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spitfire
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Warwickshire
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21-12-2017, 09:07 AM
11

Re: Bitcoins

It's a "Bit" like a Pyramid Scheme with added algorithms.
Nom
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Northumberland
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21-12-2017, 09:16 AM
12

Re: Bitcoins

Ive got Fewcoins Muppsy, more reliable, and if i get more of them, HMRC make them Fewercoins.
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Meg
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Worcestershire
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21-12-2017, 09:53 AM
13

Re: Bitcoins

'Coin' is not really the right name, it makes it sound like a tangible thing when as I understand it 'bitcoin' only exists on paper and is a tradable asset usable in a limited number of instances in exchange for goods or services.
It is I am told widely used by crooks and drug dealers who seek to hide their actions.

I heard on the radio a number of people prompted by the dramatic rise in value of bitcoin had decided to buy into it only to find once they had paid money to the seller of the bitcoin they disappeared.
If I buy something using my credit or debit card it leaves a trail and I can in many instances claim the money back from the bank/card provider. It seems this is not the case with bitcoin and it not regulation by anyone .
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Meg
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21-12-2017, 10:03 AM
14

Re: Bitcoins

This is a good description....

There has been a lot of noise recently about terms like "bitcoin," "blockchain," and "cryptocurrency." Some of it is hype, but some of it points to important forces in the financial services industry. So what does it all mean?

Let's start with some quick definitions. Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.
Blockchain is, quite simply, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology allows market participants to transfer assets across the Internet without the need for a centralized third party.
https://www.pwc.com/us/en/financial-...ocurrency.html

So to put it simply, 'bitcoin' is a digital ledger or record of peer to peer transactions which cuts out the 'middleman ' like the bank.
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Mups
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Northamptonshire
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21-12-2017, 10:09 AM
15

Re: Bitcoins

Thank you everyone.

I will definitely be giving this a miss though.
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summer
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yorkshire
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21-12-2017, 10:14 AM
16

Re: Bitcoins

One of my son's friends bought 15 bit coins when they were launched a few years ago, I forget the figures involved but his investment has increased massively, I mean really of the scale. He has sold some of them but kept some too.

If only I had had a crystal ball
Julie1962
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Surrey
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21-12-2017, 10:36 AM
17

Re: Bitcoins

Nathan uses them a bit, only for buying virtual games. They mean he doesn't have to give bank details or even PayPal details to sites that provide the gaming platforms. So safer in that way. I think he bought £50 and that's increased massively in the time he's had them, he has managed to game free due to the increase in value.
clumsy
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Spain
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21-12-2017, 10:45 AM
18

Re: Bitcoins

I'm always seeing articles and ads about bitcoin millionaires, all too complicated for me. Trying to understand it all would melt the bit of brain I still have I don't think I will be having any bitcoins.
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Judd
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West Riding of Yorkshire
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21-12-2017, 01:48 PM
19

Re: Bitcoins

A modern day South Sea Bubble?
Realist
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UK
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22-12-2017, 12:59 AM
20

Re: Bitcoins

Bitcoins

The concept really isn't difficult to understand.

Imagine you decide today to buy some Euros, cos you're going to go on holiday.

You walk into the travel agent or wherever, pay your UK sterling and get an amount of Euros in return. Simple.

Now imagine doing the same thing but instead of having the Euros in cash, they just sit in a special bank account that belongs to you, your Euro bank account.

So if you buy Euros, you go online, pay your UK sterling just like paying for anything on the internet and the balance in your Euro account rises by the appropriate amount.

Now imagine you want to buy a present on the internet and the website is asking say 50 Euros for it. You buy the product like any other using the website and when you get to the paying part you put in your Euro account details and the transaction is made. No different to paying in sterling.

All very simple so far.

Now imagine this for any currency at all. US Dollars, Zen, Rupees. You can buy any of these currencies any time you want but usually when we do it we get real cash notes.

Bitcoins are simply just another currency. They don't belong to any given country as such so can be a global common currency for everyone.

You buy bitcoins like buying any other currency but you don't get cash note. You just get your bitcoin account (like the Euro account) and then you can go and pay for things using your bitcoin account instead of your sterling account.

Like ALL currencies the value of bitcoins varies. The value of any Euros you have goes up and down, same for any US dollars, same for bitcoins.

The key point about bitcoins as a currency is that they are not under the control of the fraudulent banksters. Centralised banking is responsible for the world's fiscal debts and problems. They invent money out of thin air. They loan money that doesn't exist, and charge interest on it.

The banks don't like bitcoin because it is a clear rival to their currencies.

On that basis bitcoins and what they represent (a currency for the people, of the people) are the way forward.

Early days yet though
 
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