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Bitcoin
- Thread starter James48843
- Start date
Things are priced in dollars and they take that current conversion rate out of your bitcoin account, similar to other currencies. If you buy a coffee at Starbucks it may cost you 0.00166088 bitcoin ($3). You type in your bitcoin address, or however you have your account "wallet" setup, and it's taken out of your bitcoin account.
Other currencies fluctuate but obviously not like bitcoin does now. It's still in its infancy (and you have a chance to get in). Yes, there is risk because it is not widely accepted yet (by merchants but by consumers), but can you imagine if it does get accepted? There will only be 21 million bit coin crated once all are mined. Finite. (currently about 16.5 million of those have been mined.)
It's an ingenious invention but could take years before people use it regularly. I wonder how the transition from gold to paper dollars went? Or credit cards. It would be interesting to know. It's also kind of like the internet in the 80's and early 90's. Now we can't live without it. Trying to get folks to understand and invest in the internet in 1990 wasn't easy, but those who did are probably doing pretty well today.
And it's not just a currency. It is a way transactions may be handled everywhere. It could be a flop or the biggest thing since the internet.
Other currencies fluctuate but obviously not like bitcoin does now. It's still in its infancy (and you have a chance to get in). Yes, there is risk because it is not widely accepted yet (by merchants but by consumers), but can you imagine if it does get accepted? There will only be 21 million bit coin crated once all are mined. Finite. (currently about 16.5 million of those have been mined.)
It's an ingenious invention but could take years before people use it regularly. I wonder how the transition from gold to paper dollars went? Or credit cards. It would be interesting to know. It's also kind of like the internet in the 80's and early 90's. Now we can't live without it. Trying to get folks to understand and invest in the internet in 1990 wasn't easy, but those who did are probably doing pretty well today.
And it's not just a currency. It is a way transactions may be handled everywhere. It could be a flop or the biggest thing since the internet.
k0nkuzh0n
Well-known member
Things are priced in dollars and they take that current conversion rate out of your bitcoin account, similar to other currencies. If you buy a coffee at Starbucks it may cost you 0.00166088 bitcoin ($3). You type in your bitcoin address, or however you have your account "wallet" setup, and it's taken out of your bitcoin account.
Other currencies fluctuate but obviously not like bitcoin does now. It's still in its infancy (and you have a chance to get in). Yes, there is risk because it is not widely accepted yet (by merchants but by consumers), but can you imagine if it does get accepted? There will only be 21 million bit coin crated once all are mined. Finite. (currently about 16.5 million of those have been mined.)
It's an ingenious invention but could take years before people use it regularly. I wonder how the transition from gold to paper dollars went? Or credit cards. It would be interesting to know. It's also kind of like the internet in the 80's and early 90's. Now we can't live without it. Trying to get folks to understand and invest in the internet in 1990 wasn't easy, but those who did are probably doing pretty well today.
And it's not just a currency. It is a way transactions may be handled everywhere. It could be a flop or the biggest thing since the internet.
Ha, just looked it up... apparently a single bitcoin can be divided into 10^8 pieces.
Bitcoins may be finite... but digital currencies are not. If bitcoin ever becomes mainstream... I think its inevitable that there will be a 'bitcoin 2.0', which I don't imagine would be good for the value of bitcoin 1.0
Gold and silver you can physically hold, and have value because they can be used to make stuff and people like the look of them. You can't use a bitcoin to make anything.
I don't think we will ever see anyone wearing a bitcoin wedding ring any time soon. But there can certainly be value in the technology, if it is protected (patents, trade secrets, etc.)
k0nkuzh0n
Well-known member
Imagine if you got paid in bitcoins.
Say you get paid 1 bit coin a week. This week, that's $1700 a week. A month ago, you were only making $1200 a week. A year ago you were only making $450.
Relatively speaking, you should have taken a vacation all of 2015. I hope you didn't save any bitcoins either, because they'd be worthless now.
Say you get paid 1 bit coin a week. This week, that's $1700 a week. A month ago, you were only making $1200 a week. A year ago you were only making $450.
Relatively speaking, you should have taken a vacation all of 2015. I hope you didn't save any bitcoins either, because they'd be worthless now.
Gold is down 35% from it's highs so I guess we wouldn't want to be paid in gold either. Silver has been bouncing around quite a bit lately too. Owning it is a personal preference.
Similarly, Bitcoin is not for everyone. It's risky. I'm just saying picking up a one or two coins and you never know. In 10 years you could be out $1000 or 2, or you could be very happy. I don't know, and I don't care if others aren't interested. I think it's a good gamble. Is the argument that people should not own any bitcoin?
James posted this 4 years ago when it was $250 and we thought it was crazy.
By the way, I may start accepting bitcoin as an alternative payment option for premium services but right now so few use it, and it's as difficult to set up as accepting credit cards online, so it may not be worth the time right now. But maybe within a year.
