Can anyone explain crypto currencies to me?

[Neome]

I’ve never really tried to understand them other than thinking ‘it all sounds a bit dodgy’. I realise they are based on some complex mathematics (I’m not bad at maths).

Given the current situation I’d love to have a more detailed understanding of what’s going on and how it relates to eg Putin.

If you can explain at all I’d be very grateful.

@grumpytoddler1 Company law, yes, sorry I thought you were referring to the conditions for listing on an exchange which are much stricter for LSE etc. Still as a private investor you can get wiped out if a company fails and no one will bail you out.

I don't disagree at all that crypto should come with a risk warning. In my experience every site I've ever used does have warnings - you're right there's plenty of shysters out there though.

There are also companies who offer crypto-based products and are therefore subject to company law. Nexo is a good example. Registered in London.

I very rarely buy anything as I’m broke! Am a make do or mend wherever possible.

Enjoy your £8k per week - are you paying tax on your profits?

@Furries

I very rarely buy anything as I’m broke! Am a make do or mend wherever possible.

Enjoy your £8k per week - are you paying tax on your profits?

Yes of course its classed as misc income so I pay 45% tax on my profits as they push me in that band once my day job income is taken into account.

Crypto is becoming more acceptable, in some countries you can buy property. You can shop on amazon and pay using certain crypto currencies. You can play games to earn more money. You get better interest rates than a bank offers. Its not all scams. Unfortunately people don't do their research and jump in but you can say that about alot of stuff.

Cryptocurrencies are like digital money. They use complex math to keep transactions safe and are recorded on a secure digital ledger called a blockchain.

As for the current situation, cryptocurrencies are gaining more attention from governments and leaders like Putin. Some see them as a potential way to circumvent traditional financial systems, which can raise geopolitical concerns. The situation with Putin underscores the need for a balanced portfolio and a cautious approach. Tools like quantumaitrading.net help me stay informed and make data-driven decisions in this ever-evolving market.

https://www.theregister.com/2023/12/21/programmable_money/

Can someone please explain how you can pay for things with crypto? I have a few hundred in bitcoin, but from what I've read I have to download it to a bank account, is that true?

Cryptocurrency can seem like a mysterious world, but it's not all smoke and mirrors. I used to feel the same until I dove in. It's like peeling an onion – layers of complexity but once you get it, it's crystal clear. Understanding the math behind it helps a lot, and I found that learning about ASIC miner comparison was a game-changer. It's like finding the right tool for the job. So, if you're keen on unraveling the mystery, checking out ASIC miner comparison could be your next step.

I totally get where you're coming from. Crypto can seem like this mysterious world, right? But it's essentially digital or virtual currency that uses cryptography for security. Think of it as a decentralized form of money, not controlled by any government or central authority. As for its relation to recent events like Putin, well, it's complex. Some people see crypto as a way to bypass traditional financial systems, but it's also subject to regulations and fluctuations. It's like a whole new financial ecosystem, with its own rules and risks.

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About Putin and crypto? Well, it's a bit of a stretch to directly link him to it, but crypto's been getting some attention on the global stage lately. Some countries are embracing it, while others are a bit more cautious. It's all about the power dynamics, regulations, and economic implications.
If you're keen to dive deeper, I'd suggest checking out solanavolume.com. It's got some cool tools to track the trading volume of Solana, a popular cryptocurrency. Plus, digging into the stats can give you a better feel for how the market moves and what's driving it.