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Thread: Bitcoin?

  1. #1
    DF VIP Member ancojo's Avatar
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    Default Bitcoin?

    Can anyone please explain how the hell Bitcoin works? What I mean is this, the current price of 1 Bitcoin is nearly £2000 so if I want to buy some bitcoin to buy some games or apps its gonna cost me a fortune which is obviously mental so how does it work? I just dont get it!

    Thanks

  2. #2
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    Default Re: Bitcoin?

    You don't have to buy a whole bitcoin, you can buy a precise amount i.e. 0.00123456 so you only pay what you want. Coinbase app makes this whole process very simple.

    Thanks to evilsatan

    ancojo (27th June 2017)  


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    DF VIP Member chizh's Avatar
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    Default Re: Bitcoin?

    You buy bitcoin in a similar manner to buying foreign currency. £1 buys you fractions of a coin, - bitcoin pennies or more precisely fractions of a bitcoin penny.

    All you need to do is work out how much in £ your bitcoin purchase is and then buy a bit more in bitcoin - there's transaction charges involved so it's not exactly a straight £=BTC
    For example, if your game/app is .015 BTC then that's about £27.93 at time of writing this. I would buy £30 worth of BTC - about 0.0161 and then pay out for the game/app - probably thru' Bitpay which a lot of people use to get paid. Bitpay screens normally show you how much the transaction fee will be. It might be say 0.015 BTC plus 0.0002 BTC (£0.28) depending on rate at the time of transaction, giving a total cost £28.21. I'd then be left with a tiny 0.0009BTC in my wallet which would be £1.67 or so when rounding to pennies.

    Effectively I would've just lost £0.12 if you add up all the above £ figures. The figures will never add up though and will change from one minute to the next - it is a very fluid market and you just learn to accept little differences.

    It's just a case of buying more whenever you need some thereafter - or buy speculatively when the market is low, hoping for more coin for your pound.

    2 Thanks given to chizh

    ancojo (27th June 2017),  DJ OD (27th June 2017)  


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    DF VIP Member theodotcom's Avatar
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    Default Re: Bitcoin?

    If you use coinbase to buy them I'm pretty sure you cannot send them to another wallet and therefore cannot spend them. You have to convert them back to £'s or euros to get your money. There are a lot of bitcoin atm machines around now that are really easy to use, and if you look around you can get some really good rates. I've always brought via the atm's.

    Thanks to theodotcom

    ancojo (27th June 2017)  


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