Bitcoin ----- what is it EXACTLY???

[Baron Von Murderpaws]

I've ready the "For Dummies" information, I've watched the Youtube videos, I've read several online sites about Bitcoin information..............

But I'm not a banker or financier, so none of this stuff has been explained to me where I can understand it............at ground level.

By the end of the year, I plan to buy some gold coins and Bitcoin and hold on to it until retirement age.
I understand buying gold. I still do NOT understand Bitcoin.

I have a friend thats a financial advisor, and he tried to explain Bitcoin to me.....and I didn't get anything out of it.

Is there any super simplified information online that explains what Bitcoin is, how it works, and all that???

Inquiring minds wanna know........LOL.

 

[LA RAM FAN]

Well if you couldnt understand anything from your friend and I’m not saying I understand it,then you probably should forget it IMO.

 

[Godboy]

I've ready the "For Dummies" information, I've watched the Youtube videos, I've read several online sites about Bitcoin information..............

But I'm not a banker or financier, so none of this stuff has been explained to me where I can understand it............at ground level.

By the end of the year, I plan to buy some gold coins and Bitcoin and hold on to it until retirement age.
I understand buying gold. I still do NOT understand Bitcoin.

I have a friend thats a financial advisor, and he tried to explain Bitcoin to me.....and I didn't get anything out of it.

Is there any super simplified information online that explains what Bitcoin is, how it works, and all that???

Inquiring minds wanna know........LOL.

I would suggest against it. Its possible that it could end up getting really big, but its more likely to go the other way. Bitcoin is facing several problems in the future. The first is, large companies are now getting into the cryptocurrency game. The market is going to get saturated with these and Bitcoin will take a big hit for it.

The other problem Bitcoin has is cyberwarfare. International crime syndicates are demanding bitcoin now as a ransom because, it cant be traced. Thats why governments are going to crack down on it, at which point it will be worth significantly less. The US is already looking into making a national virtual currency. If they go that route, bitcoin is over. China has already banned cryptocurrency.

I would look at bitcoin as a short term investment only, unless you have cash to spare.

 

[dblack]

I would suggest against it. Its possible that it could end up getting really big, but its more likely to go the other way. Bitcoin is facing several problems in the future. The first is, large companies are now getting into the cryptocurrency game. The market is going to get saturated with these and Bitcoin will take a big hit for it.

The other problem Bitcoin has is cyberwarfare. International crime syndicates are demanding bitcoin now as a ransom because, it cant be traced. Thats why governments are going to crack down on it, at which point it will be worth significantly less. The US is already looking into making a national virtual currency. If they go that route, bitcoin is over. China has already banned cryptocurrency.

I don't think attempts by governments to regulate it, or supplant it, will work. The entire point of Bitcoin is to wrest control of currency away from governments. That's the reason it was created. Most bitcoin users will not be interested in a virtual currency controlled by corporations or government.

 

[Godboy]

I don't think attempts by governments to regulate it, or supplant it, will work. The entire point of Bitcoin is to wrest control of currency away from governments. That's the reason it was created. Most bitcoin users will not be interested in a virtual currency controlled by corporations or government.

The thing is, the US can ban it from being used within the US banking system, ban US companies from using it and ban it in a whole bunch of other areas, making it extremely hard to spend, which will crush its value. The moment the US decides to end Bitcoin, they can do it pretty easily.

 

[dblack]

The thing is, the US can ban it from being used within the US banking system, US companies and a whole bunch of other areas, making it very hard to spend, which will crush its value.

Oh, yes - they can do a lot to undermine it, and I'm sure they will. But I don't think they'll be able to replace it.

 

[Larsky]

I picked up $1000.00 at the start. It's been ok.

 

[MarathonMike]

Oh, yes - they can do a lot to undermine it, and I'm sure they will. But I don't think they'll be able to replace it.

I agree. There is too much support in the world for bitcoin to persist. It's valuation will continue to fluctuate wildly, but I don't see it or cryptocurrency in general going away.

 

[Godboy]

Oh, yes - they can do a lot to undermine it, and I'm sure they will. But I don't think they'll be able to replace it.

A US backed cryptocurrency could be used anywhere in the world. It would instantly become the big dog out there.

 

[skye]

Nope.

Bitcoin shit not for moi.

I'm old fashioned

 

[Esdraelon]

A US backed cryptocurrency could be used anywhere in the world. It would instantly become the big dog out there.

You are aware of our 28 TRILLION DOLLAR debt load, yeah? I don't pretend to understand economics or cryptocurrency but I do understand the effects of creating such a massive load of Fiat currency, all being dumped into our economy over such a brief period. The goal is to collapse the dollar and my guess is it will happen within the next year. The ride gets VERY wild from that point forward.

 

[The Irish Ram]

A US backed cryptocurrency could be used anywhere in the world. It would instantly become the big dog out there.

It's almost like monopoly money. In a pretend wallet on the internet. It can disappear like it never existed. It can be stolen. It's just strange.
And I believe crypto is going to replace the dollar. In our virtual wallet, that the government has access to. Your crypto pay check deposits automatically, and the gov. withdraws their monthly taxes for mileage usage per vehicle, per month. And the fossil fuel use tax, unrealized capital gain tax, carbon footprint tax, climate change fund, penalty for over your limit energy usage, then you get what is left...for now.

