Bitcoin as an investment might be doing quite nicely but as a medium of exchange?! Why would I buy a pizza with my bitcoins if I could get another three if I waited a hour? (Disclaimer: I have no idea how much a pizza costs) Why would I accept bitcoins for my products if the value of bitcoins could drop lower than the cost of the item? I am waiting for bitcoins to become more than just a way of investing or buying drugs. Once it is stable and I can make transactions that don't require bank fees and foreign exchange fees I will dive right in, the anonymous aspect is just a bonus.
Err.. Yeah umm... I sold last week to buy gold and then I saw this which still scared the crap out of me Now those cheap coins nom nom ^^
It is at this stage certainly not the best medium of exchange in terms of its ability to retain value, but that much can be expected from a wild stallion. "Why would I accept bitcoins for my products if the value of bitcoins could drop lower than the cost of the item?" - Because there are third party payment gateway providers that are willing to take that risk in exchange for a small percentage/fee. E.g. if you want to sell your product for the BTC equivalent of $100, you will in the final equation receive exactly $100 and not the equivalent in BTC.
I wasn't aware of that, thanks. The main thing I like about the whole concept of bitcoin (As I understand it) is getting rid of the middle men who leach off the transactions, bankers, foreign exchanges, governments etc. I quite liked PayPal until I reaslied how badly I was getting screwed on the foreign exchange rates, they weren't charging me much for the transaction but they were creaming it on the exchange, not sure if they also have to pay someone for the exchange rates as well but when the AU$ is doing so badly anyway it is a shock to get an even worse exchange. Does anyone charge for transactions using bitcoin?
Not exactly, nobody "charges" you for it. Bitcoins are created by people spending money on little boxes that do maths and process the transactions. If you want your transaction to go through quickly you could pay a higher transaction fee or you could pay none and wait longer, it's up to you. Your fee goes towards someones power bill and some pie.
Transaction Fees I don't actually mind paying for a service if it is decent enough, I already pay transaction fees for everything else. I guess that it would be a lot to ask for someone to go to all this trouble out of the goodness of their heart, have to make money out of it somehow.
You're most welcome. One of the greatest benefits of Bitcoin is having the ability to send/receive money within minutes to and from any part of the world that has access to the internet. Another benefit is that there is no central issuing authority - from a monetary perspective, this reduces exposure to the failure of a country's government or currency. In order to stop it dead in its tracks and not just slow it down, the authorities will have to shut down the internet permanently. In terms of transaction fees, it depends on more than one factor. Basically, the less risk you wish to take and the faster you wish to see a transaction completed, the more you can expect to pay in terms of transaction fees. Needless to say, Bitcoin is a wild horse that still needs to be tamed. It is not something that should carry one's life savings. Physical gold and silver remain king.
Actually all they'd have to do is fire up enough computing power to take control of the block chain and its game over Or declare it legal tender and therefore anyone running the blockchain generating new coins would be guilty of counterfeiting and no one would be able to transfer coins without a financial services license Or declare transactions illegal and block the IP of anyone using it just as they did with copyright infringement and shut down/fine out of existence any business that accepts it In short, if .gov wanted bitcoin dead it would be dead. But as long as they can keep seizing them and auctioning them of for millions of dollars and it is zero threat to the established system they will probably ignore it.
Great..., this has been floating around a while now was only a matter of time till they went public with it, I started moving to block chain based start ups rather than just trading and holding Bitcoin this year, currency was only one trivial use of the block chain, though it's not lost on me it was probably an FBI creation and while we think we are being really clever we are spending on an open ledger, just what the ATO would want..
I take exception to these statements. Maybe the word 'most' inserted before the word 'old' would be kinder to those of us who in the forum who are are more mature. :lol: :lol: :lol: https://www.dollarvigilante.com/blog/2015/10/04/2016-may-be-bitcoins-biggest-year-yet.html
Looks like Bitcoin becomes more and more mainstream - just noticed a very big dealer in singapore accepts bitcoin - https://www.bullionstar.com/ Hopefully perthbullion will accept them also soon, that will make money transfer cheap and quick, no more fees involved Its all, but not dead
Microsoft is dropping support for Bitcoin payments on its stores http://www.kitguru.net/channel/gene...g-support-for-bitcoin-payments-on-its-stores/
