005, 18:28
Location: here
FS Record: Once led TFF. Very briefly.
Contact:

Re: BitCoin

Post by murf »

Way too risky and unpredictable with huge ups and downs for no normal reason plus the downside of anything dodgy or illegal hitting the value plus the 'house of cards' aspect. One for the gamblers or a bit of fun with expendable cash.

Not sure it being on an up from last month is necessarily a good thing either!

User avatar
Zimmerman
FISO Jedi Knight
Posts: 30211
Joined: 13 Oct 2005, 18:42
Location: having a picnic at the Bear Mountain

Re: BitCoin

Post by Zimmerman »

I’m the same.

I’ve a friend whos made a few quid on etherium but I just don’t have the balls to do it. It’s totally made up. It could be crushed on a whim?

I assume Bitcoin is too big to now disappear...but all these others are presumably just trying to replicate and are totally vulnerable?

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

Well been reading up on it over the weekend.

cryptocurrency is here to stay, just like when email came in to replace letters.

If someone like Amazon get serious with it, they are already accepting other crypto currency

Steem

This means Amazon will have the whole cycle. From order through Amazon web services, order gets verified through their use of cryptocurrency, goes to automized warehouse of your desire where it is then ready for delivery through driverless cars or to a pickup point shop front. From start to finish all Amazon all without human interaction, no errors and all in house....tell me this wont happen, just like email.

Hearing the same about LiteCoin also and still within grasp at $80 ish per coin. I will look to a few quid in Bitcoin just because, but really checking at the moment to which coin has good prospects ie who are using the currency the most.

@Striker, bit coin is the same as paper money, on face value its worthless bit of paper, its the banks behind it that give it substance because its the recognised unit of currency. Now cryto currency comes along and its easier to use and deal with, no boundaries, it's verified by storing records of the transactions the coin you receive has in its key which is how the value of your coin is determined. It's just another currency and its still early days.

Watch this very good explanation of what crypto currency is and after watching it tell me it wont take on in one form or another..key is guessing which one and this means as with any other commodity research.

https://www.youtube.com/watch?v=YIVAluS ... sMjyXc4-0A

Inevitably, it makes life more efficient and basically' that where things like AI come in, to make life more efficient. Again, Amazon taking control of their whole operation from order to delivery, no middle man.

If the demand for the currency rises such as the value of the pound to the dollar then more coins will be released or "minted" as the bank calls it.

Global games like Warhammer and such have a huge user base trading in crypto currency exchanging it for $'s and £'s, Yen and €'s. Invariable the worth of a coin will go up and it will not be just gamers that are pushing the price up. Its getting more mainstream.

Its something I could afford to put £50 in and see how it goes, whateva....

When you think about how email completely transformed communication then mobile phones, currency will be the next technological advancement that will take it past gamers and other like ppl to mainstream users. Think Apple store decides to jump on the crypto currency of Bitcoin for instance (and Apple love to tie down its user base)....The repercussions of someone like Apple taking it to everyday ppl is just boggling.

This from May this year

https://www.investopedia.com/news/new-b ... 2000-coin/

Its now over £5k roughly, was £8k last week, Bitcoin that is.

I purposefully used the term cryptocurrency and not Bitcoin because bitcoin is just one flavour of currency much like the dollar is to a pound, its one of the same but different.

That is my simple take on it gathered over a few days so there could be some inaccuracies

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

dp
Last edited by Finsimbo on 13 Nov 2017, 12:19, edited 1 time in total.

bspittles
Dumbledore
Posts: 7607
Joined: 13 Oct 2005, 18:26
Location: In hiding

Re: BitCoin

Post by bspittles »

I think the main problem is that cryptos are being used mostly for investment/gambling rather than spending. Although you can gamble on the future value of traditional currencies, most people use it for shopping. Until that tipping point is reached, they will be far too volatile for everyday use.

Interestingly, my brother used bitcoin to purchase a pint at his local a few years ago. I wonder if that would now be the most expensive drink ever!

