Bitcoin currency of the future?

Fuck Bitcoin... It's all about the DOGEcoin, bruh...
dogen.png
 
Nothing. What have you got against me buying them with dollar bills right down the street?


Nothing. Just making sure there's no thinly veiled pancakephobia around here.
 
maybe not bitcoin specifically, but its hard to imagine crytocurrency not being the most traded currency in the near future.
 
maybe not bitcoin specifically, but its hard to imagine crytocurrency not being the most traded currency in the near future.

I wouldn't say near future. But it's bound to happen. And I believe the next huge economy crash would be the beginning of the introduction to virtual currency. Something that is way bigger than 1929, 97s, dotcom and 07/08. It's could be introduced as a way to wipe out debts, governments ones, not individual ones. Considering how many countries are on the verge of bankruptcies, it's the likely the main cause to make virtual currency mainstream. To save their own ass basically.

It's simple -and sad in a way- electronic currency will not be universally accepted until it can be controlled by governments. When one comes a long that a major 1st world government supports -that's the one that will be taken seriously. It might still fail however even in that circumstance.

Until then have fun buying trinkets and meds on line with make believe 'bitcoin'.

Exactly, Madmick and I said similar things. Other than government "approved" ones. Any virtual currency, be it bitcoin or new introduced ones in future, is nothing more than a scheme for people to get rich or bankrupt just like penny stock market.
 
I have a bitcoin mining PC that makes about as much as it uses in electricity.
 
Bingo.

  • No Third-Party Seizure
Since there are multiple redundant copies of the transactions database, no one can seize bitcoins. The most someone can do is force the user, by other means, to send the bitcoins to someone else. This means that governments can’t freeze someone’s wealth, and thus users of Bitcoins will have complete freedom to do anything they want with their money.

  • No Taxes
There is no way for a third party to intercept transactions of Bitcoins, and therefore there is no viable way to implement a Bitcoin taxation system. The only way to pay a tax would be, if someone voluntarily sends a percentage of the amount being sent as tax.

  • No Tracking
Unless users publicize their wallet addresses publicly, no one can trace transactions back to them. No one, other than the wallet owners, will know how many Bitcoins they have. Even if the wallet address was publicized, a new wallet address can be easily generated. This greatly increases privacy when compared to traditional currency systems, where third parties potentially have access to personal financial data.

  • No Transaction Costs
Sending and receiving Bitcoins requires users to keep the Bitcoin client running and connected to other nodes. Essentially, by using bitcoins users will be contributing to the network, and thus sharing the burden of authorizing transactions. Sharing this work greatly reduces transaction costs, and thus makes transaction costs negligible.

  • No Risk of “Charge-backs”
Once Bitcoins are sent, the transaction cannot be reversed. Since the ownership address of Bitcoins will be changed to the new owner, once it is changed, it is impossible to revert. Since only the new owner has the associated private key, only he/she can change ownership of the coins. This ensures that there is no risk involved when receiving Bitcoins.

  • Bitcoins Cannot be Stolen
Bitcoins’ ownership address can only be changed by the owner. No one can steal Bitcoins unless they have physical access to a user’s computer, and they send the bitcoins to their account. Unlike conventional currency systems, where only a few authentication details are required to gain access to finances, this system requires physical access, which makes it much harder to steal.

Most importantly no artificial devaluation because of overprinting.
No third-party seizures, no taxes, no tracking and no charge-backs are all negatives to me. I don't benefit from any of them, and those who mostly do are various sorts of criminals, cheaters and scammers. By all means, I know there are also many honest people ideologically comitted to this, but they don't actually really benefit from that stuff either unless they actually do tax evasion, drug trading or live in an actual opressive state.

I want a regulated currency in a regulated economy.
I have a bitcoin mining PC that makes about as much as it uses in electricity.
That doesn't sound very friendly to the environment.
 
Back when Bitcoin first came out, they were giving them out at 10,000 bitcoins per person and more if you wanted. This was in 2009 or so. If you cashed out in 2014, you would've made an instant $15 million
 
Intercourse is the future.
 
Sounds like pure bullshit, especially after that Japanese fraud.
 
I think bitcoin is taking off (virtual currency) worth over $400 and serves as a hedge against inflation and fiat currency. I got some for $100 and made a lot. The USA now recognizes it as a valid commodity. I can buy a coffee at a store with my bitcoin.

