BITCOIN as an alternative to regular currency

[burdo77]

If an online currency becomes more popular wouldn't u think that a currency offering way more coins in circulation would be preferred rather than what bit coins has released. In addition, I'm interested in anyone who has actually made money/ bought something substantial with their profit???

[Zenyatta]

Talk about volatility! After cracking the $1000 mark, Bitcoins plummeted to $800 again.

After a couple of months of articles, debates and discussion, I still can't decide whether they are the way of the future/a real revolution in money, or one big foolish speculative mania.

Has anyone come to any conclusions or changed their mind on Bitcoins?

[superfrank]

Has anyone come to any conclusions or changed their mind on Bitcoins?

not as much as you have!

I'm undecided. It's a great idea but govts and bankers won't relinquish control of money creation that easily (which is why I expect they'll crash/outlaw it at some point).

buy bitcoin as a punt; gold as real insurance.

[steven1976]

Most of the world still rely on cash to buy fish at the market so I don't change my mind that its never going to scratch the surface.

Large transactions say of 100k+ cost 30$ to make so the transaction fees are not relevant. Small fees for buying a 100$ watch on line and paying 3$ fees to credit cards are not really going to kill the deal.

I see a few companies like the games company taking advantage of cheap marketing under the assumption there won't actually be much paid for in bitcoins.

Only real use I see is for countries that control the outflow of money or don't allow it. Cough!... china...India...USA

So as an alternative to money, I'm sticking to it flopping.

I don't invest so just opinions but for those looking for value you are going to find value in Thai in the next couple of months. Going to be some cheap stock and money. De shit is about to hit the fan short term but long term the economy will do well as it has some good resources and positioning.

[superfrank]

Only real use I see is for countries that control the outflow of money or don't allow it. Cough!... china...India...USA

also might be more than a bit useful in countries that have persistently high inflation and currency depreciation, i.e. South America, Africa and parts of Asia.

the great thing about bitcoin is that it cannot be debauched by governments (spending more than they earn and putting it on the slate) and the supply is limited.

[superfrank]

Major US retailer starts accepting Bitcoin payments
http://www.telegraph.co.uk/technology/n ... ments.html

when is BA going to start accepting BTC Euler?!

[steven1976]

Only real use I see is for countries that control the outflow of money or don't allow it. Cough!... china...India...USA

also might be more than a bit useful in countries that have persistently high inflation and currency depreciation, i.e. South America, Africa and parts of Asia.

the great thing about bitcoin is that it cannot be debauched by governments (spending more than they earn and putting it on the slate) and the supply is limited.

Is it limited though? I think Zen said each coin can be split into xxxxx per coin but I think I read if the demand was needed they would split it further, but it was undecided at the moment which means there is no real cap on how many parts are available.

No transaction costs but the company accepting payments may do a paypal and make 5 or 10% on the currency conversion on purchases.

Ill add Ukraine to the list as well. Trying to get money out of there and russia is a right pain in the arse!

[superfrank]

Is it limited though? I think Zen said each coin can be split into xxxxx per coin but I think I read if the demand was needed they would split it further, but it was undecided at the moment which means there is no real cap on how many parts are available.

http://bitcoin.stackexchange.com/questi ... ntually-be

A pre-defined schedule limits the total number of bitcoins so that they gradually approach a total of 21 million (ignoring those that have been lost through deleted or misplaced wallet files). The limit of 21 million bitcoins is "hard-wired" in to the protocol, and there will never be more bitcoins than this

Bitcoins are divisible up to 8 decimal places - 0.00000001 is called a "satoshi"
https://en.bitcoin.it/wiki/Units

[steven1976]

With the top link and zens link it suggests they could possibly be further split

http://bitcoin.stackexchange.com/questi ... -a-satoshi

To be honest, and probably the biggest turn around of all. They could be probably be very beneficial to me if I felt like I could use them. I work in an environment where we make transactions with friends on trust, whereby I pay money to people outside of Burma and they pay to us in Burma. Its not small money and is totally based on trust so I do see how I could benefit. However we still have to change it into something that spends so if the rate of exchange is not good then what is the point?

[gazuty]

With a 50% probability confidence bitcoin will collapse between 2016 and 2032.

Bitcoin has existed for 6 years (2008 - 2014).

Let us consider its possible lifespan. To do this think of its possible lifespan in quarters.

We are somewhere in its lifespan. We don't know where. There is a 50% probability we are in the second or third quarter of its lifespan right now. (Based on the Copernicus theory you are no where special in time).

If we are right at the start of the second quarter, then each quarter is 6 years long and bitcoin will last 24 years from its founding giving a collapse in 2032.

If we are right at the end of the third quarter, then each quarter is 2 years long and bitcoin will last 8 years from its founding giving a collapse in 2016.

So there is a 50% probability bitcoin will collapse between 2016 and 2032.

[steven1976]

http://nymag.com/daily/intelligencer/20 ... tcoin.html

[superfrank]

Overstock's First Day Of Bitcoin: $130,000 Sales, 840 Transactions, CEO "Stunned"
http://www.zerohedge.com/news/2014-01-1 ... eo-stunned

[Euler]

First Bitcoin insurance service launches in UK

http://www.igamingbusiness.com/news/fir ... aunches-uk

[andyfuller]

Kanye West-inspired currency 'to launch soon'

http://www.bbc.co.uk/news/technology-25588883

Or not:

http://www.bbc.co.uk/newsbeat/25741347

[gazuty]

To show that there is no scarcity in payment systems ( vs fiat currency).

Here is a bitcoin competitor that is less well known but bigger than bitcoin.

http://www.theage.com.au/technology/tec ... 31d24.html