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

bspittles wrote: 13 Nov 2017, 12:14 Until that tipping point is reached, they will be far too volatile for everyday use.

Interestingly, my brother used bitcoin to purchase a pint at his local a few years ago. I wonder if that would now be the most expensive drink ever!

That is the point. When the moment it becomes mainstream, which it will sooner or later, because it will.

Striker
FISO Knight
Posts: 11136
Joined: 13 Oct 2005, 18:32

Re: BitCoin

Post by Striker »

Finsimbo wrote: 13 Nov 2017, 11:56
@Striker, bit coin is the same as paper money, on face value its worthless bit of paper, its the banks behind it that give it substance because its the recognised unit of currency. Now cryto currency comes along and its easier to use and deal with, no boundaries, it's verified by storing records of the transactions the coin you receive has in its key which is how the value of your coin is determined. It's just another currency and its still early days.

I understand that and accept that it's likely to keep growing and might revolutionise "money". My current banknotes are backed by the British government and I'm therefore happy to hold them. Zimbabwean dollar notes are also backed by a government but I'd only hold them for a very short term during which I was spending them. Who backs bitcoin and what are their credentials? Some bloke invented the concept and created them out of nothing!!!!! Obviously it's in their interest that bitcoin value is maintained in the long term, but what can they do if value collapses, whereas I know that the value of my British banknotes may not be maintained due to inflation and currency devaluation, but short of a nuclear holocaust or something similar it's not going to become worthless. Even though bitcoin have so much greater flexibility than cash, I simply don't understand the substance behind them.

The fact that Amazon are going to accept bitcoin but don't accept Zimbabwean dollars certainly increases the credibility of bitcoin but doesn't provide the substance that I'd like to see. Although I'm talking from a base of complete ignorance, it wouldn't amaze me if at some point the world's biggest financial crisis was triggered by a collapse in the value of bitcoin. I feel that it all has a "house of cards" element about it. Will central banks be willing to step in if necessary? If in the future bitcoin dominates financial transactions the size of any rescue would probably be too large to be rescued. Remember that the creation of apparently "clever" derivatives was the major cause of the last financial crash.

I looked at the video (thanks) and it demonstrated clearly how "clever" it is and some of its potentials. But it did nothing to answer my question about "substance".

If I was to use an Emperor's New Clothes analogy, I'd have to amend that story slightly. The Emperor is certainly wearing new clothes and they are wonderfully colourful and the design and cut are breath-taking and everyone applauds, but what they don't see is that the quality of the cloth is extremely poor and that when it rains the colours will run and the whole outfit will be shown to be extremely shoddy.
Last edited by Striker on 13 Nov 2017, 13:12, edited 1 time in total.

User avatar
murf
FISO Viscount
Posts: 109450
Joined: 13 Oct 2005, 18:28
Location: here
FS Record: Once led TFF. Very briefly.
Contact:

Re: BitCoin

Post by murf »

I can see why Amazon might want me to use bitcoin or Amazoncoin or whatever but how would that benefit me over a credit card??? Same argument as Paypal really!

I trust credit card companies more than whoever backs Bitcoin and I know I have fraud guarantees in place with my card so it's a no from me. Any conmen , fraudsters and those nice, benevolent Nigerian Princes will surely target bitcoin accounts big time if it ever goes mainstream.

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

murf wrote: 13 Nov 2017, 13:09 I can see why Amazon might want me to use bitcoin or Amazoncoin or whatever but how would that benefit me over a credit card??? Same argument as Paypal really!
Because there are costs involved using Paypal or credit card...either you or the supplier has to pay costs of using an external service.

Because it ill be a seamless flow of traffic, for both consumer and supplier, more the supplier as it makes handling orders more efficient. Amazon/Apple will not have to deal with middle men. The extra piece of the process has been removed, its cost effective.

