Does anyone still accept bitcoin?

110 replies
I have been thinking of setting up bitcoin as a payment option on my website but I am not sure if this would be a good idea or not. I know a year or so it was lucrative but now it just seems to be flopping out. What are your thoughts on this?
#accept #bitcoin
  • Profile picture of the author johnnydio
    I would say not to, digital currency changes up and down daily, and most people that purchase wouldn't know exactly just how to obtain bitcoins. Not to mention it's not a safe payment method just yet.
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  • Profile picture of the author Steve B
    There have been three or four recent threads (like in the past 10 days or so) about Bitcoin. Use the search function and you'll find lots of user experiences.

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  • Profile picture of the author serprider
    Thanks Steve... I have been trolling around I will take a look.
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  • Profile picture of the author Chosen2013
    I surely would accept bitcoins on my sites. You can always convert btc to another e-currency.
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  • Profile picture of the author Tim Chin
    Bitcoin prices have been very steady for a long while now. I played around with it while the market was still extremely volatile, but now it goes up in down small increments every day. It seems you might run into some issues with the government cracking down on it in the near future though, yet at the same time it seems more businesses are accepting it than ever before. Seems to at least be a calculated risk to accept bitcoins.
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    • Profile picture of the author Chris Silvey
      Bitcoin is under federal investigation and there is a good chance it will get shut down.
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      • Profile picture of the author activeseo
        Originally Posted by Chris Silvey View Post

        Bitcoin is under federal investigation and there is a good chance it will get shut down.
        I don't think bitcoin can get shut down, it's a peer network.
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      • Profile picture of the author Riggs
        Originally Posted by Chris Silvey View Post

        Bitcoin is under federal investigation and there is a good chance it will get shut down.
        Bitcoin cannot be shut down, only certain payment services that utilise it respective of the law those services are hosted in can be shut down. I'm a crypto-currency enthusiast, and strongly believe the future looks promising for the Bitcoin economy.
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      • Profile picture of the author Blase
        Originally Posted by Chris Silvey View Post

        Bitcoin is under federal investigation and there is a good chance it will get shut down.
        I very rarely come to the Warrior Forum any more, but I happened in
        here from an email ad and looked around and had to comment.

        Sure the Feds have looked at Bitcoin, no it is not under "Federal Investigation"
        If you really studied the software behind Bitcoin and it's pier to pier nature
        you would know that it would be very, very, difficult to shut down.

        Right now the dollars involved are mice nuts for the Feds to worry about.

        The software and the concept is genius with many other uses people haven't
        even thought of yet.
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    • Profile picture of the author samjaynz
      Originally Posted by Tim Chin View Post

      Bitcoin prices have been very steady for a long while now. I played around with it while the market was still extremely volatile, but now it goes up in down small increments every day. It seems you might run into some issues with the government cracking down on it in the near future though, yet at the same time it seems more businesses are accepting it than ever before. Seems to at least be a calculated risk to accept bitcoins.
      What do you mean "small increments every day"? Last time I checked, Bitcoin had managed to vary in price by around $100 in the space of 24 hours. With that kind of volatility you may as well trade it, rather than accepting it as a normal form of payment.
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  • It is impossible to shutdown bitcoin. It isn't only in US...
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    • Profile picture of the author dadafarash
      Hi everybody, what is bitcoin, pls
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      • Profile picture of the author gerski
        Originally Posted by dadafarash View Post

        Hi everybody, what is bitcoin, pls
        Bitcoin is a digital online currency.I once come across a video explaining what a bitcoin is and that the meaning of bitcoin, but how to mine/mining bitcoin was my curiosity now cause i was not so much interested to finished that video before only to find out that bitcoin now is getting popular and most talked.
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    • Profile picture of the author ECTally
      Originally Posted by activeseo View Post

      I don't think bitcoin can get shut down, it's a peer network.
      Originally Posted by Jonathan Emanuels View Post

      It is impossible to shutdown bitcoin. It isn't only in US...
      This is a commonly-heard refrain within the Bitcoin community, which couldn't be further from the truth. For instance, Kazaa was a peer-to-peer network, and Liberty Reserve was based outside of the United States - so yes, it can be done.

      In fact, the U.S. government could literally end the Bitcoin industry overnight by shutting down (with the assistance of local law enforcement agencies) the top five exchanges: Mt.Gox, BTC-E, Bitstamp, Bitfloor, CampBx.

      Or, it could adopt a more subtle approach by developing and distributing wallets with a hidden payload. Fyi, a large-scale mining incident occurred earlier this year and no one is certain as to its origin.

      More to the point, however, the majority of Bitcoin trade revolves around money laundering and payments/reimbursements related to criminal activities. This is one of the primary reasons why FinCen released this guide for exchange platforms/enterprises.

      In addition, the Bitcoin industry's relatively small trading volume makes it highly susceptible to abuse and manipulation by a few reasonably well-funded traders.

      Anyway, to answer the OP's original question, I would say no. My conscience would not permit it, and even if it did, the medium-term risk makes it impractical.
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      • Originally Posted by ECTally View Post

        This is a commonly-heard refrain within the Bitcoin community, which couldn't be further from the truth. For instance, Kazaa was a peer-to-peer network, and Liberty Reserve was based outside of the United States - so yes, it can be done.

        In fact, the U.S. government could literally end the Bitcoin industry overnight by shutting down (with the assistance of local law enforcement agencies) the top five exchanges: Mt.Gox, BTC-E, Bitstamp, Bitfloor, CampBx.

        Or, it could adopt a more subtle approach by developing and distributing wallets with a hidden payload. Fyi, a large-scale mining incident occurred earlier this year and no one is certain as to its origin.

        More to the point, however, the majority of Bitcoin trade revolves around money laundering and payments/reimbursements related to criminal activities. This is one of the primary reasons why FinCen released this guide for exchange platforms/enterprises.

        In addition, the Bitcoin industry's relatively small trading volume makes it highly susceptible to abuse and manipulation by a few reasonably well-funded traders.

        Anyway, to answer the OP's original question, I would say no. My conscience would not permit it, and even if it did, the medium-term risk makes it impractical.
        Even if they shutdown the biggest 5, the opportunity for a new one to rise is still possible.
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        Originally Posted by ECTally View Post

        This is a commonly-heard refrain within the Bitcoin community, which couldn't be further from the truth. For instance, Kazaa was a peer-to-peer network, and Liberty Reserve was based outside of the United States - so yes, it can be done.

        In fact, the U.S. government could literally end the Bitcoin industry overnight by shutting down (with the assistance of local law enforcement agencies) the top five exchanges: Mt.Gox, BTC-E, Bitstamp, Bitfloor, CampBx.

