Bitcoin is an innovative payment network and a new kind of money.

15 posts
I am 70 years old does anyone see me using these in the future – I just learned how to use the chip on my credit card for payment – do I have to learn about these now. 8~
Those who believe they can do something and those who believe they can't are both right.
- Henry Ford
Hi Edduns,

For heavens sake, I'm just one year older than you, and coins I can not touch, like bit-coins, I'll never use nor include in my collection. Imaginary coins do not hold any interest for me. I don't collect credit cards either!

Ole
Globetrotter
Coin variants in English:
https://sites.google.com/site/coinvarietiescollection/home
In French on Cobra's site (not the same)
https://monnaiesetvarietes.numista.com
While decentralized money may have a future, Bitcoin is a form that is badly-made from a technical point of view. It can't really be scaled for the billions of daily tranzactions we need.

It is currently just another speculative bubble, so beware of investing in it now.

But then, the move away from physical currency has been for some time.
I have to wait until I am 18 (one month), or else I would have doubled my money in the last 3 months. I bought some of it, and made a 22% profit in 1 month, but the only way I could sell it was buy gift cards with it, I couldn't sell it for cash. So I bought Walmart gift cards and spent them. Okay, but not optimal. I see Bitcoin as an investment (very short term) not a trading medium. It is too jumpy for that. Although it would be fine for that also.
I would not invest in bitcoin. Maybe for a very short time. I already have invested in gold and silver.

Talking about bitcoin, have you heard about the physical bitcoins?
Here:

https://www.google.fi/amp/s/www.coindesk.com/10-physical-bitcoins-good-bad-ugly/amp/

Someone should make numista pages for these! For example the cascasius bitcoins, they are rare but really beautiful coins. There are alltogether many coins worth from about 50$ to tens of thousands. Sadly the cheapest ones found on ebay are usually just tokens.
I know that this is an old post, but is here someone that could explain to me what is bitcoin? I am a little bit confused and I don't know what to think about it. My brother is talking a lot about it but I don't know what is the thing about it. He told me little things about it. He told me that he trades it online and makes some sort of profit from it. From what I understood from him, he uses an online broker online broker to trade. What is an online trader? For what it is useful? He told me that it is an awesome hobby and part-time job but I just don't get it.
Quote: "RuthMorrisonMR"​I know that this is an old post, but is here someone that could explain me what is bitcoin? I am a little bit confused and I don't know what to think about it. My brother is talkin a lot about it but I don't knwo what is the thing about it.
​It is fantasy currency as far as I am concerned and backed by the full faith and credit of absolutely nobody. You can make a lot one day and lose big time tomorrow. Imagine an Airline decides to purchase a airplane and agrees to a price of $50,000,000 U.S with Boeing and agree to use a crypto currency like Bitcoin when ordered. Boeing delivers the airplane but now that same currency is only "worth" $40,000, 000. U.S. ?
If you want to gamble, go to a casino.
Wish I had jumped on the bitcoin wagon when it was selling for $120 in (probably) 2010. Peaked at $20000 in Dec 2018 and (guessing ) now hovering around the $8000 mark. It seems like something that will become a part of our transactions in the future.
Block chain is the new kid on the block and seems to be slowly surging ahead with tonnes of applications.
Quote: "RuthMorrisonMR"​I know that this is an old post, but is here someone that could explain me what is bitcoin? I am a little bit confused and I don't know what to think about it. My brother is talkin a lot about it but I don't knwo what is the thing about it.
​The reply from harryg is accurate, but you can read more details on Wikipedia.
https://en.wikipedia.org/wiki/Bitcoin
I'm no fan of bitcoin but its proponents claim Bitcoin is:

a) more like 'real money' (as opposed to fiat currency) because there's only finite quantities
b) shielded from political events since its value (unlike currencies traded on FOREX) is a virtual currency based on math (blockchains) depending on # of people who own it/demand.
c) supposed to be more secure than other electronic currencies (such as currency from banks) since it has complex code to keep it safe & it doesn't derive from a central bank (it's decentralized & not controlled by govt)

Check out this video for a better explanation. While the video is a pretty clear cut explanation you might want to search for others that may explain it better. I find all such videos very biased (PRO-Bitcoin) b/c they're all produced by people who're heavily invested in it & geared for you to buy in. To buy in you must usually employ a wallet service such as coinbase. My problem with it is the fear of losing the key & I think it's pretty limited to what you can buy (I may be wrong about that- but most people I know who own some sit on it/more like a commodity than currency- which totally negates the first point (a)) Also- not sure how one could cash it in with no power/no network access (which often is the case during natural disasters).
Notaphilyc Culture
Quote: "Serial_Number_8"​I'm no fan of bitcoin but its proponents claim Bitcoin is:

