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BitCoins Getting More Popular... NameCheap.com now accepts BitCoins!

by Deepak Media
47 replies
For those who are not aware of bitcoins...


For those who know about it... read on!

I guess many warrior members use namecheap.com and it is a pleasant surprise that they have started to accept bitcoins!

There are some cons with bitcoins such as they are anonymous and cannot be tracked, depends solely on cryptography etc but those can be advantages as well.

I agree that the use of bitcoins was made popular by the shady side of the web but now I see more and more people accepting it!

Yes, it has no intrinsic value - but it serves the purpose of a common denominator of value and can be exchanged for real goods and services.

The main benefit is that it cannot be inflated! I believe that it will never become the accepted form of currency worldwide but the popularity of it will keep going up!

Thoughts?
#bitcoins #popular
  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by Deepak Media View Post

    There are some cons with bitcoins such as they are anonymous and cannot be tracked
    Indeed.

    Originally Posted by Deepak Media View Post

    I agree that the use of bitcoins was made popular by the shady side of the web
    This, too.

    Originally Posted by Deepak Media View Post

    but now I see more and more people accepting it!
    Yes; nobody can deny this.

    Originally Posted by Deepak Media View Post

    I believe that it will never become the accepted form of currency worldwide but the popularity of it will keep going up!
    Up to a point, perhaps, yes.

    The legal/regulatory hammer can still drop with enormous force, on these things (just as it did with that very popular gold-based one, a few years ago) after many years. But for the moment, I agree, like many other now-defunct systems, it seems to be flourishing and gaining interest all the time.
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  • Profile picture of the author Deepak Media
    FBI blocked e-gold because e-gold was centralized. Just like with any central authority, e-gold is also capable of manipulating the system. But no one can shut down bitcoin because it is P2P and decentralized. May be they can shut down the main website but the system cannot go down!
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    • Profile picture of the author Written
      Well, I have a few problems with Bitcoins:

      1. No regulation: inflation can't be controlled.

      2. No financial institutions behind it: creates inefficiencies under the current system.

      3. No social understanding (although your post is helping people understand it).

      4. Associated with illicit activities, as you mentioned.

      5. Unstable exchange rate between Bitcoins and dollars: very volatile currency; prices would theoretically have to be changed daily for a semblance of stability.

      6. Poor investment: see #5; too volatile for investment purposes.

      That said, this isn't necessarily a bad move for NameCheap if it helps them stand out from the crowd. Maybe it will work for them.
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      • Profile picture of the author HelpingYouBeAnExpert
        Originally Posted by Written View Post

        Well, I have a few problems with Bitcoins:

        1. No regulation: inflation can't be controlled.

        2. No financial institutions behind it: creates inefficiencies under the current system.

        3. No social understanding (although your post is helping people understand it).

        4. Associated with illicit activities, as you mentioned.

        5. Unstable exchange rate between Bitcoins and dollars: very volatile currency; prices would theoretically have to be changed daily for a semblance of stability.

        6. Poor investment: see #5; too volatile for investment purposes.

        That said, this isn't necessarily a bad move for NameCheap if it helps them stand out from the crowd. Maybe it will work for them.
        No regulation is what's good! Regulation is what destroyed Roman central money and every money except gold and silver which if they regulate one day will enslave us. Any competing money that is unregulated is what we need but we probably will not have because the 99% demand to be regulated and not free.
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        • Profile picture of the author CurtisSWN
          Inflation occurs when you have a central bank or authority, usually they start debasing the currency for their own gain. A free market in my opinion will turn that around. The fact that it's all open sourced seems to me that it will be less liable for abuse.

          I think it's pretty promising.