        Or, it could adopt a more subtle approach by developing and distributing wallets with a hidden payload. Fyi, a large-scale mining incident occurred earlier this year and no one is certain as to its origin.

        More to the point, however, the majority of Bitcoin trade revolves around money laundering and payments/reimbursements related to criminal activities. This is one of the primary reasons why FinCen released this guide for exchange platforms/enterprises.

        In addition, the Bitcoin industry's relatively small trading volume makes it highly susceptible to abuse and manipulation by a few reasonably well-funded traders.

        Anyway, to answer the OP's original question, I would say no. My conscience would not permit it, and even if it did, the medium-term risk makes it impractical.
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  • Profile picture of the author irma zuhro
    bitcoin is very interesting, but I was still hesitant. whether it will last a long time. if bitcoin has many fans and is not unstoppable, whether the government may be able to block it? or whether only limit to the rule of law
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  • Profile picture of the author Jeff Hampton
    Originally Posted by serprider View Post

    I know a year or so it was lucrative but now it just seems to be flopping out.
    That's a strange perspective. A year ago Bitcoin was trading at about $20. Today it's at about $320.
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    • Profile picture of the author Alex Blades
      Originally Posted by Jeff Hampton View Post

      That's a strange perspective. A year ago Bitcoin was trading at about $20. Today it's at about $320.
      Even dog poop would trade at $320 if people started buying it. I'm sorry but I don't see any value in buying a "currency" that is backed by digital dust.

      Once people stop buying them, the only people that would have made money from it, are the ones who were able to con people into buying them with real currency. The only people who rave and swear by them are the same people who trade bitcoins for real currency. They wont use them, but they will sell them to you lol

      I am not surprised they are being investigated, because you are asking people to fork over real money for nothing in return. Atleast you can make some money with regular digital dust like PLR, bitcoins is the digital dust that collects on these PLR.

      I think bitcoins is a big scam, but of course I don't sell bit coins so this is just my opinion

      Bitcoins is a sell, sell, sell and get out before people realize they are being scammed, kind of scams IMHO
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      • Profile picture of the author WillR
        Originally Posted by Alex Blades View Post

        Even dog poop would trade at $320 if people started buying it. I'm sorry but I don't see any value in buying a "currency" that is backed by digital dust.

        Once people stop buying them, the only people that would have made money from it, are the ones who were able to con people into buying them with real currency. The only people who rave and swear by them are the same people who trade bitcoins for real currency. They wont use them, but they will sell them to you lol

        I am not surprised they are being investigated, because you are asking people to fork over real money for nothing in return. Atleast you can make some money with regular digital dust like PLR, bitcoins is the digital dust that collects on these PLR.

        I think bitcoins is a big scam, but of course I don't sell bit coins so this is just my opinion

        Bitcoins is a sell, sell, sell and get out before people realize they are being scammed, kind of scams IMHO
        I don't think you understand what BitCoin is.

        It's a currency. Like villagers might use rocks as a form of currency, people who buy BitCoins are volunteering to use BitCoins as a form of currency amongst one another.

        There is nothing scammy about it. The value is there. People choose to buy the BitCoins or not.

        I think the reality is the people who are against BitCoin or call it a scam are simply people who don't really understand too much about it.

        If it starts to become a more mainstream currency and takes more chunk of the economy (especially with all the China investors now wanting to use it) then they could realistically get anywhere from $100,000 to $1million per coin.

        Not so silly anymore huh?
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    • Profile picture of the author agmccall
      You might also want to consider taking monopoly money.

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  • Profile picture of the author agmccall
    Originally Posted by AffiliateBob View Post

    You should DEFINITELY start accepting bitcoin... It's SUPER EASY to do... Just go sign up at bitpay(they're like the paypal of bitcoin) and they will get you all setup.

    The absolut BEST part of accepting bitcoin, is that a coin a customer pays you with TODAY could be worth A LOT MORE in a very short time... Thats the awesome power of this new brave digital currency world we live in. Also, more and more mining has been detected from China each and every day which tells me the Chinese people are starting to wake up and realize what can be done with this exciting new currency. Once this reaches critical mass, the price of bitcoins are going to SKYROCKET.
    Beware of posts like this, These are similar to the pump and dump method of selling stocks

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    • Profile picture of the author Steve B
      Yes, it seems that Affiliate Bob might have a bit of a hard time being objective about Bitcoin given his sig file.

      No offense to you personally Bob, but you do recognize the "rah rah" flavor of your post and your vested interest?

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  • I think you should not accept Bitcoin, because you can never tell what will happen tomorrow with these cryptocurrencies.

    These cryptocurrencies have a long way to go before you can take them seriously.
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    • Profile picture of the author Vector Graphics
      Do you realize you can accept bitcoin and have it instantly converted to USD using sites like BitPay?

      Originally Posted by onlinemoneymakerguy View Post

      I think you should not accept Bitcoin, because you can never tell what will happen tomorrow with these cryptocurrencies.

      These cryptocurrencies have a long way to go before you can take them seriously.
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  • Profile picture of the author danielbatman
    Originally Posted by serprider View Post

    I have been thinking of setting up bitcoin as a payment option on my website but I am not sure if this would be a good idea or not. I know a year or so it was lucrative but now it just seems to be flopping out. What are your thoughts on this?
    hehe.. what do you think now?
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  • Profile picture of the author Dave90210
    Bitcoins is exploding in popularity, over a million people already use them everyday. It would be advisable to accept them now. When you accept Bitcoins you're targeting more potential customers

    Originally Posted by serprider View Post

    I have been thinking of setting up bitcoin as a payment option on my website but I am not sure if this would be a good idea or not. I know a year or so it was lucrative but now it just seems to be flopping out. What are your thoughts on this?
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    • Profile picture of the author Alex Blades
      Originally Posted by Dave90210 View Post

      Bitcoins is exploding in popularity, over a million people already use them everyday. It would be advisable to accept them now. When you accept Bitcoins you're targeting more potential customers
      Says the guy who has "get your bitcoins here" in his sig

      A million people does not make it popular, when you have 5.999999999 billion people who prefer real currency
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  • Profile picture of the author CyberAlien
    NameCheap is still accepting BitCoin I believe. It just doesn't seem to be as talked about as it used to be - but I guess that depends on what circles you associate with.
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  • Profile picture of the author goindeep
    Lol, bitcoin is growing liek crazy lately.

    In terms of offering it as a payment form I say go for it, you have absolutely nothing to lose.
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  • Profile picture of the author Koljak8
    Originally Posted by serprider View Post

    I have been thinking of setting up bitcoin as a payment option on my website but I am not sure if this would be a good idea or not. I know a year or so it was lucrative but now it just seems to be flopping out. What are your thoughts on this?
    Bitcoins has seen it's value surge this year because of interest from investors and retailers. That trend is most likely to continue. By accepting Bitcoin payments, you would also be able to target a larger audience. You could always convert your bitcoins to other currencies through various exchanges.
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  • Profile picture of the author Jassen
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    • Profile picture of the author tyronne78
      Originally Posted by Jassen View Post

      I would not personally suggest accepting digital currencies such as Bitcoin, if you're a United States citizen.

