Bitcoin (cryptocurrency)

dublinblue12 said:
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Theres some big difference here though to that famous Bubble

The supply of tulips wassn't fixed bitcoin is fixed. Supply won't outstrip demand with Bitcoin like it did for Tulips.

Bitcoin is durable, Tulips are not. It won't deteriorate over time like Tulips.

Unlike during tulip mania,we live in a time of the internet, worlds more globbaly connected, ecommerce etc, Bitcoin can be used everywhere and is being accepted more and more as form of payment across the clear web, maybe some brick and mortor stores too, Tulips can't do that.

Bitcoin is practical, for example in economies like Venezuela were the local currency is pretty worthless,people are turning to bitcoin to store wealth, tulips serve no real purpose only to be looked at.

You don't need to own a full bitcoin to gain value on it, a quarter of a tulip is worth nothing

Once the Tulip supply outstripped the demand the price crashed. The supply of bitcoin is fixed and will reach a mathematical finite end where no new coins will be generated ever again. There is no way to increase the pace of mining while supply can still be generated in any appreciable way to meet demand as it will only drive the math to its completion sooner and the fixed finite supply will exacerbate the demand further.

For me no valid comparison between the two other than one WAS a bubble and one could be maybe

Not saying its value won't drop at some stage (I do wonder about when do I decide to cash out) and it has some other challenges facing it such fraud of ICOs, banning of crypto-exchanges, etc.
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I’m aware of the counter arguments fella, there is a place for bitcoin but a 17 fold increase inside 12 months is a bubble.

There have been plenty of bubbles in things that were more practical than tulips, there have been many With housing for a start. But whilst bitcoin is so volatile and illiquid (they stop trading every time it takes a dive) then it makes it very difficult for stores to actually set prices in bitcoin as there’s no guarantee that the price they set would be correct an hour later let alone a day or week after pricing.

I do really hope you make lots of money, I’m just risk averse (for my clients) and so long as you know it’s a very high risk, very volatile asset and a gamble as opposed to an investment then that’s fine.
 
Machiavelli said:
This is what will happen to kill it off. Something will be brought up regarding terrorists or folk on the dark web using it. The world’s banksters won’t allow it to flourish beyond a certain point.
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It’s not flourishing though in a traditional sense. People are buying and holding it to make money, no one is buying it for the purpose of using it to buy goods and services at present, that’s the ‘issue’ so to speak.
 
Machiavelli said:
This is what will happen to kill it off. Something will be brought up regarding terrorists or folk on the dark web using it. The world’s banksters won’t allow it to flourish beyond a certain point.
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Yeah waiting for a news article to claim it causes cancer next myself,but the terrorist thing I think is already doing the rounds so I'm sure that will be pushed more, as for the darkweb stuff, its being played out there a bit as its no longer anonymous like it uses to be and ppl are turning to Monero there
 
SWP's back said:
I’m aware of the counter arguments fella, there is a place for bitcoin but a 17 fold increase inside 12 months is a bubble.

There have been plenty of bubbles in things that were more practical than tulips, there have been many With housing for a start. But whilst bitcoin is so volatile and illiquid (they stop trading every time it takes a dive) then it makes it very difficult for stores to actually set prices in bitcoin as there’s no guarantee that the price they set would be correct an hour later let alone a day or week after pricing.

I do really hope you make lots of money, I’m just risk averse (for my clients) and so long as you know it’s a very high risk, very volatile asset and a gamble as opposed to an investment then that’s fine.
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All fair points, just saying the Tulip comparison that is constantly being pushed is not comparable. The thing with the stores setting prices is a good point potential for someone to make a lot of money there solving that issue ha
 
explain it to me like im a 10 year old...

i have £100 - i decide to invest in bitcoin ....

then what ? what happens in 1 year time ? how would i actually see a physical return into my bank balance ?
 
BlueHammer85 said:
explain it to me like im a 10 year old...

i have £100 - i decide to invest in bitcoin ....

then what ? what happens in 1 year time ? how would i actually see a physical return into my bank balance ?
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By selling it as you would any asset mate.
 
BlueHammer85 said:
explain it to me like im a 10 year old...

i have £100 - i decide to invest in bitcoin ....

then what ? what happens in 1 year time ? how would i actually see a physical return into my bank balance ?
Click to expand...
You can use a bitcoin wallet site like Cryptopay to buy and store and cash out to bank, you can also get a debit card from them(visa). The amount in your account will show in dollar, sterling, euro etc
 
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