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In plain English please

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In plain English please

Post  cyprussyd on 2017-12-15, 3:23 pm


  • What are Bitcoins?
  • Can I spend them?
  • How do they work?
  • How do I buy them?



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Re: In plain English please

Post  canary-dave on 2017-12-15, 3:29 pm

cyprussyd wrote:

  • What are Bitcoins?
  • Can I spend them?
  • How do they work?
  • How do I buy them?



REMEMBER I AM VERY OLD

It's virtual currency with a real value. Each bitcoin is worth thousands of pounds and changes daily, if not hourly. 

Now you know as much as I do

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Re: In plain English please

Post  cyprussyd on 2017-12-15, 3:29 pm

canary-dave wrote:
cyprussyd wrote:

  • What are Bitcoins?
  • Can I spend them?
  • How do they work?
  • How do I buy them?



REMEMBER I AM VERY OLD

It's virtual currency with a real value. Each bitcoin is worth thousands of pounds and changes daily, if not hourly. 

Now you know as much as I do
can I spend it at Tesco?

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Re: In plain English please

Post  sunderpitt on 2017-12-15, 4:41 pm

Crypto or virtual currency.. all 'money is is a medium of exchange cos we believe in it.

Imagine you have a stock market broker who could buy 'future's. So you agree to pay in one months time £100 for an ounce of gold. The price of gold goes up and down..  so your option to buy an ounce of gold at £100 could be sold at a price that will fluctate with golds price and what the market thinks is going to happen.

The more people who want that option means it's price will go up.a speculator in futures could by selling make money never having paid out anything. 

Lots of drug dealers and terrorists want bitcoins cos they represent 'value and are not regulated as no paper trail exists
 Others want them as they speculate the price will go up and they will cash on. Some of course have made money.

My own view is that crypto currencies have been with us for a while, there are several of them.
 Britcoin are in a bubble atm it will burst at some point but I suspect they are here for good

Clear as mud

Go and buy (part) one and see what happens best way to learn.
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Re: In plain English please

Post  cyprussyd on 2017-12-15, 6:15 pm

sunderpitt wrote:Crypto or virtual currency.. all 'money is is a medium of exchange cos we believe in it.

Imagine you have a stock market broker who could buy 'future's. So you agree to pay in one months time £100 for an ounce of gold. The price of gold goes up and down..  so your option to buy an ounce of gold at £100 could be sold at a price that will fluctate with golds price and what the market thinks is going to happen.

The more people who want that option means it's price will go up.a speculator in futures could by selling make money never having paid out anything. 

Lots of drug dealers and terrorists want bitcoins cos they represent 'value and are not regulated as no paper trail exists
 Others want them as they speculate the price will go up and they will cash on. Some of course have made money.

My own view is that crypto currencies have been with us for a while, there are several of them.
 Britcoin are in a bubble atm it will burst at some point but I suspect they are here for good

Clear as mud

Go and buy (part) one and see what happens best way to learn.
I'm still a little wary of my contactless debit card

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cyprussyd
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Re: In plain English please

Post  gil t azell on 2017-12-17, 5:18 pm

cyprussyd wrote:
sunderpitt wrote:Crypto or virtual currency.. all 'money is is a medium of exchange cos we believe in it.

Imagine you have a stock market broker who could buy 'future's. So you agree to pay in one months time £100 for an ounce of gold. The price of gold goes up and down..  so your option to buy an ounce of gold at £100 could be sold at a price that will fluctate with golds price and what the market thinks is going to happen.

The more people who want that option means it's price will go up.a speculator in futures could by selling make money never having paid out anything. 

Lots of drug dealers and terrorists want bitcoins cos they represent 'value and are not regulated as no paper trail exists
 Others want them as they speculate the price will go up and they will cash on. Some of course have made money.

My own view is that crypto currencies have been with us for a while, there are several of them.
 Britcoin are in a bubble atm it will burst at some point but I suspect they are here for good

Clear as mud

Go and buy (part) one and see what happens best way to learn.
I'm still a little wary of my contactless debit card
That part of ya card still works even if its stolen. Admittedly its only up to 4 times but they are on about upping the level to two hundred quid as opposed to the current 30 or 35 pounds. Not good.
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Re: In plain English please

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