      I'm an IRS Enrolled Agent, and the U.S. government is hellbent on controlling the flow of capital under the control of it's citizens, using the IRS as it's enforcement division. The governments of nearly 100 countries have capitulated to U.S. demands to share private banking and other financial information, even on non-U.S. citizens.

      The IRS is using this information to not only enforce tax laws and investigate tax evasion, but is passing the information along to the Treasury CID (Criminal Investigation Division) and the Dept. of Justice. These agencies are using the information to investigate money laundering, terrorism funding, etc.

      You do NOT want to get caught up in any of these investigations. Any transactions coming through a digital to fiat currency conversion company are going to be suspect.

      It's simply not worth it. Please take my word for it, the U.S. government is not playing around when it comes to their citizens engaging in the use of these services.
      Great info. Thanks.
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  • There's a lot of people that obviously don't know jack about bitcoin and are doing nothing more than parroting some BS they heard on the media or online.

    Saying the majority of it is used as laundering is laughable and agenda based.

    Bitcoin cannot be compared to anything else because there has never been anything else like it. Research it in depth before being afraid of it or spreading rumors about it.

    There are bitcoin ATMs being rolled out... just sayin. It's not going anywhere anytime soon. Bubbles and corrections will continue and so will manipulation and fraud just like every other industry.

    Bitcoin originated out of frustration and a corrupt banking industry. It's designed to be unregulated for a reason.
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    • Profile picture of the author shane_k
      Originally Posted by Mr Unconventional View Post


      Bitcoin originated out of frustration and a corrupt banking industry. It's designed to be unregulated for a reason.

      I find this statement funny. If people were corrupt in a "regulated" industry then imagine the corruption that will, and is probably happening right now in this "unregulated" industry.

      Not only that but it being designed to be unregulated is the exact reason it will fail.

      People think that "unregulated" is good.

      Sure maybe in some industries, but definately not in currency.

      When you understand money and currency then you will understand it is about trust and safety.

      The more trust people feel toward a currency the more they will use it and thus it's "value" will go up. The less trust people feel the less they will use it and it's "value" will go down. Obviously this is a simplification and does not include speculators and such.

      The reason that we accept real money is because we trust that we can then go somewhere else and exchange that money for something else of value.

      And the people who accept the money from us trust that they can then do the same thing.

      And a big reason we have this trust is because we know that there is someone in the background who will enforce that value. Someone who is regulating that value.

      With no regulation there is no trust.

      A lot of people are mistaking seeing an opportunity in making a profit with bitcoins by buying low and selling high with the true value that a real currency has.
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  • Profile picture of the author BillyParadise
    accept bitcoin only if either of these apply to you:

    1. You have a place to spend bitcoins within a few days or a week of getting paid with them

    2. You have an efficient low risk way to convert the bitcoins into your local currency and get the payment into your bank or hands
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  • Profile picture of the author Alex Blades
    I rather accept Monopoly money. I never bought into the bitcoin hype, I want money backed by a bank and Government, I can't pay my bills or mortgage with bitcoins...

    Also, more and more mining has been detected from China each and every day which tells me the Chinese people are starting to wake up and realize what can be done with this exciting new currency
    Lol, the last thing I would want is China mining bitcoins

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  • Profile picture of the author Alex Blades
    I find this statement funny. If people were corrupt in a "regulated" industry then imagine the corruption that will, and is probably happening right now in this "unregulated" industry.
    I was thinking the same thing

    So they don't trust the banking system, but expect people to put their trust into digital dust and some clown who is selling bitcoins from his basement in some lawless country

    The banking system is flawed for sure, but that doesn't mean you throw your money into a fake currency. Once people stop buying bitcoins, alot of bank accounts are going to be wiped clean. It will be like I.M with the top 1% having made the most money.

    I remember when someone pointed out bitcoins to me a while back, and I thought "what a scam"
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  • Profile picture of the author Alex Blades
    I admit I don't know everything about bit coins, but I still see it as a way for people to scam. There is nothing to back it, and if it disappeared tomorrow, who are people going to complain to about getting your money back?

    I think alot of people will be out of money by investing in it. With China having an interest in it, only tells me that there will be more hacking of bitcoins on a massive scale. It opens up a whole new world for criminals.

    Bitcoin is and will be the choice of currency for drug dealers and other criminals looking to use or receive money anonymously. When the "shit hits the fan" or hacking occurs people will be left scratching their heads, and no way to get their money back.

    I've read stories of people mining millions worth of bit coins from their garage. What happens (if it's not happening already) if drug dealers or big companies decide to invest in powerful computers to mine massive amounts of bit coins. We don't even know who created bit coins or for what reason. It could be some Colombian drug lord for all we know

    I think the people who will make money from Bitcoins, are those who bought early for pennies, mines the most and can cash out before it disappears

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    • Profile picture of the author Greedy
      Originally Posted by Alex Blades View Post

      I admit I don't know everything about bit coins, but I still see it as a way for people to scam.
      I agree with a lot of the points you are making, but you do come off very uneducated on some key concepts of Bitcoins.

      Seek first to understand, then to be understood.
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      • Profile picture of the author Alex Blades
        Originally Posted by Greedy View Post

        I agree with a lot of the points you are making, but you do come off very uneducated on some key concepts of Bitcoins.

        Seek first to understand, then to be understood.
        Well educate me on them, I am not a know it all, and always open to learning new things

        From what I understand, it's not something I would invest in or recommend anybody do. Some people see it as an opportunity to make money off of people, I see it as a criminals wet dream.

        For all we know, bit coins could be mined to fund some terrorist group, or mined behind some meth lab in the U.S. Mafia and Drug Cartels could use it to launder money, pedophiles use it to buy child porn anonymously.

        Don't think for one minute that governments are just going to stand idle while Bitcoins allow crimnial enterprises do what they please. All it takes is one scandal or law to make them worthless.

        I don't own or sell or Bitcoins, so I can speak from the heart on how I feel about Bitcoins(unlike others who have posted on here)

        I don't know everything about Bitcoins, like most I don't know how to mine them, but I know enough to believe they won't be around long.

