Bitcoin

[Viviennemary]

I have never actually bought any Bitcoin and never will.But it fascinates me how anything that doesnt really exist is worth tens of thousands of pounds. I see its crashing again. I thought it would have crashed to nothing by now but no is still going. Its a mystery.

@Kezzie200

As far as I can see

Cyber coins are bits of code but there's only so many of them, you can't print more. Let's say I create a coin like this and they are coded 1 to 100.

I sell them each for £1 and make 100.

A few people lose them because their digital wallets login passwords have been lost? So now, say , there's 98.

People think " oh only 98, I want one, will you sell me yours?" ... "Yes but I want £3 because someone else asked me on Tuesday and he might come back"...."OK, £3"

So, the more people that want your country, the higher the price. If lots cash out, the price will fall.

Ultimately though, these are my questions......

1. Until you can buy things or cash out so you can buy things you only own a piece of code. Until then it's value is simply in more people wanting it than did before?

2 if they became real currencies and usable, why wouldn't Governments create their own to control and tax - they can't print more of yours, for sure, that ship has sailed. They could create their own though. Another new set of codes?

3 it's a democratic currency due to its international coverage but, as we know, Governments use currencies to influence their own individual economies. With the Euro comes it's own problems, as we know.

1. So is it all speculation investment which will rely on a world we cannot even see yet happening, and

5 won't climate change happen first snd the most important investment be food water shelter?

Genuine questions because as you can see I know nothing about crypto......but did see the dot com bubble burst

1. You can buy with cryptocurrency. There are places that accept it, and every day the amount of places you can use it is increasing. It's still in its infancy. Give it time adoption will increase. Theres a whole country that has adopted bitcoin as their currency.

1. Part of the ethos around cryptocurrency is that it is decentralized. That means away from the control of banks- or government. Why would I chose a cryptocurrency that is manipulated the same way as fiat- pounds/ dollars? Whenever there is a recession, or downturn in the economy they just print more money to shore up their budgets- no wonder the value of your money depreciated. With bitcoin the only way to get it is to mine it or buy it from someone else- you cant just print of an extra trillion dollars in a year- as some governments do.

There are countries that have introduced their own currency- china. But it obviously doesnt do as well.

1. Bitcoin is not under the influence of any government or entity. The only way to manipulate the price is to uy it for yourself and then sell- but this is the same way stock prices are manipulated. Some cryptocurrencies are a scam or a way to make the creator rich- that's why they say do research into the coin you buy.

1. It's not a speculative investment. A little actual research will reveal this. Its is highly volatile but over time as adoption increases volatility will amso increase. It is increasing being bought as a hedge and an asset by businesses and governments around the world. An advantage being you can t just create it out of this air- as some governments do with their currency. Every transaction in bitcoin is coded. Every payment can be followed and checked.

If your government has 100million in bitcoin every sine transaction can be seen. Anyone can check exactly what each and every piece of the bitcoin has been spent on- so no way to line the pockets of their mates. If they've spent 1 billion on test and trace. Each but can be checked to see where it went by anyone. 5. If electricity exists cryptocurrency exists. And if there isnt any electricity bitcoin doesnt disappear. It is stored on wallets that can be accessed when the electricity returns.

I guess currently the above features are a lot more useful in a country with a corrupt or inefficient governments. Some countries with very high inflation find their currency can become worthless and money loses its value.

Also its an easy way of transferring money to friends or relatives around the world, without having to go through banks. The fees are much better and transactions much faster depending on the crypto you use than going through places such as western union.

Listen to the Podcast called the Missing crypto queen. Not something I'd risk getting involved in , but I couldn't believe what I was listening to.

Crypto sounds a bit weird. Lots of young blokes around me are piling in. I suppose we need a new asset class now that property is unaffordable. What is interesting is seeing the conspiracy theorists buying it because they think normal currency will collapse.

I didn’t say I’d retire, I said I’d be no longer a colleague. Very different. And in any respect I too am also already a high earner. And come from a wealthy family… so the comments outlining your personal situation to try and make yourself look good really missed the mark if they were designed to patronise. Quite embarrassing for you tbh!

I see it as a speculative asset class, not necessarily the future of finance, but if you’re happy with risk and volatility then it’s great fun & as long as you’re not investing anything you’re happy to lose then there’s no problem just potential downside (& upside!)

Not* happy to lose

@StrongSunglasses

If I was sat on hundreds of thousands I would already be no longer a colleague 😆😅

This

@RobertSmithsLipstick

So can you just draw it out and turn it into real currency? It's very mysterious!

Yes you can. Just did my food shop with some.

@RobertSmithsLipstick

So can you just draw it out and turn it into real currency? It's very mysterious!

I had some cryptocurrency. My car went kaput. I took most of it out to buy a new one. Converted to pounds. And now buying more crypto.

Personally I see it as - it's in its early days. Most dont understand it and a lot dont see a point to it. Similar to the internet. At the start people didnt see the possibilities, and now look at it.

I also use crypto wallet by vexel, it's really easy to use and I'm sure it's a great option for people dealing with bitcoin and other cryptocurrencies. Check out the site for more info if you're interested.