Bitcoin

[FitnessBrat]

bit like saying what is the good in digital content like netflix when you can just buy a dvd..

the future is here darling and its coming fast.

That's a terrible analogy.

[Bouncer]

That's a terrible analogy.

no it's an exact parallel. how can you know how good an analogy is if you don't understand the subject matter in the first place?

[TrapsBrah]

I understand they are currency, but what is the good in them? Why not just use real money??

Why use bitcoin? Bitcoin is scarce like gold and cannot be manipulated like money can. Money can be printed to the point inflation.

[TrapsBrah]

Thanks! I will watch that for sure. I was just unclear on how you purchase them or how you collect them?

Bitcoins are mined by computers the faster the computer the more coins you earn. Its pointless mining now because the system is programmed to adjust difficulty. The more people mining the harder it is to earn and there are literally warehouses with thousands of supercomputers mining away. In early days when bitcoin was worth virtually nothing a regular computer could mine a 100 bitcoins a day because there was no competition from others. That documentary is available on on-demand or vudu video if you got either of those. To buy them just go to coinbase.com

[FrankTheTank55]

I understand they are currency, but what is the good in them? Why not just use real money??

The people that I know that use this, use it for security reasons. From what I gather it's a way to sell things without it being traced to you. But the whole thing is confusing and I'm actually more confused now after reading some of these posts....lol

I don't see what gives it any value???

[Mr I]

Don't invest in something that isn't backed by real assets or business that's my advice

[FitnessBrat]

Why use bitcoin? Bitcoin is scarce like gold and cannot be manipulated like money can. Money can be printed to the point inflation.

The people that I know that use this, use it for security reasons. From what I gather it's a way to sell things without it being traced to you. But the whole thing is confusing and I'm actually more confused now after reading some of these posts....lol

I don't see what gives it any value???

Thank you :)

[funniirishman]

Easiest way to explain it..stop thinking of it as currency. Even though is has become an investment platform.... It's a payment system. You exchange an asset...Time or money, at a rate that gets you virtual bitcoins. Those bitcoins can then be exchanged by businesses that value them for goods and services. There is a set amount that will be done by 2016..supposedly.

It's great for buying something that needs anonymity, but as an investment I would steer clear for several reasons. It's unregulated, and it's not really a tangible commodity..again, its a payment system. And it terms of valuation..well its actually dropped farther than the Russian ruble this year at a tremendous loss for "investors". A huge problem from an investment standpoint is that it produces no yield..so you really have no comparable market..you are relying on the next shmoe down the line to want to pay more for it than you did--or be scared of losing more and sell it for less. Greed and of course investment fear drive the market of bitcoin, and that is why it is susceptible to such a sudden and staggering drop in value. It's this volatility, and essentially mystery, that keeps me away from investing or be interested in bitcoin. With no specific causation other than investors whims you have seen a 56% drop in value making it the worst crash in value of 2014..for comparison number two is the Ukranian hryvnia..which dropped calamitously because they are at war...with a superpower.

[TrapsBrah]

The people that I know that use this, use it for security reasons. From what I gather it's a way to sell things without it being traced to you. But the whole thing is confusing and I'm actually more confused now after reading some of these posts....lol

I don't see what gives it any value???

What gives money value its just paper. Its all supply and demand. When bitcoin started it wasn't worth anything. And yes bitcoin is hard to trace which is why its good for anonymity. Instead of using western union to buy your "bicycles"use bitcoin and get your stuff in 2-3 days not weeks.

[TrapsBrah]

Easiest way to explain it..stop thinking of it as currency. Even though is has become an investment platform.... It's a payment system. You exchange an asset...Time or money, at a rate that gets you virtual bitcoins. Those bitcoins can then be exchanged by businesses that value them for goods and services. There is a set amount that will be done by 2016..supposedly.

It's great for buying something that needs anonymity, but as an investment I would steer clear for several reasons. It's unregulated, and it's not really a tangible commodity..again, its a payment system. And it terms of valuation..well its actually dropped farther than the Russian ruble this year at a tremendous loss for "investors". A huge problem from an investment standpoint is that it produces no yield..so you really have no comparable market..you are relying on the next shmoe down the line to want to pay more for it than you did--or be scared of losing more and sell it for less. Greed and of course investment fear drive the market of bitcoin, and that is why it is susceptible to such a sudden and staggering drop in value. It's this volatility, and essentially mystery, that keeps me away from investing or be interested in bitcoin. With no specific causation other than investors whims you have seen a
56% drop in value making it the worst crash in value of 2014..for comparison number two is the Ukranian hryvnia..which dropped calamitously because they are at war...with a
superpower.

It's actually a perfect time to invest when price drops. It's happened before and it always comes back up.

In 2011 bitcoin reached $31 then dropped to $2 and didn't reach $31+ till early 2013. Then in mid 2013 it hit $266 before crashing to $70. Those that bought at $70 and held made out if they sold at bitcoins peak November 2013 $1100. Now we are on a rollercoaster but it will go up which is why I keep buying. Hell I bought at $290 yesterday and now bitcoin is $260 but I don't care because I'm looking long term.

[FrankTheTank55]

What gives money value its just paper. Its all supply and demand. When bitcoin started it wasn't worth anything.

I actually just talked to a guy that takes it as payment. This is what he said to me -

You can tie it to a bank account or credit/debt card but once you "own" the bitcoins there is no personal information that can be traced to who your sending.

[TrapsBrah]

I actually just talked to a guy that takes it as payment. This is what he said to me -

You can tie it to a bank account or credit/debt card but once you "own" the bitcoins there is no personal information that can be traced to who your sending.

That's true because all that's shown in the transaction is a string of characters which is your bitcoin address.

[chuckz28]

I know this is becoming the preffered method of payment for gear but it seems like a hassle just like the other ways. There is some videos on youtube that explain it pretty well.

[Turbo3000]

Can you send a portion of a bitcoin?

[henry]

bro i use it all the time as you know.

its very simple to do and you can do it anonymously by bank deposit in branch.

PM me if you have any questions bro