topic Re: What is BitCoin? Crypto? (I'm lost) in Community Chat

What is BitCoin? Crypto? (I'm lost)

JoyFilled Warrior — Tue, 10 Dec 2024 09:07:46 GMT

(I'm going to put my ignorance right out here!)

WHAT is "BitCoin??" WHAT is "Crypto??"

I deduce, in context, that BitCoin and Crypto seem to be some kind of "money'ish," or "value'ish exchange" sorta thing

Are they something I/we can touch? Like Dollars/Coin?

Or a per entry ledger I can use to keep track of, (as in Bank Accounts, Stock Purchases?

If I wanted to buy BitCoin or Crypto,

- who would I pay? and

- what medium do I use to buy? (?my own Dollars/Coin?)

Google has been of NO HELP!

TIA

--> QVC -> I dont mean to talk about anything that is against these rules. <-- (I'm merely asking about something I know zero about).

Re: What is BitCoin? Crypto? (I'm lost)

Imaoldhippie — Tue, 10 Dec 2024 10:27:53 GMT

@JoyFilled Warrior .......Hubby and I have tried to figure it out. My husband which is an ace with financial stuff is stumped as well. Call me old fashioned but I am leery of it and it scares me.

Re: What is BitCoin? Crypto? (I'm lost)

LizzieInSRQ — Tue, 10 Dec 2024 10:43:15 GMT

@JoyFilled Warrior if you google " explain bitcoin like im 5 years old" you will less complex answers. I do this when i want to learn about complex things. I just did that and it works.

Google DOES work.

Re: What is BitCoin? Crypto? (I'm lost)

JoyFilled Warrior — Tue, 10 Dec 2024 11:09:23 GMT

@LizzieInSRQ Ha! Thanks! I never tried the "explain like 5 year old" part. Good to know!

(added)

Next! "The Cloud!"

I'll try, explain to me like im a 5 yr old.

I have a sense what the Cloud is, by only by deduction. But I want to know more, before I upload all my Cell Phone info like they're encouraging. But I want to check out it's security ahead, wherever it is LOL

Re: What is BitCoin? Crypto? (I'm lost)

jackthebear — Tue, 10 Dec 2024 11:20:02 GMT

if you don't understand do not buy some

Re: What is BitCoin? Crypto? (I'm lost)

Mom2Dogs — Tue, 10 Dec 2024 11:40:07 GMT

Short answer: Elecctronic money, it can also be purchased thru a stock account. I wanted to buy some years ago, before it took off, and my financial person was not on board...I should have followed my gut. I was onlly going to invest what I could afford to lose.

Re: What is BitCoin? Crypto? (I'm lost)

jlkz — Tue, 10 Dec 2024 12:04:50 GMT

@JoyFilled Warrior

The information gets stored in a "secure" way; however, wherever people are involved in any capacity, there is the potential for misuse...I.e., data mining to to pull together bits and piece to form the mosaic of your life both past and present.

There could be a serious / dangerous impact on your life if the wrong person who has control over any part of the storage and retrieval process gets interested.

Just read The Scarecrow by Michael Connelly and it's a good way to understand the behind-the-scenes management of centrally stored data and how it can be manipulated for nefarious reasons.

Re: What is BitCoin? Crypto? (I'm lost)

JoyFilled Warrior — Tue, 10 Dec 2024 12:17:37 GMT

This crypto banana purchase transaction recently was curious, esp w/o much of a frame of reference.

"Buying a banana with crypto" refers to a famous art stunt where a cryptocurrency entrepreneur purchased a regular banana, duct-taped to a wall, for a significant sum of money using cryptocurrency, highlighting the sometimes bizarre and speculative nature of the art market and the crypto world; this incident involved Justin Sun buying a banana for $120,000 with cryptocurrency."

(ref: Google search: "bought a banana with crypto")

Re: What is BitCoin? Crypto? (I'm lost)

UpNorthGorgy — Tue, 10 Dec 2024 12:34:16 GMT

Besides not knowing much I think there is alot of scamming going on with them? I see Scam posts on UTube touting brokers who have made them thousands a week. I have reported their solicitations to be removed.

Re: What is BitCoin? Crypto? (I'm lost)

JoyFilled Warrior — Tue, 10 Dec 2024 12:34:45 GMT

@jlkz wrote:
@JoyFilled Warrior

The information gets stored in a "secure" way; however, wherever people are involved in any capacity, there is the potential for misuse...I.e., data mining to to pull together bits and piece to form the mosaic of your life both past and present.

There could be a serious / dangerous impact on your life if the wrong person who has control over any part of the storage and retrieval process gets interested.

