8mm Forum: What Is A Bitcoin?

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Topic: What Is A Bitcoin?

Maurice Leakey
Film God

Posts: 5895
From: Bristol. United Kingdom
Registered: Oct 2007

posted 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?

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Maurice

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John Yapp
Expert Film Handler

Posts: 148
From: Telford England.
Registered: Dec 2011

posted 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.

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Martin Jones
Phenomenal Film Handler

Posts: 1269
From: Thetford , Norfolk,England
Registered: May 2008

posted 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

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Retired TV Service Engineer
Ongoing interest in Telecine....

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Maurice Leakey
Film God

Posts: 5895
From: Bristol. United Kingdom
Registered: Oct 2007

posted 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.

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Maurice

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John Yapp
Expert Film Handler

Posts: 148
From: Telford England.
Registered: Dec 2011

posted 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.

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Martin Jones
Phenomenal Film Handler

Posts: 1269
From: Thetford , Norfolk,England
Registered: May 2008

posted November 29, 2013 11:54 AM

Thank you for your information, John!

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

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Retired TV Service Engineer
Ongoing interest in Telecine....

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David Ollerearnshaw
Phenomenal Film Handler

Posts: 1373
From: Penistone Sheffield UK
Registered: Oct 2012

posted 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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I love the smell of film in the morning.

http://www.thereelimage.co.uk/

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