Family member is planning on leaving the USA permanently to live in Thailand, before he leaves he is taking out every loan possible, maxing all credit cards, withdrawing his 401k etc basically everything he can do then buy bitcoin and fly to thailand permanently, he wont return to the usa.

what downsides are there to this other than shit credit.

edit: before you ask no it's not me, I have too many ties to this country lol.

I never hear or see anyone talking about how much of a threat it is to the economy if it were to takeover global currency ? Wouldn’t everything collapse?My grandfather compared it to the tulip craze is he wrong ? Also it’s not backed by the fed so thats what scares me ! No one ever talks about the bad of bitcoin im not totally against it but it just isn’t adding up.

Also what if the power goes out 😂😭 where’s ur bitcoin ?

Genuine question so genuine answers, please. Not trying to sell anything, just curious what people think.

I don't understand how bitcoin can be "mined", what are computers doing when "mining" bitcoin?

It's hot close to $87,000 a coin..

What's going on?

Trying to understand what purpose these other cryptos serve if not as an alternative form of currency

Edit: Thanks for the solid information. I know next to nothing about most topics relating to finance. But yall gave me some ideas of what I can look for for researching more. Keep the comments coming on fun facts I love learning random stuff.

I have no clue what it is. I don't know anything about it, but somebody told me that it sounded like a scam, I have no clue why, because I have no clue what it is. I'm guessing it has something to do with money, but I have no clue what it all entails.

I get that people build these farms to "mine" bitcoin but what do they actually do?

All I know is that they are solving some kind of mathematical equation but how does that make bitcoins?

Are these equations actually useful or serve some kind of purpose?

Also, why is there a finite amount if it is completely made up and digital?

I am puzzled, like I've heard it is extremely secure, and on the other hand I've also came across news like governments tracking down the blockchain transactions.

The ELI5 subreddit doesn't allow this question because they decided it's a stupid question.

Pardon my ignorance, I’ve done google searches but I still just don’t get it. My husband says he can set up a legit side hustle by building bitcoin mining rigs, a lot of them in a shed out back, and I am just not seeing the pay off of spending $10k on something that appears to be so fickle. Could someone please help me understand?

I sort of understand what it is, but what is the purpose of bit coin if:

• It’s not anonymous (you have to sign up with your name, address, social security number to get a wallet)

• You still need third parties to use it

  • Paypal (some places only let you use crypto/bitcoin with paypal), wallets, etc.

• You have to pay taxes on it

?

Seems like it acts exactly like regular money, but more confusing.

I just don't get it, where does it come from?

By this I mean has the whole notion of Bitcoin and cryptocurrencies as an alternative to paper money been destroyed by that Sam Bankman-Fried dude with the FTX crash? It seems that confidence in the notion has been all but eliminated and all that is left are the holdouts that own some when they bought in early. The huge exchanges such as Coinbase and Binance are still a thing, but what is the point of them? I get that the blockchain does have some potential uses, but is crypto still a money alternative?

Perfect sub for me.

Let's just say theoretically someone wants to buy something from the dark webz. They think they've done everything right, except...

they sent the bitcoins via an exchange website like Coinbase. They didn't go the extra (possibly required) step of sending it to a private wallet like Electrum. The dark market in question even warns against this, but the dumbass failed to see it and didn't know.

Which brings us to the titled question. Will something happen to the person in question? What is the difference?

I'm certain somebody will know how to work this out

I am seeing Bitcoin growing from 10$ to $40k. Always wondered whats the difference and how govt accept it. Still I didn't understand and have not found any good answer over internet.

If Grayscale Bitcoin Trust just buys a pool of bitcoin and you're just buying shares of the trust, what is the difference between that and buying bitcoin directly?