8mm Forum: What Is A Bitcoin?

This is topic What Is A Bitcoin? in forum General Yak at 8mm Forum.

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Posted by Maurice Leakey (Member # 916) on November 29, 2013, 02:23 AM:

A computer hard drive holding a Bitcoin virtual fortune of £4M has been buried under tons of rubbish after its owner accidentally threw it away.
http://metro.co.uk/2013/11/28/man-loses-4m-bitcoin-fortune-after-chucking-out-digital-wallet-hard-drive-4205600/
What are Bitcoins and how are they obtained? Once obtained, what do you do with them?

Posted by John Yapp (Member # 2873) on November 29, 2013, 03:07 AM:

Maurice,
Bitcoins are an electronic currency. One can buy Bitcoins with cash or credit cards and use them to buy goods or services online. Unlike making a purchase with a credit card, or even Paypal, they carry few details of the spender when used, and have been used in the past for "dodgy" transactions like money laundering. Like analogue currencies, they are traded in the currency markets and values can rise or fall accordingly. Probably more bitcoins are traded than actually spent.

Posted by Martin Jones (Member # 1163) on November 29, 2013, 09:03 AM:

Why would somebody want to buy "bitcoins" for cash or with a credit card in order to buy something on the web, when you can already buy things on the web with cash or a credit card anyway?

Do I sense another "something for nothing" idea dreamed up by a mysterious Mr. Big who will make a fortune out of a totally unnecessary "virtual" facility?

Or am I (after 76 years on this planet) just as thick as three short planks?
Martin

Posted by Maurice Leakey (Member # 916) on November 29, 2013, 09:07 AM:

I must admit I am still not sure how it all works.
The person who inadvertently threw away his hard drive said on TV that he had acquitted the BitCoins after a long time on his computer.

Posted by John Yapp (Member # 2873) on November 29, 2013, 10:05 AM:

Martin
I think the main advantages of Bitcoin is that they are untraceable when used, and the fact that there is a finite quantity. Because only 21 Million bitcoins will ever be released, they are pretty inflation proof. I might add that I have never used them and have no opinion on their worth as a currency. I was just answering Maurice's request for information.

Posted by Martin Jones (Member # 1163) on November 29, 2013, 11:54 AM:

Thank you for your information, John!

I must say, however, that i remain totally underwhelmed!

Posted by David Ollerearnshaw (Member # 3296) on November 29, 2013, 05:13 PM:

Funny that this should turn up now. A recent article in a PC mentioned these and how they are made. Seem to think you run a programme 24/7/365 and this some how make britcoins. The piece wnet on to say that you use more energy than you can generate coins.

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