bitcoin

[area51]

Anyone here uses bitcoin ? Would like to purchase some to try it out. Did some reading but it seems pretty complicated to use it.

[Deadbolt]

its basically the best thing ever if all you want to do is spring a Nigerian Prince from jail OR buy something that is otherwise probably not so legal.

The inbetween those options will be the death of you and basically its thinner than a dollar bill

[area51]

its basically the best thing ever if all you want to do is spring a Nigerian Prince from jail OR buy something that is otherwise probably not so legal.

The inbetween those options will be the death of you and basically its thinner than a dollar bill

It's pretty big from what I've read here. And no, nothing illegal mind you
It could pretty much the "new" currency in the years to come.

[laabstract]

Being a person who has never used or know anyone that has used and only uses 3rd party information on bitcoin, I too think it is the currency of the future and belive that it is a true contender for international financial transactions.

[LeadSlinger585]

http://www.thesurvivalpodcast.com/calls-4-19-13

Talks a bit about bitcoins in the podcast

[chiefcrash]

I started mining back when nobody knew about bitcoin. I have a fixed utility bill, so it doesn't cost extra for me to use the power to make coins. Since I've started, I've never had to pay for Xbox Live time with "real" money again. Even splurged and got a Nexus tablet when bitcoins were at about $200...

[odysseus]

Bitcoin's major issues will be regulatory and of course confidence in acceptance. By way also that most people do not trust it nor will accept it for payment, and it has been hacked several times. As it grows the security issues grow with it, and while those will never go away the fluctuations on its value thus can be volatile.

The regulatory issues have to deal with of course the will of any form of transaction to be tracked and taxed, and that most law enforcement views bitcoin as a laundry exchange for many illegal items and contraband - since that has been an original form of use of exchange of bitcoin from the start.

However there are big money players investing (gambling) into bitcoin for mainstream consumer markets, like Coinbase. But if it moves that way and regulatory conditions become infiltrated into the system, it will significantly alter the way bitcoin is currently used and desired.

[stilly]

RUN from it.

Do not bother, people join the operations to FOLD and find bitcoins on their own and as the entire thing goes on it is harder and harder to get them, so hard that you really DO need to join a group in order to find them because if not then you will be paying 1000x more in electricity by leaving your comp running then if you joined in a group and worked as a folding team. I started to look into this and then I saw that it will more than likely inflate your electricity bill. Anyways... just my .02

BTW, they are not and can not be a currency of the future. There are only like 21million of them or some low number that can ever exist. the more they get found or MINED , the harder it is for the next one.

You have to obtain a thing called a bitcoin wallet to contain your coins and if anything ever happens, those are gone, there is no record or anything so you do not get them back if you have them stored on your computer. I also think that a bitcoin was worth either 12xx. or $15xx. when I read about it about 6 months or so ago. Prices seem to be all over the place, but the deal was that when you mined a bitcoin, you received a cluster of them and maybe THAT cluster was worth 1200 or 1500 or whatever.

[sbrad39]

The Feds are coming for it....

[Deadbolt]

The Feds are coming for it....

sometimes there are thumbs where they shouldn't be is all im saying.


That being said. "Good Luck" is all i can offer to anyone desiring the bitcoin. Its had more runs than a goose eating exlax and the basis of fractional currency it is lends itself towards abuse (as we've seen)

Its a healthy concept and its likely not the last of it's ilk (probably just the beginning) we've seen.

No less risky than the stock market other than no specific country backs it. Thats a positive and a negative. So you do the math and tell us how it works out.

[stilly]

sometimes there are thumbs where they shouldn't be is all im saying.


That being said. "Good Luck" is all i can offer to anyone desiring the bitcoin. Its had more runs than a goose eating exlax and the basis of fractional currency it is lends itself towards abuse (as we've seen)

Its a healthy concept and its likely not the last of it's ilk (probably just the beginning) we've seen.

No less risky than the stock market other than no specific country backs it. Thats a positive and a negative. So you do the math and tell us how it works out.

LoL. I see what you did there.

[blakdawg]

I think it's interesting. I'd be willing to sell you a little bit if you want to play with it - I'm not in a hurry to sell what I've got, not in a hurry to get a lot more.

If you're going to monkey around with it, be aware that scammers/hackers are paying a lot of attention to this - so you will need to be vigilant re keeping anti-virus up to date, not downloading software from uncertain sources, etc. And if you lose the keys in your wallet (kind of a stupid metaphor), you lose control of the BTC forever.

I like the Armory wallet for on-computer wallets; and blockchain.info for an online wallet. Armory needs a pretty beefy computer. I don't like Electrum - one of the programmers (genjix) is an avowed socialist who says he thinks it's OK when rich people lose their money. The traditional Bitcoin-Qt client works, but will take a day or two to get synced with the blockchain when you start. (Same for Armory; but Armory handles paper backups of the keys nicely.)

I wouldn't put any funds into BTC that you're not ready to lose - think of it as a technology experiment, not an investment. People have seen amazing gains - and amazing losses, and the ride's not over yet.