          Keiser Report: Bitcoin Millionaires vs Paper Billionaires (E416) - YouTube
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        • Profile picture of the author butters
          Originally Posted by HelpingYouBeAnExpert View Post

          No regulation is what's good! Regulation is what destroyed Roman central money and every money except gold and silver which if they regulate one day will enslave us. Any competing money that is unregulated is what we need but we probably will not have because the 99% demand to be regulated and not free.
          Regulation is bad? Wasn't it the lack of regulation which got the world in this mess in the first place?
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          • Profile picture of the author WarrenPeterson
            Originally Posted by butters View Post

            Regulation is bad? Wasn't it the lack of regulation which got the world in this mess in the first place?
            Nope, but we're not allowed to talk about that stuff here.
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          • Profile picture of the author HelpingYouBeAnExpert
            Originally Posted by butters View Post

            Regulation is bad? Wasn't it the lack of regulation which got the world in this mess in the first place?
            Freedom is good, regulation is bad, the sad thing is people demand to be regulated and told how to live. I'm for freedom and not to be regulated, but I don't have a right to that because the 99% love to be regulated.
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            • Profile picture of the author butters
              Originally Posted by HelpingYouBeAnExpert View Post

              Freedom is good, regulation is bad, the sad thing is people demand to be regulated and told how to live. I'm for freedom and not to be regulated, but I don't have a right to that because the 99% love to be regulated.
              Your right freedom is good, freedom of speech is great, freedom to do what you want is great but freedom to do what you want without punishment is bad. Regulations are put in place to prevent people from abusing the system, if people do abuse the system then they are held accountable for their actions since they broke the regulations. Regulations are used to protect the people involved and I am not talking about financial here, how about the regulation of medical trials? Regulation of car safety, regulation of psychiatric tests and the lists goes on. So it isn't about if people love being regulated, they need to be regulated because if they are not, people will abuse them.
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            • Profile picture of the author aerm85
              Originally Posted by HelpingYouBeAnExpert View Post

              Freedom is good, regulation is bad, the sad thing is people demand to be regulated and told how to live. I'm for freedom and not to be regulated, but I don't have a right to that because the 99% love to be regulated.

              It's the sadly true... 99% prefer to be regulated.... and who don't want a total freedom???
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      • Profile picture of the author dave111223
        Originally Posted by Written View Post

        Well, I have a few problems with Bitcoins:

        1. No regulation: inflation can't be controlled.
        Bitcoins cannot be inflated, there is hard limit of 21Million (can never be more than 21Mil) and a fixed amount are generated over time until the limit is hit.

        Originally Posted by Written View Post

        2. No financial institutions behind it: creates inefficiencies under the current system.
        Why do I need an institution between me and my money?

        Originally Posted by Written View Post

        3. No social understanding (although your post is helping people understand it).
        Most people don't understand how an engine works, maybe we should stick to horsedrawn carts?

        Originally Posted by Written View Post

        4. Associated with illicit activities, as you mentioned.
        You better not use any USD then; rumor has it they may have been used in a couple of drug deals.

        Originally Posted by Written View Post

        5. Unstable exchange rate between Bitcoins and dollars: very volatile currency; prices would theoretically have to be changed daily for a semblance of stability.
        Ahh your first legitimate concern. Just price your goods in USD and convert them to bitcoin at the daily exchange rate. If you are concerns about holding Bitcoins just exchange them daily. (companies like bitpay will do this conversion automatically for you)

        Originally Posted by Written View Post

        6. Poor investment: see #5; too volatile for investment purposes.
        Hm...i bought in at $13 per BTC 5 months ago, now they are each worth $50...doesn't seem such a bad investment on my end?
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        • Profile picture of the author agmccall
          I could be wrong, and I usually am, but, it seems to me that bitcoin is a 2 tier affiliate program where the main tier is getting paid real money and the 2nd tier us getting paid in bitcoins (basically gift certificates) for merchants that accept them.

          What will happen when bitcoin sells to google

          al
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        • Profile picture of the author seasoned
          Originally Posted by dave111223 View Post

          Bitcoins cannot be inflated, there is hard limit of 21Million (can never be more than 21Mil) and a fixed amount are generated over time until the limit is hit.
          I don't know about the whole of that statement, but the entire response is a LIE! It CAN be inflated because....

          1. Such things are nearly ALWAYS inflated!
          2. BITCOINS have been inflated!

          If they have been, and nothing will limit it, they clearly CAN be!


          Why do I need an institution between me and my money?
          There needs to be an intrinsic value, or some agency keeping it in balance. GOLD, SILVER, PLATNUM, CORN, etc... have intrinsic value! The euro, USD, francs, marks, lira, pounds, rubles have the G8!

