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Thread: Bitcoin has a lot of potential. Why aren't you using it?

  1. #1

    Default Bitcoin has a lot of potential. Why aren't you using it?

    Need a prefix for Precious Bits.

    In the face of all the bank fees and soon to be CC fees, we need avenues to get around this crap. Plus you can avoid sales tax to boot.

    If you are still hesitant on using Bitcoin I would be happy to answer any questions you have. The word really needs to get out more.

    I believe bitcoin has the potential to destroy fractional reserve banking. It will have a staying power in the same way bit torrent couldn't be taken down either. The banking system won't see it as a threat until it is too late so now is when people should be getting in.

    Don't you ever wish you got involved with Apple or Microsoft stock in the very beginning? Bitcoin is giving you that chance to get involved with something successful now. And it does it based on the principles of scarcity, security and anonymity.

    Buy things you need with BTC IMO. Tell your merchant friends to start accepting it. They avoid fees. You avoid fees. Everyone is happy. Except the banksta's.



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  3. #2
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    I have no need, really , I guess.Only time I use a card is an occassional on line purchase, usually less than $50, and sometimes airline ticket.Use a credit card with no interest and an annual fee that comes to a couple bucksa month.

  4. #3

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    Because the second it actually can destroy fractional reserve banking is the time the bankers hack everything and zero them out.

  5. #4

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    We do use it, not exclusively of course.

  6. #5

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    Quote Originally Posted by ItsTime View Post
    Because the second it actually can destroy fractional reserve banking is the time the bankers hack everything and zero them out.
    Armchair cryptographer analysis?

    Whenever I hear statements like this, I think of all the things unqualified people make comments on. Like the average pro-war yokel supporting Fox News.

  7. #6

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    Sounds interesting. What backs a bitcoin? If nothing then how is it different than fiat? How are more produced?
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    I would probably try a small bit if I had a use. Diversity is a good thing.

  9. #8

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    No legal tender laws (and by extension income tax) and I would have all my money in gold/silver/bitcoin.

    Since such laws still exist, the money I have left over goes to silver. Less speculatory then Bitcoin. Love Bitcoin though.
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  10. #9

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    I've been interested in Bitcoin. I am supportive of the concept of a free market currency unregulated by government.

    I've even used Bitcoin a few times for some online purchases.

    BUT.....

    As a non-tech person, my biggest problem with Bitcoin is that it is a TREMENDOUS pain in the ass to buy into. I tried buying some Bitcoins through Dwolla, and almost lost my cash. I tried buying Bitcoins through BitInstant, and it was a colossal headache.

    If Bitcoin is ever accepted by the masses, it's going to have to be simplified.

    Recently, I heard someone make the comparison that right now, Bitcoin is at the same stage as the internet was prior to Netscape. I agree. Like I said, I support the concept, but in terms of practical usage, it's got a long way to go.

  11. #10

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    Quote Originally Posted by KCIndy View Post
    I've been interested in Bitcoin. I am supportive of the concept of a free market currency unregulated by government.

    I've even used Bitcoin a few times for some online purchases.

    BUT.....

    As a non-tech person, my biggest problem with Bitcoin is that it is a TREMENDOUS pain in the ass to buy into. I tried buying some Bitcoins through Dwolla, and almost lost my cash. I tried buying Bitcoins through BitInstant, and it was a colossal headache.

    If Bitcoin is ever accepted by the masses, it's going to have to be simplified.

    Recently, I heard someone make the comparison that right now, Bitcoin is at the same stage as the internet was prior to Netscape. I agree. Like I said, I support the concept, but in terms of practical usage, it's got a long way to go.
    The need for simplification is the first thing I thought of when I first started researching Bitcoin. But as a person creating a better currency, I can advise you that Bitcoin is not a good investment.

  12. #11

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    Quote Originally Posted by Seraphim View Post
    No legal tender laws (and by extension income tax) and I would have all my money in gold/silver/bitcoin.

    Since such laws still exist, the money I have left over goes to silver. Less speculatory then Bitcoin. Love Bitcoin though.
    Silver has a lot more baggage tied to it simply for the fact that the banks can paper short more silver than what exists in the world.

