Cryptocurrency
- Thread starter RSSO
- Start date
Absolutely bonkers isn't it. I really can't my head around them. A guy a work has bought loads; he thinks they are gonna make him a fortune!?
Sounds like he has it mixed up...he needs to make them to get the money in
I saw an interview with a guy who'd bought one, he was a multi-millionaire businessman and admitted himself that the NFT for the image he'd bought was essentially worthless, he'd bought it mainly for the fun of saying he owned it. Which is fine if you have that amount of money and recognise it as a frippery.
While cryptocurrency isn't for me it does at least make some kind of sense.
Wayne
Forum Sod
Thanks Chris. I honestly do not understand it, it wasn't a flippant remarke, unlike most of mine. Can it be spent? As in can I buy a washing machine with it, or something real?
There are a few cryptocurrencies now, but I'll refer to BitCoin as it's the one most people have heard of. It can be spent but only where it's accepted, so no, you probably can't buy a washing machine with it. Yet. How it works is that you buy a certain amount of BitCoin (for example) and that value is added to a virtual wallet. You can then spend that BitCoin if you want to buy things with it, or hold onto it in case its value increases. You can also sell it and get normal money for it. In many ways it works like any other currency except that it has no physical presence so it can only be used electronically, and it's not universally accepted. However more online shops are now accepting BitCoin, so you could possibly use it to buy a washing machine online, but for now you won't be able to walk into Currys with a handful of it.
The main advantages according to its supporters are that you can use it to buy things anonymously and that it's not controlled by any government. Personally neither of those things are of value to me, and its value could suddenly crash, so it's not something I'd get into. With that being said if you treat it as a gamble and don't spend money you can't afford to lose on it, it's not so very different than buying shares in a company. Ten years ago one BitCoin was worth $0.30, now it's worth $44,141.
Last edited:
JamieM
Extreme sharpness is ephemeral!
It's quite simple really, purchase your cryptocurrency through a broker, I'll give you an example I have about £2000 worth of Ethereum at one stage about a month back it was up to £2800, if I so wished I could have hit the sell button at that moment, sold for £2800 + a small brokers fee of about £30, that money would have then been instantly transferred to my bank account, it's that simple.
Last edited:
Wayne
Forum Sod
My Father told me "If someone gives you a gift Horse, calmy walk over to it, pat it, then open it's Gob as wide as possible and have a right good fecking look into it" No one but family gives you money for nothing.
What is Bitcoin based upon? All the Worlds wealth is based upon Gold. A Countries worth is bsed upon the Gold it holds, although they don't hold it, it's held in massive vaults like the BOE and in reality it never moves. What shores up Bitcoins value?
JamieM
Extreme sharpness is ephemeral!
Wayne America moved away from the gold standard in 1976 years ago, they are literally printing money they don't have, have you seen the state of the USA lately, take a look at the infrastructure of the country, I've seen healthier third world countries, just look what's happening in Turkey, It's a gamble for sure, but so is stocks and shares.
Last edited:
Wayne
Forum Sod
Thanks Jamie
DexMe0r
Noob
Well, it is true, however you also can exchange BTC on money back. Only some percent of commission will be taken (as it is in all financial operations in banks).
Today I exchanged my last BTC on dollars using crypto wallet because I need to pay for tickets to visit my parents. Husband of my aunt died today, unfortunately... So, sometimes, cryptocurrency is not just a way to say everybody that you have big financial basis, haha