To ask if anyone dabbles with bitcoin?

[MollyWantsACracker]

Disclaimer: I am totally clueless

I bought a few euro worth today, just for fun really

Anyone else?

I’ve never heard of Maxcoins but that doesn’t mean anything- there’s thousands of cryptos out there now. I tend to only track the top 5-6 because I want to fully understand what each one is trying to do before I buy and then between keeping on top of my current holdings plus a few potentials, I don’t have anymore time. Am probably missing out on loads of opportunities!

If I did have time I’d be researching the companies behind the coins- I.e. the ones providing support and developments to the block chain. Most aren’t listed, but some are available for funds. I think the right ones could be as profitable as the “winning”crypto currencies.

Yes that makes sense!

A system where there is no trace of transactions made and no security is hardly revolutionary. The people at the top who are benefiting from this are in any case as bad as the bankers if you want to put it like that.

Perhaps you should find out a bit more about crypto before dismissing it with untruths.

Every single transaction is stored publicly and permanently on the network, the blockchain, which means anyone, anywhere can see the balance and transactions of any Bitcoin/altcoin address. It’s essentially a shared database.

It is not anonymous either, in fact law enforcement love it -

www.sciencemag.org/news/2016/03/why-criminals-cant-hide-behind-bitcoin

No company or individual controls Bitcoin, nor ever could, all the rules about how it works are agreed by the miners and are embedded into the very operation of trade. So there are no ‘people at the top’.

It’s essentially a shared database.

No it's not. It can act as a database. But it is so much more.

Ha, ha, the Coinbase website is down. I’m guessing it can’t cope with so much traffic on such a volatile day.

We need to concentrate wholeheartedly on cryptocurrency so we can get away from the standard corrupt money system, we the people can take control, instead of being controlled .Once the standard money system goes cashless which is their plan in the no too distant future, we'll be at their mercy.
The banking system is shitting itself, they are trying to shoehorn their way in. Block the bastards.

Where would one look for info on this? As in where/what to buy and what to do when you own some? I have a small amount of funds from matched betting I don't mind loosing if it came to it but if I could turn it into a holiday even better 😂

I have heard of bitcoins but have no real idea what the hell they are. Is there a website that explains everything in words of one syllable?

I've also heard of bitcoin mining - would like a similar explanation of that too, please, if anyone has a good link.

TY

@SilverySurfer I was watching this the other day about Bitcoin, the guy that did the McDonald's Supersize Me program is in it.

Made me laugh when he was speaking to the Politician.

*the program is a year and a half old btw.

I wouldn’t worry about the mining aspect. It’s pretty much next to impossible to mine yourself- your electricity bill would be sky high! You just need to know that there are miners happily mining away.

For research, just Google! There’s tons and tons of information out there. There’s loads of utter rubbish and loads of utter rubbish crypto currencies, but if you can weed that out, there’s an overwhelming amount of information. If you want to buy, there are loads of exchanges. I’ve used both Coinbase and localbitcoins (more a marketplace rather than an exchange but they will hold the access to your coins for you)- not a particular recommendation for either but I’ve not had any problems once Coinbase sorted out their EU credit card problem this summer when I was trying to buy Ethereum and Litecoin!

Heading to £11k today.

@noofly that's half the problem I'm not sure what's rubbish advice and what's not lol. Going to sit and have a proper look once kids are in bed

Thanks Vitalogy will watch that after I've had dinner.

Noofly thanks, yes of course I can obviously google but as 'Icclemunchy* said, how the hell do you sort the informative from the bullshit? I'm not 'worried' about the mining aspect, I simply want to know what the hell it is, as I said, preferably in words of one syllable.

OK, mining is basically using a computer to run software that solves mathematical problems. When the problems are solved, miners are rewarded with a bitcoin (solved problems add blocks to the block chain).

If you want opposing views Google articles by Bloomberg and Fortune. They are written in straightforward language and one tends on the side of being anti bitcoin and the other is pro- I can never remember which is which though!

Bought my first £50 worth this morning

I used Coinbase but I’ve had a few people encouraging me to buy through UsiTech - it sounded like an MLM so I didn’t bother with them and just bought on my own.

On 18/5/2010 Lazslo Hanyecz, a resident of Florida, offered on a bitcoin forum 10000BTC for 'a couple of pizzas'. 3 days later they arrived from his local Papa John. They were paid for by card from London. Those bitcoin are now worth £72895582.

I spent £100 on bitcoin on 10/8/16, it is now worth £1508.94.

Bitcoin may not be the future, but a democratic currency built on the blockchain is.

frontrowseat i bought through usi tech a couple of days ago (first timer) and im unsure if ill buy more packs. Where did you buy from?
noofly could you tell me the best place to buy bitcoin, also am i better to steer clear of usi tech and if so where can i go? Sorry im still very much finding my feet lol

As an example of how volatile bitcoin can be - by 6pm tonight I'd made £56. I then misjudged it and placed a high bid just before the value crashed. I took a £40 loss. Then the market opened right up and I made £127 in a hour. That's more than I made during my 8 hour shift at work today. I'm pulling myself away from it now, my eyes are hurting and I'm becoming greedy (just ... one ... more ... trade ...)

LouPeru out of interest, if you'd just sat on the Bitcoins that you originally invested in and watched them go up in value, would they be worth more or less than what you have made in trading?

I am a bit thick on this.
Mining Bitcoin means solving mathematical problems? I still don't get it. Who pays? What problems? How do you find these maths problems to solve? If anyone would take pity that would genuinely be Great!

Only skimmers first page, this sounds interesting though, mining them and leccy bills going up do you grow it like an on line egg?? Sounds perculiar!

7 days your post made me lol its hysterical isn't it! Dh is good at maths so is dd, is this what I need to harness their Brains on

Russian and Chinese maths solving farms! What's the end goal of the problem solving... The meaning of life??