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Bitcoins

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.

Has to be the ultimate bubble?
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Comments

  • 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.
  • DRAddick said:

    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  • They are a bubble imo, Bitcoin is the oldest but I think will be superseded later on by another that’s slightly easier to mine and be used Day to day.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.
  • Pyramid selling in virtual currency? Last ones holding the Bitcoin end up broke!
  • 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.

    http://www.bbc.co.uk/programmes/b09788y8
  • Bought a grands worth in 2010. No idea how much they're worth now as lost my log in details and can't be bothered looking through my old emails.
  • Bought a grands worth in 2010. No idea how much they're worth now as lost my log in details and can't be bothered looking through my old emails.

    Lol, if only - 70m would be rather nice!!
  • Digital currency has a future but it may not be Bitcoin.

    More interesting is the Blockchain technology behind it which will have an impact on many facets of our lives, personal and business.
  • Missing: hard drive containing Bitcoins worth £4m in Newport landfill site

    https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
  • Missing: hard drive containing Bitcoins worth £4m in Newport landfill site

    https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site

    That was 4 years ago, if he didn't find it, now worth £20m!!
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  • Bit in the standard tonight about a mansion being sold for £17m but buyer wants it in bitcoin - about 4100 bitcoin apparently
  • Can anyone explain how bitcoin mining works to me?
  • I think by the time everyone fully understands how bitcoins work, they’ll be defunct , and replaced by something else.
  • edited October 2017

    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 do not understand a single concept on how this works
  • I do not understand a single concept on how this works

    Link explains how the Blockchain technology behind Bitcoin works.

    https://tradefinance.training/blog/articles/blockchain-implications-for-trade-finance/

  • I managed the first paragraph of that
  • edited October 2017
    https://bitcointalk.org/index.php?topic=92.0

    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.
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  • edited October 2017
  • 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.
  • dunno about a bit of a coin but I've a dodgy pound coin, how much is that worth?
  • dunno about a bit of a coin but I've a dodgy pound coin, how much is that worth?

    After tomorrow, not a lot, after Brexit, sweet fa.
  • 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
  • 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.
  • I have 0.1 bitcoin that I bought for a tenner in 2012. Now worth over £400.

    At one point I had 0.6 bitcoins but they were saved on an SSD that died so I lost them all.
  • Well that sent me to sleep :)
  • I know diddly squat about this stuff.

    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?
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Roland Out!