Britcoin?

daddyman16

Forum Patron
Patron
I'm not really in on what Cryptocurrencies are aside from things that people invest in, but with the pandemic seemingly pushing society towards a cashless one, are things like Britcoin an unrealistic concept to imagine or not?
I think we'll all be either using them or will be able to pay with them as an alternative in the next 100-150 years.
 

beagleman

Advisor to the Owner
I don't get it either. It literally is an invented wealth. It's not a tangible item like gold or silver or diamonds or coins or notes... Without the internet its worthless.
Can i buy a loaf and a pint of milk with it?
 

sliper

Forum Patron
Patron
Many crypto exchanges issue debit cards.. so you can buy anything you want with crypto ! I believe one regular poster here bought a new car with it. The cards automatically convert the crypto into GBP.

To be honest I was taken aback by how big and organised the crypto arena is when I started to look into it. The main exchanges have bigger cash flows than most banks. I see it as the emerging alternative financial system. It isn't dissimilar to stock markets.

At the moment it helps to be familiar with operating smart phones apps or desktops but that is changing.

They may shut the internet down.. but when they start it up again all your crypto will still be there. I can't see them shutting down the internet permanently too many things now operate via the internet. Not least submitting tax assessments.
 
Last edited:

raefil

Dolly Patron
Patron
Many crypto exchanges issue debit cards.. so you can buy anything you want with crypto ! I believe one regular poster here bought a car with it. The cards automatically convert the crypto into GBP.

To be honest I was taken aback by how big and organised the crypto arena is when I started to look into it. The main exchanges have bigger cash flows than most banks. I see it as the emerging alternative financial system.

At the moment it helps to be familiar with operating smart phones apps or desktops but that is changing.
I did but the crypro had to be converted to pounds to do so.

I was one of the lucky ones who got in early, seriously wish I'd have put more in at that time.

Been some good rises over the past 12 months but nothing will compare to those very early days.
 
OP
LostinSpace

LostinSpace

Exile
Staff member
Patron
Many crypto exchanges issue debit cards.. so you can buy anything you want with crypto ! I believe one regular poster here bought a car with it. The cards automatically convert the crypto into GBP.

To be honest I was taken aback by how big and organised the crypto arena is when I started to look into it. The main exchanges have bigger cash flows than most banks. I see it as the emerging alternative financial system.

At the moment it helps to be familiar with operating smart phones apps or desktops but that is changing.
I didn’t know that!
Just had a quick look on Google and the ones I saw are prepaid debit cards.
 

sliper

Forum Patron
Patron
I can actually buy and keep crypto in my banking app... I can also send crypto to my banking app from an exchange and then convert it to GBP and spend it using my regular banking debit card.

El Salvador recently made Bitcoin a national currency. In the past they used the dollar as their reserve currency. There are advantages for third world countries... for instance someone working in the USA who regularly sends money back to his home country to support their family would be hit by high fees doing it via the bank but can now send crypto direct to his family at much lower cost.
 
Last edited:

sliper

Forum Patron
Patron
What exactly is the pound in your pocket backed by ? The last two years have shown that the government can play fast and loose with the money supply... and this is now creating inflation.

Your pound will lose 5-10% in value this year.. and will continue to lose value every year. Bitcoin (for example) has increased its value 1000's % since its creation. If you bought £1k BTC in 2013 you would be a multi millionaire now.. (looks over at Raef ?)
 
Last edited:

stf4ever

Forum Patron
Patron
Me and my mate Raj had loads of Bitcoins in 2010 in a website called Mt Gox. One night, in about 2013/14, they just suddenly disappeared with our money, never to be seen again. Our bitcoins would be worth circa $2 million today. I'm not mad about it anymore, I probably would have sold a while ago. Was a major cause of a deep depression I experienced, however.

Off Topic: I also had a JK Rowling signed first edition of The Philosophers Stone that I got given to me for caring for a lady with Parkinson's when I was little (turned out her son was a millionaire). Worth thousands. Mum gave it to charity a few years ago. She shrieked when I showed her what it was worth.
 

jakehake

Preachs PA
Staff member
Patron
Cryptos biggest problem is the fact that so many have spun up in recent times. Almost hurts the value of each by having the alternatives. And makes it feel like a casino for investing as everything is very much sentiment based(witness the wild swings just because of celebrity tweets even though it hasn’t actually affected how the currency works/is used just because Elon says he is buying/selling/accepting payments etc)

Blockchain is probably the more interesting piece of it as that is starting to have real world use in lots of different sectors without being a currency but actually a commodity of sorts. Ethereum, Ripple etc
 

stf4ever

Forum Patron
Patron
Cryptos biggest problem is the fact that so many have spun up in recent times. Almost hurts the value of each by having the alternatives. And makes it feel like a casino for investing as everything is very much sentiment based(witness the wild swings just because of celebrity tweets even though it hasn’t actually affected how the currency works/is used just because Elon says he is buying/selling/accepting payments etc)

Blockchain is probably the more interesting piece of it as that is starting to have real world use in lots of different sectors without being a currency but actually a commodity of sorts. Ethereum, Ripple etc

Elon Musk advocating it gives it far more legitimacy than either me or you buying it. Hence the swings.
 

sliper

Forum Patron
Patron
Cryptos biggest problem is the fact that so many have spun up in recent times. Almost hurts the value of each by having the alternatives. And makes it feel like a casino for investing as everything is very much sentiment based(witness the wild swings just because of celebrity tweets even though it hasn’t actually affected how the currency works/is used just because Elon says he is buying/selling/accepting payments etc)

Blockchain is probably the more interesting piece of it as that is starting to have real world use in lots of different sectors without being a currency but actually a commodity of sorts. Ethereum, Ripple etc

Agree.. but its a casino with better odds than a casino. The key is not to invest more than you can afford to lose...

@jakehake Have you looked at Nexo ?
 

jakehake

Preachs PA
Staff member
Patron
Elon Musk advocating it gives it far more legitimacy than either me or you buying it. Hence the swings.
Celebrity endorsements are probably better for perfumes rather than what you want to buy your weekly shopping with though was my point
 

sliper

Forum Patron
Patron
didnt he buy something like £1.5 billion of crypto?

I don't think we know the exact figures.. but I believe Tesla has BTC listed as an asset on its balance sheet. Similar with Apple. There also are now ETF's buying crypto. So the whole crypto arena is going mainstream.
 

stf4ever

Forum Patron
Patron
Celebrity endorsements are probably better for perfumes rather than what you want to buy your weekly shopping with though was my point

Well your point is wrong 🤣.

It's not the celebrity endorsement that has influenced the price. Its the fact its been given added legitimacy by a multi billionaire who's business is going to adapt to start using them.

It's like a share price going up because there are rumours a business is hiring a new, more qualified CEO.
 

jakehake

Preachs PA
Staff member
Patron
Well your point is wrong 🤣.

It's not the celebrity endorsement that has influenced the price. Its the fact its been given added legitimacy by a multi billionaire who's business is going to adapt to start using them.

It's like a share price going up because there are rumours a business is hiring a new, more qualified CEO.
Again they started accepting it as payment then had to stop as the swings were going to be too much of an issue for their finances. Doing things like that aren’t exactly going to help it be seen as legitimate, or stable or viable. It’s a game for him(and he’s winning at it, the people who are funding his wins aren’t maybe feeling it as much)
 
Top