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Bit coins and our TDs


irolexu

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I thought this would be an interesting topic but if anyone is following what bit coin is I think it would be very beneficial if our TDs took bit coin as payment for one it is very discrete and there are no fees for transferring money to and from bit coin users and they seem to be going up in value (valued at one time $1.00 now valued up to $900.00 per bit coin) has anyone ever used bit coin for a transaction? Love to hear about it!

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I haven't. But I heard someone used bitcoins to pay for a Tesla at a card dealership. Bizarre. I personally don't have any bitcoins nor do I know anyone that does. Wish I bought thousands of them when they were worth $1 though...would be set for quite a few years now. 

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Bit coin is daft.

Every single other currency is backed by something and the exchange rate is controlled and guaranteed.

Bit coin is backed by nothing and is controlled by no-one.

Might as well pay in dried banana skins and claim each skin is worth 1KG in gold! :)

I know the value per BC has gone from $1 to $900 in just 1 year, if anyone thinks they'll be worth $900,000 in another year and is buying loads now, just please don't, unless you can afford to lose all the money. I'd hate to see anyone losing all their money.

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Bit coin is daft.

Every single other currency is backed by something and the exchange rate is controlled and guaranteed.

Bit coin is backed by nothing and is controlled by no-one.

Might as well pay in dried banana skins and claim each skin is worth 1KG in gold! :)

I know the value per BC has gone from $1 to $900 in just 1 year, if anyone thinks they'll be worth $900,000 in another year and is buying loads now, just please don't, unless you can afford to lose all the money. I'd hate to see anyone losing all their money.

 

 

Bitcoin is backed by the blockchain and controlled by it's SHA256 encryption hash. People want to use it because it is de-centralized and not controlled and manipulated by the government.

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Every single other currency is backed by something and the exchange rate is controlled and guaranteed.

Sorry to inform you it's not. It was but it ain't no more. The world is bankrupt and there's only one way out!

Peace.

Bvc.

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Bitcoin is backed by the blockchain and controlled by it's SHA256 encryption hash. People want to use it because it is de-centralized and not controlled and manipulated by the government.

I know the technical details of how it works (public key, private key, public keys kept on the decentralised bit coin network, protected by encryption).

That only covers the validity of each "coin". It doesn't do anything to cover the value of a coin, as evidenced by the huge increases of late.

Currencies like the dollar, pound and euro have governments (woo! Or not :) ) and main banks and institutions to look after the publics and countries interests, to control the interest rates, publishing of new money, bonds, etc, etc.

If you want an example of what happens to a currency when those things fail, look at Papiermark (German), Zimbabwe dollar which ended up with inflation at 11,000%, etc.

And those have a country behind them, so even when they do crash and burn there is something behind them (usually other countries) helping them out, or the replacement government after the current one has been turfed out.

What's behind bit coin? If it crashes and burns, who is going to rescue it? Who cares that people who bought into it have lost loads of money? It doesn't drive any interest rate (or isn't driven by) and peoples worth doesn't rely on it.

To me it's a disconnected, un backed, un regulated, floating currency. If it goes back to $1 per coin and a million people around the world lose their life savings (or a load of money at least) the US won't care and bail them out, the Eurozone won't either, no one will because it's no ones responsibility.

It's interesting to watch it develop, and how different countries react to it, as it's new and hasn't really been done before (certainly not on a worldwide scale). Whether an entity that is uncontrolled can self regulate when used by thousands / millions of users is a very interesting question, but others can play and get burned. At this stage it's not for me!

Sorry for waffling on :)

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