I have read loads on this, yet it’s never clear how you get money in and out. Limited supply, so do you buy off someone and what can you really do with it? I suspect it’s like lots of these ‘investment ‘ things: worthless TIL you sell anyway and when you do it’s never as easy, or as good, as you expected...
Or being forced to disclose like everyone else and get closed down. Imagine, 100k on your laptop and it gets nicked...
Well, there’s plenty of websites where you can sell them. They display their rate, like any currency exchange place. I’m up £50 in the past few weeks now
Computer goes, so does the wealth. Suppose probably like losing a share certificate? But maybe more likley. Can I buy widely : a paper with it? Can I buy a car? Can I buy a meal? Those would be my tests of real vs utter vapour
Only a few places online take it. There are some proper hipster Shoreditch type shops that take it in an attempt to be trendy but it is a faff to actually try to use it. Best off going online and simply trading it back to GBP.
Pretty much. It’s the anonymity that has the value. If there were an untraceable way of trading wine gums then Maynards would be laughing. As it stands, my minuscule investment (just gone back and checked. £9.07 worth I purchased) will yield me an oil and filter change on the KTM (obviously done myself). Will keep it in though as I’m just curious to see where it goes.
this guy talks often about bit coin https://www.rt.com/shows/keiser-report/411702-episode-max-keiser-1157/
If you owned a gold bar or a diamond, you couldn't buy a paper with it, or a car, or a meal. That doesn't mean that gold = vapour.
Of course you can. Everything tradeable. You could buy a car with bananas if you had enough and the buyer was prepared to accept them.
Right. Selling gold or diamonds for money is also not quite as simple as it looks. You can only sell them if somebody will buy them, and if the price is dropping at the time they may be reluctant to buy except at a deep discount.
If you want to go down that road, you could buy a car with an IOU if the seller was prepared to accept it. That's what bitcoin is - a high tech IOU backed by nothing and nobody.
I use the coinbase app from the app store. You transfer euros to them from your bank account and then use the euros to buy bitcoins or ethereum. You can leave your bitcoins in your online wallet with them but it's much safer to buy a cold wallet, looks like a usb stick, and transfer them to this. Your coin is then held safely and securely off your computer and away from the internet. Reverse the process when you want to sell and the dosh turns up back in your bank account, easy.
But what do you use them for? And if you need to use a bank, assuming the bank has anti-laundering practices and controls, how do you circumnavigate the system? I.e. why not just leave it in the recognised currency?
You do - its called 'money'. Gold can be touched. The IOU paper money can be touched. It exists. A line if bits honest in the same context.
I’m not saying I am going down that route. I am merely highlighting-through the scientific medium of bananas -that your assertion was rubbish. Gold bars and diamonds -being specific and clear to the point you were trying to make ( dont cloud it by trying to bring in anything else) - are perfectly and reasonably accepted as trading medium in today’s society.
Money is backed by governments, central banks, and assets. Bitcoin is backed by nothing and nobody. If the bubble bursts, it becomes as valuable as tulip bulbs or shares in the South Seas Company.
