How to buy your first Bit of Bitcoin - Step 1

[Chrissy]

me too!  Thanks for taking the time Rob

[BrendanTreeFeller]

Wow - what a load of hassle - any point to doing this? I hate remembering 10million usernames and passwords ...

[dan494]

2 hours ago, BrendanTreeFeller said:

Wow - what a load of hassle - any point to doing this? I hate remembering 10million usernames and passwords ...

None that I can see. Just seen one guy on yet another facebook thread saying he's 'made' £5k this week but isn't selling because he heard the price is going from 10k to 50k next year. Riiiight, so is it a currency or investment then? How can it be an investment when it doesn't generate anything and its sole value is speculation. How can it be a currency when to spend your digital code you need sell it to someone else for real money?

[Rob D]

Hmmm you're a tough crowd Dan;) You know that people trade £ on the stock market? The price goes up and down - so the £ is both a currency and for some also an investment. What makes a £ have value? Because you and others around you believe it has value - but what is a £5 note? It is simply a piece of paper. That is all it is.

 

The reason that paper money has value is that you, me and others believe it has value. There is nothing behind it. It doesn't do anything. It has no function.

 

Does the £ and other money have value because you can spend it? If that is what makes it valuable by that reason if a crypto currency can be widely used and everyone accepts it then does that make it OK?

 

I'm not arguing here - just putting it out there.

 

 

If you are interested then you need to read a bit about how Bitcoin started and do some research really - pretty good vid here (although beware the adverts for bitconnect on there as pretty sure this is a Ponzi style scheme..)

 

 

 

 

[Richard 1234]

None that I can see. Just seen one guy on yet another facebook thread saying he's 'made' £5k this week but isn't selling because he heard the price is going from 10k to 50k next year. Riiiight, so is it a currency or investment then? How can it be an investment when it doesn't generate anything and its sole value is speculation. How can it be a currency when to spend your digital code you need sell it to someone else for real money?

In some respects it’s the same as the big investment firms do. They speculate and buy and sell numbers in computers.
That being said they would end up with something tangible not just computer code should it drop like a stone. They would still have lost lots of cash though.

[kevinjohnsonmbe]

The good, old, old fashioned barter system is my strongest and most favouritest "currency!"

 

No middle muppets, no shiny asses taking a slice for typing a keyboard, no central control creaming off tax, no one has a say unless they have something tangible to contribute....

 

But it's good to spread the adventures!

[Gary Prentice]

Just don’t tell the taxman you’ve traded a load of logs for accountancy services!

[Steve Bullman]

Well I think I missed out one of the things I was supposed to print out so going to have to start over!

[kevinjohnsonmbe]

2 hours ago, Gary Prentice said:

Just don’t tell the taxman you’ve traded a load of logs for accountancy services!

[Rob D]

I would say IOTA, Ripple and Cardano could be the ones of the future... may take a year or two though.