    Bitcoin can't be cheated. The price fluctuates based on actual purchasing/selling of the currency. Not paper manipulation.

  13. #12

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    Quote Originally Posted by KCIndy View Post
    I've been interested in Bitcoin. I am supportive of the concept of a free market currency unregulated by government.

    I've even used Bitcoin a few times for some online purchases.

    BUT.....

    As a non-tech person, my biggest problem with Bitcoin is that it is a TREMENDOUS pain in the ass to buy into. I tried buying some Bitcoins through Dwolla, and almost lost my cash. I tried buying Bitcoins through BitInstant, and it was a colossal headache.

    If Bitcoin is ever accepted by the masses, it's going to have to be simplified.

    Recently, I heard someone make the comparison that right now, Bitcoin is at the same stage as the internet was prior to Netscape. I agree. Like I said, I support the concept, but in terms of practical usage, it's got a long way to go.
    NFC (Near Field Communication), sorta like how the Galaxy III sends pics to other phones simply by tapping them together. Soon NFC will be used with with your cellphones to accomplish local transactions that are not online. Similar to Google Wallet.

    Until then, buying bitcoins shouldn't be that tough. Open an mt.gox account and tie your dwolla to it. Really couldn't be more simple. Just need patience while everything sets up.

    Or you can use localbitcoins.com and meet with other libertarians to trade directly in person. Bring your smartphone with you and people will help you out.
    Last edited by muh_roads; 02-03-2013 at 06:44 PM.

  14. #13

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    Quote Originally Posted by seapilot View Post
    Sounds interesting. What backs a bitcoin? If nothing then how is it different than fiat? How are more produced?
    Cryptography backs bitcoin. Only 21 million can ever be produced. They are mined from blocks. Mining is a different industry altogether so I probably won't speak on it much. But it has all the properties of a digital gold standard. It is backed by the same fundamentals.


  15. #14

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    Quote Originally Posted by Paladin69 View Post
    NFC (Near Field Communication), sorta like how the Galaxy III sends pics to other phones simply by tapping them together. Soon NFC will be used with with your cellphones to accomplish local transactions that are not online. Similar to Google Wallet.

    Until then, buying bitcoins shouldn't be that tough. Open an mt.gox account and tie your dwolla to it. Really couldn't be more simple. Just need patience while everything sets up.

    Or you can use localbitcoins.com and meet with other libertarians to trade directly in person. Bring your smartphone with you and people will help you out.

    Oh, I agree that spending bitcoins is easy, especially if you have a smartphone that handles Bitcoin apps. (I don't!) But I can still use an online wallet to send Bitcoins to another Bitcoin address, email, etc.

    BUYING the bitcoins has been my problem.

    I opened a Dwolla account for the specific purpose of buying bitcoins. Then I found out that it takes 3 to 4 business days to transfer money from my bank account to Dwolla. Then, for several months last year, Dwolla was having some real issues about being a transfer medium for Bitcoins. After that, Dwolla apparently began insisting on getting a copy of a government ID from its users, at which point I pretty well wrote off Dwolla.

    I had heard good things about BitInstant. "Get your Bitcoins in minutes!!" was the claim. So I decided to try it.

    BitInstant uses a service called ZipZap to transfer money from deposits at Moneygram locations to your preferred Bitcoin account. (got it?) So I tried putting through a transaction that way. I put in an order, and was directed by BitInstant to print out the order (lucky I had a printer handy, If I had been on the road as I usually am, I would have been screwed!) and take it to the nearest MoneyGram location, where the "knowledgeable assistant" behind the counter would help me process the transaction.

    Well, I hopped in my car, drove the two miles to the nearest MoneyGram location, set the printout on the counter, and politely asked if the service rep could process this cash deposit for me.

    The lady behind the counter took the paper, read it, read it again, shook her head, and said she had no idea what I was asking for.

    I explained that I was trying to conduct a Bitcoin purchase through BitInstant via Moneygram.