​a) more like 'real money' (as opposed to fiat currency) because there's only finite quantities
​b) shielded from political events since its value (unlike currencies traded on FOREX) is a virtual currency based on math (blockchains) depending on # of people who own it/demand.
​c) supposed to be more secure than other electronic currencies (such as currency from banks) since it has complex code to keep it safe & it doesn't derive from a central bank (it's decentralized & not controlled by govt)

​Check out this video for a better explanation. While the video is a pretty clear cut explanation you might want to search for others that may explain it better. I find all such videos very biased (PRO-Bitcoin) b/c they're all produced by people who're heavily invested in it & geared for you to buy in. To buy in you must usually employ a wallet service such as coinbase. My problem with it is the fear of losing the key & I think it's pretty limited to what you can buy (I may be wrong about that- but most people I know who own some sit on it/more like a commodity than currency- which totally negates the first point (a)) Also- not sure how one could cash it in with no power/no network access (which often is the case during natural disasters).


You are right.
However the amount of break in's that the wallets have suffered over the last couple of years is scary.
A Hong Kong based bitcoin & wallet company​ had $400 million siphoned off in a flash.
A lot of people have had their BC stolen. The 30 odd digit code was meant to be unbreakable.....but it has been cracked.
Not sure what can or cannot be trusted.
I did research a few for investment purposes. BC & Ethereum are meant to be the big daddies.
The Winklevoss twins ( sadly cheated of a fortune by Zuckerberg) have invested heavily in BC, which makes me wonder if it just publicity or they actually believe in it.
" which makes me wonder if it just publicity or they actually believe in it"

- I feel the biggest problem is that there's A LOT of INVESTORS who want to believe in it. They go on (& on) about how decentralized, democratic, revolutionary, modern (like email compared to snail mail) & BC is more like real money & yet its nothing like real money (fiat or gold). Real money is tangible and can be used any time (whether you have power or not). There's no intermediary (like a wallet service). For me, BC is far more like a commodity than real cash. The violent swings in its so-called market "value" are just so ridiculous. So, even as a commodity- it's a poor one.
Notaphilyc Culture
Gold has served that function for 5,000 years. Will Bitcoin replace/join it? Honestly, no one knows. I think the flight to safety will be to things that are tangible and trusted, but we will see.
Good afternoon to all.

Bitcoin is just a farce that will never be used as currency. It's only a get quick rich scheme.

Think about this:
- It's a currency you can't physically hold, which makes it already worse than fiat.
- It's "artificially scarce", which means that, in actuality, more can be made at any time, thus it should be less valuable when more is made.
- The value somehow has been staying very high recently, which leads me to believe that there's something going on behind the scenes...
- Also, the value heavily fluctuates, which means it can't be used reliably. One year it's worth 20k and the next 3k? No thanks.
- How does the value stay very high despite no one actually using it for regular transactions?
- Easily hackable since it's on computers and the internet.
- If this does become the W.U.C. (World Unit of Currency), then it's easier for people to steal your money since they can just slurp it out instead of mugging in the middle of the street or robbing a bank, especially since it's the ever-so-touted "decentralized currency". There's been a few computer viruses that showcase this, using Bitcoin as ransom (see WannaCry, Petya, CryptoLock, etc.). Seems like the easiest way to rob people in the future. (The bad one, that is.)

This goes for all cryptocurrency as well. They're all a sham and should never be trusted. Just stick to silver and gold as a store of wealth and you'll be just fine.

Be safe, everybody.
Be safe, everybody.
Replying to a few things you have wrong in your post.

The world is moving to only digital money anyway (no cash, no coins). This doesn't make it worth less. All transactions will become digital, with or without bitcoin.

There is a cap of 21 million BTC that can ever exist. 18.5 million of those already exist. They will get harder and harder to mine infinitely up to that point. So there is not an infinite amount of BTC to be mined.

Value fluctuates: most people use it as an investment scheme, not currency. But as time goes on and it becomes more commonly used and accepted, the price will be come more stable, as we have seen over the last few months.

Hackable: impossible to directly hack BTC itself. Some other vulnerability in the system must be hacked, such as the place the person wrote down their codes, or the company that owns it. Some people store their bitcoin on a USB stick that is never connected to the internet. This is impossible to hack unless you gained access to the stick itself.

Use of BTC for hacks. The ransomware asking for bitcoin is no different than asking for cash. They did not Hack bitcoin, they just asked for it in payment, as it is harder to trace. The ransomware had NOTHING to do with the BTC. Nothing. They could have asked for elephants on payment. Doesn't matter.

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