        People keep saying that it was made because people are tired of how Governments regulate it's currency, but they prefer a currency some clown created in his garage? I don't buy that crap for one second

        With the dollar, we know where it comes from and have laws to protect it. A hacker hacks your Bitcoins, and the only course of action you have is to throw your computer out the window

        But hey, what do I know I don't own any bitcoins, if I did maybe I would be singing it's praises also :p

        Now if Bitcoins were transparent as where they are coming from and going, then it would give them credibility. A private company setting out an ATM somewhere in Canada, to accept Bitcoins does not give it credibility.
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        • Profile picture of the author GarrieWilson
          Originally Posted by Alex Blades View Post

          From what I understand, it's not something I would invest in or recommend anybody do. Some people see it as an opportunity to make money off of people, I see it as a criminals wet dream.
          People said the same about PayPal too.

          For all we know, bit coins could be mined to fund some terrorist group, or mined behind some meth lab in the U.S. Mafia and Drug Cartels could use it to launder money, pedophiles use it to buy child porn anonymously.
          Prepaid credit cards, Money Pack & Western Union allow this too.

          Digital products can and do fund terrorist groups.

          Don't think for one minute that governments are just going to stand idle while Bitcoins allow crimnial enterprises do what they please. All it takes is one scandal or law to make them worthless.
          That's where you don't understand. A law can't really make them worthless. All the government(s) can do is regulate the currency exchange sites. Not the coins themselves.

          They could make it illegal to convert them to USD or illegal to possess by Americans but that wouldn't stop BitCoins. Would also be virtually impossible to enforce.

          A scandal has already hit them. A few of them. When SilkRoad was taken down, the value dropped but they have recovered.

          "Scandals" also hurt the buying power of the USD too.

          A private company setting out an ATM somewhere in Canada, to accept Bitcoins does not give it credibility.
          It does show the growing global acceptance. Which gives them credibility.

          As for accepting them or not, I think it would depend on your market. If your market is more technical, I would say, "It couldn't hurt." But if they are not, it might hurt.

          Garrie
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  • What is the dollar actually worth today and what is it backed by? Hot air, lies, magic unicorns, missing gold, banker hot air, a corrupt fed... wooo hooo. lol

    It's just a matter of time until the dollar ride crashes. Historical fact. Do you think just because it's in the land of the free it magically wont happen? You're delusional if you put ANY trust at all into the dollar or the machine behind it.

    And for laundering and fraud... I'd say cash is the biggest tool used there. These media shills always seem to miss that. If bitcoin is so small and insignificant, why are there so many spotlights and trash journalism going on around with it?

    I'd love to see bitcoin attacked more publicly by governments though... because it would only grow in popularity.
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  • Profile picture of the author Alex Blades
    What is the dollar actually worth today and what is it backed by? Hot air, lies, magic unicorns, missing gold, banker hot air, a corrupt fed... wooo hooo. lol
    It is back by laws and the most powerful military in the world. When I go to the market so I can feed my kids, or fill up my car with gas, it is accepted 100% of the time

    When Americans spend 40 hours a week working, it's because they can buy everything they need with that same dollar. What is bitcoin backed by? absolutely nothing

    The dollar may not be as strong as it used to be, but 100% of us in IM are after that same dollar. I never heard anybody say " I just want to make some extra Bitcoins so I can quit my job"

    I rather have the Fed's regulating my money, than some drug lord mining them on some cocaine farm or some nerd mining them from his mom basement
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    • Profile picture of the author WillR
      Originally Posted by Alex Blades View Post

      What is bitcoin backed by? absolutely nothing
      You ARE missing the point. That is one of the main reasons investors are buying BitCoins... because they are not effected by the economy.

      BitCoin is just like gold. Most people buy gold with the one goal of selling it later at a higher price.
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      • Profile picture of the author Alex Blades
        Originally Posted by WillR View Post

        You ARE missing the point. That is one of the main reasons investors are buying BitCoins... because they are not effected by the economy.

        BitCoin is just like gold. Most people buy gold with the one goal of selling it later at a higher price.
        I understand that, that's why people are making money with it. But Bitcoins will not last, Bitcoins are widely used by criminals. Bitcoins looks like it came straight out of a Mafia movie, it's a criminals dream currency

        Bitcoins is a scam that won't last. People don't even know what they are investing in, you could be buying Bitcoins from a Mafioso in Sicily or a drug cartel in Columbia

        Who stands to make money from Bitcoins? people with the know how to mine them? with the super computers to mass mine them? hackers who can steal your virtual wallet?
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        • Profile picture of the author billybob
          Wow, Alex Blades you sure have a hypermasculine way of posting. You state your opinion constantly and so aggressively as if it is factual.

          Anyway, just a note that Vancouver BC just installed an ATM machine for bitcoins this month. It seems to be one of the earliest ATMS in the world of this type.
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          • Profile picture of the author Alex Blades
            Originally Posted by billybob View Post

            Wow, Alex Blades you sure have a hypermasculine way of posting. You state your opinion constantly and so aggressively as if it is factual.

            Anyway, just a note that Vancouver BC just installed an ATM machine for bitcoins this month. It seems to be one of the earliest ATMS in the world of this type.
            And two Subway owners started accepting Bitcoins, I guess they will be like Visa "accepted everywhere"
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        • Profile picture of the author meepo
          Originally Posted by Alex Blades View Post

          I understand that, that's why people are making money with it. But Bitcoins will not last, Bitcoins are widely used by criminals. Bitcoins looks like it came straight out of a Mafia movie, it's a criminals dream currency
          The USD is more widely used by criminals than Bitcoin. In fact the head of FINCEN (https://en.wikipedia.org/wiki/Financ...cement_Network) said in a congressional hearing on Nov 18 2013 that cash is still the best means of laundering money.

          Originally Posted by Alex Blades View Post

          Bitcoins is a scam that won't last. People don't even know what they are investing in, you could be buying Bitcoins from a Mafioso in Sicily or a drug cartel in Columbia
          And any dollar you use could be from a Mafioso in Sicily or a drug cartel in Columbia. Over 90% of the money in circulation has trace amounts of cocaine on it: snopes.com: Cocaine on Money

          You are raising arguments that apply more to the USD than bitcoin.

          Originally Posted by Alex Blades View Post

          Who stands to make money from Bitcoins? people with the know how to mine them? with the super computers to mass mine them? hackers who can steal your virtual wallet?
          No, you stand to make money with bitcoin. Since it's a currency, you can use it to store your wealth, you can use it to buy products and services, and you can acquire more of it by selling products & services. And for now, bitcoin seems to be appreciating rapidly.

          But it's not the only alternate currency. A lot of people around the world are turning their eyes to Chinese currency, and in Russia there is a new bill sponsored in the legislature that describes the Dollar system as a Ponzi scheme, and if passed would prevent Russia from using the dollar as much as they do now.
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          • Profile picture of the author Alex Blades
            Originally Posted by meepo View Post

            The USD is more widely used by criminals than Bitcoin. In fact the head of FINCEN (https://en.wikipedia.org/wiki/Financ...cement_Network) said in a congressional hearing on Nov 18 2013 that cash is still the best means of laundering money.



