The Virual World Of Bitcoins

This has always intrigued me, in fact, someone tried to give me a Bitcoin or 99.00 a few months back and I did not know what it was so I turned it down, it seems now that Bitcoin is worth 1,000USD in goods and services.


It’s a fascinating new method of undercutting current financial institutions, too. A whole new format for “currency”, one that world-banking doesn’t quite know how to deal with.

I can’t tell if World Banks think it’s an attack against them, or if they’ll find a way to exploit it in the future. PayPal was considered an attack against MasterCard-Visa, and it’s survived to this point.

I don’t understand how you get 'em, but anything that HURTS bankers, and anything that avoids the IRS, is ok by me. Likewise, there are a number of corrupt credit card companies who need to go out of business, so I hope this tips the scale.

I don’t get the “mining” bit. Their explanation is lacking if it neglects the central core of the thing. They need to explain more if they expect people to get onboard.

There are many very real company’s using this currency, Slysoft for one that we all know here at this forum take Bitcoin as payment. Many other companies do also, you can actually put Bitcoin into your Paypal account, the only problem is with the fluctuation of the rates, Like I said, I had the option to take a Bitcoin for 99.00 USD just a few months back and now its worth over 1,000USD. If you buy something its just like having a Paypal account, it deducts the amounts from your total worth. Your total Bitcoin worth can be whatever you want it to be, just buy as many Bitcoins as you like. Its a commodity, its value like other currencies goes up and down every day on the world market, whoever thought of this was pure genius.

It’ll be interesting to see how long Bitcoin grows in value and whether it turns out to be a huge bubble about to pop. :eek:

Based on the comments I’ve seen so far, it’s quite tricky converting Bitcoin back into another currency, especially large numbers of Bitcoins. On the other hand, I’m sure those who mined Bitcoins in its early days are the real lucky ones, as they have practically nothing to lose.

A friend of mine has a Bitcoin account. He bought Bitcoins and accepted them as payment for his software. The ones he accepted in mid 2013 , still in his account accumulating value, he has spent what he paid for the Bitcoins and now has actual things that have actual value to sell on Ebay. He cannot lose at this point, He recouped his investment and now has a few thousand Bitcoin dollars to spend wherever they are accepted as payment.;):wink:

Well, do you buy them or “mine” them as the video said? I don’t get it. It’s starting to sound like buying stocks that (may or may not) go up.

Someone please explain.


[QUOTE=Gaarry;2711454]Well, do you buy them or “mine” them as the video said? I don’t get it. It’s starting to sound like buying stocks that (may or may not) go up.

Someone please explain.

Do you understand how the currency markets work in the worlds economy? If you do just apply that perspective to the Bitcoin market.

Just started gambling on I started with 60 dollars worth of litecoins (in addition to bitcoins, there’s a whole world of altcoins) and now have $120. :slight_smile:

Mining is the process of doing the intense calculation the generate the secure key values that are the bitcoins.
Initially, this was donme using the CPU, but then graphics card (GPU) mining took over, as the repetetive calculation coud be handed off to the shader processors of the GPU.
Now, dedicated hardware provides even more performance, but to avoid a glut, the processing requirement / reward rate scales automatically.

It’s been said that the only people who can truly profit from mining will be those with access to free or very cheap electricity.

Sounds like an overly complex scam. The more I hear about it, the less sense it makes. They can keep it. :disagree: