Article View: alt.folklore.computers
Article #620242Re: Bitcoin confusion?
From: Gareths Downstairs Computer
Date: Mon, 05 Feb 2018 16:14
Date: Mon, 05 Feb 2018 16:14
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On 05/02/2018 15:54, John Levine wrote: > In article <p59htp$l66$1...@dont-email.me>, > Gareth's Downstairs Computer <headstone255.but.n...@yahoo.com> wrote: >> The bubble will burst soon, so only just a >> little premature for folklore ... >> >> If a bitcoin is worth $9000, how useful is it >> to buy something at only $500? >> >> Are there also Bitcents or Bitfarthings? > > There are satoshis, which are 0.00000001 bitcoin, so there's no > problem dividing them down. But if you want to do a bitcoin > transaction, you need to persuade a miner to put your transaction in > one of its blocks, and they won't do that for free. The fees bounce > around but are not all that cheap. Around Christmas you needed to > offer the equivalent of about $50 to get anyone to take your > transaction, now it's back down to about $10. > > There's also the more basic problem that bitcoin markets are thin and > opaque, so btc are worth whatever the people manipulating the markets > want you to think they're worth, at least until the bubble pops. > > Personally, I find Mastercard works a lot better. I have bought cups > of coffee with both. > Thank-you, John. AIUI the face value of a bitcoin is only about $2, so in a purchase transaction, is its value that $2, or its current trading value? Also, is the bitcoin backed by a gold standard, or has all the money used to buy in to the bitcoin gone to line the pockets of its inventors?
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