Bitcoin - online fad or the future?

This is a discussion on Bitcoin - online fad or the future? within the Cryptocurrencies forums, part of the Markets category; Anyone involved with bitcoin? Could this be the future of currency.? I have been looking at the prices on www.mtgox.com ...

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Old Mar 25, 2013, 12:32pm   #1
 
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Bitcoin - online fad or the future?

Anyone involved with bitcoin? Could this be the future of currency.? I have been looking at the prices on www.mtgox.com. They have gone from £20 to £40 in the last 30 days.
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Old Mar 25, 2013, 12:45pm   #2
 
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Re: Bitcoin - online fad or the future?

All it takes is a security scare whether real or not, but the threat of being able to steal or make bit coins out of thin air will destroy the currency's value.
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Old Mar 25, 2013, 12:58pm   #3
 
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Re: Bitcoin - online fad or the future?

ffsear started this thread That what i was think. I guess for it to really take off it would require someone like amazon to accept them.
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Old Mar 25, 2013, 1:08pm   #4
 
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Re: Bitcoin - online fad or the future?

can someone explain in layman terms how it works,thanks
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Old Mar 25, 2013, 1:14pm   #5
 
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Re: Bitcoin - online fad or the future?

ffsear started this thread Bitcoin

Bitcoin - Wikipedia, the free encyclopedia
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Old Mar 25, 2013, 1:28pm   #6
 
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Re: Bitcoin - online fad or the future?

Quote:
Originally Posted by Lord Flasheart View Post
can someone explain in layman terms how it works,thanks
It seems from what i've read that you get bitcoins by 'mining' which essentially means you put software on your computer and run calculations to solve very complicated numerical problems. Once the software has solved a particular problem, you receive a bitcoin (or a fraction of a bitcoin).

At first I thought that there was some practical use in solving these functions, i.e. perhaps companies needed these things solved and were eseentially paying for computing power, but it seems they don't. They're just created and solved for the purpose of bitcoins.

There are groups that link up to solve these complicated numeric problems, called 'blocks'. The bitcoin, or fraction of it then goes in your personalised wallet, and you can either buy things with it or trade it for dollars. I've read that people in charge of IT departments are running this software on dozens, perhaps hundreds of computers making extra money, so it would be hard to compete with that.
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Old Mar 25, 2013, 1:42pm   #7
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Re: Bitcoin - online fad or the future?

Sounds a bit like a pyramid scheme. If you get in early, maybe you will get something.
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Old Mar 25, 2013, 3:04pm   #8
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Re: Bitcoin - online fad or the future?

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I've read that people in charge of IT departments are running this software on dozens, perhaps hundreds of computers making extra money, so it would be hard to compete with that.
There's something mildly amusing about company employees paid to ensure the security and efficiency of their employers IT infrastructure using it to pop up a pyramid scheme for a few bob.

It gives me a feeling of enormous well being.
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Old Mar 25, 2013, 4:24pm   #9
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Re: Bitcoin - online fad or the future?

so bitcoins are just created out of thin air if your computer solves a problem? Sounds like someone took a page out of Bernanke's book on banking.

Peter
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Old Mar 25, 2013, 5:11pm   #10
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Re: Bitcoin - online fad or the future?

Sounds almost as dodgy as carbon credits.
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Old Mar 25, 2013, 5:20pm   #11
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Sounds almost as dodgy as carbon credits.
Curiously enough Al Gore is a fan for both.
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Old Mar 25, 2013, 5:47pm   #12
 
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Re: Bitcoin - online fad or the future?

If you make a profit using bit-coins - do you have to pay tax?
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Old Mar 25, 2013, 5:51pm   #13
 
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Re: Bitcoin - online fad or the future?

ffsear started this thread There seems to be a bit of volume bitcoins on the USD exchange., Bitcoin Charts / Markets
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Old Mar 25, 2013, 6:16pm   #14
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Re: Bitcoin - online fad or the future?

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If you make a profit using bit-coins - do you have to pay tax?
You only pay a little bit tax.

Peter
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Old Apr 5, 2013, 9:22pm   #15
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Re: Bitcoin - online fad or the future?

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