Spiritual Forums - Cryptocurrency

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Quote:

Originally Posted by markings

If you don't know what you are talking about you should remain quiet.

I hope you don't mind me saying so but that's a little unkind. Akez24 is just asking. True, he needs to research the phenomenon and there's plenty of material about. It'll take some work as it involves a lot of jargon but it's there.

Probably best is decide / pretend to decide he wants to buy a fraction of a bitcoin for investment and find out how to go about it, what it involves.

Quote:

Originally Posted by Lorelyen

This thread as a whole should give you a clue. Basically it's "money" that exists only in digital form. There are no notes or coins. You can buy bitcoins at an exchange using your $ or £, thereafter it exists only on computers. You keep them in a "wallet" that can also be on-line or in hardware form. Mine is hardware, the safest because no one can get to my bitcoins without my authority.

Transactions are anonymous unless you just happen to know the person you're dealing with. You are a bitcoin address (or several addresses).

The point is that banks (that control the flow of "ordinary" money in the world) are omitted completely. Their oft-times corrupt ways and fees are avoided. In cryptos (bitcoin etc) you are your own bank.

It's a volatile currency compared with say standard currencies like the $ or £ so against those it goes up and down fairly violently.

It's a bit late to get in on it now. It could rise in value - and it could fall. At the beginning of September it was about £3000 against £1 sterling. Last week it hit £14,000 = £1. Now it's subsided a bit.

My own involvement started with my dad having a punt on it back in 2011 when 1 bitcoin cost nearer to £1. Some of his clients were interested and predicted it would gain in popularity. It has. We put some money in it together. Now it's risen considerably in value.

It isn't the only cryptocurrency - there are many but it's the best known.

Mining is about taking a fee for registering transactions on a "blockchain", a huge ledger. It records addresses but not who they belong to. Miners use a powerful computer and have to solve various algorithms to get their fee.

Best to look that one up "Bitcoin mining" if you're really interested. I can't do it much justice here. I'm not a bitcoin miner.

Hope that helps as a start.

Ok yea, i skimmed through this thread, didn't really read much but it's just that every one keeps saying different things about it, it's just a bit confusing, and i never heard about it till now, everyone is scrambling for it cause they think the economy is about to fall.. but thanks for explaining it, was good, it sounds a bit like shares kinda in a way.. may look into it a bit more as well too.

Quote:

Originally Posted by running

much of this i agree with. the problem is though this is the beginning of a larger problem. the goverment wants people to get in on this for now. to get used to the idea of not using cash.

once that has been accomplished there will be goverment issue crypto. India has already gotten away from cash. the benefit is complete control over the people. some call it the mark of the beast. if you think for a moment goverments and banks are going to just stand by and lose all power. may i suggest read your history.

currencys come and go with the wind. one store of money does not. with a track history of 5000 years. gold and silver. plus it has value because it actually is something. plus it has rarity, and desirability,

Yea hey, iv heard also swedan or one of the Scandinavian country's doesn't use cash much, also there are more ways being introduced and promoted in society to pay by card.. or peoples mobile phones even, have u seen this, tap your phone on the thing to pay? whats next??

"why use a phone to pay! what a hassle! why not just implant your self with the latest fashionable microchip every one is doing it, you can pay for your things with the wave of your arm! how convenient!" ...... :sad3: .... i don't think many will be happy about that idea though.

Quote:

Originally Posted by Nature Grows

Can someone explain what Bitcoin is exactly & how it works? or any good links about it..... i have been hearing about it a bit these last couple of weeks... so far i have heard this...stuff.

1. Someone told me they have made 19 grand off bitcoin, they also said you need to know a lot of computer stuff and have computers set up to "mine for bitcoin" ...... huh? (they could not explain it to me cause there boy friend does it for them)

2. Someone else told me they have made 1 million off bitcoin, they said you don't have to "mine for bitcoin" you can buy it? this person also said bitcoin is not going to last forever its temporary so people should try not miss out?

3. Bitcoin seems to be going in two directions with what people think... some people say bitcoin is what you need to get into right now because the economy is going to crash and this bitcoin stuff cannot be controlled by government, other people say that it's possibly set up by the government or as soon as you see people like the roth childs getting involved in it you know its not going to be good.

So what the heck?

fiat money is what most countries. nothing backing the currency other than the idea it has value. China, Japan, Australia, the Eu, the US, and pretty much ever other country has been printing money like there was no tomorrow. to keep the economy's going. while keeping interest rates down. making money cheap to get and to keep inflation going. inflation is a hidden tax. a way of stealing money from those whom save.

what is inflation. the value lost in the currency. this happens from two variables. one being more money printed. the other is velocity of the money. velocity means the money is changing hands. which happens when the economy becomes good money increases in velocity.

bitcoin has a max number of 24 million coins i believe. and the closer to that the harder it is to mine. it is decentralized from the goverment and banks. because there is a finite number of coins the value can go up and down dependent upon how many people are in the game. how much money is put into it.

in order for a currency to do well it needs to be stable. which at this point bitcoin does not have. it does have a finite number of coins unlike fiat money. which gets printed to death.

in history all currencys have come and gone. the romans began adding more and more copper to their silver coins. devaluing their currency. to its demise.

germany after ww1 printed an excessive amount of marks. to its demise.

wallstreet is gaming bitcoin now so not sure if its going to last.

gold and silver is the only form of money that has always worked going back 5000 plus years.

Thanks running for the explanation & post. we'll see what happens then with this bitcoin stuff, could go either way it sounds. Apparently the bitcoins are real expensive to buy these days though... use to be cheaper.

Quote:

Originally Posted by Nature Grows

no problem

i forgot to mention. they are infinitely divisible. so if your using it as a currency and you invested before it went up. its like a penny became a dollar.. if your a speculator then you hope it goes up. turning your $ 10 bucks to say $15 as an example. if it goed down then the reverse. which is why if used as a currency it needs to be stable. i guess if it only ever went up that would be ok though. lol.

another example. you can own .0001 bitcoins and so on.

14774.84 US Dollar to 1 bitcoin. its gone down a few thousand. it will likely follow wallstreet now. thats what i hear and what it has been doing lately. they are gaming it. up or down will be followimg. the big dogs are in the house. and its small potatoes. gold gamed big time keeping it down. to make the fiat look strong. countless people that know a great deal about how the game is played say so. i believe they are right.

im not saying they are going to knock it down like gold. i haven't a clue. im just saying they are knocking it around.

i believe this guy knows how itt works

https://m.youtube.com/watch?v=nKCjOyDHa6A

https://m.youtube.com/watch?t=564s&v=G7lH8Vx9G44

Quote:

Originally Posted by running

Yea, thats what i heard at the start bitcoin was real cheap, if only you could figure out what will be the next cryptocurrency like bitcoin an get it now before it goes up... or if it only went up too lol.

Quote:

Originally Posted by running

Ok thanks for sharing the video links as well, funny this guy calls them wizards.

the third invester wave has currently started. I was in that wave from the start and i anticipated that since i start seeing some in media. I thought it mayb late... yes late to be at it from beginning, but not to invest in it. It still isnt imo. The other crypto's more then bitcoin. Cause people start to realise there are more and btc is just nr 1.

U dont need to know much about bitcoin technology. Other then some basics. But its interesting AND good to know if u step in it so u know what ur dealing with.