Bitcoin Query

Cotta

Hi All,

I know there is a separate discussion going on regarding bitcoins, however I am on a survey reward site and I've almost accumulated enough to purchase a "Bitcoin - 10 mBTC" what does this equate to?

Thank you.

dryhat

10 mBTC is 0.01 BTC

At the current exchange rate of £530 that is equal to £5.30

Cotta

dryhat wrote: »

10 mBTC is 0.01 BTC

At the current exchange rate of £530 that is equal to £5.30

Thanks, I didn't realise that partial bitcoins could be bought.

dryhat

Cotta wrote: »

Thanks, I didn't realise that partial bitcoins could be bought.

Yes, Bitcoins are highly divisible and you don't have to buy a whole Bitcoin.

I should add, that spending time on "free Bitcoin" sites is a waste of time and effort and you would be better off purchasing them directly.

Cotta

dryhat wrote: »

Yes, Bitcoins are highly divisible and you don't have to buy a whole Bitcoin.

I should add, that spending time on "free Bitcoin" sites is a waste of time and effort and you would be better off purchasing them directly.

Thanks but it's just a click site that offers Bitcoin as one of the rewards.

What site can I use to check the value of Bitcoins and to purchase/sell them?

dryhat

Cotta wrote: »

What site can I use to check the value of Bitcoins and to purchase/sell them?

For checking the current exchange rate, I like Bitcoin average....
https://bitcoinaverage.com/#GBP-nomillibit

It's an aggregated price from several exchanges and can show a choice of currencies, has charts and you can choose to display mBTC if you prefer that unit.

As far as buying/selling, I use Bitstamp and localbitcoins and have found both to be quick, safe and reliable.

Cotta

Just to make sure I am calculating this correctly on the above calculator, does £51.90 eqaute to one full Bitcoin or am I reading this incorrectly?

dryhat

Cotta wrote: »

Just to make sure I am calculating this correctly on the above calculator, does £51.90 eqaute to one full Bitcoin or am I reading this incorrectly?

You are reading it incorrectly. £51.90 equates to 100mBTC
One full Bitcoin would be £519

The page I linked to is displaying mBTC. Next to the price is a button which can be toggled between BTC and mBTC

Cotta

dryhat wrote: »

You are reading it incorrectly. £51.90 equates to 100mBTC
One full Bitcoin would be £519

The page I linked to is displaying mBTC. Next to the price is a button which can be toggled between BTC and mBTC

I see what you mean now and in the brief time since your post the value has now dropped to £516 per Bitcoin.

dryhat

This time last year I was paying £11 per bitcoin.

And in 12 months time, £516 may seem as cheap as £11 does now.

But regardless of the price, the true value of Bitcoin lies in the core technology - a brand new technology with the potential to revolutionise the world economy.

puk999

dryhat wrote: »

But regardless of the price, the true value of Bitcoin lies in the core technology - a brand new technology with the potential to revolutionise the world economy.

I confess to knowing nothing about Bitcoin, but there are alternatives to Bitcoin with similar technologies, so who is to say that Bitcoin won't wither and die?

For example, Bitcoin could be Betamax and Litecoin VHS