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Anyone tried trading with bitcoins?

by Rick Rodd
6 replies
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I haven't considered on doing it yet, I've been doing freelance writing and some online selling on the side and they say that this currency works. There are some people who offered me to pay me with this. Should I accept it? Will this be a valid monetary compensation?
#bitcoins #trading
  • Profile picture of the author papachango
    You'll need a bitcoin address to receive payment. Blockchain.info will give you an address. You need a payment gateway to convert your bitcoin to USD or other currency,There are various providers about, or you can sell your bitcoin locally for cash, again there are websites that allow you do this.. I suggest you do your own research or employ someone who can advise you. Getting up to speed with bitcoin can take a while and there are millions of clueless naysayers out there.
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  • Profile picture of the author bigcat1967
    I heard it's a little flakey. Not sure - hearsay from a friend of mine.

    You may have to really look into this before practicing it - like everything else I guess.

    good luck.
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  • Profile picture of the author Rick Rodd
    I've read a lot of it lately and I'm afraid to begin. Is this a sustainable trade engine in the future?
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  • Profile picture of the author sbucciarel
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    Nope. Not interested at this point. I don't trust the price fluctuations or the ease that criminals have of ripping them off.
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  • Profile picture of the author Solid Commerce
    At this point, BitCoin is something that is really cool, new, and exciting...but I would do a metric tonne of research before you invite BitCoin to your dinner table.

    There are a lot of concerns with security. Mostly because a lot of the BitCoin banks that hold funds for individuals have gotten hacked, which means all that money is just...gone.

    Do a quick Google search for Mt. Gox to find one of the more recent and more high-profile examples.
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    • Profile picture of the author dburk
      Hi Rick,

      There is a lot of excitement over bitcoin's potential for eCommerce, and for good reason, it is a digital form of currency that has a very low processing fee and no chargebacks

      Just this week Newegg a major eCommerce website announced that they will begin accepting bitcoin payments, and many others have announced accepting bitcoin payments:

      Bitcoin | Overstock.com: Now Accepting Bitcoins
      Bitcoin Now Accepted at TigerDirect.com!
      Bitcoin Terms & Conditions
      1-800-FLOWERS.COM, Inc. - 1-800-FLOWERS.COM® to Accept Bitcoin for Online Transactions
      https://www.namecheap.com/support/payment/bitcoin.aspx
      Pay Another Way:*Bitcoin — Blog — WordPress.com
      Bitcoins in space - Virgin.com

      Originally Posted by papachango View Post

      You'll need a bitcoin address to receive payment. Blockchain.info will give you an address. You need a payment gateway to convert your bitcoin to USD or other currency,There are various providers about, or you can sell your bitcoin locally for cash, again there are websites that allow you do this.. I suggest you do your own research or employ someone who can advise you. Getting up to speed with bitcoin can take a while and there are millions of clueless naysayers out there.
      Hi papachango,

      You really don't need all that, you can just signup with a bitcoin payment processor like Bitpay and it's just as easy as accepting Paypal payments, just a little bit cheaper.

      Originally Posted by bigcat1967 View Post

      I heard it's a little flakey. Not sure - hearsay from a friend of mine.

      You may have to really look into this before practicing it - like everything else I guess.

      good luck.
      Hi bigcat1967,

      Nothing "flakey" about bitcoins, maybe some people are "flakey" and they also happen to have bitcoins. Yep even "flakey" people are allowed to own bitcoins.

      Originally Posted by Rick Rodd View Post

      I've read a lot of it lately and I'm afraid to begin. Is this a sustainable trade engine in the future?
      Hi Rick,

      There is no need to worry about sustainability as a "trade engine", there is nothing that forces you to keep you funds in bitcoins, nor do you ever need to hold bitcoins in the first place. Bitcoin processors will accept bitcoins, and convert it to your currency of choice before you even accept the order and process it.

      Originally Posted by sbucciarel View Post

      Nope. Not interested at this point. I don't trust the price fluctuations or the ease that criminals have of ripping them off.
      Hi sbucciarel,

      There is no need to trust bitcoin prices or worry about price fluctuations as you can use a Bitcoin payment procesor that converts payments into your preferred currency and it is much less susceptible to abuse by criminals than credit cards.

      Originally Posted by Solid Commerce View Post

      At this point, BitCoin is something that is really cool, new, and exciting...but I would do a metric tonne of research before you invite BitCoin to your dinner table.

      There are a lot of concerns with security. Mostly because a lot of the BitCoin banks that hold funds for individuals have gotten hacked, which means all that money is just...gone.

      Do a quick Google search for Mt. Gox to find one of the more recent and more high-profile examples.
      Hi Solid,

      There is no need to research bitcoin, as it has already been researched and scrutinized by more technically astute people than any other digital currency in history, and many are now investing heavily in the future of Bitcoin based services.

      I definitely recommend that you research any company that you allow to hold your money, regardless of what currency that money is in when you deposit it. This is common sense and has nothing to do with Bitcoin in particular.

      Since there is no need to "hold" bitcoin funds to be able to accept payment in bitcoins, the risk is less than accepting credit cards. Just ask your processor to exchange bitcoins for whtever currency you prefer and hold wherever you feel comfortable, like you local Bank.
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