 

[Asclepias]

I've ready the "For Dummies" information, I've watched the Youtube videos, I've read several online sites about Bitcoin information..............

But I'm not a banker or financier, so none of this stuff has been explained to me where I can understand it............at ground level.

By the end of the year, I plan to buy some gold coins and Bitcoin and hold on to it until retirement age.
I understand buying gold. I still do NOT understand Bitcoin.

I have a friend thats a financial advisor, and he tried to explain Bitcoin to me.....and I didn't get anything out of it.

Is there any super simplified information online that explains what Bitcoin is, how it works, and all that???

Inquiring minds wanna know........LOL.

Since your friend couldn't explain it to you and the book was a waste, all you need to know is that its like anything else you invest in. It's worth what people believe it's worth. The security of the transactions are way better than anything else and it leaves a digital trail. The block chain, encryption, security, and algorithms that go into it will just confuse you more.

 

[Asclepias]

The goal is to collapse the dollar

The dollar is also fiat. Its based on the same thing crypto currency is based on.

 

[fncceo]

Like all fiat money ... it's a worthless entity that people agree to accept in exchange for goods or services

 

[Idalia Ravenwood]

I would suggest against it. Its possible that it could end up getting really big, but its more likely to go the other way. Bitcoin is facing several problems in the future. The first is, large companies are now getting into the cryptocurrency game. The market is going to get saturated with these and Bitcoin will take a big hit for it.

The other problem Bitcoin has is cyberwarfare. International crime syndicates are demanding bitcoin now as a ransom because, it cant be traced. Thats why governments are going to crack down on it, at which point it will be worth significantly less. The US is already looking into making a national virtual currency. If they go that route, bitcoin is over. China has already banned cryptocurrency.

I would look at bitcoin as a short term investment only, unless you have cash to spare.

Governments can do jack-shit about Crypto, several have made it completely illegal, and that has done nothing to prevent people from exchanging in it. Most people have multiple Crypto wallets, so that even if they are EXTREMELY careless with their information and the Government somehow gets a hold of it, they can only try to seize a small amount of their Crypto assets(In which case, it's their fault for giving out information that people shouldn't actually have). Secondly, Crypto HAS to be decentralized, so big companies can't actually make it, since their involvement would mean that they MUST be able to control it. Additionally, if a company is intending to actually involve themselves in Crypto, they have to make it taxable, in which case it's not Crypto, because that means it's not secure. Facebook already tried making fake Crypto, called Ripple, which nobody seems to exchange in.

"International Crime Syndicates" may exchange in Crypto, however if you're referring to the recent 'oil hacking', the supposed purchase that took place didn't actually affect the Crypto market, so I'm pressing X to doubt.

I recommend researching into Crypto more, since you don't seem to actually know anything about about it. I'm not trying to be rude, but there's too much false information going around about crypto that comes entirely from people wanting to comment without actually knowing what it is, and it's extremely irksome.

 

[Idalia Ravenwood]

Like all fiat money ... it's a worthless entity that people agree to accept in exchange for goods or services

Fiat is created by Government, with no supply cap, no utility, is completely centralized, and is only used due to Government force.

Crypto is secure, decentralized, has a supply cap, and is used voluntarily.

They are absolutely not the same thing.

 

[Idalia Ravenwood]

The thing is, the US can ban it from being used within the US banking system, ban US companies from using it and ban it in a whole bunch of other areas, making it extremely hard to spend, which will crush its value. The moment the US decides to end Bitcoin, they can do it pretty easily.

You mean the White Market. People can absolutely exchange in Crypto without the Government's consent, and that's one of the reasons it has utility. You can avoid taxes and regulations, making your exchanges cheaper, and for a wider variety of things. Russia and China have both attempted to ban it, with zero success.

Governments pretending they can control it is amusing at best, and pathetic at worst.

 

[Idalia Ravenwood]

I agree. There is too much support in the world for bitcoin to persist. It's valuation will continue to fluctuate wildly, but I don't see it or cryptocurrency in general going away.

Fluctuations are a result of comparing it to fiat, which has no utility outside of what's forced by the Government, and no supply cap.

Although, if we wanted to pretend that the fluctuations matter, those fluctuations are always at a higher value than fiat.

EDIT: Fiat trending downward, as it always has, because all fiat eventually crashes.

 

[the other mike]

I've ready the "For Dummies" information, I've watched the Youtube videos, I've read several online sites about Bitcoin information..............

But I'm not a banker or financier, so none of this stuff has been explained to me where I can understand it............at ground level.

By the end of the year, I plan to buy some gold coins and Bitcoin and hold on to it until retirement age.
I understand buying gold. I still do NOT understand Bitcoin.

I have a friend thats a financial advisor, and he tried to explain Bitcoin to me.....and I didn't get anything out of it.

Is there any super simplified information online that explains what Bitcoin is, how it works, and all that???

Inquiring minds wanna know........LOL.

I'm not an economist or a financial wizard but I watch the historical numbers, so I do remember less than 20 years ago, that gold was holding steady at about $300 an ounce......then sometime shortly after 9/11 and the Iraq War and all that good stuff , gold skyrocketed to approaching $2000 by 2008.....

And if I'm not mistaken, gold held steadily above $1500 ever since. Again don't take my word for it but at $1800 and climbing, I don't think it's a great time to buy gold. Like oil and other commodities it could go back down anytime.