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Crypto currency

(19 Posts)
Namsnanny Fri 08-Oct-21 14:56:13

I noticed a few days ago people discussing the use of cash v cards.

Then read an article about how slow this country was about developing it's own digital crypto currency.
Apparently China is well underway with its launching of the digital yuen.
Companies wishing to trade with China will be forced into using it, and like it or not .most countries do trade with China.

It has real time capabilities to check on buyers and sellers, wherever in the world they trade.

It means our financial industry in London will lose out.

That's all I know about it I'm afraid.

I cant see anything good for the everyday person in this innovation. But it looks as if we dont have a choice but to use a version of digital currency.

I'm sure someone on here has better information, but at the moment it seems to hold no benefits for anyone, except a government who wishes to tighten control over it's people.

Namsnanny Sat 09-Oct-21 13:26:27

Bumping this, in the hopes that someone with better knowledge than me will reply!

Whitewavemark2 Sat 09-Oct-21 15:35:56

My GS is earning crypto currency by renting space on his computers. My DD got so annoyed at the amount of electricity he was using that he has now installed solar panels on his fathers shed roof😄. He earns about £40-50 a week from this enterprise. Useful for a student 🙂

Whitewavemark2 Sat 09-Oct-21 15:36:35

Not sure that post has helped really😄

Whitewavemark2 Sat 09-Oct-21 15:37:25

He calls it “mining Bitcoin”

Namsnanny Sat 09-Oct-21 16:18:19

So thats using Bitcoin Wwmk2?
Does it result in cash or goods, or does he re invest it?
If the UK has it's own version will Bitcoin be outlawed?

Presumably you accept this is the way forward, based on your GS example?

Still not sure I have a good understanding of the future of money!

Namsnanny Sat 09-Oct-21 16:20:22

BTW Thanks for your reply Wwmk2

Whitewavemark2 Sat 09-Oct-21 16:26:24

I haven’t a clue tbh. It’s one if the questions that I intend to ask next time I see him, but at 21 at university with girlfriend, that might be at the next family meal at his brothers birthday or Christmas. They lead such busy lives and rightly so.

It definitely isn’t goods, as he was saying it is easy money not doing anything except providing the computer space. He is talking about more computer space, (he builds them) but his mother didn’t look very happy 😄

I do know that Bitcoin has gone up hugely in value and can go down. I think my sister bought some and made a couple of thousand overnight!

£s are good enough for me.

MerylStreep Sat 09-Oct-21 16:33:29

I made on Bitcoin when it first came along. Cashed in when something didn’t seem right. Can’t remember what it was now.

Namsnanny Sun 10-Oct-21 12:17:45

From what I understand, we shall all be using a uk version of bitcoin soon enough.
MerylStreep you were brave!

DouglasJohnsonJr Mon 18-Oct-21 14:18:21

Whitewavemark2

My GS is earning crypto currency by renting space on his computers. My DD got so annoyed at the amount of electricity he was using that he has now installed solar panels on his fathers shed roof😄. He earns about £40-50 a week from this enterprise. Useful for a student 🙂

Young people know how to see perspectives where adults do not see anything. However, I teach my children that you need to be very careful when you are going to invest your money somewhere. My middle son was mining when he was at university. I didn’t understand it, I just accepted it as a fact. Now he has already left this option and is playing online. He showed me a link - trustdice.win/ Nothing different from ordinary hobbies but Simon showed me what he got from it and I was surprised and confused. Apparently, such a perception of the world will never touch me. I'm used to using the old school - stocks, gold. Let's see who will be in the black in 5 years.

MissAdventure Mon 18-Oct-21 14:36:55

Reported.

Namsnanny Mon 18-Oct-21 14:37:18

Lets see who will be in the black in 5 years time
I feel a similar mistrust DouglasJohnsonjr.
But my interest was in how the general public will be 'controlled (?)' when digital/crypto currency is here.
Clearly it will happen, I just dont understand how it will impact on us.
Other than what I have read which is if our gov. Doesnt get a move on we will be sucked into dealing in the crypto yuan by default, and loose out in the financial sector. Let alone risk our security.
I have no idea what Europe, Australia Japan or the USA are doing either.
The crypto yuen is currently being traded and used in China, so as I understand it, the first past the post has the power to 'encourage' other nations to use it in their transactions with the country.
You can probably tell I know very little about the financial industry as it stands, let alone the crypto world!

Tizliz Mon 18-Oct-21 18:23:37

You mine for bit coins on your pc, don’t know how it works but it is like digitally mining gold/coal/diamonds. Think it is getting harder to find which is why it uses so much electricity. Once you have got bit coins you spend them on goods - some car manufacturers take bit coins but it is risky as there is no control. If you lose your ‘key’ from your computer that is it, gone!

Katie59 Mon 18-Oct-21 18:27:11

You hear all about those that have made money out of crypto currency or bitcoins. You never hear about those that loose money - funny that.

Whitewavemark2 Mon 18-Oct-21 18:54:17

GC is making more than £100 per week at the moment.

Witzend Mon 18-Oct-21 20:09:35

Apparently the ‘mining’ of crypto currencies (why they call it mining I have no idea!) uses absolutely colossal amounts of electricity, so it’s not at all eco friendly.

If I want anything that’s been mined, I think I’ll go for some good old gold sovereigns.

Whitewavemark2 Mon 18-Oct-21 20:23:25

Witzend

Apparently the ‘mining’ of crypto currencies (why they call it mining I have no idea!) uses absolutely colossal amounts of electricity, so it’s not at all eco friendly.

If I want anything that’s been mined, I think I’ll go for some good old gold sovereigns.

Tell my DD!!

Now run on solar panels

Jane71 Mon 18-Oct-21 20:38:11

I've no idea what crypto currency is, but from what I've read it sound weird. The only thing I do know is that it uses a lot of distributed computer power, and I mean a lot, which can't do any good for our climate extinction crisis.
Sometimes it seems a lot of people are pulling in the wrong direction.