    She told me she had never heard of Bitcoin, nor of BitInstant. (She *had* heard of MoneyGram, fortunately!) She asked if I had made sure I wasn't getting ripped off in some sort of scam.

    I assured her that both BitInstant and Bitcoin were legit, just difficult to figure out. We both re-read the printout, and agreed on what looked like an account number that the money was supposed to go to. I took a chance, told her to go ahead and make the transfer, and left for home, worried that I might have just pissed away two hundred bucks. (Bitcoins were selling for around thirteen bucks at this point.)

    Well, the Bitcoins DID get purchased and transferred to my online wallet, but it was frankly a nerve wracking process.

    I was also a bit disappointed by the fees involved. By the time MoneyGram and ZipZap both got done taking a bite out of my cash, as well as a small fee paid for the transaction itself, I think I ended up with about $185 worth of Bitcoin for my $200 deposit.

    That's pretty steep, IMHO.

  16. #15

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    Bitcoin is an exciting project, and there is still "a long way to go".
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  17. #16

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    Quote Originally Posted by KCIndy View Post
    (Bitcoins were selling for around thirteen bucks at this point.)

    Well, the Bitcoins DID get purchased and transferred to my online wallet, but it was frankly a nerve wracking process.

    I was also a bit disappointed by the fees involved. By the time MoneyGram and ZipZap both got done taking a bite out of my cash, as well as a small fee paid for the transaction itself, I think I ended up with about $185 worth of Bitcoin for my $200 deposit.

    That's pretty steep, IMHO.
    True, but if its any consolation, They're at $20.55 USD each right now.

  18. #17

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    Quote Originally Posted by Steve-in-NY View Post
    True, but if its any consolation, They're at $20.55 USD each right now.
    Does the bitcoin cost of an item fluctuate with the value of the currency? In other words, is the cost updated in real time like you would see on a precious metals website?
    Last edited by 2young2vote; 02-04-2013 at 09:21 AM.
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  19. #18

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    My bank doesn't charge me any fees and I'd rather not keep my savings in something as volatile as bitcoin. 100%+ swings in a year is not okay
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    Is making purchases using bitcoin cheaper than making a purchase with a credit card? The credit card is certainly easier and accepted at more places. Perhaps an example of a transaction including the costs involved? What sorts of things can you buy with them? Are they priced in dollars first and then converted to bitcoin prices by the seller or is there a different bitcoin price? Thanks.
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    I tried.. I failed at setting up a wallet then trying to put something in it. Instructions at the time suggested I *go to* some financial institution to make a deposit to my bitcoin wallet. First.. I live 9 miles from the nearest traffic light - 15 to my credit union (one way) and whomever's site I was on was suggesting either wachovia or bank of America *gag* - which I don't even think exist in our little town.. Anyway
    first.. having something on my computer exclusively is a little scary - things break.. I don't back up often enough.. basically - shit happens.
    The other thing that just stopped me in my tracks is that I was using the Tor browser and the thing kept timing out on me.. refresh/relog repeat.. I finally tossed in the towel.. oh.. and not taking a paypal account for payment defeats any ease of use for me.
    The need to actually go somewhere (which for sure will be recorded) and do an in person transaction was the breaking point for me.
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  22. #21

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    Quote Originally Posted by Zippyjuan View Post
    Is making purchases using bitcoin cheaper than making a purchase with a credit card?

    It is for many many items out of the more than 500.000 items you can buy from here: www.bitcoinstore.com (takes exclusively bitcoins)

    I ordered something from them and got it as advertised, was beyond easy and simple to buy and cheaper than what I'd pay locally with fiat.
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    Quote Originally Posted by seapilot View Post
    Sounds interesting. What backs a bitcoin? If nothing then how is it different than fiat? How are more produced?
    Nothing "backs" bitcoin except for it's usefulness in making instantaneous, free-of-charge, and potentially anonymous internet transactions.

    It is different than a fiat currency because no central agency is mandating it - that's what "fiat" means.

