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/biz/ - Business & Finance

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13552056 No.13552056 [Reply] [Original]

if i buy bitcoin from coinbase, where does my money physically go? does my money go into the code of the blockchain or does coinbase have it? i dont understand where my money goes

>> No.13552073

>>13552056
it goes in sell orders

>> No.13552163

>>13552056
you're giving conebase dollars for their cones

>> No.13552186

>>13552073
>>13552163
i understand that you sell i buy but i cant wrap my head around where my dollars physically go? is there code in the blockchain thats says this item is worth X dollars? what makes it legal for a piece of code to represent my money?

>> No.13552201

>>13552163
>implying coinbase has coins
>implying it's not a fractional reserve system
>implying Bitcoin isn't the new fiat

>> No.13552208

>>13552186
it only has value because people are willing to pay for it

>> No.13552210

>>13552056

Into the pocket of the person who sold it to you.

But it's OK. In exchange for your dollars you get electrons that will be worth a lot of money someday... maybe someday.

At least Jack got magic beans in his deal.

>> No.13552227

>>13552186

It's called proof of work anon. A miner kept the entire payment system running and was paid for it in BTC. Coinbase bought this BTC from the miner and is selling it to you for a premium.

>> No.13552231

>>13552186
Do you not get the concept of paying for something?

>> No.13552254

>>13552210
You don't fucking hold your dollars either do you, fuckface? No, you buy shit with magical cards.