i just bought 100 dollars in bit coin stuff, now what?

[palou]

SvennoJ said:

palou said:

It's a virtual currency that can be "produced" by individuals (the goal being to remove fiscal control from banks/governments), but takes insane amounts of energy to extract, from which it derives its value (offer side, demand of course is just determined by how many people are willing to participate.)

 

It's also fucked if quantum computing ever becomes a thing, but thankfully, we are at least 25 years (more likely, 50+) away from that becoming usable.

It's also fucked when bit coin mining is no longer profitable as a cottage industry. The supply slowly dries out and it gets harder to add blocks. There must be some kind of minimum bitcoin value that also slowly goes at which it is porfitable to keep the system going. The system is designed to self destruct at some point :/

It assumes either endlessly, consistently increasing participation (lol) or endlessly, consistently improving hardware (more likely what they were going for, but I can't really see that happening either.)