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I saw this person that has a computer talking about something called 'Bitcoin,' anyone know what that is about?
Bitcoin computers?
- Thread starter Genstt
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Yep. Bitcoin is an alternate currency, on an alternate economical market, and is not tied into any other recognized Worldwide currency.
It's value is regulated by a tight conglomerate of investors, and has nothing of recognized worth on which to base it's value such as gold, silver, precious metals, jewels, or natural resources like oil.
That conglomerate decides on the base worth of the bit coin, so it's value fluctuates at their whim.
The one thing that it does do is to draw to itself any available investment currency to itself.
And in doing so, it thus deprives the other, regulated currencies of the World from increased valuation and stability.
It is marketed as an easy investment to get into, which is true.
But the big drawback is that once in, it is difficult to trade, is not widely accepted as legal tender, and many banks will.not accept it.
My advice would be to stay away from it.
It's value is regulated by a tight conglomerate of investors, and has nothing of recognized worth on which to base it's value such as gold, silver, precious metals, jewels, or natural resources like oil.
That conglomerate decides on the base worth of the bit coin, so it's value fluctuates at their whim.
The one thing that it does do is to draw to itself any available investment currency to itself.
And in doing so, it thus deprives the other, regulated currencies of the World from increased valuation and stability.
It is marketed as an easy investment to get into, which is true.
But the big drawback is that once in, it is difficult to trade, is not widely accepted as legal tender, and many banks will.not accept it.
My advice would be to stay away from it.
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Petros2015
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It's a long story - cryptocurrency bitcoin has a limited supply. There are 2 ways to get a bitcoin: trade something that's not a bitcoin for a bitcoin from someone who has a bitcoin. Or, "mine" a bitcoin by having a computer solve an algorithm (takes a LOT of computing power).
(I'm talking VERY high level explanation here)
The more bitcoins are mined, the more harder it is for a computer to get the next one. Kind of like an ore vein that is less and less pure the more that you take out of it, until it's finally gone. The easiest stuff to get is at the surface.
Bitcoin Definition: How Does Bitcoin Work?
I *suspect* that if someone (or more likely, a government) were to get an actual quantum computer up and running and bring it into the mining system, it would be like bringing a nuclear+ powered miner up against diesel - it would vacuum all of the remaining bitcoins out of the environment at an impressive rate. And then proceed to do the same for every other similar cryptocurrency.
Food for thought.
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