Why do you use a credit card? Its another platform to exchange value of an item in exchange for another. That value is checked against a what your credit card value is and that is measured in £'s or (fiat) money, real currency. Swap a credit card for the same principle and use cryptocurrency(CC)....no difference, only that its has no boundaries, no country boarders. You can buy one form of CC to buy another. Its just another currency at the end of the day., but different.

You are issued with a credit card with a fixed amount. Now you have a object that has numbers to your account and in that account you have money that you will top up when you spend money. You will do exactly the same with CC. You buy currency and spend it. Its just whether that currency gets taken up by big players such as Amazon, Apple, Facebook, Google. Admitted you don't buy material things from google or FB, you will get adverts from companies that use CC, and you can increase your experience using these apps better and companies like FB, Google will start to use coins because they are not just aligned to computer geeks they are modeled to everyday users and because they can manager them in house.

Again think how email, mobile phones revolutionized communications....

1979 Mobile phones

https://www.youtube.com/watch?v=vix6TMnj9vY

now look where they are..Am I talking bullshit or not. Like I said still researching this but TBH I can't see how this is not going to happen in the future. It's a question of which one. Bitcoin may have been and maybe gone, (still think there is plenty of room in the chain, boat has not quite left the port) but there will be others. If true and Amazon will accept Steem coins then maybe we have our front runner..

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

Striker wrote: 13 Nov 2017, 12:42 I looked at the video (thanks) and it demonstrated clearly how "clever" it is and some of its potentials. But it did nothing to answer my question about "substance".
The substance is in the usage of the currency. More ppl will use it inevitably and more companies decide they don't want to pay expensive costs to a third party vendor to verify the transaction.

Supply and demand.

More ppl use it the more it comes into circulation(minted). Why do ppl want $ or £ or € because they have government substance, backing, you trust the government to honor the value of a £10 note. Same for a bit coin. It's substance comes from the records of the coin its self, basically.

Taken from Reddit....For newbies

If you can be bothered

Key properties of bitcoin


Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee - Transactions fees can vary between a few cents and a few dollars depending on network demand and how much priority you wish to assign to the transaction. Most wallets calculate the fee automatically but you can view current fees here.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Trustless - Bitcoin solved the Byzantine's Generals Problem which means nobody needs to trust anybody for it to work.
Pseudonymous - No need to expose personal information when purchasing with cash or transacting.
Secure - Encrypted cryptographically and can’t be brute forced or confiscated with proper key management such as hardware wallets.
Programmable - Individual units of bitcoin can be programmed to transfer based on certain criteria being met
Nearly instant - From a few seconds to a few minutes depending on need for confirmations. After a few confirmations transactions are irreversible.
Peer-to-peer - No intermediaries with a cut, no need for trusted third parties.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply remembering a string of words for wallet recovery.
Scalable - Each bitcoin is divisible down to 8 decimals allowing it to grow in value while still accommodating micro-transactions.
Designed Money - Bitcoin was created to fit all the fundamental properties of money better than gold or fiat

bspittles
Dumbledore
Posts: 7607
Joined: 13 Oct 2005, 18:26
Location: In hiding

Re: BitCoin

Post by bspittles »

But how will it become a mainstream form of payment? No merchant will ever make it their sole form of payment, and no-one will risk making the mistake my brother made and paying the equivalent of £3000 for a pint of lager :-)

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

bspittles wrote: 13 Nov 2017, 15:12 But how will it become a mainstream form of payment? No merchant will ever make it their sole form of payment, and no-one will risk making the mistake my brother made and paying the equivalent of £3000 for a pint of lager :-)
Thats right.

In exactly the same way you use your credit card to buy something over the internet. Remember this is a purely a online currency, to be used online, which is where a good few million ppl do their shopping. Its not intended to become mainstream, more intended to be the common platform of exchanging services for currency in a online community, ie the internet.

In exactly the same way email became the norm, the same way mobile phones became the norm.

It will be added into life as a easier form to make online transactions.

