Free Bitcoin?

LHW99

The truth is most crime and tax invasion in the UK uses pound notes

If that's really the case, then they are even more old fashioned than I am!

The thing with any currency, although the bank balances are a string of electronic digits and the paper / plastic (5£ and upwards) notes have no intrinsic value - how do I give a child a bitcoin to go to the shop and actually buy somethig?
The first stage of money understanding is the realisation that once you have haded over your carefully hoarded 6d (or whatever) and got something back, its gone.
It is a physical, concrete experience that lays a foundation for understanding the same thing later when all (or most) transactions are divorced from the real thing.

JohnRo

glentoran99 wrote: »

When you by £1 of bitcoin you get what £1 of bitcoin is worth at that second of time, 30 seconds later that £1 of bitcoin is worth 50p, Or £10 depending on what happens in a very volatile market,


You could spend some bitcoin on a pizza and a month later find that pizza cost you £1000


So my question is, Would you buy bitcoin as a saving method?

Instead of spouting hysterical nonsense, why not simply look at the facts.

https://blockchain.info/charts

unitedwestand

fun4everyone wrote: »

Note I am not really for or against bitcoin but I think it merits discussion.

Another problem not yet mentioned with bitcoin that I see is as follows. Your normal bank account only has to get the tiniest sniff that you are buying or selling bitcoin to close your accounts down. Just google bitcoin closed bank account or search bitcoin forums to see. The UK is notorious for being one of the worst for this. I dont even care if 95% of transactions go through without punishment I do not want a 5% chance of my bank account being closed thank you very much!

So if dont want to use my bank account/faster payments/credit card to buy bitcoins then how do I do it? I am certainly not handing cash over to a stranger. As far as I can see it the only option are the ATM's and they are only in London/Manchester/Glasgow. They also charge huge rip off fees. Until it is easier to buy they cannot ever be mass market.

Interesting, I've not really heard of this being an issue. Could be bankers and government posting those rumors themselves as I've never had any problems, in fact the bank profits from me wiring money to a bitcoin exchange and if they did shut my account I'd just go elsewhere. No shortage of banks willing to take money.

Malthusian

JohnRo wrote: »

Instead of spouting hysterical nonsense, why not simply look at the facts.

https://blockchain.info/charts

It's not hysteria, it's just hyperbole. It may take Bitcoin several months rather than 30 seconds to double or halve in value, but that's just as bad from the perspective of someone who wants a stable store of value to accept their salary payments in.

Malthusian

unitedwestand wrote: »

How do you know Governments aren't doing that with Bitcoin already and saying it's volatility makes it too risky as a currency or for an ETF?

Hang on, you said that we should all use Bitcoin because it isn't open to manipulation by Governments. Now you're saying that Governments are manipulating it and that's the only reason it's unattractive to use.

If both Bitcoin and fiat currency are being manipulated by Governments I may as well use the one that I can count on being a stable store of value in the near term.

glentoran99

So "pump and dump" cant drastically alter the price of crypto currencys in a matter of hours?

Cogs44

I've used one of the London ATMs and it was a nightmare: had to wait around for ages for the confirmations, felt like the shop owner thought I was a drug dealer and the machine underpaid me as it ran out of £10 notes.

unitedwestand

Malthusian wrote: »

It's not hysteria, it's just hyperbole. It may take Bitcoin several months rather than 30 seconds to double or halve in value, but that's just as bad from the perspective of someone who wants a stable store of value to accept their salary payments in.

In the past 8 years, would you rather have had your salary paid in Bitcoin or pounds?

unitedwestand

Malthusian wrote: »

Hang on, you said that we should all use Bitcoin because it isn't open to manipulation by Governments. Now you're saying that Governments are manipulating it and that's the only reason it's unattractive to use.

If both Bitcoin and fiat currency are being manipulated by Governments I may as well use the one that I can count on being a stable store of value in the near term.

Bitcoin then? If you had a £1 8 years ago, compare that with what you could buy if you had a £1 worth of Bitcoin 8 years ago.:)

If you'd quoted me fully... sure governments can spike prices higher by buying Bitcoin but to spike it lower, below the rest of the globally accepted market value they'd need to sell it at a loss and lose money. Gordon Brown did sell off the UK's gold reserves at the bottom..so suppose you never know

unitedwestand

LHW99 wrote: »

The thing with any currency, although the bank balances are a string of electronic digits and the paper / plastic (5£ and upwards) notes have no intrinsic value - how do I give a child a bitcoin to go to the shop and actually buy somethig?

Thats a really good question LHW99. at the moment by using a Bitcoin Debit Card

Cryptocurrencies are a bit like internet in the 1980's, the mechanics are complicated, the interface isn't very polished so a lot of folk don't understand it or just don't care.... after all they have a 10" tube telly, a VHS player and cassette stereo that's the latest and greatest and the postie delivers their postcards and letters just fine .... why would they care? After all this technology is just for Geeks, the same way Bitcoin is just for Criminals.

If we can have internet banking, internet movies, internet newspapers, internet letters, internet music, internet video conversations, internet friends, internet forums is it so hard for folk realize that maybe one day everyone will be using an internet currency?