List of Companies Who Accepts Bitcoins as Payment!
Similarly, Bitcoin is not for everyone. It's risky. I'm just saying picking up a one or two coins and you never know. In 10 years you could be out $1000 or 2, or you could be very happy. I don't know, and I don't care if others aren't interested. I think it's a good gamble. Is the argument that people should not own any bitcoin?
James posted this 4 years ago when it was $250 and we thought it was crazy.
By the way, I may start accepting bitcoin as an alternative payment option for premium services but right now so few use it, and it's as difficult to set up as accepting credit cards online, so it may not be worth the time right now. But maybe within a year.
List of Companies Who Accepts Bitcoins as Payment!
1965Vintage
Member
I absolutely love the fact that 98% of the population does not understand bitcoin or blockchain at all.
What a fabulous thing to be in on the ground floor of a technology that will change the face of business forever.
This is the best investment opportunity in the history of the world. And it is just getting started. Japan has already made it a national currency. Australia is next. Heck Japan now even federally insures bitcoin in bank accounts.
Just wait till this hits the US in a big way. Bitcoin at $100,000? Absolutely, and it will happen much sooner than you think.
Long and Strong BTCUSD, GBTC and GAHC. (GAHC is a blockchain play in the OTC market.)
What a fabulous thing to be in on the ground floor of a technology that will change the face of business forever.
This is the best investment opportunity in the history of the world. And it is just getting started. Japan has already made it a national currency. Australia is next. Heck Japan now even federally insures bitcoin in bank accounts.
Just wait till this hits the US in a big way. Bitcoin at $100,000? Absolutely, and it will happen much sooner than you think.
Long and Strong BTCUSD, GBTC and GAHC. (GAHC is a blockchain play in the OTC market.)
1965Vintage
Member
Good video! Thanks for posting!
Frixxxx
Moderator
Never Trade this currency.
http://www.cnbc.com/2017/05/15/bitc...demand-ransom-using-the-digital-currency.html
[h=1]Bitcoin plunges $200 after cyber attackers demand ransom using the digital currency[/h][FONT="]
[/FONT]
[FONT="]Evelyn Cheng | @chengevelyn[/FONT]
http://www.cnbc.com/2017/05/15/bitc...demand-ransom-using-the-digital-currency.html
[h=1]Bitcoin plunges $200 after cyber attackers demand ransom using the digital currency[/h][FONT="]
- Bitcoin fell from a record high after Friday's WannaCry cyberattack.
- The digital currency hit an all-time high of $1,848.75 Thursday and on Monday traded near $1,676.42.
- Analysts also pointed to increased Chinese selling.
[/FONT]
[FONT="]Evelyn Cheng | @chengevelyn[/FONT]
1965Vintage
Member
Bitcoin 05/18/2017 @ 13:55 hours =$1,867.66
Boom!
This is the investment opportunity of a lifetime. Heck, of a thousand lifetimes.
Realistic target $7,000 to $9,000 by year end. $5,000 minimum by year end.
This link let's you watch the worlds currency going into Bitcoin in real time. Pretty cool.
Fiatleak - watch the world's currencies flow into bitcoin in realtime
Boom!
This is the investment opportunity of a lifetime. Heck, of a thousand lifetimes.
Realistic target $7,000 to $9,000 by year end. $5,000 minimum by year end.
This link let's you watch the worlds currency going into Bitcoin in real time. Pretty cool.
Fiatleak - watch the world's currencies flow into bitcoin in realtime
uscfanhawaii
Active member
It's back near $1840. Buy the dips.
So, $1740 was a good price?!? Seems like a CRAPS game to me. (Baby needs a new pair of shoes!)
I have a hard enough time believing in the value of a dollar since they went off the gold/silver standard (am I showing my age?).
On the other hand....can we get a Bitcoin with the TSPtalk logo on it??? Now THAT may be worth something! :hmmm:
mikekellyonline
New member
This might belong in the politics forum, but I'm sure that the bitcoin is the money of bad guys.
1965Vintage
Member
So is cash. Bad guys use cash because it is untraceable. Whats the difference? Bad guys use guns. Do you want to outlaw guns? (If you do, please don't answer....lol) Seriously though, don't let your old school thinking keep you from missing the boat. Do some serious research on Bitcoin and you will see what I see. We are at the beginning of a new world where the people are in charge of their money again.
Bitcoin cuts out the middle man. It allows simple transactions worlds apart to happen instantly without huge fees and red tape. It is the future.
Oh and it is $2092 this morning as I type this. It will be over $2,100 by breakfast time in America. (Have to love 24 hour worldwide trading!)
I can't wait to see what my GBTC (Bitcoin investment Trust) does on Monday morning! (Insert giddy icon here)
mikekellyonline
New member
I know bad guys use whatever they can. My post was about the recent digital pirate attack. I do like the idea of it though.
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