BITCOIN as an alternative to regular currency

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Euler
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Joined: Wed Nov 10, 2010 1:39 pm

You can use Bitcoins to transact business on, they are far too volatile. Do you accept normal currency and use that to conduct onward business or do you accept a price +/- 50% overnight. Bitcoins are an expensive way to do business unless you have something dirty to hide.
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BJGardner
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As I understand it all bitcoin transactions are recorded forever somehow by the technology, so the taxman could catch up with anyone eventually.
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jimrobo
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the blockchain is already about 5gb. Whats going to happen 10 years down the line if it actually becomes mainstream?? The blockchain is going to be too big for most computers???
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steven1976
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Euler wrote:You can use Bitcoins to transact business on, they are far too volatile. Do you accept normal currency and use that to conduct onward business or do you accept a price +/- 50% overnight. Bitcoins are an expensive way to do business unless you have something dirty to hide.
For me it would be a roller coaster. My orders take 2 months to ship out from receiving the order. I'd be rich on paper after 30 days and broke on shipment.

A few years back our currency went from 1250 against the dollar to 740 in the space of about 3 months. Obviously, it had massive consequences on export in general. I think 100,000 people lost jobs because of it and those that managed to get through it didn't know whether they wanted to carry on with such uncertainty.

Working in such volitile situations is not a good idea. So like peter said its impossible to be accepting orders if you don't know if tomorrow its going to be worth 20% less unless your buying Xanax for 20 cents and selling for 3 quid online it may be viable.
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Golfer
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Joined: Fri Nov 04, 2011 10:45 pm

Surely the business could cash out of the BC pretty quick after the transaction? No reason for them to be sitting on overnight risk...and price fluctuations will go both ways.

If the process was simplified/automated I think some business/consumers would convert. I would happily use it as an alternative to the Paypal fees rip-off.
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steven1976
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Depends on your business. Do you think Walmart would send you money the second they order?
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Golfer
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Quote could be in $, actual payment could be in BC and banking fees avoided.
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steven1976
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Can someone please show me where I can spend my coins? I don't want to trade them, I just want to spend.
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gutuami
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jimrobo wrote:the blockchain is already about 5gb. Whats going to happen 10 years down the line if it actually becomes mainstream?? The blockchain is going to be too big for most computers???
It is over 10gb according to info on some forums and it's growing exponentially. They have to find a way to delete unnecessary data or modify smth otherwise the whole system will collapse.
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jimrobo
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when I downloaded it last week it said it was 5gb Although that is probably compressed
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andyfuller
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steven1976 wrote:Can someone please show me where I can spend my coins? I don't want to trade them, I just want to spend.
These guys at Coinbase may be of help soon after a $25 million investment yesterday:

http://www.wired.com/wiredenterprise/20 ... ey-bitcoi/
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burdo77
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Joined: Sun Jun 09, 2013 4:13 am

I will place a LAY on bitcoins, anyone wanna match my bet?
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steven1976
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andyfuller wrote:
steven1976 wrote:Can someone please show me where I can spend my coins? I don't want to trade them, I just want to spend.
These guys at Coinbase may be of help soon after a $25 million investment yesterday:

http://www.wired.com/wiredenterprise/20 ... ey-bitcoi/
I found some sites that accept payments with botcoins but I was more curious than anything on how they priced things.
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Zenyatta
Posts: 1143
Joined: Thu Mar 11, 2010 4:17 pm

I've managed to earn my first bitcoins online! :D

Check out my balance guys:
https://blockchain.info/address/1LxcLp9 ... gLfkoRZNei

I did a google search, found a few simple tasks I could do online, and got paid some bitcoin. I'm on my way to bitcoin riches!
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Zenyatta
Posts: 1143
Joined: Thu Mar 11, 2010 4:17 pm

burdo77 wrote:I will place a LAY on bitcoins, anyone wanna match my bet?
Sure. I'd be willing to buy 10,000 pounds worth of Bitcoins and sit on them for 4-5 years, at the end of which time I think there is a reasonably good chance I will have become a millionaire. The price of Bitcoins is going only one way...up!

"Wall Street is getting ready to dive into Bitcoin, pouring vast amounts of institutional and investor money into the digital currency that has been labeled a "bubble" by former Federal Reserve chairman Alan Greenspan and which not long ago was seen as the sole preserve of crypto-geeks, monetary-theory wonks and anti-government types.

So says Barry Silbert, founder and chief executive of SecondMarket, the online platform that allows its users to trade private company stocks. "We're three to six months away from Wall Street dollars moving into Bitcoin in a big way," he says."

Read more: http://www.entrepreneur.com/article/230 ... z2nPu1y7YP
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