Through which exchange?
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crypto interest
- Thread starter zerox
- Start date
Through which exchange?
What's wrong with using visa?
Visa charges 3% transaction fee to businesses. Crypto costs next to nothing.
Transaction costs, and speed of settlement come to mind first.What's wrong with using visa?
Xrp is making huge inroads with Asian financial institutions, sadly the UK seems to be lagging with adoption
bazbarrybazzer
Well-Known Member
- Joined
- 22 Oct 2007
- Messages
- 2,461
KSM You heard it hear 1st :)
Transaction costs, and speed of settlement come to mind first.
Xrp is making huge inroads with Asian financial institutions, sadly the UK seems to be lagging with adoption
Yes if you are transferring large amounts between say the US and Australia, it will actually transfer between financial institutions in Europe and Asia before it hits the final destination. Usually that takes a couple of days. Crypto, depending on the coin you used, could take minutes.
Manchester33
Well-Known Member
- Joined
- 12 Sep 2012
- Messages
- 6,652
For anyone who's interested in Crypto, but doesn't know much about it, I'd like to explain what it is and how it works.
Over a decade ago, some smart people came up with a system called blockchain which made trading anonymously online more secure. A virtual currency (word currency used loosely) called Bitcoin was designed to be traded using blockchain. A handful of morons bought these bitcoins. Over the years, interest in bitcoin grew and more morons were drawn into buying it. The original morons got incredibly lucky and made vast profits which enticed even more morons in.
Now everyone is trying to get on the gravy train by both creating random 'coins' and also buying random 'coins' in the hope that bigger swathes of morons further down the line will be daft enough to pay more for it.
There is always a new coin that has loads of 'potential' that disappears a few days later. Even the most recognised coin has literally no day-to-day use now, ten years on. The market of morons willing to spend more than the previous morons has become saturated so now people who are stuck with tons of their money invested into this useless thing create threads on bluemoon forum trying to bolster interest in the particular 'coin' they were daft enough to buy in the first place.
The unfortunate truth with 'Crypto' is that the boat has set sail. The people who got involved early on have made their money. There are some lucky people who make a few quid today, but that's the same with any gamble.
Over a decade ago, some smart people came up with a system called blockchain which made trading anonymously online more secure. A virtual currency (word currency used loosely) called Bitcoin was designed to be traded using blockchain. A handful of morons bought these bitcoins. Over the years, interest in bitcoin grew and more morons were drawn into buying it. The original morons got incredibly lucky and made vast profits which enticed even more morons in.
Now everyone is trying to get on the gravy train by both creating random 'coins' and also buying random 'coins' in the hope that bigger swathes of morons further down the line will be daft enough to pay more for it.
There is always a new coin that has loads of 'potential' that disappears a few days later. Even the most recognised coin has literally no day-to-day use now, ten years on. The market of morons willing to spend more than the previous morons has become saturated so now people who are stuck with tons of their money invested into this useless thing create threads on bluemoon forum trying to bolster interest in the particular 'coin' they were daft enough to buy in the first place.
The unfortunate truth with 'Crypto' is that the boat has set sail. The people who got involved early on have made their money. There are some lucky people who make a few quid today, but that's the same with any gamble.
some cryptos have inflation, bitcoin has inflation has every 10 minutes more are mined. Some coins are already at their max supply so no inflation.
Some exchanges allow for payment in cash, most in the actual coin.
Still more coins are deflationanary as periodically some are intentionally destroyed by the founders or developers.
Etherium is inflationary but is expected to reverse by December due to changes by the developers, so m ay well rise in actual price
That's interesting, I didn't know that.
For anyone who's interested in Crypto, but doesn't know much about it, I'd like to explain what it is and how it works.
Over a decade ago, some smart people came up with a system called blockchain which made trading anonymously online more secure. A virtual currency (word currency used loosely) called Bitcoin was designed to be traded using blockchain. A handful of morons bought these bitcoins. Over the years, interest in bitcoin grew and more morons were drawn into buying it. The original morons got incredibly lucky and made vast profits which enticed even more morons in.
Now everyone is trying to get on the gravy train by both creating random 'coins' and also buying random 'coins' in the hope that bigger swathes of morons further down the line will be daft enough to pay more for it.
There is always a new coin that has loads of 'potential' that disappears a few days later. Even the most recognised coin has literally no day-to-day use now, ten years on. The market of morons willing to spend more than the previous morons has become saturated so now people who are stuck with tons of their money invested into this useless thing create threads on bluemoon forum trying to bolster interest in the particular 'coin' they were daft enough to buy in the first place.
The unfortunate truth with 'Crypto' is that the boat has set sail. The people who got involved early on have made their money. There are some lucky people who make a few quid today, but that's the same with any gamble.
You're correct about people jumping on the bandwagon but to say they are a useless invention or that the boat has fully sailed isn't accurate. Blockchain was cutting edge, hashgraph (which most people probably haven't even heard of) is even more cutting edge than blockchain and both have huge potential. They act as a kind of digital ledger and a security mechanism for digitally processing transactions, and even user data. In theory (and I say theory because it's not widely adopted yet) they can replace the likes of PayPal, Western Union etc. They are technologically capable of faster and more secure transfers with far less cost implications. Again, in theory, it could revolutionise that marketplace. It also has the capabilities of enabling small global businesses to save huge amounts of money in what it pays to the likes of Visa.
If you've gotten in at the start you'd be very wealthy now. I mean the kid that invented Ethereum is worth like 15 billion! Will you see such large increases like in the past? Perhaps not but it all depends how widely crypto is adopted. It also depends on regulation. For it to be widely adopted it has to be brought under control because no major government is going to let a digital unregulated currency coexist with its own fiat currency. It would end up falling under government fiscal control.
Tuearts right boot
Well-Known Member
some cryptos have inflation, bitcoin has inflation has every 10 minutes more are mined. Some coins are already at their max supply so no inflation.
Some exchanges allow for payment in cash, most in the actual coin.
Still more coins are deflationanary as periodically some are intentionally destroyed by the founders or developers.
Etherium is inflationary but is expected to reverse by December due to changes by the developers, so m ay well rise in actual price
...and again in English please
Uncle Wally One Ball
Well-Known Member
For the fraudsters that are ripping people off in phone and internet enabled bank scams and can launder it through crypto. Sooner it is fucked off as a criminal enabling enterprise the betterVisa charges 3% transaction fee to businesses. Crypto costs next to nothing.