          Most people don't understand how an engine works, maybe we should stick to horsedrawn carts?
          Goes to item number 1! An engine may as well be magic and understood by NOBODY! It has a reliable history that NOBODY can deny! Bitcoins DON'T!

          You better not use any USD then; rumor has it they may have been used in a couple of drug deals.
          Read above responses again!

          Ahh your first legitimate concern. Just price your goods in USD and convert them to bitcoin at the daily exchange rate. If you are concerns about holding Bitcoins just exchange them daily. (companies like bitpay will do this conversion automatically for you)

          Hm...i bought in at $13 per BTC 5 months ago, now they are each worth $50...doesn't seem such a bad investment on my end?
          But you ****CAN'T**** make such a claim! It strengthens the argument you tried to shoot down earlier about inflation!

          Steve
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  • Profile picture of the author NewParadigm
    someone or some people have the keys to the bit coin vault somewhere. Nobody has access to the code now? bitcoin will be like any other central bank, vulnerable to those w/ access to code
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    • Profile picture of the author techservice
      If you don't already know the current world currencies are devaluing at a massive rate because the world central banks are printing money to keep us going. E.g. in a few years your "paper money" will be worthless.

      Bitcoin here we come...
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      • Profile picture of the author Deepak Media
        Originally Posted by Big Energy View Post

        If you don't already know the current world currencies are devaluing at a massive rate because the world central banks are printing money to keep us going. E.g. in a few years your "paper money" will be worthless.

        Bitcoin here we come...
        Like in the movie Hotel Rwanda where the local currency has no value and one guy just throws it away saying that it is not even worth as much as toilet paper.

        And people who understand bitcoin know that it cannot be inflated. The source code is open source and the algorithm doesn't allow more than 21 Million bitcoins to be in circulation. Each bitcoin can have 8 decimal places.
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        • Profile picture of the author thedark
          Originally Posted by Deepak Media View Post

          Like in the movie Hotel Rwanda where the local currency has no value and one guy just throws it away saying that it is not even worth as much as toilet paper.

          And people who understand bitcoin know that it cannot be inflated. The source code is open source and the algorithm doesn't allow more than 21 Million bitcoins to be in circulation. Each bitcoin can have 8 decimal places.
          The inflation is bad in any way. It is a shame that governments are using this so they can hide the fact that they have no money left because they used all of them. One can argue that it is a way to have the money pumping into the economy so it can survive, but why is it not better to not spend on the money on the worthless services and goods ? Economy don't consist in the monetary value, it stands in the amount of goods produced and services provided. The money are used only to calculate the economy. It is nonsense if the economy grows by 10%, when the most proces goes up with 20%. With the same money you can buy less than before.

          I can see it more like a tax ( on those who work and save ). Whenever the bank write more paoper, the prices grow. So, with the same money you can buy less products. If you are a business, when the prices grow, you start to ask more money for your services too, an no one takes benefit from it, except: the government who can spend more money on worthless crap, those who borrowed a lot of money ( who are in fault for the current econoical state ), which have to return money that are valued less ( unless the interest rate is variable and the bank will raise it also, case in which no one wins something ) .
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      • Profile picture of the author JSProjects
        Originally Posted by Big Energy View Post

        If you don't already know the current world currencies are devaluing at a massive rate because the world central banks are printing money to keep us going. E.g. in a few years your "paper money" will be worthless.

        Bitcoin here we come...
        I am always open to alternatives. And I like Bitcoin. I think it just needs a wider understanding. It is far too complicated for the average person to understand IMO.
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  • Profile picture of the author wingmanpi
    I have been watching bitcoin for awhile now. I am not sure I understand it enough to put any money into it yet. however holding money in USD is getting increasingly problematic. if you stop watching your favorite news channel and actually research some hard economic data it is staggering..... and not in a good way.
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    • Profile picture of the author 22122gospel
      Thanks for the video; I had never heard of this before.

      Now, the question: How can I sell pick-axes and bluejeans to bit-coin miners?
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      • Profile picture of the author halfbakedrew
        Originally Posted by 22122gospel View Post

        Thanks for the video; I had never heard of this before.