What do you think? Here look at the myths of Bitcoin, I don't trust currency that can be artificially printed:

https://en.bitcoin.it/wiki/Myths

I'm pretty sure it was at $700 or $900 in like 2013.

Unless you got into mining that shit years ago it's useless. You're going to waste your time, and any money you invest. I looked into it last year and said "fuck this shit".
 
How do you even get bitcoins in the first place?

you can buy them directly at the price they are currently at ($400) and sell them when/if they rise (just like a stock) or you can "mine" them.

You can use a regular PC to mine them but you are literally mining tenths/hundredths of a thousand per hour/day. You can buy specialized hardware that mines them faster, but you'll be investing $100s or $1000s. All "mining" bitcoins is doing, is adding transaction records to their public ledger from past transactions, thereby supposedly securing the bitcoin network if it were to be hacked. This requires the computer completing a shitload of calculations constantly, and the specialized mining PCs / hardware are much faster at these calulations than a normal PC, thereby earning them faster. That's the jist of it as I understand anyway.

https://www.weusecoins.com/en/mining-guide/

There's also casino type website where you can gamble them.
 
I wouldn't say near future. But it's bound to happen. And I believe the next huge economy crash would be the beginning of the introduction to virtual currency. Something that is way bigger than 1929, 97s, dotcom and 07/08. It's could be introduced as a way to wipe out debts, governments ones, not individual ones. Considering how many countries are on the verge of bankruptcies, it's the likely the main cause to make virtual currency mainstream. To save their own ass basically.



Exactly, Madmick and I said similar things. Other than government "approved" ones. Any virtual currency, be it bitcoin or new introduced ones in future, is nothing more than a scheme for people to get rich or bankrupt just like penny stock market.



What is bitcoin backed by anyway? I.E. where does its actual value actually come from?

At least in theory, the dollar is backed by an actual economy and country, as well as gold, silver and so on -actual resources.
 
you can buy them directly at the price they are currently at ($400) and sell them when/if they rise (just like a stock) or you can "mine" them.

You can use a regular PC to mine them but you are literally mining tenths/hundredths of a thousand per hour/day. You can buy specialized hardware that mines them faster, but you'll be investing $100s or $1000s. All "mining" bitcoins is doing, is adding transaction records to their public ledger from past transactions, thereby supposedly securing the bitcoin network if it were to be hacked. This requires the computer completing a shitload of calculations constantly, and the specialized mining PCs / hardware are much faster at these calulations than a normal PC, thereby earning them faster. That's the jist of it as I understand anyway.

https://www.weusecoins.com/en/mining-guide/

There's also casino type website where you can gamble them.
Where do you buy them from? I'm not sure which sites to trust that claim to sell bitcoins.
 
Bitcoin is backed by nothing.

The system is set up to create 1 new bitcoin every 10 minutes (approx), but I really don't understand what causes the price to fluctuate.
 
Where do you buy them from? I'm not sure which sites to trust that claim to sell bitcoins.

I honestly couldn't tell you, never done it. I'm sure any of the exchange sites are reputable, especially the ones at the top of something like a "buy bitcoin" google search since they would be the most popular.
 
What is bitcoin backed by anyway? I.E. where does its actual value actually come from?

At least in theory, the dollar is backed by an actual economy and country, as well as gold, silver and so on -actual resources.
Bitcoin is backed by nothing.

The system is set up to create 1 new bitcoin every 10 minutes (approx), but I really don't understand what causes the price to fluctuate.

RedRocket answered it for me, bitcoin as of now is backed by nothing. It's basically in use because of the ease and lack of actual documentation of the spending and intake. You should know which type of people want/need these type of transactions the most *wink* The small amount of people actually using it for daily life shouldn't be that many, I doubt there are more than 1m people wordlwide use it for daily purpose, it's just a number out of my ass guesstimate though.

The value of it now is just mostly speculative stock thinking. Sort of like people believing it would be used worldwide in future thus the limited quantity makes it more valuable. But it's basically Tulip mania in binary form if you ask my opinion.
 
99% of bitcoin purchases are for buying narcotics from the deep web. It's the preferred currency of the black market.
 
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