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Overstock, Expedia, Newegg, are just a few companies that accept Bitcoin as payment. I believe this is taking off right now and appreciate your efforts, OP, in introducing the topic. I'm in.
Overstock, Expedia, Newegg, are just a few companies that accept Bitcoin as payment. I believe this is taking off right now and appreciate your efforts, OP, in introducing the topic. I'm in.
Yeah I recently read an interview where the CEO of overstock said it's insane that more companies aren't accepting Bitcoin.
What I actually found to be somewhat surprising was intially for the first few months to a year after beginning to accept Bitcoin they cashed out 50% and kept 50% in Bitcoin. That's pretty balsy for a big company and shows how much they believe in it.
Today they are cashing out 90% and keeping 10% which is still pretty big as there's still obviously a lot of volatility.
I think people often get hungup on is Bitcoin technically speaking a currency. Who really cares, it doesn't matter, it is what it is. While it's not a fiat currency and not a currency of a government it is a store of a value and a way of transacting for goods and services which is essentially the purpose of a currency.
In my view it doesn't really matter if Bitcoin becomes the way we buy our morning coffee, quite frankly I won't use it for that. Currently transaction times are too long to make it good for something like that. There's nothing Bitcoin can do that is better than a crdit card or cash in terms of morning coffee but it does have other purposes and utlities. I think its fine for ecommerce as there's no chargebacks and cuts down on fees. It's a way to store value and a way to transfer large sums of money without any headaches or redtape or high fees.
I think wells point above wasn't really arguing whether it was a currency or not he was basically alluding to it being made up play money that's not going to go anywhere
... I view Bitcoin more as gold or a store of value....
A storehouse of value has a venerable history and historical acceptance. Gold qualifies, even if gold has limited practical utility and thus limited intrinsic value. Perhaps in a few centuries, Bitcoin will become the new gold - an abstraction that transcends national treasuries and which therefore becomes a de facto means of exchange, say in person-to-person trade. For the time being, I am inclined to regard Bitcoin very much as something evanescent and baseless. But to reiterate, even something evanescent and baseless can be used by clever speculators to make lots of real money; the caveat is that lots of other people, thinking of themselves as being clever, end up being rather less so.
One indicator of Bitcoin’s suspect essence, is its wild gyrations in “exchange rate” to established currencies. To be sure, gold also has a history of wild gyrations, but these tend to be related either to tumultuous political upheavals, spikes in interest rates or other economic calamities. In effect, by sharply rising or falling in dollars, it’s the gold that stays stable, while the dollars themselves fluctuation. Well, Bitcoin’s fluctuations don’t appear to have any connection to politics or the economy. They just fluctuation with speculation, and thus I conclude that Bitcoin is not a “store of value”.
Maple, honestly youve added 0 to this conversation. If your going to make a statement like this at least provide your reasoning for thinking so, otherwise you may as well not post anything
Maple, honestly youve added 0 to this conversation. If your going to make a statement like this at least provide your reasoning for thinking so, otherwise you may as well not post anything
I'll be the first one to admit cryptocurrencies are risky, they aren't for everyone, and honestly if someone doesn't have an interest in that space and believe in the technology or at the very least isn't willing to take a little bit of time to educate yourself on cryptos it's probably not for you.
That said I think it's unfair for people who aren't in the space and know nothing about it aside from seeing Bitcoin mentioned in a forbes article to make statements saying it's a scam or anything else. I think they are doing a disservice to people who are on the fence and curious and investigating it for themselves.
If someone does think it's a scam or wants to say it's a scam follow it up with some evidence or at the very least the thought process. Is the code flawed? Have too many exchanges been hacked and you don't trust it? It's too volatile, whatever but at least backup your argument with your thought process otherwise why even post
Google "blockchain" technologies. Every major banking house in the world will be using it in the near future. The question is which currency. Bitcoin has the highest volume. Ethereum has the blockchain technology that some of the biggest companies are adapting as we speak. Personally, I'm in, but will wait until the fork on 8/21. I'll buy and hold as best I can.
Google "blockchain" technologies. Every major banking house in the world will be using it in the near future. The question is which currency. Bitcoin has the highest volume. Ethereum has the blockchain technology that some of the biggest companies are adapting as we speak. Personally, I'm in, but will wait until the fork on 8/21. I'll buy and hold as best I can.
It seems the fork is going to be a non issue however despite having no support from the community it looks like that side of miners and what have you may go rogue and fork anyway. That said Coinbase has long said they won't support it, Electrum who was going to support it says it's not a secure technology and they won't support it and while I'm far from techy enough to understand this, it seems like even if people tried to play both chains to sell off the Bitcoin Cash or Bitcoin Unlimited your putting your real Bitcoins at risk of a replay attack so while I had moved my coins into a Trezor in anticipation of it happening I don't even think I'm going to bother collecting my alt coin if/when it splits
It seems the fork is going to be a non issue however despite having no support from the community it looks like that side of miners and what have you may go rogue and fork anyway. That said Coinbase has long said they won't support it, Electrum who was going to support it says it's not a secure technology and they won't support it and while I'm far from techy enough to understand this, it seems like even if people tried to play both chains to sell off the Bitcoin Cash or Bitcoin Unlimited your putting your real Bitcoins at risk of a replay attack so while I had moved my coins into a Trezor in anticipation of it happening I don't even think I'm going to bother collecting my alt coin if/when it splits
Yeah, I was wondering what you were going to do about the fork. I'm a buy and hold guy, so I'll just wait and get ready to buy before the $&@ hits the fan. Hopefully I won't be too late to the party. Either way, win-win.
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