            And any dollar you use could be from a Mafioso in Sicily or a drug cartel in Columbia. Over 90% of the money in circulation has trace amounts of cocaine on it: snopes.com: Cocaine on Money

            You are raising arguments that apply more to the USD than bitcoin.



            No, you stand to make money with bitcoin. Since it's a currency, you can use it to store your wealth, you can use it to buy products and services, and you can acquire more of it by selling products & services. And for now, bitcoin seems to be appreciating rapidly.

            But it's not the only alternate currency. A lot of people around the world are turning their eyes to Chinese currency, and in Russia there is a new bill sponsored in the legislature that describes the Dollar system as a Ponzi scheme, and if passed would prevent Russia from using the dollar as much as they do now.

            Lol, I can see where this is going, I'll let you get back to your video game Meepo
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      • Profile picture of the author brutecky
        Originally Posted by WillR View Post

        You ARE missing the point. That is one of the main reasons investors are buying BitCoins... because they are not effected by the economy.

        BitCoin is just like gold. Most people buy gold with the one goal of selling it later at a higher price.
        Well Will normally I agree with your posts but this time I have to say that comparing BitCoin to Gold is a huge leap. One is a highly regulated material with wide spread acceptance of value, industrial and user demand. The other is a so called 'vertual' currency with no material backing, no regulation which is controlled by a private organization. Sorry there is no comparison.

        As for accepting it as payment. Never did and never will.
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      • Profile picture of the author adwordmedia
        Originally Posted by WillR View Post

        You ARE missing the point. That is one of the main reasons investors are buying BitCoins... because they are not effected by the economy.

        BitCoin is just like gold. Most people buy gold with the one goal of selling it later at a higher price.
        Bitcoin is like Gold but it hasn't physical exist that's the matter that many Governments are not supporting bitcoins.
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  • Profile picture of the author GarrieWilson
    There is nothing to back it, and if it disappeared tomorrow, who are people going to complain to about getting your money back?
    You do realize there is nothing backing the USD, right?


    Garrie
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    • Profile picture of the author Alex Blades
      Originally Posted by GarrieWilson View Post

      You do realize there is nothing backing the USD, right?


      Garrie
      Of course there is, laws and a Military

      I rather have gold backing it, but we always have the right to back our own money with gold and silver
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      • Profile picture of the author GarrieWilson
        Originally Posted by Alex Blades View Post

        Of course there is, laws and a Military
        That's not backing it. That's propping it up.

        I rather have gold backing it, but we always have the right to back our own money with gold and silver
        That's investing, not backing. People can invest in BitCoins the same way.

        I consider BitCoins to be like a stock or a barter system.
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        • Profile picture of the author Alex Blades
          That's investing, not backing. People can invest in BitCoins the same way.
          Calling it investing or backing up your money, it's the same thing, whether the government backs your money with gold or you do it yourself. Also you cannot invest in Bitcoins in the same way, gold is a real commodity, Bitcoin is digital dust

          I consider BitCoins to be like a stock or a barter system.
          I consider it as a way to launder money, we don't even know who the inventors are or who are the Bill Gates of Bitcoins .

          For all we know, drug cartels could be holding the most Bitcoins .

          Bitcoins is nothing more than a Ponzi scheme IMO. One buyer holding Bitcoins until they can find another buyer to pay more for it, and that buyer finds someone to pay more for it, until it is no longer worth anything, and someone is left with digital dust

          When the "shit hits the fan", the people who would made money from it, are the ones that cashed out early. And there's nothing you can do but scratch your head, since we don't even know who the inventors are or the people who sold you the Bitcoins in the first place .
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          • Profile picture of the author meepo
            Originally Posted by Alex Blades View Post

            Calling it investing or backing up your money, it's the same thing, whether the government backs your money with gold or you do it yourself. Also you cannot invest in Bitcoins in the same way, gold is a real commodity, Bitcoin is digital dust
            Your post belies your ignorance not only of Bitcoin, but economics as well.

            There is no gold backing the dollar. You don't seem to understand the difference between money and currency.

            The US dollar has no intrinsic value. It has ascribed value, in that enough people use it for daily transactions. So it's valuable, because it's useful right now. The dollar will drop in value should Bitcoin (or another currency) become more useful to enough people.

            No amount of laws, guns or military might will keep the dollar value from dropping if people around the world decide to start using something else. The value of the dollar is largely in the mind of the person using it.

            Here is a graphic that might help. The dollar system is based on debt:
            where dollars come from - Imgur
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            • Profile picture of the author Alex Blades
              Originally Posted by meepo View Post

              Your post belies your ignorance not only of Bitcoin, but economics as well.

              There is no gold backing the dollar. You don't seem to understand the difference between money and currency.

              The US dollar has no intrinsic value. It has ascribed value, in that enough people use it for daily transactions. So it's valuable, because it's useful right now. The dollar will drop in value should Bitcoin (or another currency) become more useful to enough people.

              No amount of laws, guns or military might will keep the dollar value from dropping if people around the world decide to start using something else. The value of the dollar is largely in the mind of the person using it.

              Here is a graphic that might help. The dollar system is based on debt:
              where dollars come from - Imgur

              Dude stop with the B.S, I know the dollar is not backed by gold. The value of the dollar has been dropping since the day it was invented, that's how currency works.

              I would love to have the Fed's audited and have the dollar backed by gold, but I have no control over that. The system is flawed, but it is the best we have. To say the dollar is worthless to try and hype up a fake currency is a joke
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              • Profile picture of the author meepo
                Originally Posted by Alex Blades View Post

                Dude stop with the B.S, I know the dollar is not backed by gold. The value of the dollar has been dropping since the day it was invented, that's how currency works.

                I would love to have the Fed's audited and have the dollar backed by gold, but I have no control over that. The system is flawed, but it is the best we have. To say the dollar is worthless to try and hype up a fake currency is a joke
                bullshit. the value of the dollar has not "been dropping since the day it was invented." Massive de-valuation of the dollar is a recent phenomenon. It's apparent you don't know the history of the dollar

                Contrary to your claim, de-valuation of currency is an outside effect on a currency, not an inherent function of a currency. Your statement of "that's how currency works" is false.

                I didn't say the dollar was worthless, you're misquoting me. I said it holds no inherent value, but rather it has ascribed value that people place on it... perceived value if you will. Should anything change the perception of that value, the value itself changes.

                So this is not so much about bitcoin vs. dollar as it is about your mind vs. reality.

                I'd love to know your answer to this question: Once you deposit with a bank, who maintains the rights to the deposit? You, or the bank?