        Now, the question: How can I sell pick-axes and bluejeans to bit-coin miners?
        I run a few miners at home and at the office, I would say I am a bit-coin miner. I could use a new pick axe but I have to many bluejeans already lol. But really if you want to target bitcoin miners then start looking into video cards that miners like me would like to upgrade to or solar panels to save some on elc. Just like anything else, you need to know the market before you start to make money from it.
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  • Profile picture of the author moosag
    I have been keeping a track of BitCoints since inception and very interesting indeed that NameCheap is now accepting it as a form of payment.....

    *** I need to re-look at it for investment purposes....
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  • Profile picture of the author LetsGoViral
    I think they reached about record price of $60 today. There are similar precedents in the past, so cannot know what future holds, but this currency certainly has got the potential.
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  • Profile picture of the author ColeWriting
    I had not heard of Bitcoins until earlier today on another website. I checked the site out and found this quote from the creator:

    "Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency.

    The software is a community-driven open source project, released under the MIT license."

    Free always gets a lot of attention. This could become the next big thing. Of course, openware means that shady people can get inside and manipulate things. That is the risk. They solve that and this could take off.

    Rocky
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  • Profile picture of the author moosag
    Hi All

    Not only is NameCheap.com accepting BitCoin as payment so is WordPress!
    Very interesting indeed.

    Also regarding Regulation seems like powers behind the BitCoin economy are pushing hard and fast to make this an alternate currency reality.

    Read the article here for more info:
    US regulator: Bitcoin exchanges must comply with money-laundering laws | Ars Technica

    Moosa
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  • Profile picture of the author davidfrankk
    Bitcoins are surely something I have been looking at for a while now. The future of this currency looks very bright because of its inherent limited availability. The conversion of BTC to USD will always increase with time due to this simple fact.
    Just an update, the rate has risen from $47 last week to $59 today.
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    • Profile picture of the author seasoned
      Originally Posted by davidfrankk View Post

      Bitcoins are surely something I have been looking at for a while now. The future of this currency looks very bright because of its inherent limited availability. The conversion of BTC to USD will always increase with time due to this simple fact.
      Just an update, the rate has risen from $47 last week to $59 today.
      WOW! What an interesting idea! I have a few empty cans that had schweppes gingerale in them. I will HAPPILY sign them with my NDG! only THREE on the planet! They must be worth a FORTUNE! OK, I will sell them for as little as $3,000,000 each!

      Who will be the first buyer?

      Steve
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  • Profile picture of the author LetsGoViral
    The price of BTC has gone up to 69$.

    My thoughts:
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  • Profile picture of the author cpa-money
    when it comes to money, i think i will stick to paypal for now. yes regulating is what make us more secure.
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  • Profile picture of the author smodha
    I read an article today about some guy in Canada who sold his house for BitCoins...
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    • Profile picture of the author onSubie
      Originally Posted by smodha View Post

      I read an article today about some guy in Canada who sold his house for BitCoins...
      He hasn't sold it yet.

      He is asking $405,000 or 5,613 Bitcoins.

      Man Lists Bungalow for Bitcoins - ABC News

      “I have a few ventures that I am working on that involves Bitcoins and I am going to need a lot of Bitcoins to do them. I thought this might help Bitcoin gain some ground, once people see that you can actually buy a piece of property or a physical tangible thing,” said More.

      More would not specifically tell ABC News what he was working on, but did say, “Bitcoins are rather hard to get your hands on.”
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      • Profile picture of the author Kay King
        Interesting new focus on this currency:

        Bitcoin Virtual Cash Gets Money-Laundering Rule - WSJ.com


        How do you trust a currency that goes from a valuation of $48 USD to $72 USD in five days? How do you sell a housing for a currency that moves up and down so quickly?

        http://bitcoincharts.com/charts/mtgo...g10zm2g25zvzcv

        I fully understand why some illegal purveyors would love this currency - but have no idea why an average person would want to be involved with it.
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  • Profile picture of the author NewParadigm
    So someone explain how a digital currency such as bitcoin is impervious to manipulation. Why is this unhackable? How can a hard amount such as 21million be preserved? Who made the 21 million in the first place and why can't they keep "printing" more 1's and 0's in the future?
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  • Profile picture of the author Kim Standerline
    I read today that after the Cyprus banking fiasco there are a number of people in countries such as Spain, Portugal, Greece etc who are withdrawing their money from theie banking system and investing in Bitcoins

