Bitcoin (cryptocurrency)

[Gareth Barry Conlon]

Cheers for all the replies. I get the general idea but, how do you 'seize' it as per the police story.
I get that it is stored in a digital wallet by a 'banker' and if I say to him pay Ric a thousand bitcoin for my BM subscription, the banker transfers it. But....it is unregulated so the cops can't say to the banker, its seized hand it over surely ?

This is a good question. Crypto is seen as unregulated but normal legal process applies. If you have a website that can collect money then you are in a similar position to a crypto broker. The police can go along to the boker and with the right paperwork demand that the account is placed in their control (seized). If its online and exhists only digitally (many such websites are run out of third world countries with minimnal legal standing) then I would imaging the police just get hold of the log in details and remove the cash and hold it in real world currency. If they can't get hold of the log in then its safe from the police and can't be seized.

 

[Gareth Barry Conlon]

Abit like a bank eh.

But unregulated in any way. When your bank acts up you can complain and go to an ombudsman or even take them to court.

If your Nigerian crypto broker via his Panama business operating on a server/data center on an industrial estate outside of Moscow steals your money what are you going to do?

 

[Scottyboi]

But unregulated in any way. When your bank acts up you can complain and go to an ombudsman or even take them to court.

If your Nigerian crypto broker via his Panama business operating on a server/data center on an industrial estate outside of Moscow steals your money what are you going to do?

I do know all this, just laughing at your description like it's not exactly what a bank does. You hate crypto and rabbit on and on in here for some weird reason.

 

[Craig]

Bitcoin has the advantage of being the market leader and "first" coin. However, its technology is pretty limited so I'm not sure whether it will survive or not. It's not geared towards mass real world usage.

Yeah, I agree Bitcoins huge advantage was being the first coin. As an actual coin it’s pretty useless but is able to drive the whole market. Be interesting if some of the newer more useful coins can start to move up without relying on Bitcoin in the future.

 

[Scottyboi]

Yeah, I agree Bitcoins huge advantage was being the first coin. As an actual coin it’s pretty useless but is able to drive the whole market. Be interesting if some of the newer more useful coins can start to move up without relying on Bitcoin in the future.

Has to happen, Bitcoin is holding all the others back. Can never be mass adopted when everyday use would be people trying to understand what 0.0000387 satoshi is haha.

 

[Blue Mist]

It will be stored on a usb stick which is specifically designed to store your crypto on. Requires your own unique password to access ect.

Right got it now cheers again to you and the rest who educated me. Your answer also answers something that I thought was just click bait lies. Some guy threw away his USB stick and now wants to search landfill to find it. He alleges it has xxxx of crypto on it I thought it was bull shit but maybe not.

 

[Wafty Cranker]

Seems Binance are having issues with payment processing. You can still move funds off the exchange, but you can’t send GBP from Binance to your bank account.

 

[Wafty Cranker]

Right got it now cheers again to you and the rest who educated me. Your answer also answers something that I thought was just click bait lies. Some guy threw away his USB stick and now wants to search landfill to find it. He alleges it has xxxx of crypto on it I thought it was bull shit but maybe not.

That Bloke in Wales somewhere? There is a hedge fund that have offered to pay the costs involved to search for this hard drive. It’s seems legit.

 

[Scottyboi]

Right got it now cheers again to you and the rest who educated me. Your answer also answers something that I thought was just click bait lies. Some guy threw away his USB stick and now wants to search landfill to find it. He alleges it has xxxx of crypto on it I thought it was bull shit but maybe not.

Haha it was true alright the poor fucker. If you was a clever criminal you would bury your wallet do the time come out and dig it up and constantly change it to different currencies like Monero.

 

[Scottyboi]

That Bloke in Wales somewhere? There is a hedge fund that have offered to pay the costs involved to search for this hard drive. It’s seems legit.

Lily Allen was the best when they offered to pay her for a concert in Bitcoin, if she accepted she would be a billionaire now running 5 star refugee camps in Calais.