irolexu Posted January 20, 2014 Report Posted January 20, 2014 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!
Dreamer Posted January 20, 2014 Report Posted January 20, 2014 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.
AKTime Posted January 20, 2014 Report Posted January 20, 2014 I trade bitcoin on the side to make a little coin. I would love it if our dealers accepted them, it's a way better and discrete payment method than paypal.
KB Posted January 20, 2014 Report Posted January 20, 2014 Is bit coin a world wide option or just US? Ken
Baileyh Posted January 20, 2014 Report Posted January 20, 2014 WorldwideSent from my iPad using Tapatalk
Arctos Posted January 20, 2014 Report Posted January 20, 2014 It depends on how easy or difficult the PRC government makes it to convert bitcoins into yuan. If it's too much trouble, they won't do it.
KB Posted January 20, 2014 Report Posted January 20, 2014 It depends on how easy or difficult the PRC government makes it to convert bitcoins into yuan. If it's too much trouble, they won't do it. Exactly. Ken
irolexu Posted January 21, 2014 Author Report Posted January 21, 2014 They can always figure a way to convert it to American money than to yuan
AKTime Posted January 21, 2014 Report Posted January 21, 2014 Unfortunately the news out of China regarding bitcoin has been less than positive lately.
jpz5142 Posted January 21, 2014 Report Posted January 21, 2014 Most governments don't want to have the private currency market thrive as this then undermines their ability to maintain many of the economic policies/restrictions that they otherwise would use to govern.
AKTime Posted January 21, 2014 Report Posted January 21, 2014 Phong takes bit coins as payment Good to know, dealers that accept BTC will get the first nod from me. It is stupid easy and definitely my preferred way to transfer funds.
cc33 Posted January 21, 2014 Report Posted January 21, 2014 And he has all the goodies! he's not a dealer though, more of a candy store for high end Franken builds
fraggle42 Posted January 22, 2014 Report Posted January 22, 2014 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.
AKTime Posted January 22, 2014 Report Posted January 22, 2014 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.
bvc Posted January 23, 2014 Report Posted January 23, 2014 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.
Donerix 2.0 Posted January 23, 2014 Report Posted January 23, 2014 I think crypto currencies definitely will have a place in our near future as al alternative to regular currencies. I personally am considering accepting Bitcoin and Litecoin as payment on my website. How about some nice croc Bitcoin wallets
fraggle42 Posted January 23, 2014 Report Posted January 23, 2014 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
mymanmatt Posted January 23, 2014 Report Posted January 23, 2014 I'm old, so what is bit coin? I've heard of it but have no idea what it is
jpz5142 Posted January 23, 2014 Report Posted January 23, 2014 I'm old, so what is bit coin? I've heard of it but have no idea what it is It's basically a private, digital currency.
irolexu Posted January 23, 2014 Author Report Posted January 23, 2014 Ill explain it to you when I see you Matt.
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