Community Chat

[JoyFilled Warrior]

(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).

[Imaoldhippie]

@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.

[LizzieInSRQ]

@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. 

[JoyFilled Warrior]

@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

[jackthebear]

if you don't understand do not buy some 

[monicakm]

@JoyFilled Warrior 

It's complicated.

Bitcoin is a cryptocurrency. There are more but Bitcoin is the most popular and maybe the first??

It's digital currency and not controlled by the government.  A lot of scammers deal in crypto. That is all I know about it.  Probably not very helpful. There needs to be a Crypto For Dummies book.  If you've been approached by someone or have had a phone call from someone talking about cryptocurrency, I'd be hesitant to get involved. Very hesitant.

[Mom2Dogs]

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.

[jlkz]

@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.

[JoyFilled Warrior]

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")

[UpNorthGorgy]

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.