New on LowEndTalk? Please Register and read our Community Rules.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
Who really prefers BitCoin?
randvegeta
Member, Host Rep
in General
LET seem to have a lot of members actually prefer BTC. Im curios, who and why would BTC be preferable?
For sellers/service providers, the non-reversible nature of BTC is obviously attractive but does anyone actually hold BTC or do most simply convert for 'real' money straight away?
What about buyer's reasons? Curious to know!
Thanked by 1Anna_Parker
Comments
My opinion: There is a small group of enthusiasts, who use Bitcoin as they believe it is better and will be the future currency. There is also a large group of people using Bitcoin because it isn't possible to track (anonymous).
As @8420PR said, a few enthusiasts and abusers that doesn't want to be tracked.
As a service provider I would ask for an ID if a new customer pays with bitcoin on their first purchase.
We concert BTC to GBP immediately with Coinify. I'm not into high risk investments in fluctuating virtual currencies with company money .
I love bit coins and keep them in my wallet until I need them, and then can just use them to pay off invoices if low on funds.
I'm using Bitcoins, because I don't wanna support PayPal and credit card comapnies as I love freedom and I'm against totalitarian governments (mainly US and EU), which want to know every our transaction. Do you know that in France there's limit of cash transaction (can't remember it's 1000 EUR or more)? Do you agree to be treat as slave of your goverment and their tax system? Bitcoin belongs to us, to the people and it means you're your own bank and no one can block/refuse access/take out your money. If you have money in bank you are not real owner of your money and they can be blocked/refused access to/took out - and what's more the government know how much you own. Read reddit and you'll see that some people in US when wanna withdraw some bigger amount (even 1k...) of cash they have been asked: why and for what? (and sometimes banks refuse to withdraw "your" money). Do you agree with that? Do you agree that government or banks set a daily limit to withdraw your money (see: Cyprus and Greece) from ATMs? I'm not, so the Bitcoin is one of the protest form. The current bank system isn't based on gold since 1976/8, current money system is based on nothing (on trust) and it's going to global crash on someday (do you know that ATMs in Germany are programmed to easily switch back to their real currency: Deutsche Marks?). That's why big countries like Russia, China, Germany collecting big amounts of the gold as never before in the history. Also read about project BRICS [Brasil, Russia, India, China, South Africa) against International Monetary Fund [USA] mafia. Wake up.
@anna_parker great post.
I use bitcoins coz its really good. no need of verifications and cards like paypal does.
plus i can buy from any one regardless if he supports paypal/ card payments or not.
@Mridul that's the right the Bitcoin is the most international money in the world, even works in North Korea, where PayPal, CC won't work.
@Anna_Parker,
Problem is, BTC isnt untracable. The block chain by its very nature allows all transactions to be traced. Now, connecting them to an identifiable individual is a whole other issue, but not impossible.
Another thing, BTC has no real value and is even less trustworthy than fiat currency. And there is nothing preventing governmenta from making laws that encompass BTC. You mentioned that in France, cash payments over X Euros may not be legal, but how can they stop it? They can make the same laws with BTC. It will just be similaraly unenforcable.
Not wanting to support Paypal or the CC companies is fine but I would personally rather hold dollars or Euros in any significant qtys. But so long as I can cash out to dollars easily, Im happy to accept BTC
i use bitcoin because its untraceable
This is not true. It's backed by cryptographic computing effort.
Fiat currency isn't backed at all, it's printed when it's needed. You should read how central banks work, it's an interesting read on how such a crazy system still stands (when you don't count the financial crisis of 2008).
What value does the cryptographic effort bring? It takes effort to crush rocks into smaller rocks but it wont give those smaller rocks any greater value.
Effort and cost of 'mining' isnt value. There is value in the resources used to mine the coins but that value isnt transfered.
While true this has nothing to do with "crash safety" - Siemens ATMs can be set to any currency by a simple software update, it is after all just a Windows XP embedded with the same software as the banks use on their terminals plus an API interface (mostly serial) for the cash storage.
@classy
There is a process in which you can synthesize gold from platinum. But what you get is an output less valuable than the input.
I've got no issue being paid in Bitcoin; mitigates the chargeback issue found in the hosting industry.
@Anna_Parker you do realise the EU is not a country and so it's not a government, right?
Bitcoin is probably the best for micro-transactions, a company can offer something for $1 per month without getting hammered by transaction fees like PayPal.
There are Micropayment providers like CarrotPay than can be competitive. Even paypal's micropayment service isnt too bad (5% or so).
It secures the distributed ledger known as the blockchain. This is what records all bitcoin transaction. It is a global, open, decentralized ledger that no one can censor. Once a bitcoin transaction has been confirmed a sufficient number of times it cannot be changed by anyone. So no one can stop you sending bitcoin to any person or machine in the world and no one can "freeze" any bitcoins you own. Bitcoin is to money what the internet is to communication - programmable, open, global and decentralized.
There's no way this (and the rest of your post) is not a brilliant parody of the inane garbage some Bitcoiners actually spout for real, but Poe's Law is a bitch and for the sake of argument I'm going to pretend you mean it.
No, even though I massively benefited from the taxes paid by other people to provide schools, health, housing, roads, infrastructure, I'm a parasite and don't believe I should have to contribute anything back.
Specifically, the People's Republic of China mining farms.
Being a bank requires enormous time, hassle, security and worry. Why would I want to burden myself with that?
Do you agree that when people steal your computer money (see: countless examples of hacking, fraud and crooked websites) you will never see it again and will receive zero compensation?
you mean like cash?
It's like a country, where European Commision is like a government (what's funny, they didn't be elected by the people in the contrast to European Parliament [which has no power]). After 1-Dec-2009 EU law is level up than national due the Treaty of Lisbon (BTW do you remember they do repeat the referendum in Ireland when Irish said NO and blocked their next 'Reich' idea? Is it a democracy? I don't think so). All national laws must be compatible with EU, it doesn't work in opposite direction. Same thing in USA - it's a federation, when each states has own law, but the level up is federal law and federal goverment. It's not the idea of father's of United States, that's why there are votes to secede, ie. in California. Same in EU, there are several movements in each countries (UK is a most visible with their referndum) to exit this non-democracy boat, which is going to crash (I mean Muslims, Chinese will rule in [mainly western] Europe after few decades if nothing will change).
There is no such thing as "real" value. Any commodity is either worth X in an exchange or it does not.
I use bitcoin - not because I love criminal activity or support it (like media suggests bitcoin is "the criminal currency"), I just use it because it's easier than bitching on the phone with PayPal for two hours.
There you are, I fixed it for ya.
I highly doubt the drug lords around the world get paid in BTC, don't you? They do get paid in USD though, so do you avoid the dollar because you don't want to support criminal activity?
@deadbeef, I still dont see the value of that effort.
In any case, BTC is not truley global so long as goverments can (and do) influence or control peoples access to the internet. North Koreans do not have access to the Internet so it is truley is worthless over there.
China has the great firewall and if they wanted they can block or augment transactions. BTC is 100% dependant on the internet. Not so great when Skynet decides to unleash the Terminators and take over.
What effort? I didn't say anything about any effort.
Actually governments can do anything, so the point is moot. Gold has been banned multiple times historically for example.
They also don't have access to USD, GBP, EURO etc. Point being?
sorry for a noob question, can you also point how to start earning Bitcoin ? I mean from a fresh starter's perspective who doesn't know anything about it... what would be good to read/research/learn to get started.
Thanks
You mean you want to mine them or something? It's really hard to get free bitcoins now.
The same way you earn dollars. You work for it or you exchange something for it.