That trail of thought is too black and white. CC will never replace hard currency, never think of it that way and never compare it. It will be a parallel along with Credit cards. Another form of using $', £'s and €'s

If your brother had a bit coin, then it bought him a pint which was the value of the coin, prolly few quid back then, comparable to a pint. If he had that coin now its worth £5 k or there abouts. Why didn't he just go to one of the many trading sites and exchange it for £'s? That is where Ilama's mate earned his money, Stiker's son in law made his money...they sat on it and waited for the demand for the coin to increase and this came with more options of using the coin and when the likes of Amazon and Apple start to employ this and they are seriously thinking about it, thats when the explosion will happen and thats where the substance will be.

How was goods traded before physical object currency was invented. It was based on trust. You trust a bank to give that £10 note a value. You trust the certificate that the coin has because its been verified globally.

User avatar
murf
FISO Viscount
Posts: 109450
Joined: 13 Oct 2005, 18:28
Location: here
FS Record: Once led TFF. Very briefly.
Contact:

Re: BitCoin

Post by murf »

The Bank Of England is the guarantor on my tenner (they even sign it!). It may be an urban myth but I think it is correct that I could knock on their door and demand my £10 worth if gold (if Brown left them with any...).

Who is the ultimate guarantor of the Bitcoin?

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

murf wrote: 13 Nov 2017, 16:20 The Bank Of England is the guarantor on my tenner (they even sign it!). It may be an urban myth but I think it is correct that I could knock on their door and demand my £10 worth if gold (if Brown left them with any...).

Who is the ultimate guarantor of the Bitcoin?
Everyone that comes into contact with it.

That is the whole point of it. You don't need banks to verify the worth, its done with the certificate that you are given. Just like you accept cookies visiting a new website, it knows you have been there before reading your cookie. Similar principle, the coin is verified by the header in the file and that header is the public ledger of that coin so you know it has substance. The community knows its worth.

It's not rocket science, well at least for me as this is my industry.

It will be the norm for internet shopping in a few years time. It has to be, or there will be some other form of currency other than £'s $'s and Y not including credit cards.
You might not think it will happen just as you thought email, mobile phones, shopping online and talking to complete stranger in a internet forum as if you know them.

User avatar
murf
FISO Viscount
Posts: 109450
Joined: 13 Oct 2005, 18:28
Location: here
FS Record: Once led TFF. Very briefly.
Contact:

Re: BitCoin

Post by murf »

Finsimbo wrote:
murf wrote: 13 Nov 2017, 16:20 The Bank Of England is the guarantor on my tenner (they even sign it!). It may be an urban myth but I think it is correct that I could knock on their door and demand my £10 worth if gold (if Brown left them with any...).

Who is the ultimate guarantor of the Bitcoin?
Everyone that comes into contact with it.

That is the whole point of it. You don't need banks to verify the worth, its done with the certificate that you are given. Just like you accept cookies visiting a new website, it knows you have been there before reading your cookie. Similar principle, the coin is verified by the header in the file and that header is the public ledger of that coin so you know it has substance. The community knows its worth.

It's not rocket science, well at least for me as this is my industry.

It will be the norm for internet shopping in a few years time. It has to be, or there will be some other form of currency other than £'s $'s and Y not including credit cards.
You might not think it will happen just as you thought email, mobile phones, shopping online and talking to complete stranger in a internet forum as if you know them.
Excuse me if I don't trust 'the community' to guarantee my future.

User avatar
Mav3rick
FISO Jedi Knight
Posts: 20858
Joined: 20 Jul 2009, 20:35
FS Record: FPL: 1082, 1201, 1800, 10203

The stats are dark and full of errors.

Re: BitCoin

Post by Mav3rick »

Regardless of it's use in the world, as an investment (as was the original premise?) I'd personally steer well clear. It's speculation rather than investment and that's not something I'd put my future house deposit/pension/children's university fees in. If you want to use it as a way to buy stuff, great, I'd do that if it was easier/cheaper/safer than a credit card, but I wouldn't invest in it any more than I would tulip bulbs.

