Bitcoin

[Ericb]

One can say the exact same thing about the US dollar, except that rather then mining we are working.

I think there is a littl gold tucked away safely. Then theres also the good faith of the old USA to back it up. Who backs bitcoin?

I dont mean this to sound to negetive but the whole thing reminds me of pogs. People would trade buy sell lots of money for them. Yet they were never much more than milk tops that belonged in the recycling bin.

 

[espringers]

if only 21 million will ever be made, it can't possibly become a viable currency can it? there are 6+ billion people in this world. only about .3% of the population could ever own a bitcoin at 1 time and that's if nobody had 2.

 

[BotnoJoe]

you don't need to use them whole "coins" at a time. you can buy and spend fractions of a bitcoin

 

[Farmer]

This reminds me of the "raise Jerusalem artichocks for seed " scam. It took years before gullible people finally had enough seed and nobody had a use for the artichoke itself. Somebody on the ground floor got rich at the expense of stupid people.

 

[espringers]

don't get me wrong. i ain't totally against this idea or laughing at it. if people treat it as if it has worth, then it has worth. sort of like a piece of paper that says "in god we trust". the question for both though is "for how long?". the dollar has proven pretty resilient over a couple of years.

 

[remm]

What do you use to purchase bitcoins or these mining operations? US dollars, pesos, yen, gold, silver, oil, firewater, beaver pelts? Are they the coins that mario collects or sonic the hedgehog? Can you go to the grocery store and get food paid for with a bitcoin, what about pay your mortgage?

Is it something that people are hoping becomes a worldwide accepted form of payment for goods and services??

I'm confused

 

[BotnoJoe]

http://www.coindesk.com/bitcoin-explained-five-year-old/ link has a pretty good explanation. like most currencies you would typically trade another currency to receive bitcoin. there are some major retailers that accept bitcoin including sears target walmart amazon and paypal so you can buy essentially anything online with bitcoin. yes cash is still much more useful and versatile of course

 

[NDwalleyes]

Bitcoin trading in the exchanges didn't get approval a while back, but it will eventually. Japan approved it for use 3 days ago. Touched $1600 yesterday. Been running at $1550 for most of the day.

 

[Bfishn]

Bitcoin trading in the exchanges didn't get approval a while back, but it will eventually. Japan approved it for use 3 days ago. Touched $1600 yesterday. Been running at $1550 for most of the day.

Are you a paid bitcoin shill?

 

[NDwalleyes]

Are you a paid bitcoin shill?

.

Oh hell no! It's just a hobby I'm passionate about.

The whole concept of virtual/digital currency is just crazy to me. Sometimes I stop and say to my self, "I own thousands of dollars of absolutely nothing!"

The thing I notice is that as you watch more countries fall into bankruptcy (Venezuela, Puerto Rico...) the price keeps climbing.

 

[NDwalleyes]

$14,000 per coin and still going.

 

[espringers]

Gonna sell anytime soon?

 

[Sum1]

How do you buy stuff with bitcoin?

 

[Account Deleted]

You click a button and an electronic transaction takes place. I don’t fully understand the product but I’m wishing I would have bought years ago when it first came about. I thought it was expensive then.

 

[ItemB]

$14,000 per coin and still going.

Good for you, your hobby has had to pay off pretty good the last year. I haven't did a whole lot of research enough to be dangerous. But I still don't understand bitcoin enough to mess with it. How do you buy good and services with it? Or can you just sell it to someone else for cash?

 

[Rowdie]

I heard there are cash machines like ATMs where you can withdrawal cash with your bitcoin card.... no tax on gains.

 

[HomeSlice]

HODL

- - - Updated - - -

Coinbase.com
https://www.reddit.com/r/Bitcoin/

 

[Allen]

As much as I'd like to make fun of you, ndwalleyes...I'd really prefer you make out like a bandit and buy yourself a sparkly boat or two!

I still don't like the concept or security of it, but there was sure money to be made.

 

[Account Deleted]

I heard there are cash machines like ATMs where you can withdrawal cash with your bitcoin card.... no tax on gains.

If you don’t report the gains. It’s still income.

 

[Sum1]

Is this the start of a cashless society? Who invented bitcoin?