                PS - you said "the system is flawed, but it is the best we have" - you're welcome to operate within that system. Not everyone agrees with you. The system is not flawed. It works very well for those who profit from it.
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                • Profile picture of the author nadinxcomb
                  I dont know much about bitcoins and have never used or mined them but i love the idea but i dont think it will sustain itself!
                  Would be great to give the finger to the banks but were a long way off that but time will tell!
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            • Profile picture of the author bertosio
              Originally Posted by meepo View Post

              Your post belies your ignorance not only of Bitcoin, but economics as well.

              There is no gold backing the dollar. You don't seem to understand the difference between money and currency.

              The US dollar has no intrinsic value. It has ascribed value, in that enough people use it for daily transactions. So it's valuable, because it's useful right now. The dollar will drop in value should Bitcoin (or another currency) become more useful to enough people.

              No amount of laws, guns or military might will keep the dollar value from dropping if people around the world decide to start using something else. The value of the dollar is largely in the mind of the person using it.

              Here is a graphic that might help. The dollar system is based on debt:
              where dollars come from - Imgur
              Great graphic to explain it in laymans terms for the masses!
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  • Profile picture of the author adwordmedia
    Originally Posted by serprider View Post

    I have been thinking of setting up bitcoin as a payment option on my website but I am not sure if this would be a good idea or not. I know a year or so it was lucrative but now it just seems to be flopping out. What are your thoughts on this?
    This is great idea to support bitcoin. But it is not globally accepted currency, and don't forget it is illegal in some countries specially in Asian Countries. So I think you can't put bitcoin as a payment option on your site.
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  • Profile picture of the author Nuno
    I would have absolutely no problems accepting bitcoin, especially if it's for a digital product/service that takes you little time. Benefits would cover the risk, by far.
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  • Profile picture of the author meepo
    So yeah, after responding to your assumptions and arguments, it seems you don't have a reply for me?

    I guess that means I win this round, right
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    • Profile picture of the author Alex Blades
      Originally Posted by meepo View Post

      So yeah, after responding to your assumptions and arguments, it seems you don't have a reply for me?

      I guess that means I win this round, right

      Yea you win Meepo, you pounded me into submission, I can go no more
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  • Profile picture of the author meepo
    Originally Posted by Alex Blades View Post

    Lol, I can see where this is going, I'll let you get back to your video game Meepo
    Ok, so where is it going? Are you giving up?

    You've not responded to any of my rebuttals, instead you decide to Ad hominem me. That's not very sporting of you.

    I enjoy discussing this, so don't feel that you need to give up.
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    • Profile picture of the author Alex Blades
      Originally Posted by meepo View Post

      Ok, so where is it going? You giving up?

      You've not responded to any of my rebuttals, instead you decide to Ad hominem me. That's not very sporting of you.
      Yea I give up, I can't spend the next ten days going back and fourth with you, I don't have as much free time as you
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  • Profile picture of the author meepo
    Originally Posted by brutecky View Post

    Well Will normally I agree with your posts but this time I have to say that comparing BitCoin to Gold is a huge leap. One is a highly regulated material with wide spread acceptance of value, industrial and user demand. The other is a so called 'vertual' currency with no material backing, no regulation which is controlled by a private organization. Sorry there is no comparison.

    As for accepting it as payment. Never did and never will.
    That's why Bitcoin is gaining popularity, because there is no central private organization that regulates it. And for many people, this is a good thing!

    WillR is correct in comparing Bitcoin to gold, it has similarities. You are making the mistake of comparing bitcoin to the gold INDUSTRY which is indeed not a good comparison. But comparing bitcoin straight with gold as mnoey is a good comparison.

    Originally Posted by Alex Blades View Post

    Yea I give up, I can't spend the next ten days going back and fourth with you, I don't have as much free time as you
    Oh dear, another implication I play video games all day long, just because of my username... I am hurt. So deeply hurt.
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    • Profile picture of the author brutecky
      Originally Posted by meepo View Post

      WillR is correct in comparing Bitcoin to gold, it has similarities. You are making the mistake of comparing bitcoin to the gold INDUSTRY which is indeed not a good comparison. But comparing bitcoin straight with gold as mnoey is a good comparison.
      Sorry my friend not even close and I was not talking about the gold INDUSTRY I was talking about gold in general. Gold has wide acceptance of value. Sure most money is not backed by gold (such as the US dollar), but it is backed by wide acceptance.

      Bit Coin is not. And if you think that non regulation is a good thing .. well then .. I dont know what to say about that.

      I can go anywhere and buy anything (in the USA at least) with the US dollar. Also I can buy almost anything with Gold. Try this, take off your wedding ring and try to trade it for a gallon of gas. Now try and get a gallon of gas for 10 BitCoins. Which is more likely to happen? But 10 bit coins is suppose to be worth more than 14 grams of 18K gold right. WRONG. The 10 bit coins are worth nothing. Because they have no wide acceptance. Thats the part YOU dont understand.

      Anyway if you still feel that Gold and Bit Coin is on par with each other please feel free to PM me. Ill gladly take all your Gold and pay in Bit Coin.

      PS) Just a FYI Bit Coin is NOT a new idea. This has been done about 8 times before, and every time the system crashed and burned.
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      • Profile picture of the author WillR
        Originally Posted by meepo View Post

        WillR is correct in comparing Bitcoin to gold, it has similarities. You are making the mistake of comparing bitcoin to the gold INDUSTRY which is indeed not a good comparison. But comparing bitcoin straight with gold as mnoey is a good comparison.
        Exactly. I am liking it to gold in that gold has no real value other than what people are willing to pay for it. When you buy a toothbrush you buy it because it has a purpose, it cleans your teeth. When you buy gold you are only buying it because of the opportunity to sell it later at a higher price. Some will argue they buy gold jewelry because it looks nice or whatever, but they are still buying it because they believe it will hold it's value and hopefully rise in value. Same with bitcoins.

        Originally Posted by brutecky View Post

        I can go anywhere and buy anything (in the USA at least) with the US dollar. Also I can buy almost anything with Gold. Try this, take off your wedding ring and try to trade it for a gallon of gas. Now try and get a gallon of gas for 10 BitCoins. Which is more likely to happen? But 10 bit coins is suppose to be worth more than 14 grams of 18K gold right. WRONG. The 10 bit coins are worth nothing. Because they have no wide acceptance. Thats the part YOU dont understand.
        Everything in this world is only ever worth what people are willing to pay for it. Bit coins are no different. The person at the gas station would not accept BitCoins as payment because they are not well known enough and haven't gone mainstream as yet. Just like I wouldn't accept a watch for payment because I have very little knowledge about watches and which ones are worth what. It's not the fact it is a BitCoin that they wouldn't accept it, it's the fact they don't know enough about them. If they understood what BitCoins were and knew the value of one then it becomes far more likely they would accept it as payment. More and more companies online are accepting them as payment also and as the number of businesses increases and it becomes more mainstream, the value of these things will likely go up. Wait until companies like PayPal start accepting BitCoins and you will have wished you owned a couple.