I understand the concept of a crypto currency and anyone who started out early speculating a few pounds (or few hundred) would have done well, but that would have been a different level of risk and when talking thousands of pounds of hard earned cash, I'd look to far more mainstream investments unless it was a tiny part of a more substantial portfolio.

User avatar
unc.si.
FISO Knight
Posts: 11777
Joined: 11 Oct 2010, 14:08
Location: Off to buy Loctite
FS Record: 'Loser' by Beck

Re: BitCoin

Post by unc.si. »

I don't really see it as currency yet. Its more like an asset that people are speculating on.
Old economy currencies have a relatively stable value - their principle purpose is transactional not speculative and for a functioning system of commerce you need a transactional currency that is a pretty stable store of value.

The fact that the BoE acts as Guarantor isn't the key reason that GBP is a good transactional currency (its not actually backed by physical reserves any more but the Bank would step in if there was a sterling crisis, and commercial banks have to adhere to certain liquidity criteria so the old school system that people dislike so much does help) - the key reason is that you know that if you have a tenner in your hand / pocket / internet bank account you know that you can use it and it will always be accepted, and you also know that if you don't spend it now you can spend it next year and get pretty much the same stuff for it.

The Bólivar isn't a good transactional currency because you don't know what its going to be worth next week. Its not a good store of value and you don't know its going to be accepted. If you go to Caracas, take dollars. Ok its the opposite of bitcoin in terms of direction of travel, but the point is the same - volatile value doesn't make a good transactional currency.

What you want to see in a currency is stability - you know that its going to be worth the same next year. If it goes up in value a bit due to differential forex rates then its a bonus, but really you want to know that the £10k in your bank will still buy you £10k of goods next year.

you only need to see why people are discussing it on this thread to understand that at the present moment its a speculative asset. If it gains widespread acceptance and gets to a point where the value is steady and predictable, then it will become a bona fide credible currency. People are gambling that it gets there, and at the moment they're doing pretty well out of that gamble.

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

dp
Last edited by Finsimbo on 13 Nov 2017, 20:47, edited 1 time in total.

User avatar
murf
FISO Viscount
Posts: 109450
Joined: 13 Oct 2005, 18:28
Location: here
FS Record: Once led TFF. Very briefly.
Contact:

Re: BitCoin

Post by murf »

I've also thought of a large drawback to it ever being an everyday way of paying for stuff (other than illicit darkweb powder) is that you'd have to pay in advance and buy your 'coins' first rather than on the never-never / next month with credit cards.

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

unc.si. wrote: 13 Nov 2017, 18:10
you only need to see why people are discussing it on this thread to understand that at the present moment its a speculative asset. If it gains widespread acceptance and gets to a point where the value is steady and predictable, then it will become a bona fide credible currency. People are gambling that it gets there, and at the moment they're doing pretty well out of that gamble.
And that is my whole point. Its a gamble and only worth if you have the money to loose but it helps to know the technology behind the currency. I work in the Dev Op's community and although I don't do that, I'm part of it and pickup, read and learn what is being said and talked about. These are mainly the ones I consider "gamers" that I refer to. These are the type of guys who developed the code behind the software, because at the end of the day it's software

The people who are making money are the ones who know the in's and out's, follow reddit and such. It's a new technology that will someday become mainstream. Its just which coin will get accepted.

The potential to buy a "coin" in its early stages could be huge

It might not be BitCoin, Litecoin or Ethereum but there will be one if not more

User avatar
Surprised
FISO Jedi Knight
Posts: 26528
Joined: 13 Oct 2005, 18:32
Location: Home
FS Record: TFFOSM MotW in 2008 and MotM in 2003. 78th overall in TFFO for 2002/3 and 2003/4

Re: BitCoin

Post by Surprised »

Finsimbo wrote: 13 Nov 2017, 17:11
murf wrote: 13 Nov 2017, 16:20 The Bank Of England is the guarantor on my tenner (they even sign it!). It may be an urban myth but I think it is correct that I could knock on their door and demand my £10 worth if gold (if Brown left them with any...).

