Bitcoin currency of the future?

Everyone acts like bitcoins are safer but a while back some company got a crapload stolen from them and there was no way to get it back
 
It's on the rise. I hadn't looked in a while.
 
CauseImbetta said:
Bingo.

  • No Third-Party Seizure
Since there are multiple redundant copies of the transactions database, no one can seize bitcoins. The most someone can do is force the user, by other means, to send the bitcoins to someone else. This means that governments can’t freeze someone’s wealth, and thus users of Bitcoins will have complete freedom to do anything they want with their money.

  • No Taxes
There is no way for a third party to intercept transactions of Bitcoins, and therefore there is no viable way to implement a Bitcoin taxation system. The only way to pay a tax would be, if someone voluntarily sends a percentage of the amount being sent as tax.

  • No Tracking
Unless users publicize their wallet addresses publicly, no one can trace transactions back to them. No one, other than the wallet owners, will know how many Bitcoins they have. Even if the wallet address was publicized, a new wallet address can be easily generated. This greatly increases privacy when compared to traditional currency systems, where third parties potentially have access to personal financial data.

  • No Transaction Costs
Sending and receiving Bitcoins requires users to keep the Bitcoin client running and connected to other nodes. Essentially, by using bitcoins users will be contributing to the network, and thus sharing the burden of authorizing transactions. Sharing this work greatly reduces transaction costs, and thus makes transaction costs negligible.

  • No Risk of “Charge-backs”
Once Bitcoins are sent, the transaction cannot be reversed. Since the ownership address of Bitcoins will be changed to the new owner, once it is changed, it is impossible to revert. Since only the new owner has the associated private key, only he/she can change ownership of the coins. This ensures that there is no risk involved when receiving Bitcoins.

  • Bitcoins Cannot be Stolen
Bitcoins’ ownership address can only be changed by the owner. No one can steal Bitcoins unless they have physical access to a user’s computer, and they send the bitcoins to their account. Unlike conventional currency systems, where only a few authentication details are required to gain access to finances, this system requires physical access, which makes it much harder to steal.

Most importantly no artificial devaluation because of overprinting.
Click to expand...

So its like cash, but you can't spend it anywhere. Awesome.
 
Madmick said:
If I believed that, then I would probably be one of those guys who takes the weekend to go to those retreats in the mountains where people pat each other on the back for their expression of freedom by buying pancakes with real gold or silver, and managing all additional trade through barter.

So....no.
Click to expand...
So what do you have against pancakes?
 
I made a killing when Bitcoin went well over $1k a pop. I still have some saved up.


Bitcoin is the future. People have been using Bitcoin to buy prescription drugs online for pennies on the dollar. Not to get high, but rather because they cannot afford the meds they sell here in the U.S.
 
WorldofWarcraft said:
I made a killing when Bitcoin went well over $1k a pop. I still have some saved up.


Bitcoin is the future. People have been using Bitcoin to buy prescription drugs online for pennies on the dollar. Not to get high, but rather because they cannot afford the meds they sell here in the U.S.
Click to expand...
Anyone that can't afford meds, probably can't afford to get into the bitcoin market.
 
It's pretty obvious Bottlecaps will be the currency of the future.
 
A virtual currency is likely the future. But I don't see it possible for bitcoin, itself. Reason? The value fluctuates more often than PMS.

The next virtual currency, similar to bitcoin concept, that don't randomly jump 10%+ per year would be the future.
 
5crew said:
A virtual currency is likely the future. But I don't see it possible for bitcoin, itself. Reason? The value fluctuates more often than PMS.

The next virtual currency, similar to bitcoin concept, that don't randomly jump 10%+ per year would be the future.
Click to expand...
In time it will fluctuate much less.
 
CauseImbetta said:
LOL of course you can spend it at a lot of places.
Click to expand...
I don't want money that can be spent " a lot of places". I need money that can be spent anywhere. My credit union isn't going to accept bitcoins to pay my mortgage, ever. Farmers markets aren't going to take bitcoins, because the value of them changes by the hour.

Currency is based on the faith people have that it can be changed for goods and services. Few places have enough faith in Bitcoin for it to be a real currency.
 
irish_thug said:
So what do you have against pancakes?
Click to expand...
Nothing. What have you got against me buying them with dollar bills right down the street?
5crew said:
A virtual currency is likely the future. But I don't see it possible for bitcoin, itself. Reason? The value fluctuates more often than PMS.

The next virtual currency, similar to bitcoin concept, that don't randomly jump 10%+ per year would be the future.
Click to expand...
The problem is Keynesian economics has postulated (and now demonstrably proven) that this is impossible unless you attach it to an (gasp! evil!!) currency standard like the Federal Reserve and manage things like inflation rates through the authority of a central government.

That wouldn't be a problem except that it is a mutually exclusive model to the currency system bitcoin nuts want. By "bitcoin nuts", I mean the libertarians- the idealists; the type who aren't simply using it for its REAL intended rational purpose which is to buy shit you're not supposed to be buying over the internet, but anonymously.
 
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CauseImbetta said:
In time it will fluctuate much less.
Click to expand...
As long as it's not governed by law, it would never be stable enough to be used by most people.

Madmick said:
Nothing. What have you got against me buying them with dollar bills right down the street?

The problem is Keynesian economics has postulated (and now demonstrably proven) that this is impossible unless you attach it to an (gasp! evil!!) currency standard like the Federal Reserve and manage things like inflation rates through the authority of a central government.

That wouldn't be a problem except that it is a mutually exclusive model to the currency system bitcoin nuts want. By "bitcoin nuts", I mean the libertarians- the idealists; the type who aren't simply using it for its REAL intended rational purpose which is to buy shit you're not supposed to be buying over the internet, but anonymously.
Click to expand...

This.

Any virtual currency that wishes to go "mainstream", have to be supported by major governments. USA, UK, Eurozone. The reason for this is that for any currency to be "mainstream", it has to be stable. There is a reason why USD is seen as THE currency worldwide. No one will accept Indonesian Rupiah or Zimbabwean overseas because they are seen as unstable, therefore not recognised.

Any users created virtual currency likely won't be THE future. Only government issued/created virtual currency is "workable". People would say it's basically the same thing as paper money if it's governed, as if it's a bad thing. But that's the only way the currency will work. The only different for the switch from paper to virtual is only for "safety, environmental" issues set by government. Nothing else. Not for the actual benefit for the citizens except for convenience.
 
Where can I buy and sell bitcoins?
 
All yo fool are wack the future is in dogecoins
HT_dogecoin_nt_131226_16x9_992.jpg
 
It's simple -and sad in a way- electronic currency will not be universally accepted until it can be controlled by governments. When one comes a long that a major 1st world government supports -that's the one that will be taken seriously. It might still fail however even in that circumstance.

Until then have fun buying trinkets and meds on line with make believe 'bitcoin'.
 
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