Is Anyone Using Bitcoin Yet?

11 years ago

Bitcoin has not become mainstream currency. Most people look at it as taking a risk. I, myself, am interested to see what kind of staying power it has and if it will ever run into legal problems in the future. Like many things, I hear good and bad about it. My 2 cents!

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inyourway

11 years ago

I recently heard about bitcoin and I've read tons of information about it..

It feels like taking a risk, but what I'm more interested in, is the "farming" people talked about. I've read about people who used softwares to generate bitcoins.. And what I'm curious about is how they did that? How can that be possible, when it's like standing by an ATM and fill your pockets with other peoples money.. Or am I wrong? .. Smells fishy..

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inyourway

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agmccall 11 years ago

I do not use Bitcoin and will never use bitcoin

al
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- James Foster 11 years ago
  
  Originally Posted by agmccall
  
  I do not use Bitcoin and will never use bitcoin
  
  al
  
  This is incredibly short sighted (and a little ignorant).
  
  Germany has accepted it as form of currency, and many sites online now accept it.
  
  It's growing more and more every day.
  
  [ 2 ] Thanks
  
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- MH Anwar 10 years ago
  
  Originally Posted by agmccall
  
  I do not use Bitcoin and will never use bitcoin
  
  al
  
  can you give me a reason why you will never use bitcoin.. thanks
  
  Thanks
  
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James Foster

11 years ago

Originally Posted by inyourway

I recently heard about bitcoin and I've read tons of information about it..

It feels like taking a risk, but what I'm more interested in, is the "farming" people talked about. I've read about people who used softwares to generate bitcoins.. And what I'm curious about is how they did that? How can that be possible, when it's like standing by an ATM and fill your pockets with other peoples money.. Or am I wrong? .. Smells fishy..

Regards,
inyourway

You're thinking of Bitcoin mining.

Yes, it's done a lot, but the idea is you have to have a software program that solves specific and very complicated math algorithms.

It's normally done by groups of people running the software when their computers aren't in use, or by special mining boxes, little (but powerful) computers used just for mining

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thefoxsay

11 years ago

Originally Posted by inyourway

I recently heard about bitcoin and I've read tons of information about it..

It feels like taking a risk, but what I'm more interested in, is the "farming" people talked about. I've read about people who used softwares to generate bitcoins.. And what I'm curious about is how they did that? How can that be possible, when it's like standing by an ATM and fill your pockets with other peoples money.. Or am I wrong? .. Smells fishy..

Regards,
inyourway

If you do not understand "how" farming are working you have not read enough about bitcoin. To farm you use your computer resources in short way to brake algorytms, when they are broken you receive abitcoin. Due to the computer power needed, you can join groups that use their computers togheter. If one computer brakes/calculates a algorythm the bit coin generated are split on the entire group. The difficulty level of algorytms are harder as times goes by and more computer power are need to mine the same amount of bitcoins and thereby your electricity bills gets higher. This way bitcoin makes sure also that market is not overfloated by newbitcoins and the value decreases. Its not cold farming but mining. To do mining you must install software on your computer.

If few are mining and many wants to use bitcoin the bitcoin value are rising. If many is mining the value will be lower if few people wants to use it and pay it. But the diffiulty of solving the algorytms will be a buffer regards devaluation.

My explaination might not be exact, but in general it is how it works.

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danielpbarron

10 years ago

Originally Posted by thefoxsay

If you do not understand "how" farming are working you have not read enough about bitcoin. To farm you use your computer resources in short way to brake algorytms, when they are broken you receive abitcoin. Due to the computer power needed, you can join groups that use their computers togheter. If one computer brakes/calculates a algorythm the bit coin generated are split on the entire group. The difficulty level of algorytms are harder as times goes by and more computer power are need to mine the same amount of bitcoins and thereby your electricity bills gets higher. This way bitcoin makes sure also that market is not overfloated by newbitcoins and the value decreases. Its not cold farming but mining. To do mining you must install software on your computer.

If few are mining and many wants to use bitcoin the bitcoin value are rising. If many is mining the value will be lower if few people wants to use it and pay it. But the diffiulty of solving the algorytms will be a buffer regards devaluation.

My explaination might not be exact, but in general it is how it works.

Without getting into the technical details, it's enough to explain that new Bitcoin is generated on a very predictable basis without there being a central authority. This process has become highly specialized and you are better off buying Bitcoin and holding it, rather than trying to get the advanced hardware required to stay competitive in the mining market.

