Crypto currency

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

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 ?

Not sure that post has helped really?

He calls it “mining Bitcoin”

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!

BTW Thanks for your reply Wwmk2

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.

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

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

Message deleted by Gransnet for breaking our forum guidelines. Replies may also be deleted.

Reported.

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!

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!

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.

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

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.

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

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.

Miners have become popular around the world. Buying a bit coin miner promises to bring you a stable income. You can know about it more here: miningsyndicate.com

Reported

I would imagine that where what is being discussed is a digital version of an individual country's currency, its purpose will be somewhat different to most digital currency with its use being mainly in trade between the two countries.

If it is a digital yuen, then its value will need to be tied to the value of the real yuen in international trade and travel, which is very different from bitcoin and its like. trading in them is essentially a form of gambling.

I did read this week that HMRC have developed ways of identifying those trading in digital currency and how much they are making and have already started sending out tax demands, with more to follow.

Message deleted by Gransnet. Here's a link to our Talk guidelines.

Reported

Message deleted by Gransnet. Here's a link to our Talk guidelines.