        Originally Posted by brutecky View Post

        Anyway if you still feel that Gold and Bit Coin is on par with each other please feel free to PM me. Ill gladly take all your Gold and pay in Bit Coin.
        No one ever said that Gold is worth the same as BitCoin. What we ARE saying is that it goes along the exact same principle of Gold in that it's a universal currency and it's value is solely dictated by supply and demand.

        Anyway, we can agree to disagree.
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  • Profile picture of the author bertosio
    I dont know much about bitcoins and have never used or mined them but i love the idea but i dont think it will sustain itself!

    Would be great to give the finger to the banks but were a long way off that but time will tell!
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  • Profile picture of the author meepo
    Thanks WillR for that post

    People will use anything as currency - as a way to transfer value from one party to another.

    And a currency does not need wide acceptance to be a valid means of value transfer. You just need 2 parties who both accept the currency as valid, and BAM! It's a valid currency. (for them only of course)

    Bitcoin (and the concept of digital currencies) are in the early stages of adoption, much like the Internet itself went through a period of early adoption. There were a lot of nay-sayers and doubters who thought the Internet would die on the vine... and here we are arguing over a new technology on an Internet forum that has been here for over 15 years... and still going strong.

    One day anyone in the world will be able to send digital cash to someone on the other side of the world with the flick of a button. The cash will move instantly and go directly from Sender to Receiver with NO middle man, or central bank in the way... the payment will go through, and just seconds after the transaction the receiving party will be able to use their cash to buy food, clothing, pay rent... etc. Like emailing money! Only safer, and easier.
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  • Profile picture of the author brutecky
    Well WillR your 'Tooth brush example" kind of made my point. People buy a tooth brush because it cleans there teeth. .. but gold has a use as well, in industry, in jewelry etc. Gold will always be in demand (like toothbrushes) since it has such a multitude of uses (besides just hoping to sell it later)

    People buy gold because of the fact that since it has such a multitude of uses in its is generally a good hedge against inflation. It has inherent value it its use. Bit Coin has none. (like the dollar) only its even worse than the dollar because it has no wide spread acceptance. So really its the worst investment ever. No inhairent value (like gold) and no wide spread acceptance of value (like the dollar). Now this MAY change. But it didnt happen several times before so Im not going to count on that.

    Either way the only reason that Gold is accepted as a universal currency IS because there is always a use for it. Jewelry, Electronics, Manufacturing, Automotive, and on and on. So even if everyone suddenly said "Hey gold inst money anymore" it still would be 'redeemable' to any of the hundreds of industry's that need it. That readability to a wide audience IS what makes it a wide spread currency. Bit Coin does not 'go along the same lines as that' since it has no wide spread use. Even if it got accepted as a currency wide spread it would still be a currency (like the dollar, the euro, and the pound) that has no intrinsic value so it at best would be susceptible to wide range inflation.

    Comparing Gold , which has value in itself (in its uses) to Bit Coin (which has no internal value) is crazy.

    But yes I can see we disagree and thats ok
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  • Profile picture of the author Alex Blades
    Some will argue they buy gold jewelry because it looks nice or whatever, but they are still buying it because they believe it will hold it's value and hopefully rise in value. Same with bitcoins.
    That is the hope, that Bitcoins will hold it's value like gold, but not possible. Gold has stood the test of time, and if a world war were to break out (which is very possible, the world is one big powder keg at the moment) people will look to rebuild with gold and other precious medals.

    You won't see anybody walking around with a laptop and a virtual wallet full of Bitcoins trying to barter Bitcoins for drinking water. Gold has and always will be the universal currency . Alot of people buy gold to invest, but not all do. Most people buy gold to have something of real value incase the dollar tanks.

    The big gold companies sell over priced gold and says it's an investment, but people buy it for piece of mind. People know that gold will go up and down, but will NEVER lose it's value completely. To say people buy gold in hopes it will increase in value, is inaccurate. People do invest in gold, and in Bitcoins, just as they did with Enron, but I'm pretty sure most people buy gold for security reasons.

    If the shit hits the fan, the dollar will just be a piece of paper, and the Bitcoin will be nothing more than digital dust. Gold will always be the standard currency for the world. Comparing Bitcoins to gold is like comparing steak to chicken knuckles, and that is being very generous, since chicken knuckles has real value unlike Bitcoins.

    Ask yourself this, if all the paper currency were to tank tomorrow, and you were offered a choice between Bitcoins or gold, which one would you take?
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  • Profile picture of the author jschoy
    If you're still trying to figure out what bitcoin is, howstuffworks.com did a really good podcast on it.
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  • Profile picture of the author NewParadigm
    It's such a small market, it can be manipulated pretty easily by govt, central banks, hedge funds etc... Will continue to have huge volatility. Some entrepreneur needs roll out a VIX index to hedge volatility for bitcoin holders.

    It's also like a bearer bond, who's to say someone won't hack your computer and take your stash?

    As I understand there are a few exchanges that sync their ledgers, but who the heck is doing that? and why couldn't they be corrupted?

    Digital anything, WILL BE HACKED and COMPROMISED.
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  • Profile picture of the author Alex Blades
    People said the same about PayPal too.
    One thing Paypal has, is transparency. One time I bought a water cooler online and picked it up at my local Target store. The transaction wasn't ready so I paid again at the store and canceled my online order when I got home. Paypal held my transaction for a for a week or so, and told me that it had to be investigated by the feds to make sure I wasn't laundering money or something to that effect.

    With Bitcoin, we don't even know who invented it, let alone where it's coming or going. How many Bitcoins did this anonymous inventor mine before he opened for business? who invented Bitcoins and for what purpose? was it Obama? or Bin Laden? or was it Waldo? is that where's he's been hiding this whole time

    Prepaid credit cards, Money Pack & Western Union allow this too.

    Digital products can and do fund terrorist groups.
    Of course they do, but they leave a paper trail, with Bitcoins they can do this anonymously.

    That's where you don't understand. A law can't really make them worthless. All the government(s) can do is regulate the currency exchange sites. Not the coins themselves.

