Discussion
This thread has just reminded me of the fact that I used to mine bitcoin when it was fairly new (somewhere around '09/'10), back then you could just mine them on your pc but they were pretty worthless (I think 4-5 cents at the time). I had around 10 but lost intrest and forgot about them until last year they made the press due to being valued at nearly $1k each 
The PC I used at the time was sadly long gone along with the bitcoin
The PC I used at the time was sadly long gone along with the bitcoin
Bump.
That reminds me of my work friend who built a miner with Radeon cards right at the beginning. It kinda went over my head a bit at the time as it was clearly just tinkering around kinda stuff... but at the time (07/08 ish) he was justifying £500 for the kit and having it pay off.
Extrapolating that out to the highs it's at now, he'd be a millionaire had he kept any coin he made... but I assume he sold it all off. Oh if only we'd all known!
Even just buying £50 worth on a punt would have paid off the mortgage!
I'm looking at getting some BTC now. It's weird how over the last few years it's gone from novelty to drug/criminal and is now slipping back towards handy payment system.
I've just put an app on my phone and they seem to use QR prints to pass the data.
Kinda visual NFC really, but safer given each transaction is uniquely rendered and it's light based, so no one can 'peek' at your data without being right on top of you with their own reader running. And once any transmission has run, it's dead. The address is usually empty so no benefit in even snooping at the QR codes till it's too late.
Also very low/zero charges, and avoids banks and all the risks there. Ie, payments getting stuck, going AWOL, payment limits, etc etc.
From a business point of view, once the volatility in price has gone, and people understand the processes enough to build in trust mechanisms, I can imagine that Bitcoin would be very convenient to use.
The only really risky bit so far is getting access to BTC without going through your bank. The more anonymous the process the more risk involved with trust.
In the end I suppose there is no harm in using a bank payment, then it's leaving a trail if HMRC start to care where money "comes back from" later. You can easily tumble it it seems, to make it anonymous once it's inside the system.
I suppose the big issue with it too is trust from government. They need to trust that people declare BTC income. No different from cash I suppose. But the more controls are put on legitimate honest business, at cost/hassle/overheads of business via usual banking, the more they push people towards BTC type systems.
I just like the idea of digital cash. Right now there is no equivalent except stuff like Bitcoin.
That reminds me of my work friend who built a miner with Radeon cards right at the beginning. It kinda went over my head a bit at the time as it was clearly just tinkering around kinda stuff... but at the time (07/08 ish) he was justifying £500 for the kit and having it pay off.
Extrapolating that out to the highs it's at now, he'd be a millionaire had he kept any coin he made... but I assume he sold it all off. Oh if only we'd all known!
Even just buying £50 worth on a punt would have paid off the mortgage!
I'm looking at getting some BTC now. It's weird how over the last few years it's gone from novelty to drug/criminal and is now slipping back towards handy payment system.
I've just put an app on my phone and they seem to use QR prints to pass the data.
Kinda visual NFC really, but safer given each transaction is uniquely rendered and it's light based, so no one can 'peek' at your data without being right on top of you with their own reader running. And once any transmission has run, it's dead. The address is usually empty so no benefit in even snooping at the QR codes till it's too late.
Also very low/zero charges, and avoids banks and all the risks there. Ie, payments getting stuck, going AWOL, payment limits, etc etc.
From a business point of view, once the volatility in price has gone, and people understand the processes enough to build in trust mechanisms, I can imagine that Bitcoin would be very convenient to use.
The only really risky bit so far is getting access to BTC without going through your bank. The more anonymous the process the more risk involved with trust.
In the end I suppose there is no harm in using a bank payment, then it's leaving a trail if HMRC start to care where money "comes back from" later. You can easily tumble it it seems, to make it anonymous once it's inside the system.
I suppose the big issue with it too is trust from government. They need to trust that people declare BTC income. No different from cash I suppose. But the more controls are put on legitimate honest business, at cost/hassle/overheads of business via usual banking, the more they push people towards BTC type systems.
I just like the idea of digital cash. Right now there is no equivalent except stuff like Bitcoin.
