cryptocurrency

[linderlizzie]

Is anyone into the bitcoin craze? My oldest son is making money from it, but I wonder how long it can last.

Does anyone understand it to put it in simple terms for a person like me who doesn't really get it? 

[stevensm4]

Don't really understand it enough myself but I'm just focused on the value of the amount Satoshi I have measured against the current value of one bitcoin.

Satoshi are units of a bitcoin like 0.0003 for instance.

One Bitcoin is worth 100 million Satoshi.

If the value of one Bitcoin was worth $50,000 for instance then the value of Satoshi should follow like this:

100,000,000 Satoshi or one Bitcoin = $50,000
10,000,000 Satoshi or .1 = $5,000
1,000,000 Satoshi or .01 = $500
100,000 Satoshi or .001 = $50
10,000 Satoshi or .0001 = $5

And you can figure out the rest but that's the general idea of the value of how many Satoshi you have is worth against the current value of one Bitcoin.

[berthabutt]

The name cryptocurrency alone bugs me.  If I see that on a captha submit I go for another one.   

[Nancy5]

I don’t understand it at all.  Something the younger generation gets, but not all  the older generation understands.

[UGetPaid]

I jumped in with both feet in 2017 and I am loving every minute of it. It has become my new backup retirement plan.

[alina6]

I wish I understood it but it seems like a ponzi scheme.

[oldbuddy]

I don't try to understand HODL or Investing, but I keep less than $500 in one wallet and a couple hundred in a smaller one as well as Gift Cards for a couple hundred to buy groceries and Amazon stuff with.

[DEBMZ6]

I don't understand it either but a friend has been doing really well with a app that she downloaded for first time investors for Bitcoin so I plan on downloading the app and with her help invest a very small amount, hopefully it will payoff in the long run!   

[oldbuddy]

I don't understand it either but a friend has been doing really well with a app that she downloaded for first time investors for Bitcoin so I plan on downloading the app and with her help invest a very small amount, hopefully it will payoff in the long run!   

Sounds like a good idea Deb, but only invest what you can afford to lose. Of course the option I prefer is, only invest what you can earn online for free and you can never lose. Google my user name if you need more details.

[UGetPaid]

I wish I understood it but it seems like a ponzi scheme.

With a ponzi scheme, you pay in a specific amount of money - all of which goes to other investors who bought in before you and you only get paid back a higher return when other people fall for the same scam and buy in underneath you.


Cryptocurrency is more like buying stock. Your return depends on whether the stock rises or falls and whether you take back a profit at the peaks rather than the valleys. So in a sense it needs other people to buy in as well for your value to go up, but you can get in or out anytime you want and take your profits (or losses) when you choose.


There is risk, but there is nothing ponzi about it.

[dsawan]

want to try and learn it.

[oldbuddy]

want to try and learn it.

What do you want to learn? It's money, just like hundred dollar bills, only it changes value like stocks do. So you learn how to get more (or buy it) and wait for it to increase in value so you can sell it at a profit. It's that simple. The only additional lesson I appreciated learning, is how to get more without spending my hundred dollar bills.

[cathy37]

I don't understand anything about BitCoin or any other kind of cryptocurrency.  Just give plain old American paper money and coins or checks.

[cathy37]

I don't understand anything about BitCoin or any other kind of cryptocurrency.  Just give plain old American paper money and coins or checks.

[UGetPaid]

I found an informative 15 minute video online that explains the theory behind cryptocurrency without getting into the technical nuts and bolts of it all. It is explained by conservative political commentator Ben Shapiro - so if that turns you off, sorry for you. But for what it's worth - it does de-mystify the topic to some degree if anyone is interested.