Who is the ultimate guarantor of the Bitcoin?
Everyone that comes into contact with it.

That is the whole point of it. You don't need banks to verify the worth, its done with the certificate that you are given. Just like you accept cookies visiting a new website, it knows you have been there before reading your cookie. Similar principle, the coin is verified by the header in the file and that header is the public ledger of that coin so you know it has substance. The community knows its worth.

It's not rocket science, well at least for me as this is my industry.

It will be the norm for internet shopping in a few years time. It has to be, or there will be some other form of currency other than £'s $'s and Y not including credit cards.
You might not think it will happen just as you thought email, mobile phones, shopping online and talking to complete stranger in a internet forum as if you know them.
I don't think it will become the norm for online shopping until it stabilises. If someone has a bitcoin valued at 1k and they want to buy something for 500 quid they will probably hold off and hope bit coin rises so the cost of what they buy falls.
Retailers may be willing to take bitcoin now as they think they will make a secondary profit on the increase in value. As soon as bitcoin shows a steady fall then retailers won't want it.

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

Surprised wrote: 13 Nov 2017, 21:45
Finsimbo wrote: 13 Nov 2017, 17:11
murf wrote: 13 Nov 2017, 16:20 The Bank Of England is the guarantor on my tenner (they even sign it!). It may be an urban myth but I think it is correct that I could knock on their door and demand my £10 worth if gold (if Brown left them with any...).

Who is the ultimate guarantor of the Bitcoin?
It will be the norm for internet shopping in a few years time.
I don't think it will become the norm for online shopping until it stabilises. If someone has a bitcoin valued at 1k and they want to buy something for 500 quid they will probably hold off and hope bit coin rises so the cost of what they buy falls.
Retailers may be willing to take bitcoin now as they think they will make a secondary profit on the increase in value. As soon as bitcoin shows a steady fall then retailers won't want it.
What I said, how long that few years time will be who knows?

Did start this post of as BitCoin/CCoin as a punt but got distracted by the first few posts

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »


Striker
FISO Knight
Posts: 11136
Joined: 13 Oct 2005, 18:32

Re: BitCoin

Post by Striker »

Bitcoin lost 29% of its value yesterday, so perhaps a buying opportunity for its supporters. :wink:

User avatar
Finsimbo
Grumpy Old Man
Posts: 2456
Joined: 13 Oct 2005, 18:27
Location: You tell me
FS Record: If only there was a record

Re: BitCoin

Post by Finsimbo »

Striker wrote: 14 Nov 2017, 12:10 Bitcoin lost 29% of its value yesterday, so perhaps a buying opportunity for its supporters. :wink:
:wink: :wink:

User avatar
murf
FISO Viscount
Posts: 109450
Joined: 13 Oct 2005, 18:28
Location: here
FS Record: Once led TFF. Very briefly.
Contact:

Re: BitCoin

Post by murf »

murf wrote:Not sure it being on an up from last month is necessarily a good thing either!
Hope my solid advice saved your shirts!

User avatar
Surprised
FISO Jedi Knight
Posts: 26528
Joined: 13 Oct 2005, 18:32
Location: Home
FS Record: TFFOSM MotW in 2008 and MotM in 2003. 78th overall in TFFO for 2002/3 and 2003/4

Re: BitCoin

Post by Surprised »

Bitcoin is not an investment. An investment is putting money into something tangible like property, shares, gold etc.
Buying bitcoin is like currency speculation but without the fundementals

View Latest: 1 Day View Your posts
Post Reply

Return to “Science, Computers & Technology (e.g. PCs, Web, TVs, Mobiles, Ipods, Gadgets)”