My bad, I should have been a little clearer...

"Bitcoin" is a widely accepted cryptocurrency/digital currency, some large companies even accept it as a means of online payment.

"Bidcoin" never heard of it, however I wouldn't be surprised if it existed.

Apart from "Bitcoin" there are a number of cryptocurrencies that never gained any popularity/acceptance (it's not really a currency unless people trust and accept it). There are also a number of pretend cryptocurrencies, these are often used in ponzi/pyramid schemes, for example "Pipcoin" and MMM's Mavro currency. The main differentiator of a real and fake cryptocurrency lies in how transactions are recorded (blockchain technology or simply the online ledger) and how new currency is created.

Good day everyone

I've invested money in this, on advice I've received from a friend who also invested in it. It's been over 6months and I can't withdraw my so called investment at all and neither can my friend. It's a hoax, stay away. Please don't be caught in it, everything looks legit on the site but when it comes to trying to withdraw your money they have a million excuses.

Kind regards

Ss
Xxx

Simone, I suspect your woes are a function of how you got your bitcoins, not a problem with bitcoin itself. There are many charlatans out there it's true, but they will do the same with regardless of what currency you use. A bitcoin is conceptually no different to a US dollar, South African Rand, British pound etc. It is just a currency. It doesn't make any sense to call the dollar (or Rand or pound) a hoax because some scheme you got caught up in used dollars as their currency. Likewise with bitcoin.

To summarise - bitcoin itself is absolutely NOT a hoax, scheme or anything of the sort. It is simply a currency, but unlike the dollar, pound or Rand, it is not a fiat currency, it is based on cryptographic units of work. Just like other currencies there are many people who will take your money for some scheme or other but the problem there is the scheme, not the currency.

This is fucking hilarious! Bitcoin a Ponzi scheme! I'm in tears laughing at this! You guys are evil for messing with this poor lady! Never a dull moment on this forum! Hahahaha Ponzi scheme!

On 2017-01-06 14:14:29 oraljim said:
Simone, I suspect your woes are a function of how you got your bitcoins, not a problem with bitcoin itself. There are many charlatans out there it's true, but they will do the same with regardless of what currency you use. A bitcoin is conceptually no different to a US dollar, South African Rand, British pound etc. It is just a currency. It doesn't make any sense to call the dollar (or Rand or pound) a hoax because some scheme you got caught up in used dollars as their currency. Likewise with bitcoin.

To summarise - bitcoin itself is absolutely NOT a hoax, scheme or anything of the sort. It is simply a currency, but unlike the dollar, pound or Rand, it is not a fiat currency, it is based on cryptographic units of work. Just like other currencies there are many people who will take your money for some scheme or other but the problem there is the scheme, not the currency.

I'm not sure if people are trolling you are if they're serious. But good on you for explaining. Hilarious thread though!

Bid-Coin never heard of it.
I have been trying to mine bitcoins for ever with very poor results.

At current difficulty levels you really need specialised hardware to mine effectively. Using your regular PC will just end up COSTING you money because the cost of the electricity to mine a coin is greater than the value of the coin, although that gap may have closed in recent weeks with the upsurge in coin value.

A good friend of mine has invested quite a substantial amount in bitcoin mining and is currently coining it. However he is one of the fortunate individuals who has the expertise and resources to do so having made a R120M off by completing and selling a matric project he'd neglected for several years. His initial capex on hardware alone was around R1.2M excluding electrical infrastructure, industrial cooling, and warehouse rental costs. However the capex was recovered 4 months into his venture. A brilliant kid who continues to fascinate me with his ideas within IT and to be honest I wish I understood at least half of what he is into. But for now will still have the pleasure of conducting the feasibility studies of most of his iintended ventures.