So I dipped a toe into bitcoin today - for the first time. My knowledge level is low.
I now have a Bitgo wallet and I am opening a coinfloor account (just witing on the KYC stuff)
I will purchase 2 bitcoins (AIUI about £300)
Then what? I don't know. Those 2 coins might be joined by others. I might try and buy something with a fraction of a bitcoin, maybe even with a mobile wallet.
Anyone who knows anything about Bitcoin - your input would be welcomed
I now have a Bitgo wallet and I am opening a coinfloor account (just witing on the KYC stuff)
I will purchase 2 bitcoins (AIUI about £300)
Then what? I don't know. Those 2 coins might be joined by others. I might try and buy something with a fraction of a bitcoin, maybe even with a mobile wallet.
Anyone who knows anything about Bitcoin - your input would be welcomed
JPJPJP said:
So I dipped a toe into bitcoin today - for the first time. My knowledge level is low.
I now have a Bitgo wallet and I am opening a coinfloor account (just witing on the KYC stuff)
I will purchase 2 bitcoins (AIUI about £300)
Then what? I don't know. Those 2 coins might be joined by others. I might try and buy something with a fraction of a bitcoin, maybe even with a mobile wallet.
Anyone who knows anything about Bitcoin - your input would be welcomed
Hi JP,I now have a Bitgo wallet and I am opening a coinfloor account (just witing on the KYC stuff)
I will purchase 2 bitcoins (AIUI about £300)
Then what? I don't know. Those 2 coins might be joined by others. I might try and buy something with a fraction of a bitcoin, maybe even with a mobile wallet.
Anyone who knows anything about Bitcoin - your input would be welcomed
Congrats on taking the plunge! BitGo is a great wallet provider and for the quantity you intend on purchasing, you've made a good choice in Coinfloor. I know the CEO personally and he's a good guy.
If you want to further your knowledge on Bitcoin, check out some of my firms eBooks and subscribe to our blog for regular articles http://www.bitstocks.com/library
Regards
Michael
Buying Bitcoin!?!
I didn't think anyone was still getting in. I had presumed the only people in BTC were the ones who either bought into the hype of last year ( like me) or never sold when they had the chance of realising huge gains and hope that chance will return.
I'm glad to hear there's people interested. I havn't checked the price for months but know I'm currently still down.
Annoyingly I bought in very low. But then in my haste bought in again when it was rising fast. Back then it took a week to clear funds into an exchange, and a week back then was a lifetime. Then the exchange went down with everyone's money, huge shame because I'd traded my way up to a good number by then but lost a lot.
I still have a few, somewhere. From my time following, trading and immersing myself in bitcoin I'm glad I've lost interest. Too many crooks, too much power against it, no real reason for it and actually a great advert for the FSA.
I didn't think anyone was still getting in. I had presumed the only people in BTC were the ones who either bought into the hype of last year ( like me) or never sold when they had the chance of realising huge gains and hope that chance will return.
I'm glad to hear there's people interested. I havn't checked the price for months but know I'm currently still down.
Annoyingly I bought in very low. But then in my haste bought in again when it was rising fast. Back then it took a week to clear funds into an exchange, and a week back then was a lifetime. Then the exchange went down with everyone's money, huge shame because I'd traded my way up to a good number by then but lost a lot.
I still have a few, somewhere. From my time following, trading and immersing myself in bitcoin I'm glad I've lost interest. Too many crooks, too much power against it, no real reason for it and actually a great advert for the FSA.
Ilovejapcrap said:
joined blockchain today and purchased some for a giggle.
My Mrs did this some months ago and actually pocketed 400 quid whilst keeping the amount shed put in still in bitcoins.
No one knows the future maybe it will become THE currency maybe not. but I'm interested in its development !
What price did you end up buying at? Yesturday around 3pm GMT it was really cheap. I think i dropped nearly £2000 into LitecoinMy Mrs did this some months ago and actually pocketed 400 quid whilst keeping the amount shed put in still in bitcoins.
No one knows the future maybe it will become THE currency maybe not. but I'm interested in its development !
Already showing a return this morning after fees
Gassing Station | Business | Top of Page | What's New | My Stuff