What are Bitcoins?

Discussion in 'Business, Economics and Trade' started by Welsh dragon, Jan 10, 2018.

  1. Welsh dragon

    Welsh dragon Senior Member Staff Member

    We have all been hearing about the new revolution that is the mighty 'Bitcoin' but what exactly are they. From what i can see, they do not exist in real life, the value fluctuates wildly, they are not backed by any monetary institution, and if your bitcoin wallet or vault? Is hacked into and your bitcoins are stolen, theyn tough luck, you lose.

    But i still do no know what they are (if they are anything) in fact. Is buying bitcoin just one of the worst ways of gambling with your hard earned money?

    Thank you in advanced. Confused from the middle of nowhere.:eek:
     
    classic33 likes this.
  2. Jezza

    Jezza Regular Member

    Best left alone IMO. Our local paper yesterday had a half page ad for a firm inviting people to 'invest ' in Bitcoin. No FSA " can go down" warning at the bottom or anything similar. Looked highly dubious. Anything kept online is prone to hacking.
     
    Welsh dragon likes this.
  3. OP
    OP
    Welsh dragon

    Welsh dragon Senior Member Staff Member

    Oh i agree. I just do not understand what they are...^_^
     
    Jezza likes this.
  4. Jezza

    Jezza Regular Member

  5. OP
    OP
    Welsh dragon

    Welsh dragon Senior Member Staff Member

  6. OP
    OP
    Welsh dragon

    Welsh dragon Senior Member Staff Member

    I can see tears before bedtime i think. I really don't know why anyone would want to buy into things like that.
     
    Jezza likes this.
  7. classic33

    classic33 Well-Known Member

    Think "South Sea Bubble", get rich schemes.
     
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  8. Jezza

    Jezza Regular Member

    It wasn't 'by coincidence'. IPads obviously take note of what we type. I typed Bitcoin, then that article popped up and since then I have been bombarded with Bitcoin adverts and articles. Ad blocker seems not to be as useful as once it was.
     
    Welsh dragon likes this.
  9. OP
    OP
    Welsh dragon

    Welsh dragon Senior Member Staff Member


    Oops. You are being watched by big brother ^_^
     
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  10. OP
    OP
    Welsh dragon

    Welsh dragon Senior Member Staff Member

  11. Bromptonaut

    Bromptonaut Rohan Man

  12. OP
    OP
    Welsh dragon

    Welsh dragon Senior Member Staff Member

    But can you blame them, especially when it appears hacking can make people lose everything? Personally i don't blame them. After all, bitcoins are virtually no existent things, in a non existent world (internet) and they are not backed up by anyone. I wouldn't be surprised of other banks don't follow.
     
  13. Bromptonaut

    Bromptonaut Rohan Man

    I don't think hacking played as much of a part as simple fear of whole thing being a massive gamble and/or Ponzi scheme.
     
  14. OP
    OP
    Welsh dragon

    Welsh dragon Senior Member Staff Member


    Which it probably is. I do think hacking does play a part though. Does the banking code re credit cards extend to bitcoin? It isn't money backed by any institution, banking or otherwise, so i doubt they would be under any legal pressure to pay out should a persons bitcoin be stolen?

    Still a wise thing to do in my opinion. I certainly don't blame the bank for their decission. Watch this space re other banks following.
     
  15. classic33

    classic33 Well-Known Member

    As is most of "real money". Existing in a virtual world more than the real world.
     
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