Bitcoin

chamelion

EdGasketTheSecond said:

Can someone explain in simple terms what 'value' bitcoin has apart from being one of an elaborate set of unique numbers?

what value does a £50 note have, other than being some numbers printed on paper?

EdGasketTheSecond

chamelion said:

EdGasketTheSecond said:

Can someone explain in simple terms what 'value' bitcoin has apart from being one of an elaborate set of unique numbers?

what value does a £50 note have, other than being some numbers printed on paper?

You know that a £50 note, at least in the short term, can be exchanged for goods and services to the value of approximately £50 because it is accepted as legal tender, backed by banks, backed by the uk government and accepted almost anywhere in the UK.

Anyway that was not my question. I assume by your reply that you are unable to answer it.

chamelion

EdGasketTheSecond said:

chamelion said:

EdGasketTheSecond said:

Can someone explain in simple terms what 'value' bitcoin has apart from being one of an elaborate set of unique numbers?

what value does a £50 note have, other than being some numbers printed on paper?

You know that a £50 note, at least in the short term, can be exchanged for goods and services to the value of approximately £50 because it is accepted as legal tender, backed by banks, backed by the uk government and accepted almost anywhere in the UK.

Anyway that was not my question. I assume by your reply that you are unable to answer it.

My visa debit card, tied to a cryptocurrency, is also legal tender, backed by a financial institution that is regulated. I top up the card with crypto (or can bank transfer), pay for a product, and am paid crypto as a reward. So the £50 sainsbury shop yesterday earned me £5 worth of crypto which I could immediately sell and credit my card account with for future spending. 
Given it's visa, it's applicable globally. 

So, my reply wasn't being unable to answer it. it was a poke at how stupid the question was. 

EdGasketTheSecond

That's interesting, thank you

Username999

EdGasketTheSecond said:

Can someone explain in simple terms what 'value' bitcoin has apart from being one of an elaborate set of unique numbers?

On one level the 'value' of one Bitcoin is the cost of it's creation, you know the electricity used in it's 'mining'.
Similar to the 'value' of one ounce of Lithium mined.
After that, the market decides it's value based on supply and demand.
If no demand then no 'value'.

Malkytheheed

All bitcoin serves to do is create huge amounts of waste heat energy, contribute to global warming, and to make people think they are cool and ahead of the curve. Whereas in reality bitcoin and crypto serve no purpose 

ratechaser

Malkytheheed said:

All bitcoin serves to do is create huge amounts of waste heat energy, contribute to global warming, and to make people think they are cool and ahead of the curve. Whereas in reality bitcoin and crypto serve no purpose 

Whereas a more traditional investment like gold has heaps and heaps of intrinsic value.

No fan of crypto at all, but if we follow this argument, it ultimately reduces to what would we all see as valuable after the zombie apocalypse... water, tinned goods? Firearms? 

chamelion

Malkytheheed said:

All bitcoin serves to do is create huge amounts of waste heat energy, contribute to global warming, and to make people think they are cool and ahead of the curve. Whereas in reality bitcoin and crypto serve no purpose 

You forgot to mention 5g causes coronavirus

EdGasketTheSecond

Well gov'ts and central banks certainly don't like crypto because it circumvents their systems and diminishes their power over us. However they could have the last laugh by simply banning all crypto, except their own version of course, arguing that only someone engaging in nefarious activity would be wanting to use such a 'currency'.

https://www.independent.co.uk/life-style/gadgets-and-tech/news/facebook-libra-cryptocurrency-bitcoin-europe-france-ban-block-latest-a9102171.html

happybagger

chamelion said:

EdGasketTheSecond said:

chamelion said:

EdGasketTheSecond said:

Can someone explain in simple terms what 'value' bitcoin has apart from being one of an elaborate set of unique numbers?

what value does a £50 note have, other than being some numbers printed on paper?

You know that a £50 note, at least in the short term, can be exchanged for goods and services to the value of approximately £50 because it is accepted as legal tender, backed by banks, backed by the uk government and accepted almost anywhere in the UK.

Anyway that was not my question. I assume by your reply that you are unable to answer it.

My visa debit card, tied to a cryptocurrency, is also legal tender

It is not. It might be an accepted form of payment, but it is most definitely not Legal Tender.
Legal Tender is only Bank of England notes and pound coins (for an unlimited amount), and coins of 50p and under for smaller amounts, depending on the coin

(Currency and Banknotes Act 1954, Coinage Act 1971)