    Kim
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    • Profile picture of the author onSubie
      Originally Posted by Kim Standerline View Post

      I read today that after the Cyprus banking fiasco there are a number of people in countries such as Spain, Portugal, Greece etc who are withdrawing their money from theie banking system and investing in Bitcoins

      Kim
      In a few years the world will go to the stable 'bitcoin' standard as a solution to all our economic problems... :rolleyes:
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      • Profile picture of the author Kay King
        I read today that after the Cyprus banking fiasco there are a number of people in countries such as Spain, Portugal, Greece etc who are withdrawing their money from theie banking system and investing in Bitcoins
        If true, that alone could account for the rapid rise in "value" this past week.

        In that case, when those people start selling Bitcoins to get some sort of accepted currency to pay for shelter, food, gas, etc - where does the "value" go then?
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    • Profile picture of the author theory expert
      Banned
      Originally Posted by Kim Standerline View Post

      I read today that after the Cyprus banking fiasco there are a number of people in countries such as Spain, Portugal, Greece etc who are withdrawing their money from theie banking system and investing in Bitcoins

      Kim
      Article link?
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  • Profile picture of the author LetsGoViral
    Already crashed a bit. I guess it's the bull trap. Well, waiting for it to fall back to it's real value of $20-30, then buying over time with dollar cost averaging method. The current price growth is mostly due to media attention and newbies jumping in.
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  • Profile picture of the author theory expert
    Banned

    BitCoin Ponzi Scheme - YouTube
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    • Profile picture of the author Kay King
      This may be what Kim is referring to:

      As Cyprus Implodes, Bitcoin Interest Explodes | Fox Business

      But, what is also true is that sellers of Bitcoins are actively targeting the people in the countries where economies are crashing.
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      • Profile picture of the author shane_k
        Originally Posted by Deepak Media View Post

        And people who understand bitcoin know that it cannot be inflated. The source code is open source and the algorithm doesn't allow more than 21 Million bitcoins to be in circulation. Each bitcoin can have 8 decimal places.
        If the source code is open source than what is to stop people from manipulating that source code to their own benefit?


        Any system of monetary value can be inflated and debased, whether it is gold, silver, fiat currency, or bit coins.


        Originally Posted by CurtisSWN View Post

        Inflation occurs when you have a central bank or authority, usually they start debasing the currency for their own gain. A free market in my opinion will turn that around. The fact that it's all open sourced seems to me that it will be less liable for abuse.
        Well, inflation can occur and has occured in the past from the "free market" that you talk about. If it is not the central authority who starts debasing the currency it will be others.

        And if you understand history then you will know why we have central authorities to regulate money. It's because with a free market and without a central authority the debasing was way more widely practiced and caused many currencies to completely lose their value.

        So a central authority is not the problem. The problem is how to stop people from trying to debase whatever representation of monetary value you are using.

        Maybe some people feel that bitcoin can't be manipulated in the same way but I am willing to bet someone will figure out how.
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  • Profile picture of the author joaquin112
    I've been reading a lot about bitcoins and it does seem like a very interesting technology. What I don't like is that the early adopters already made millions by just mining when bitcoin first came out. It does feel like a kind of ponzi scheme in that way.

    However, since there's effort involved in mining bitcoins and because the number of bitcoins is limited I think that this idea has a lot of potential.

    I think it's all a matter of how many businesses will accept bitcoins and whether the technology is vulnerable or not.
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  • Profile picture of the author butters
    An interesting article by forbes on bitcoins. Bitcoin Ready To Go Mainstream With First U.S. Exchange - Forbes

    No idea why anyone would invest in something when a scare story takes a market place from $13.50 to 1 penny over night.
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  • Profile picture of the author onegoodman
    I agree with Kay,

    If you read about how the inflation works, you would find out, the easier the money made the easier it can be inflated.

    So, we are concerned that money is being printed to exceed its value and became worthless, well, how would that work for you when it can be created by a push of a button.

    If you have enough money and you worry its value going down the toilet, well, maybe you want to put it in some worthy place like gold, diamond things that have always been acceptable to trade since ancient history
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