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mr.marketing

11 years ago

What happened to the Winklevoss bitcoin IPO that was supposed to hit the stock exchange? There must be enough demand to bring that to market.

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101AnonymousGuy101

11 years ago

Currently 1 BTC = 125 USD.

I do not have Bitcoin, although I own 10 Feathercoins (Feathercoin is very similar to Bitcoin, but Bitcoin is more valuable).

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James Foster 11 years ago

Originally Posted by onlinemoneymakerguy

Currently 1 USD = 125 BTC.

You've got that backwards.
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FastCash4You

11 years ago

I have almost 4 Bitcoins I purchased for $33 and now today BTC-E is around $125

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autoglass

11 years ago

I have been using bitcoins to pay for Clad, that I do not really use anymore. My one friend is obsessed with bitcoins...

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ivcan

11 years ago

Since I have an AMD 7990 and they are know to perform better at bit coin mining than the GeForce brand of nVidia, I do some mining while my gaming rig is not being used and get a few bitcoins to cover payments of certain hosting services and pay some freelancers that prefer this digital currency. Is getting stronger, and PayPal is considering it to add it as a payment option the next year. And don't bother with mining bitcoins. Is only profitable if you have the right hardware and the patience. I believe these special hardware for the task, but I don't invest time reasearching about the topic. All I know is getting a lot of use and probably is going to have a more extended use by late 2014. As I said earlier... I already use it when PayPal is not an option.

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mekdroid 11 years ago

Hey, that AMD 7990 of yours could get you over 1,000 KHs for Litecoin!

Look here:

Mining Hardware Comparison - Litecoin Wiki Not an affiliate link
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- ivcan 11 years ago
  
  Originally Posted by mekdroid
  
  Hey, that AMD 7990 of yours could get you over 1,000 KHs for Litecoin!
  
  Look here:
  
  Mining Hardware Comparison - Litecoin Wiki Not an affiliate link
  
  I'll take a look into it... Thanks!
  
  Thanks
  
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mekdroid

11 years ago

You might want to take a look at Litecoin (http://litecoin.org not an affiliate link). Mining of Bitcoins is only profitable if you can afford an ASIC mining rig, which is much too expensive for most people.

LiteCoin is an alternative digital currency similar to Bitcoin, except that it is meant to be the "silver" (i.e., lower-priced) alternative to Bitcoin's gold. Mining Litecoins is very similar to Bitcoin mining, but there are no ASIC miners (yet!) so it is still feasible to mine Litecoins with consumer-grade hardware.

As of right now, plain-vanilla CPU mining of Litecoin is not profitable (not fast enough) but GPU mining can be done profitably with graphics cards like the Sapphire Radeon HD 7970. There is a nice article on building a home-based Litecoin rig here: Litecoin Mining Rigs | How to Build a Litecoin Mining Rig (not an affiliate link).

Just as with Bitcoin, there are mining pools for Litecoin, like this one: Pool-X.eu (not an affiliate link). When you use a mining pool you earn a percentage of the pool's profit based on how much "work" your mining rig contributes. The advantage of the mining pool is that while you will earn your Litecoins in smaller increments you will get "shares" much more frequently that if you try to do "solo" mining (generally, solo mining is only a good option if you happen to own a monster rig). The only downside of pool mining is that the pool charges a small pool fee, generally on the order of 2-3%.

Near as I can tell, Litecoin mining is only modestly profitable at the current price ($2.376 for 1 Litecoin). I did the calculations for a mining rig and it looks like you would have to run it full-tilt for 6-8 months just to get your money back. What everybody is expecting, though, is that it will grow and *might* just have a massive Bitcoin-style run-up later ...

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MouseandMice

11 years ago

No because I am not a drug dealer or Syrian rebel.

Stop falling for hype, people. Bitcoin isn't going to become the new gold or USD.

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mekdroid 11 years ago

LOL. Us dastardly Litecoin miners are going up in the world! (Syrian Rebels, no less ...)

There is even an alternative "Silk Road" market for Litecoin, where you can get your fill of illicit merchandise:

[ANNOUNCEMENT] Atlantis - Litecoin secure anonymous free market (Not an affiliate link)
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goindeep

11 years ago

Originally Posted by MouseandMice

No because I am not a drug dealer or Syrian rebel.

Stop falling for hype, people. Bitcoin isn't going to become the new gold or USD.

Lol.

I see your point but disagree.

