What - in words of one syllable - the heck is cryptocurrency?
I've spent most of my working life in finance and yet I can't get my head around bitcoin / digital currencies / cryptocurrency. It's, like, electronic, you can't actually see it, touch it or spend it, but it gets more valuable all the time - wha?Am I being super thick? Can anyone explain it without posting in links to sites I've already given up trying to understand?
I didn't even know whether to classify this blog as gaming or technology
Comments (43)
-the noice comes from the cooling-fans whos there to keep the computers running.... crazy the whole thing.
and cryptic....
He was never a risk taker while he was alive...probably that was why he never strike it rich!
I don't like things I can't understand, and I really don't like things I can't understand becoming mainstream, and it is.
I really really don't want to wake up one day and find the small amount of savings I have had been invested by my bank in cryptocurrency and oops, sorry Biff, we lost it all. Yet cryptocurrency is increasingly moving into the shipping lanes.
Crypto is a bitcoin and is complicated. What it is is for anyone to buy a crypto currency to an investor such as bank and you as the owner of that can trade any services to that account such as buying an airplane or anything and can't be traced to you. Complicated but the drug dealers and or billionaires use this system in order to avoid tax and or tracing their wealth. \
My ex was in the investment world and I heard a little bit about it.
It's like a giant April Fool joke that won't stop
More with a simplified explanation.
That's money that was used in that movie "Tales from the crypt."
Imagine the drug cartels buying the bitcoin (original name) or crypto and use it to trade services no matter how big and can't be responsible in any tax obligation. It is ;very complicated.
Coins from the eyes of the dead, eh? Oh well THAT's okay
You or me or anyone can buy. You have to go though a whole orientation, process to be a buyer.
What worries me is that every form of banking before, numbered bank accounts and all, have been tied to real currency, backed by real assets, at least in theory.
Now something that has no physical links, that can be lost forever if you lose your codes, that has absolutely no existence at all, is less physical than a soap bubble, is increasingly being seen as a valid investment. That can't possibly be right.
I do know that shares bought for a dollar can be worth hundreds, even thousands, of dollars and the only piece of paper connected to them will always have the face value of one dollar. Their value can soar or crash too, and that's part of the gamble. But somewhere along the line that share and its soap bubble value is linked to something physical. It is traceable, it is owned, it is bought and sold. This isn't. It does my head in a bit.
With value for one bitcoin sitting at $6K today that would have to be one helluva cup of coffee
So I was wrong, and I need to find out more
the ones who likes to try out this stuff, only have small amounts, like a quarter or so of a bitcoin.
I remember they paid through their phones...( o,oo23 bitcoins as an example...) I guess theres spechial programs or apps they go through... (ohhhh, I SO hate apps)...
jaja...enough rambling from me...!
-so who ever invented it, sure knew what they/he/she , was doing...
-thats what I find most exiting about the whole thing, when thinking about all those computer-freeks that probably been trying to break into this program...
-but imagine , one day, somone does?
I rather go to a casino....
Let me start you off;
as the central banks are printing money, that money needs to leave the system.
In my country they see it as speculation, so you'll need to pay taxes on the profit made (off course losses are for you).
I don't know if you have to do that for other currencies.
I own a few ripples and Ethereums. it does nothing.
All is low, so maybe it is a time to buy?
nobody knows, but the rich still want to get richer, that is for certain.
=john oliver had a nice one about it.
He's the great explainer for the newbs.
Listen, if this blog makes you decide to work on it and you crack it, I want a small share, k? Half a million would do me nicely
I'll look up the John Oliver one, when he isn't being a prat and taking the mickey he is very good indeed, ta.
Most aren't that fussed