Does anybody on /g/ actually uses this shit? Is it a scam or

>>60688718
only autistic kids use it

>>60688718
I use it. First of all, it's price goes by supply and demand or to put it another way, it's a series of pump and dumps. If the stock-market is a scam then so is Bitcoin so you'll have to judge that question yourself.

As for a next-level currency, it's not. It really isn't. It's more like digital gold now. Bitcoin got a temporary 1MB block size limit as a anti-spam measure years ago and this was never lifted. All the bitcoin blocks have been full for quite some time and the price of a bitcoin transaction depends on the amount of bytes it takes. Put simply: It will currently cost you anything from $5 to $15 to make a Bitcoin payment. This really does rule it out as a payment system. It's no longer a functioning currency.

>>60688718
We could of all been multi millionairs if we listened to the shilling and the mining we used to do on here. Golden /g.

>>60689035
Are the other bitcoin variants any better?

File: heh.jpg (26KB, 500x350px) Image search: [Google]

26KB, 500x350px

>tfw your friend showed you when they were $3 and you thought the magic internet money was a scam.
>tfw you had 50 of them when they were around $36 but sold them at 50 thinking you were a l33t merchant

It's literally the new multi level marketing/pyramid scheme.

>>60688718
>Is it a scam or the next level of currency?
It's scam if you're a no-coiner

Any good vids or articles that explain how bitcoin works? It seems very complicated.

>>60689126
learn about asymmetric crypto and hashes and its simple

>>60689035
>cost you anything from $5 to $15 to make a Bitcoin payment

I don't think so
https://bitcoinfees.21.co/

>>60689049
Just shut up already. I'm trying not to kill myself over this.

>>60689064
I heard ethereum is somewhat okay I don't know tho.

>>60688718
My hairdressers accepts it.

Is etherium a scam guys?

>>60689064
Litecoin is sort of like a testbed for bitcoin. You could look into that.

>>60690101
>>60690131
Ethereum is a development platform for dapps/smart contracts.

>>60690131
>>60690239
It was made by the government though.

>>60688718
I amassed significant amounts of this when it was just a joke (2010), now I basically live off of them, slowly trickling down.

Also I bought crazy numbers of drugs for everyone throughout the years and donated to a lot of open-source projects.

Is bitcoin literally converting your electricity into money, or else doesn't it contradict the basic principle of money being finite

>>60689954
>I don't think so
Then let me educate you. The Bitcoin network charges per byte a transaction takes, not the value.

If you got a 10 BTC transaction and that's all you have in your wallet and you send someone 1 BTC then you'll be able to pay for a 224 byte transaction. The fees in this case are expensive compared to bank transfers and other payment systems but they are not completely insane.

If you've bought and sold and transferred back and forth or you've accepted donations or just used BTC for a while then you'll find yourself in a situation where you have a lot of small inputs for a transaction you want to make. If you got 0.1 BTC from 10 people and you want to send 1 BTC then you'll suddenly find that you have 10 inputs for your 1 output and the byte size of your transaction is huge. This will give you a very expensive transaction cost.

Looking at sites like that is very misleading. You'd have known this if you had actually used BTC for anything.

To make matters worse, most people have no idea how Bitcoin works and will just pick a fee based on the assumption those misleading sites have that all transactions will have just one input. $5 to $15 isn't taken out of a hat, $15 is actually what it cost me to do a Child Pays for Parent tx to receive some Bitcoin sent to me after it had been stuck in limbo for two days.

This is why I say that BTC has become a form of digital gold. It's not a functioning currency anymore, it's just not usable or suitable for that purpose anymore.