People said the same thing about credit cards, same thing even with paypal, hell I still have a buddy to this very day that does absolutely no online banking because his mum told him hackers will get into your online accounts and steal your money.

I am more interested as to what will evolve out of bitcoin in the next 5-10 years.

Bitcoin mining is also a very cool idea. As with most things though big companies will begin buying up all the little guys and maintain control in my opinion.

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mekdroid 11 years ago

Well, that is kind of happening already with Bitcoin ... the difficulty level is so damn high that you can only mine Bitcoins with a big-ass custom ASIG mining rig ... as for Litecoin, there are some pretty big miners (just take a look at the pool-x stats!) but the difficulty level is still doable for GPU miners.
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MouseandMice

11 years ago

Originally Posted by goindeep

Lol.

I see your point but disagree.

People said the same thing about credit cards, same thing even with paypal, hell I still have a buddy to this very day that does absolutely no online banking because his mum told him hackers will get into your online accounts and steal your money.

I am more interested as to what will evolve out of bitcoin in the next 5-10 years.

Bitcoin mining is also a very cool idea. As with most things though big companies will begin buying up all the little guys and maintain control in my opinion.

BC is fake money that is operating on a bubble. It has no standards and no way of guaranteeing its worth. It is the ULTIMATE form of fiat currency which, if you forget, is the problem with the USD.

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mekdroid 11 years ago

Well, actually ... NO!

1) Bitcoin, Litecoin and the rest of the digital currencies are NOT fiat money, period. Fiat money is any kind of money issued by a government or government-like entity, and therefore is backed by their credit. If the credit is good, then you have the US dollar, the UK pound and so on. If the credit is not good then you have Zimbabwe. Bitcoin is NOT issued by any government, or in fact any single entity, so it is NOT fiat money.

2) Bitcoin did have a big run-up recently, and has since come down. If you want to call that a bubble, then fine, but *every* currency and every securities market in the world has had multiple bubble-type events.

3) There *is* a standard, the Bitcoin (or Litecoin) protocol. It just happens to be a technical standard instead of a gold standard, but so what?

4) Digital currency is no more fake than any other currency. You *always* accept a currency based on trust, the difference is that with the "real" currencies you have to trust a government; with the digital currencies you have to trust a world-wide distributed set of servers to maintain the integrity of the block chain. Me, I prefer the servers any day, but I might be a bit strange.

5) The litmus test on any currency is "can you spend it?". In other words, are there people willing to exchange the currency for something else? If the answer is yes, then you have a viable currency. If you want to satisfy yourself that yes, you can exchange Bitcoins and Litecoins for other currencies just go to this link (not an affiliate link): Cryptocoin charts and look at the quotes. There are half a dozen exchanges there, and you can buy and sell BTC and LTC for USD or whatever fiat currency tickles your fancy.
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ultraimports

11 years ago

Originally Posted by goindeep

Lol.

I see your point but disagree.

People said the same thing about credit cards, same thing even with paypal, hell I still have a buddy to this very day that does absolutely no online banking because his mum told him hackers will get into your online accounts and steal your money.

I am more interested as to what will evolve out of bitcoin in the next 5-10 years.

Bitcoin mining is also a very cool idea. As with most things though big companies will begin buying up all the little guys and maintain control in my opinion.

To add, I've mined for years, even back before it hit is first 'bubble' @ $30/BTC (few years back). Now, I don't think it will ever really fall. So many who are against it really don't look at the value. Total BTC 'value' is what, millions of $? I haven't checked recently. But as far as mining, ASIC is the only way to make money. In fact, I have ASIC chips, but am selling to my buddy simply b/c I don't have the space. Video cards are simply not profitable any more, and the ASIC market was cornered by the makers of the chips first, so the little guy comes in later. Thus the need for the 'alt-coin' market you find with dozens of crypto currencies out there.

There is a huge BTC market for products and services out there, and thats what amazes me. Maybe some IM for BTC markets? You bet!

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goindeep

11 years ago

Originally Posted by ultraimports

To add, I've mined for years, even back before it hit is first 'bubble' @ $30/BTC (few years back). Now, I don't think it will ever really fall. So many who are against it really don't look at the value. Total BTC 'value' is what, millions of $? I haven't checked recently. But as far as mining, ASIC is the only way to make money. In fact, I have ASIC chips, but am selling to my buddy simply b/c I don't have the space. Video cards are simply not profitable any more, and the ASIC market was cornered by the makers of the chips first, so the little guy comes in later. Thus the need for the 'alt-coin' market you find with dozens of crypto currencies out there.

