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anyone using bitcoin as a form of payment|?

by gettingricherdaily
15 replies
Bitcoin anyone?

Good/bad/ugly?

recommendations? or not?

thx
#bitcoin #form #payment|
  • Profile picture of the author danielpbarron
    Originally Posted by gettingricherdaily View Post

    Bitcoin anyone?

    Good/bad/ugly?

    recommendations? or not?

    thx
    Good. I recommend that you start here.
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    Daniel P. Barron
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  • Profile picture of the author Steve B
    Originally Posted by gettingricherdaily View Post

    Bitcoin anyone? Good/bad/ugly? recommendations? or not?

    Warren Buffett on Bitcoin

    Steve
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  • Profile picture of the author Tom Addams
    I do. There's still money to be made, too.

    Tom
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  • Profile picture of the author trustvm
    I use in my windows vps service where I run WHMCS and the plugin from Blockchain.info
    never had any problem with it
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    • Profile picture of the author danielpbarron
      [DELETED]
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  • Profile picture of the author daftdog
    Originally Posted by gettingricherdaily View Post

    Bitcoin anyone?

    Good/bad/ugly?

    recommendations? or not?

    thx

    If you want to buy BTC then i recommend using Localbitcoins....if you have a bank account you can have them in your wallet in a matter of minutes!
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  • Profile picture of the author nicolasmd2112
    Are there any actually pros to using BitCoin? Why use bitCoin over cash? PayPal?
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    • Profile picture of the author danielpbarron
      Originally Posted by nicolasmd2112 View Post

      Are there any actually pros to using BitCoin? Why use bitCoin over cash? PayPal?
      These things are not comparable; bitcoin is something else entirely. It's as if you asked "are there any pros to using euros over dollars" except that the difference here is even greater. "Cash" and paypal are fine if you are interested in receiving a money that you cannot really control. Bitcoin is for when you would like a money that cannot be seized and can always be spent as you please. Maybe you run a USG-approved business and this quality doesn't sound appealing yet, but the fact that it appeals to many is why bitcoin will eventually overtake the dollar as the world's reserve currency for storing value.
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      Daniel P. Barron
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      • Profile picture of the author KenW3
        Originally Posted by danielpbarron View Post

        Bitcoin is for when you would like a money that cannot be seized and can always be spent as you please.
        This is wrong - and is potentially dangerous depending on what you do online.

        Government makes it's first-ever Bitcoin Seizure - seizes 11.02 Bitcoins

        US government seized $5 million from Bitcoin behemoth Mt. Gox

        U.S. Marshall Bitcoin Sale

        Even If Your Transaction Is Totally Legal, The Feds Can Still Take Your Bitcoins Away From You
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      • Profile picture of the author leadfinder
        Originally Posted by danielpbarron View Post

        These things are not comparable; bitcoin is something else entirely. It's as if you asked "are there any pros to using euros over dollars" except that the difference here is even greater. "Cash" and paypal are fine if you are interested in receiving a money that you cannot really control. Bitcoin is for when you would like a money that cannot be seized and can always be spent as you please. Maybe you run a USG-approved business and this quality doesn't sound appealing yet, but the fact that it appeals to many is why bitcoin will eventually overtake the dollar as the world's reserve currency for storing value.
        I would like to give it a try but it's pretty confusing! Maybe you have a link that can help me to understand clearly?
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        • Profile picture of the author danielpbarron
          Originally Posted by leadfinder View Post

          I would like to give it a try but it's pretty confusing! Maybe you have a link that can help me to understand clearly?
          Yes! The best place to start is with the IRC Yeshiva. You shouldn't play with fire until you've learned fire safety.


          Originally Posted by KenW3 View Post

          This is wrong - and is potentially dangerous depending on what you do online.
          No, you are wrong. What was confiscated were private keys; not the funds themselves. If you keep your private key sufficiently secure, it is impossible for any government to seize your funds. That is to say, the protocol and network do not allow for any sort of blacklisting/whitelisting or forced transfers. Compare this with any FIAT bank account where the aforementioned tactics are standard operating procedure.



          Originally Posted by KenW3 View Post

          This makes acceptance a problem for businesses due to sales being considered exchange of property (such as stock certificates for something else of value) instead of purchase of merchandise using a currency. All exchanges received digitally must be reported. (The peer-to-peer networking aspect makes tracking easy.)
          If these are you concerns, then bitcoin is not for you. It isn't here to help you pay taxes; it's here to make taxation impossible. And your "peer-to-peer" comment may work at deceiving the illiterate n00bs who troll this forum, but I'm here to dispel this kind of myth.

          Thirdly, the chief value of Bitcoin, and the reason it is so disruptive, and the reason why it will render socialism impracticable in the world, is strictly that it is absolutely and indomitably fungible. Any satoshi is exactly equal, exactly interchangeable and exactly identical to any other satoshi, and nobody can do one damned thing to "fix" this.
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          Daniel P. Barron
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  • Profile picture of the author TB Ann
    Its a good time to actually invest on bitcoin since it is for now cheap. later you'll see the amount will sky rocket. and you get a chance to have the market from bitcoin community.
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    • Profile picture of the author discrat
      From what I have gathered , there is some room to make money from it.
      Maybe it is the flavor of the month right now. But worth looking in to




      - Robert Andrew
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  • Profile picture of the author selfdisciplineacademy
    Good..

    However, I personally rather

    1) Credit Card Billing/Secure Order Forms
    2) PayPal

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  • Profile picture of the author KenW3
    Originally Posted by Leriqs View Post

    I had $60 of bitcoins, then I had $30, in less than a day, thats nasty.
    ...and you have a tax deduction (when you sell) if you live in the US, depending upon your cost basis

    Bitcoin, although defined as a virtual currency by the IRS, is treated as an investment for tax purposes. This makes acceptance a problem for businesses due to sales being considered exchange of property (such as stock certificates for something else of value) instead of purchase of merchandise using a currency. All exchanges received digitally must be reported. (The peer-to-peer networking aspect makes tracking easy.)

    The problem with reporting payment by virtual currencies is that the value upon receipt must be tracked (like stocks and bonds), then reported as income or loss upon liquidation by its basis when first received. This can become an accounting nightmare for businesses.

    P.S. I am not an accountant and do not work for a tax agency, I am just a business owner who has faced full-compliancy audits and now do everything necessary to prevent the possibility of another.
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