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Bitcoins/Cryptocurrency

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Comments

  • WillGates
    WillGates Posts: 39 Forumite
    12,000

    :)
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Post of the Month
    WillGates wrote: »
    Oh no!!!

    Below $10,500 :(
    WillGates wrote: »
    12,000

    :)

    Should we expect a price update from you every couple of days? ISTM that anyone who is reading a thread about bitcoin has internet access and could find out the price if they wanted to know it.
  • WillGates
    WillGates Posts: 39 Forumite
    Next buy target sub 9500.
  • msallen
    msallen Posts: 1,494 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    WillGates wrote: »
    Next buy target sub 9500.

    I could be tempted into buying a single bitcoin, just for the novelty value, at $0.95.
  • capital0ne
    capital0ne Posts: 872 Forumite
    500 Posts Second Anniversary
    bostonerimus wrote: »
    To mine BTC you use software to do accounting on BTC transactions. The ledger of transactions is broadcast and anyone can do some up keep and then rebroadcast it. You earn BTC by doing this.
    Bitcoin mining is so energy intensive unless you have a source of very cheap electricity you will never make a profit.
  • capital0ne
    capital0ne Posts: 872 Forumite
    500 Posts Second Anniversary
    You'd be better of growing black tulips!
  • Ash_Pole
    Ash_Pole Posts: 346 Forumite
    Part of the Furniture 100 Posts Name Dropper
    capital0ne wrote: »
    Bitcoin mining is so energy intensive unless you have a source of very cheap electricity you will never make a profit.

    I'm wondering what happens when all the the bitcoins are mined. AFAIUI mining the bitcoins is the reward for processing the transactions. If there's no longer an incentive will the whole thing collapse?
  • masonic
    masonic Posts: 27,926 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Ash_Pole wrote: »
    I'm wondering what happens when all the the bitcoins are mined. AFAIUI mining the bitcoins is the reward for processing the transactions. If there's no longer an incentive will the whole thing collapse?
    Miners add transactions to each block they mine. Each block can contain up to 3500 transactions, and the miner pockets the fee for each transaction, which can range from a few pennies up to tens of pounds. In the future, the transaction fees will need to total more than the energy cost of mining each block for miners to make any profit.
  • N1ckS
    N1ckS Posts: 251 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    New lesson on Coinbase Earn, $14 of DAI:
    https://www.coinbase.com/earn/dai?utm_medium=social&utm_source=twitter&utm_campaign=earn_dai_adv_lessons
  • WillGates
    WillGates Posts: 39 Forumite
    WillGates wrote: »
    Next buy target sub 9500.

    Nice, sell at 11,000.
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