    There are a specific number that are possible to be "mined" (discovered by brute-force cryptographic searching) - but that number doesn't matter because it is a digital currency that is infinitely divisible. You can pay someone 0.000000001 bitcoin for a product if they become scarce enough relative to the goods that are being purchased.
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    Quote Originally Posted by opal View Post
    I tried.. I failed at setting up a wallet then trying to put something in it. Instructions at the time suggested I *go to* some financial institution to make a deposit to my bitcoin wallet. First.. I live 9 miles from the nearest traffic light - 15 to my credit union (one way) and whomever's site I was on was suggesting either wachovia or bank of America *gag* - which I don't even think exist in our little town.. Anyway
    first.. having something on my computer exclusively is a little scary - things break.. I don't back up often enough.. basically - shit happens.
    The other thing that just stopped me in my tracks is that I was using the Tor browser and the thing kept timing out on me.. refresh/relog repeat.. I finally tossed in the towel.. oh.. and not taking a paypal account for payment defeats any ease of use for me.
    The need to actually go somewhere (which for sure will be recorded) and do an in person transaction was the breaking point for me.
    From what I've heard, you can use Moneygram to purchase through a few vendors, and you don't have to provide ID with the name you put on the card - it's just used to verify the transaction.

    And even if "they" record you buying bitcoins, you can transfer them to a second encrypted wallet and the bitcoins are no longer traceable to you.
    "You cannot solve these problems with war." - Ron Paul

  25. #24

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    Quote Originally Posted by 2young2vote View Post
    Does the bitcoin cost of an item fluctuate with the value of the currency? In other words, is the cost updated in real time like you would see on a precious metals website?
    Yes.

  26. #25

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    Quote Originally Posted by Zippyjuan View Post
    Is making purchases using bitcoin cheaper than making a purchase with a credit card? The credit card is certainly easier and accepted at more places. Perhaps an example of a transaction including the costs involved? What sorts of things can you buy with them? Are they priced in dollars first and then converted to bitcoin prices by the seller or is there a different bitcoin price? Thanks.
    Usually bitcoin to dollar exchange thing. ... and its cheaper than using a credit card because there are no fees involved whatsoever.
    A far as what can you buy? A LOT (see: https://en.bitcoin.it/wiki/Trade) but its not so much WHAT as much as FROM WHO right now as many places dont accept it, but it is gaining traction... in fact I believe I recall hearing about someone working on a bitcoin ATM recently...

  27. #26

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    Quote Originally Posted by mczerone View Post
    From what I've heard, you can use Moneygram to purchase through a few vendors, and you don't have to provide ID with the name you put on the card - it's just used to verify the transaction.

    And even if "they" record you buying bitcoins, you can transfer them to a second encrypted wallet and the bitcoins are no longer traceable to you.

    The MoneyGram location I went to demanded ID, but maybe I just looked shifty to them!

    But you're right, after you get them in a wallet online, you can always do a transfer or two and I would assume that would mask any trail, at least to a certain degree. Of course, the big question is this: If the Feds start documenting who is buying bitcoins at these walk-in locations, does that put the bitcoin purchaser on a "watch" list of some sort?

  28. #27

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    Quote Originally Posted by Paladin69 View Post
    Armchair cryptographer analysis?

    Whenever I hear statements like this, I think of all the things unqualified people make comments on. Like the average pro-war yokel supporting Fox News.
    Yup. Never happened before. http://www.nbcnews.com/technology/te...heisted-122726

    Hear about the $500,000 heist of online currency this month? Not only was the digital dough stolen, the theft was followed by a major hack at an exchange website that led to a precipitous drop in the currency's actual value.

  29. #28

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    It's not relevant for my lifestyle at the moment. When I can pay for my gas or go to the grocery store and pay in bit coin, then I'll look into it. Until then, I'll continue to invest in tangible assets.

  30. #29

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    I need some new shocks for my truck... can I get them with bitcoins?
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    Quote Originally Posted by presence View Post
    I need some new shocks for my truck... can I get them with bitcoins?
    I may be able to help , tell me what you need I can get you a quote. less shipping. I accept silver , or FRN's .

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