Can someone explain bitcoin to me?

Discussion in 'The Water Cooler' started by Wiscohunter, Dec 6, 2017.

  1. Wiscohunter

    Wiscohunter Die Hard Bowhunter

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    None of it makes sense to me.
     
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  2. TKP030

    TKP030 Weekend Warrior

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    From what i have gotten, its a digital currency created by an anonymous person with only a finite amount.
     
  3. Swamp Stalker

    Swamp Stalker Grizzled Veteran

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    LOL! I was wondering the same thing a few minutes ago watching the news


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  4. charleshibner92

    charleshibner92 Weekend Warrior

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    What i want to know is how there backing it up seems to be worth more then gold.


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  5. Wiscohunter

    Wiscohunter Die Hard Bowhunter

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    Isn't it bought and sold with real currency? I mean we can get into a whole other debate into whether "real currency" is backed up by anything either but, it seems like something that it can crash at any given moment without any notice at all. I looked it up on wiki and left more confused than when I started.
     
  6. MnHunterr

    MnHunterr Grizzled Veteran

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    Check the market and you will see that it is extremely volatile. One day it will crash, and the next it will go up by thousands.

    In the most basic of terms Bitcoin is a Cryptocurrency (a digital asset acting as a substitute of real currency). The crazy thing about Bitcoin is that it's not physical money... It's basically speculation on what's going to happen. There are businesses that do accept Bitcoin as a form of currency, so there is some validity to it all.

    The Bitcoin price is on an unbelievably ridiculous upswing which is likely to be a bubble. If you're trying to get rich quick by dumping your retirement funds into it, then your "investment strategy" is not much better than someone betting everything on a game of roulette. Roughly 4 years ago the price of Bitcoin plummeted from something like $1200 per coin to $200 per coin. That can happen at any given moment... I cannot understand how people think that it is a good investment.

    Apparently when Bitcoin first started a computer programmer traded 10,000 Bitcoins for 2 pizzas. If he had held onto those 10,000 coins, he could have sold them today for 150 million dollars.
     
  7. Wiscohunter

    Wiscohunter Die Hard Bowhunter

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    Also, what do they mean when they say there is bitcoin mines? and apparently these "mines" use just a ton of electricity to I guess create more bitcoin? what?
     
  8. MnHunterr

    MnHunterr Grizzled Veteran

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    I'm not going to try to explain it... I have a very limited knowledge on that. They use "mining" computers to "mine" for bitcoins.

    https://www.economist.com/blogs/economist-explains/2015/01/economist-explains-11

    There is a link explaining it a bit.
     
  9. Shocker99

    Shocker99 Grizzled Veteran

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  10. MnHunterr

    MnHunterr Grizzled Veteran

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    It's basically like math problems being solved. People who solve them get X amount of bitcoins.

    On a seperate note... Bitcoin just hit $19,000. Then the trading "app" or whatever people use crashed and it's back down to $15,000. The volatility is absolutely insane. Went up to $19,000 and down to $15,000 in roughly 15 minutes.
     
  11. Skywalker

    Skywalker Grizzled Veteran

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    None of it makes any sense to me. There's absolutely nothing backing up the value. I understand that we don't have gold to back up the US dollar like we used to, but we have a Government and stability to back up the USD. I feel like the Bitcoin could just disappear one day and bitcoin owners won't have any recourse because there's nothing backing to currency. It seems like a currency that was literally created out of thin air.
     
  12. MnHunterr

    MnHunterr Grizzled Veteran

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  13. CoveyMaster

    CoveyMaster Grizzled Veteran

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    Dunno anything about it but I'm gonna go buy all I can afford.
    Sounds like one coin. :lol: I'ma gonna be rich!
     
  14. Germ

    Germ Legendary Woodsman

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  15. Wiscohunter

    Wiscohunter Die Hard Bowhunter

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    Could probably be hacked too.
     
  16. No.6Hunter

    No.6Hunter Die Hard Bowhunter

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    If this thread started back in 2000 Id say invest in bitcoin but now bitcoin is slowing down and not doing as well. One bitcoin is worth around $17,065 as of today. I currently have $13.14 in bitcoin and started with $5. There is also Ethereum and Litecoin which are under $500 a "share" right now.
     
  17. Fitz

    Fitz Administrator

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    I'll sell you one FitzCoin for...








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  18. greatwhitehunter3

    greatwhitehunter3 Grizzled Veteran

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    Sounds like the grain markets..
     
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  19. CoveyMaster

    CoveyMaster Grizzled Veteran

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    Yeah I need to get into this stuff too, I can't lose money fast enough with grain alone. :lol:
     
  20. greatwhitehunter3

    greatwhitehunter3 Grizzled Veteran

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    Haha no kidding!
     

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