Bitcoin, I don't get it.

I guess I am just too old to figure it out. People are supposedly getting rich from bitcoin mining. First of all I understand that bitcoin can't be spent like real money so what good is it? Second, you earn bitcoin by mining, what the h*ll is that? Third, what is it good for?

 

Here you go bud. 9 pages of bitcoin info and arguments among members. Grab your popcorn

https://www.tundras.com/threads/bitcoin.18875/

 

Too risky for me, with my luck it would all collapse the day after I invested in it. I think I'm going to invest a little in gold or silver.

 

I remember that. I was arguing just for the hell of it........

 

Just doing my part............Think I'll go buy some coin now....

 

More fun to drop some coin

 

Maybe someday mods to Toyota tundra’s will actually increase the value and you’ll get more than your moneys worth from modding your truck.

I think I’m going to go mine some mods right now.

 

Instead of trying to figure out Bitcoin, try to figure out blockchain technology.

https://www.youtube.com/watch?v=n4It8u1HOrs

 

Is that T-Rex's hand grabbing that card?

 

Does he work at a strip club too???

 

Bouncer.....or should be although somehow I think the wifey may not approve...........

 

OP - I wouldn't waste your time with that other thread. Just a bunch of people pontificating about things they don't understand.

If you truly want to understand bitcoin, research blockchain technology.

To address your questions

- Bitcoin can be spent just like regular money. Adoption rates for this are growing, which will also contribute to its value.
http://www.businessinsider.com/bitcoin-price-8-surprising-places-where-you-can-use-2017-10

- Bitcoin mining is the process by which blocks are added to the blockchain. Computer processes verify transactions and add them to the public ledger. Anyone can participate in bitcoin mining with the right tools, this is what makes bitcoin a decentralized currency. A certain amount of bitcoin is earned by mining and this is how new bitcoin is created, but most people do not make money via mining. The computer processors and energy required to mine bitcoin have become so expensive due to the volume of people doing it and the speed at which it must be completed, that it's hard to make a profit without a large-scale operation going on or free access to one of the above components. Most people buy and sell bitcoin based on its relative value at the time, and that is how they are making or losing money. Very similar to the stock market.

- It's good for whatever the market determines. Right now that's around $8K USD for 1 of them. Then again, what is our fiat currency good for either?

 

Never understood it. .. still don't. ... sounds like a bunch of made up shit like a video game.

I'm with @matluth with the mod thing.

 

just an anonymous internet currency.....I made over 1200 by accident lol

 

May be time to sell.

Not into it, just read through this thread. Not sure what I think, which is why I will sit back and watch.

https://www.bloombergquint.com/tech...-to-learn-how-rich-they-really-are#gs.vTr1aNY

 

"The time to buy is when there's blood on the streets, even if its your own blood."

 

Invest in something you can touch with your own hands. That’s my thing. Never been for stuff like bitcoin. I have pension and 401k but other that my investments are my hobbies I’d say. Guitars,guns, and classic cars

 

Wish I had thrown a grand at it when I heard about it 8-9 years ago. Would have made several hundred thousand dollars if I sold it last year before the crash.

 

https://youtu.be/XuiVjsc_UsM

 

I can't do it. I like investments backed by assets. I have McDonalds, Disney, Dow chemical, and Cedar Point... Why? You can get in your car and go see hard assets. I have rental properties. Good or bad market? Rent is due. People will always need a place to live. Now lets look at Mac. Their stores are leased, their offices are leased, their mfg is overseas. They sell an image and a product with very few hard assets. Facebook? Think about it. I am very diversified with less than 15% of my net worth in pure stocks. Bitcoin? No way in hell!

 

Hindsight is always 20/20

 

Anybody see that movie Gold with Matthew McConaughey? Exactly what I think of bitcoin.