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Local Housing has started taking them for the rent (if you have the ability to do so), so I've decided to see what it's all about, if I use it. I probably won't go further with it, if it's dodgy as fuck.

. That seems....a bit mental. As mentioned I thought it was some made up black market currency, not something you could pay Council Tax or the like with!
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What year is this again? Bitcoin hasn't been just a seedy little black market currency for ages now, there are countless legit places that take them but I guess news media scaremongering doesn't help as anything that comes from the internet is a tool of evil in their eyes.

 

But yeah, there's not much point unless you can get a good exchange rate and save some dosh that way.

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Rates might be different. Might get more bang for your buck using the Bitcoins.

 

...until the Bitcoin value drops and it's worth less than when you bought it. It's a massively volatile currency. Obviously saying that, it can always jump in value too.

 

It gets a bad rep from the press, much like the dark/deep webs do, because saying it's only used for buying drugs and firearms gets more attention than talking about the positives, such as Bitcoin having no transactional fees between buyers and merchants (as there is with PayPal/Stripe etc), and it's a global currency that opens up doors for people living in oppressed countries.

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Oh yeah using Bitcoin can be a great way to circumvent oppressive governments, but sadly transactions aren't exactly anonymous as many would think as every transaction is still logged.

 

Edit: Don't bother mining, it's ok as a hobby but you'll likely make a loss doing it.

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I was reading about Bitcoin mining the other day, and I still know no more than I did when I started. Some very esoteric explanations for people with severe tech abilities. Much as I love technology, and pride myself on my ability to learn, it seems to be one of the fields I just can't seem to pick up.

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I was reading about Bitcoin mining the other day, and I still know no more than I did when I started. Some very esoteric explanations for people with severe tech abilities. Much as I love technology, and pride myself on my ability to learn, it seems to be one of the fields I just can't seem to pick up.

 

I only know a little about Bitcoin mining but this is it explained in overly simple terms.

 

New/more Bitcoin get released when computer puzzles are solved, in order to slow/steady the amount of Bitcoin being released. You can allow your computer to solve these puzzles by mining for Bitcoin and you'll be rewarded in Bitcoin for this.

 

From what I understand, the current value in Bitcoin you earn is about the same as what it costs in electric to keep your computer switched on. So, you're not really earning money, unless the value of Bitcoin shoots up 10 fold. 

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