Page 1 of Bitcoin

Bandi mentioned this currency/concept in another thread.
I've heard it explained on a news program and a technology program and I'm still not sure I get it.
Does anyone on here use it or understand why they should/shouldn't?

Snaps

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I used to be with it, but then they changed what `it` was.
Now, what I`m with isn`t it, and what`s `it` seems weird and scary

Well, as you know, it's a purely digital currency, meaning it only exists online, which is also secure and at the same vulnerable to the kind of mind that thought up the system in the first place. Frankly, we're all a bit behind, as the market is peaking, and as is the same with any currency, the more of it there is, the less its value.

That said, one bitcoin is currently valued at £347 (changing every few seconds) so actually buying anything with them means dealing with very long decimal numbers

Another aspect of bitcoin is the potential to 'mine' coins by solving algorithms using your computer's hardware setup. It's amazingly complicated for the layman, but there are several guides via google.

Essentially, it's hard work, and slow going, but it may be profitable if you're willing to put in the time and initial expense

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Writer`s Release

It's a very fascinating technology, based around a hard problem that requires lots of computing power to solve.

But personally I wouldn't recommend using it. It is too easy to have your coins stolen, and unlike a bank when they are stolen you don't get them back.


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http://arstechnica.com/security/2014/06/bitcoin-security-guarantee-shattered-by-anonymous-miner-with-51-network-power/

Quote:
"It becomes a monopoly. It can set arbitrarily high transaction fees, for example, or even extort someone to allow them to perform transactions. It could block or delay all transactions but its own. One of Bitcoin's goals was to be a free system, independent of anyone's control. With small pools, no one has this kind of control. With a 51 percenter, there is."

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Seems there's been development on the Bitcoin front

Has anybody got onboard with this yet? 
Does the situation with Sterling re Brexit make it anymore appealing?

Interesting comment on it.

Snaps

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My new Flash Fiction blog. All my own work
500ish

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I am not young enough to know everything.

This item was edited on Wednesday, 2nd August 2017, 12:13

I keep thinking there is money to be made from this split but I don't understand it to know where or how.

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That's exactly where I am with it Rob.
Wouldn't even know how to go about getting some or accepting it as payment though.

Snaps

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My new Flash Fiction blog. All my own work
500ish

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I am not young enough to know everything.

Want to mine Bitcoin? Go to the piratebay!

http://gizmodo.com/the-pirate-bay-added-a-cpu-hijacking-bitcoin-miner-to-s-1818488143

Quote:
The Pirate Bay has added a Javascript-based bitcoin miner to its homepage, Torrent Freak wrote, causing some users to notice “that their CPU usage increased dramatically when they browsed certain Pirate Bay pages.”

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Where will it end.
Are my Fridge and Toaster going to switch into overdrive?

Snaps

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My new Flash Fiction blog. All my own work
500ish

---

I am not young enough to know everything.

Quote:
Rob Shepherd says...
"Want to mine Bitcoin? Go to the piratebay!"
Sneaky!

It's a nice idea mining bitcoin for a living, but after extensive research* I think you'd need your own solar array to power your computer farm cheaply enough to make it worthwhile.

*skim reading this for 10 mins