There is a huge BTC market for products and services out there, and thats what amazes me. Maybe some IM for BTC markets? You bet!

It will be interesting to see what happens once they reach the cap. Isnt it something like 21 million or something?

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Karen Blundell 10 years ago

Originally Posted by MouseandMice

No because I am not a drug dealer or Syrian rebel.

Stop falling for hype, people. Bitcoin isn't going to become the new gold or USD.

Are you aware that there are numerous main-stream businesses currently accepting Bitcoin? Do your research!

I too have invested lightly in Bitcoin and I am a 60-year-old entrepreneur who is neither a drug dealer nor a Syrian rebel - I just see it as a possible alternative currency for when the you know what hits the fan.
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Allen Payne

11 years ago

Tbh, I've never heard of it until now. I'm watching their video as we speak...Will come back with more thoughts later.

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ShutupAndEarn

11 years ago

Yup. A bitcoin course was my first product I ever sold.

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Sugar Cube

11 years ago

I am not a user of Bitcoin. It is still a new currency that is in a development phase. Even though it turns into much less experimental since usage increases, you ought to remember that Bitcoin can be a completely new technology that's looking at concepts which have in no way been tried prior to.
Therefore, any person does not forecast its future. Bitcoin just is not an official foreign exchange. Nevertheless, nearly all jurisdictions nonetheless need you to pay out profits, product sales, paycheck, and money results fees about whatever possesses value, such as Bitcoin.

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Nisip

Banned 11 years ago

Price of bitcoin is still very high. And their system is very complicated.

Bitcoin should think about making a system that is easier to understand for people.

I bought about 5000 $ worth of bitcoin when it was only 35 usd per bitcoin,
and I will sell when it touches again 175 usd per bitcoin
because afterwards will drop down again

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papashak

Banned 11 years ago

[DELETED]

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vishwa

11 years ago

I am not using bitcoin and intend to not use it in future. Recently Most of investor has lot of money after closing of Japanese exchanger.

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Marko1989

11 years ago

I'm currently not using or purchasing Bitcoins, as i feel i have to learn more about the principle behind it. When i get to that point, i'm sure that this is a thing that will get my attention.

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ramkumaritrvs

10 years ago

according to this thread (bizarrionetwork)

1 year before,
1 BTC = $125

Last month,
1 BTC = $635

This Month,
1 BTC = $585

This is best choice for traders

I love it and want to use. Take Risk and Earn More Money in Legal way.

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HelpingYouBeAnExpert

10 years ago

I don't think the government will allow you to own bitcoins, forget about it and use fiat as the law tells you.

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Karen Blundell 10 years ago

Originally Posted by HelpingYouBeAnExpert

I don't think the government will allow you to own bitcoins, forget about it and use fiat as the law tells you.

you're wrong - read this article:
Top 10 Bitcoin Merchant Sites - Forbes

see the number one site? that's right - WordPress.com accepts Bitcoin. And the Number 7 site? Namecheap - one of the top domain registration companies online.

So, yes, it is perfectly legal to own Bitcoin and don't let anyone tell you anything different.
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danielpbarron 10 years ago

Originally Posted by HelpingYouBeAnExpert

I don't think the government will allow you to own bitcoins, forget about it and use fiat as the law tells you.

++

Not sure if you're being sarcastic, but that's how I read it; spot on! This is exactly what Bitcoin is about; that is, it will destroy the forms of government that depend on controlling the money supply.
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aks000

10 years ago

Bitcoin has not become mainstream currency. Most people look at it as taking a risk. I, myself, am interested to see what kind of staying power it has and if it will ever run into legal problems in the future. Like many things, I hear good and bad about it. My 2 cents!

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ListMarketingGenius

10 years ago

Nah, I never really understood the significance of using bitcoin. I guess I'll check it out though.

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internetmarketer1

10 years ago

Bitcoin is really becoming somewhat maintream, and while it isnt exactly something I may invest in, it seems like a worthwhile investment for those who are really going to research into it.

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sr.20

10 years ago

I have booked flights with BTC and paid for hotels and it is a slow burn investment,
prices have been increasing steady since it was started back in 2009 like any stock investment you must watch and normally a good time to buy is sept/oct when prices are low at around nov ,dec,jan prices shot up over the xmas period and this is your time to sell . here is some info https://blockchain.info

as there is only a limited amount of coins in circulation the inherent value will increase with time

I hope this helps

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Is Anyone Using Bitcoin Yet?

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