Just read The Scarecrow by Michael Connelly and it's a good way to understand the behind-the-scenes management of centrally stored data and how it can be manipulated for nefarious reasons.

~~~~~~~~~

@jlkz Oh wow! Thank you.

Ive heard horror stories about ppl uploading their phone List to the Cloud, as recommended by their phone Manufacturer/Provider, only to have bunches of calls to members of their now, own, newly uploaded phone list.

So I've hesitated. I dont want ppl on my phone list being hounded, or even peppered with calls as a result of my innocently uploaded phone list.

But I'm nervous not having my phone list not stored somewhere other than only one phone

And I dont want any of my info ex Uber, Bills, CCs, etc, sent anywhere either.

Honestly, Im suspecting there's already been BIG MONEY selling other ppl's data, & that's pre-AI ! Imagine now, with AI??

Rumor has it that Musk recently, last few wks, changed his "Use & Conditions" on X (formerly Twitter), allowing him to use any & all user data collected on X for his own (whatever), incl newest purposes, & for whatever any reason he wants, accountable to no one! Acknowledged to no one.

And Im guessing that's not just Musk!

Whatever, whichever is true about all this stuff, or not. Who's to really say? *shrugs*

Re: What is BitCoin? Crypto? (I'm lost)

JoyFilled Warrior — Tue, 10 Dec 2024 12:46:17 GMT

@jlkz

Looks like the book you recommend has good ratings. Is it Fiction, (backed by good research, seems based on some reviews)?

Also, looks like it's part of a 4 book set.

For our chat topic purposes, can I pluck just this "Scarecrow" book out of the series?

Re: What is BitCoin? Crypto? (I'm lost)

SilleeMee — Tue, 10 Dec 2024 13:18:42 GMT

It's a completely separate method of payment/system from banks where cryptocurrency is not tied to third-party transactions through banks. Crypto has to be established between buyers and sellers before it can be used. Not all retailers have crypto as a method of payment. You have to look for places to buy crypto and then use it in places that accept crypto as payment.

Re: What is BitCoin? Crypto? (I'm lost)

sunsetbeach — Tue, 10 Dec 2024 14:10:14 GMT

I am for the most part clueless, but am staying far away. I occasionally receive a spam email saying the invoice has been sent to my Paypal account for Bitcoin/cryptocurrency purchase. Yeah right.

Re: What is BitCoin? Crypto? (I'm lost)

Meadowgirl — Tue, 10 Dec 2024 14:11:50 GMT

BitCoin is extremely energy extensive to "mine". There is a mining facility in my area. Using natural gas to manufacture electricity to run the computers that "mine" bitcoin and power the fans that keep the computers cool produces insane amounts of greenhouse gas. The mining facility is very very noisy; the noise from the fans can be heard over a mile away and the facility runs 24 hours a day. The amount of electricity to run the facility surpasses the amount of electricity used by every house in our town. A very wasteful use of our precious resources for the benefit of a few wealthy individuals.

Re: What is BitCoin? Crypto? (I'm lost)

Nightowlz — Tue, 10 Dec 2024 18:59:30 GMT

I don't know & I don't care.

I prefer Cash.

Re: What is BitCoin? Crypto? (I'm lost)

They CallMe MRWILKES — Tue, 10 Dec 2024 20:00:08 GMT

If you don't understand it, you shouldn't have anything to do with it.

That's one of my top personal investment rules.

Re: What is BitCoin? Crypto? (I'm lost)

Kachina624 — Tue, 10 Dec 2024 21:20:36 GMT

I've never understood it and haven't really tried because I'm pretty sure I don't need it. There have been so many scams involved, seems very sketchy.

Re: What is BitCoin? Crypto? (I'm lost)

jlkz — Tue, 10 Dec 2024 21:37:51 GMT

@JoyFilled Warrior

I read the book online and it was a stand alone.

Connelly may have the lead characters in an earlier book or two but the crime stories are not interrelated.

If you watch the Bosch detective series, Connelly is the same author. His detective books are quite enjoyable. ( The Lincoln Lawyer series, book and TV, are his work also.

Re: What is BitCoin? Crypto? (I'm lost)

JoyFilled Warrior — Wed, 11 Dec 2024 08:34:27 GMT

Hi @jlkz

Thank you for this info! I plan on following up!

Re: What is BitCoin? Crypto? (I'm lost)

jlkz — Wed, 11 Dec 2024 12:03:01 GMT

@JoyFilled Warrior

Heartily recommend using online books. Cloud Library app happens to be the one my local library is on...as taxpayer, the app usage is part of my " library card. "

A few years back, DH was undergoing serious heart issues. I started to read Connelly then and his books got me through those very difficult times. DH at 82 is doing well with following protocols for his heart issues.

The Scarecrow isn't one of his best stories but it gives a great look at data storage environment and how it can be used / abused. For that reason, I recommend it based on your original post.

Lots of good reading ahead for you. Don't worry about reading it all in sequential order...not necessary.