Bitcoin...surprised there isn’t more uk discussion/press coverage?

[Dancinggertrude]

Bitcoin has had an interesting few months, steadily rising.
Twitter feeds are full of American discussion about it, US press coverage etc.
Yet here it is still not v mainstream..
Aibu to be surprised ?
I’m neither a convert to bitcoin or an investor btw, I like to dabble and watching the charts /world press coverage really interests me.
Most (Uk)people I mention it to aren’t even aware you can purchase fractional bitcoin.

Bitcoin = gangstas I think they would prefer a privacy coin like Monero.

What will happen to bitcoin if/when Libra comes along, backed by some of the largest global companies?

thanks for replying caill!

Could you give a little more context though? Do you think the analogy is incorrect in a way you can specify?

larry oh god! of course facebook has its own currency now! Its basically a country...

Has amazon got one though? Now THAT I might invest in!

@M3lon

The reason that first implementations of drugs are widely used is because of patents which means that even if a better variation comes along, the first is advantaged until the patent runs out and a better one takes over.

Yes, bitcoin is the first implimentation of a new technology and there are many others now, but there is not and has never been a patent restricting other cryptos, but people still prefer bitcoin and always have through the whole of blockchain history.

Bitcoin can seem "old fashioned" compared to some of the newer snazzier cryptos with their mimblewimbles, tangles and shardings, Upgrades to the bitcoin protocol are very slow. But they are slow because the network prioritises security and integrity of the code above all else.

hmm but you undermine your own point by saying there are no patents in the case of currency?

So the only additional value of bitcoin is longevity and familiarity.

Neither of these actually seem like assets in this particular arena...

Like saying the main value of your celeb is that they are old and well known....a real christmas special type!

Its not going to protect you when there are younger hungrier stars popping up on youtube every day.....

well I just looked up mimblewimbles.

I'm not sure I can describe the effect that has had on my brain.

But it has convinced me that bitcoin is dead without the mimblewimbles....

No, there are no patents at all, anyone is free to use any crypto at any time. Despite that 70% of the value of crypto is in bitcoin, 62% more than the next most valued crypto.

The reason bitcoin is comparatively highly valued is because

- it has the longest chain
That means that all the hackers who want to maliciously destroy bitcoin or use an exploit to create more for themselves are focused on bitcoin. There has only ever been one hack (in 2010) of the software, it was quickly patched, and there has never been a repeat. So people are confident that the algorithm is secure.

- it is the most decentralised
There are more miners running the bitcoin code than any other cryptocurrency, because 51% of them have to agree to a change, that means that it is unlikely to have one mining group deciding a change and implimenting it against the wishes of others (as happened recently with Ethereum classic)

- it is the best known and most widely accepted
Almost everywhere that takes crypto in any form will take bitcoin, which means that it is the easiest to use. It also has the most community support, with "how-to" videos, guidance, FAQs galore, so its the easiest place to start. No other crypto has the kind of community support that bitcoin enjoys.

While gold is a great store of wealth for individuals, it is of limited wealth for a country like the UK surely.

The amount of gold reserves held (even before some was splendid by Gordon Brown), would never be enough to make a dent in any possible financial losses caused by another banking crisis.

1966 was a very very different time. The financial services sector was nothing like it is now - which is the key driver for our economy (sadly)!

Thank you @AnnaForbes. I feel like I need more time than I have to sit down and do my research and make some financial decisions! More gold (and if so, how much can I safely keep under the mattress)? Start with bitcoin (but do I have enough understanding and can I put my money in for a sufficient time to ride out the peaks and troughs)? More traditional stocks/shares? But equally I don't want it to be something I put off for ages. I do have some money that is making nothing in the bank so it needs to change.

@tentative3 I would highly recommend the investment book 'how to own the world' a beginners guide to stock market investment. It's primarily dealing with stocks and shares but talks about how to build a balanced portfolio including gold and highly speculative investments which would include Bitcoin. It's very easy to read and explains the principles clearly. Also Rich Dad Poor Dad is a great book, and anything about Warren Buffet. Start there and then that might lead you into wanting to invest in crypto -but you'll understand your own approach to it if you understand the principles of investment. It's s fascinating topic.

I’m convinced!!!

Can anyone recommend a Micky mouse but legit wallet, (if that’s the right place to buy bitcoins).

Thank you!

Great thread!

@helloyouKant I buy and sell through Coinbase. For a hardware wallet (never keep your coins in an exchange, always move them to a hardware wallet) I use a Ledger Nano. There are other choices but these ones work well for me. If you buy a hardware wallet, buy direct from the manufacturers website and never from ebay/ amazon.

Anna, thanks so much for the info. I have been googling non stop but so confused. Thanks again - owe you a pint!

glad to help - good luck!