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.Originally Posted by Seraphim
Bitcoin can't be cheated. The price fluctuates based on actual purchasing/selling of the currency. Not paper manipulation.
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.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.
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 Paladin69; 02-03-2013 at 06:44 PM.
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.
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.
Bitcoin is an exciting project, and there is still "a long way to go".
- Negativity is ignorance, and ignorance is your own personal tyranny. It tells you how to act, how to talk, how to think, and what to feel. You will never see a world without tyrants until you release your own. ~Honored to be Among You
How does Ron stay so calm?
$$$$$$$$$$$$$$$$$$
- 'Sunshine Patriots Inc.' Presents: "Who Wants To Be The Billionaire?"
- Winning today's battle(s) is sometimes just a matter of finding the bright side. ~Indy Vidual
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.
No more IRS.
I am now old enough to vote.
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
"No matter how noble you try to make it, your good intentions will not compensate for the mistakes that people make; that want to run our lives and run the economy, and reject the principles of private property and making up our own decisions for ourselves." - Ron Paul
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.
Freedom is a state of mind. Nobody can take that from you unless you let them.
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.
Disclaimer: any post made after midnight and before 8AM is made before the coffee dip stick has come up to optomim level - expect some level of silliness,
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