    They could make it illegal to convert them to USD or illegal to possess by Americans but that wouldn't stop BitCoins. Would also be virtually impossible to enforce.
    If they can't be converted to real currency then they are worthless

    It does show the growing global acceptance. Which gives them credibility.
    It does not give them credibility, it's just a private company placing an ATM to make a profit

    As for accepting them or not, I think it would depend on your market. If your market is more technical, I would say, "It couldn't hurt." But if they are not, it might hurt.
    I agree, it couldn't hurt if you are accepting them for a digital product, because once your product is finished, there is no more cost to the creator. Good luck trying to buy gold with them though

    People keep saying I don't know anything about Bitcoins, but nobody has filled me in as to what I don't know about them. Did the French name Bitcoins the official currency of France? Did Bitcoins replace the Euro? I mean what am I missing here :/

    I understand it's an investment, but dog scat would be an investment if people started buying it. Even Enron was a great investment at one point. I don't understand how a system where people with the best computer resources to mine these things, is better than the system we already have in place.

    100% of the same people who are trying to trash the dollar to try and make the Bitcoin legit, are the same people trying to gather as much of that same dollar so they can live a comfortable life, and not worry about bills.

    Every single person that posted here for or against Bitcoins are chasing that mighty dollar. If that dollar is so worthless, then why not trade your life savings for Bitcoins instead

    With the dollar, anybody can obtain them simply by working and can trade it for food and water to feed their families, trade for shelter and everything else needed to live a decent life. To obtain a Bitcoin I have to pay a few hundred dollars to someone who knows how to mine them from a computer in his garage? Then I have to travel to some ATM in Canada to trade them in for cash so I can buy some food? That is the most ridiculous crap I ever heard
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    • Profile picture of the author GarrieWilson
      Originally Posted by Alex Blades View Post

      One thing Paypal has, is transparency. One time I bought a water cooler online and picked it up at my local Target store. The transaction wasn't ready so I paid again at the store and canceled my online order when I got home. Paypal held my transaction for a for a week or so, and told me that it had to be investigated by the feds to make sure I wasn't laundering money or something to that effect.
      PayPal wasn't always like that. It was X.com when people thought it was scammy. WAY before BNM stores stored using it.

      With Bitcoin, we don't even know who invented it, let alone where it's coming from. How many Bitcoins did this anonymous inventor mine before he opened for business? who invented Bitcoins and for what purpose? was it Obama? or Bin Laden? or was it Waldo? is that where's he's been hiding this whole time
      Actually, a lot of that IS known.

      Google it.


      If they can't be converted to real currency then they are worthless
      I said USD. The USD isn't the only currency. The USA can't stop it everywhere.
      It does not give them credibility, it's just a private company placing an ATM to make a profit
      Which starts to give it credibility because more people are using it. The people more use ANYTHING the more credibility it has as a whole.

      Every single person that posted here for or against Bitcoins are chasing that mighty dollar. If that dollar is so worthless, then why not trade your life savings for Bitcoins instead
      Same reason some of use don't actively invest in stock or precious metals.

      FYI: I own ZERO BitCoins.
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  • Profile picture of the author Alex Blades
    PayPal wasn't always like that. It was X.com when people thought it was scammy. WAY before BNM stores stored using it.
    Transparency is what gave them credibility Garrie, and Paypal is not an electronic currency, they are payment processor. They charge a fee to transfer currency from account to account, just like any major credit card processor.

    Which starts to give it credibility because more people are using it. The people more use ANYTHING the more credibility it has as a whole.
    More and more people use drugs, but that doesn't give the narcotics industry anymore credibility

    I have to run, have to get up early, nice chatting with you about the subject Garrie. I undertand what you mean, It's nothing personal against you or anybody but I don't buy into the Bitcoin being a legit currency. I think it will fade out just like all the digital currencies before it.
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  • Profile picture of the author Alexander K
    Originally Posted by serprider View Post

    I have been thinking of setting up bitcoin as a payment option on my website but I am not sure if this would be a good idea or not. I know a year or so it was lucrative but now it just seems to be flopping out. What are your thoughts on this?
    It's always good to add new ways for people to pay. For bit-coins, use a service such as bit-pay. They take the bit-coin payment and you have the option of having them sell the bit-coins right away, so you don't need to worry about their value going down. Then they deposit the money in your bank account.

    No need for a wallet or watching bit-coin prices. However, you won't be able to refund buyers who use bit-coins, unless they will accept paypal or another method.
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  • Profile picture of the author billybob
    Besides the world's first Bitcoin ATM machine, Vancouver is also soon going to have a brick and mortar store selling Bitcoins. And there are a couple of dozen retailers that now accept bitcoins for purchases.

    Funny that this has been on the news media this week in Vancouver, coincidentally.
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  • Profile picture of the author xtnjsjnjian
    Banned
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    • Profile picture of the author Steve B
      • Tulip mania
      • The South Sea Bubble
      • The Mississippi Company
      • The Great Gold Rush
      • The Housing Bubble
      • The Tech Stock Bubble
      From Government Responses and Regulation:

      "The economic disadvantages of speculators has resulted in a number of attempts over the years to introduce regulations and restrictions to try and limit or reduce the impact of speculators. Such financial regulation is often enacted in response to a crisis.

      "Speculation is often associated with economic bubbles. A bubble occurs when the price for an asset exceeds its intrinsic value by a significant margin. (emphasis my own)

      "Speculative bubbles are characterized by rapid market expansion driven by word-of-mouth feedback loops as initial rises in asset price attract new buyers and generate further inflation. The creation of the bubble is followed by a precipitous collapse fueled by the same phenomenon. Speculative bubbles are essentially social epidemics whose contagion is mediated by the structure of the market.

      Here's a fun read: Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay

      Steve
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      • Profile picture of the author MannyMarketing
        Yes, you should accept bitcoin. It would be like asking if you should accept credit cards. Of course! (except with bitcoin, you can forget about the crazy fees)

        All you have to do is sign up at Bitpay. As a Bitpay merchant, once someone pays you in bitcoin, the bitcoins will automatically be transferred to fiat currency at the current going rate. I believe they have a system where the BTC value is automatically adjusted to always be the same as your fiat pricing, so you will never lose money due to the volatility of bitcoin.

        Look it up. It is easy to implement, and any business could use the publicity of accepting a new payment method. Create press releases. Post it on twitter. Send it out to your list. Be creative.

        Feel free to PM me if you need any help with this, though some quick Google searches should have you on your way.
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  • Profile picture of the author zahavi
    Nobody seems to mention that governments and banks also know current currencies need a revamp. Cryptos are a possible way forward. It certainly is worth exploring. No wonder the British Royal Mint wanted to mint a gold Bitcoin!

    More than likely older and newer currencies will co-exist for a while.
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  • Profile picture of the author SatoshiRiches
    Maybe! According to Quantcast statistics Bitcoin users are

    * 88% male
    * 48% have annual income above $50k
    * 35% have annual income over $100k
    * 26% have annual income over $150k

    Bitcoin users are also, on average, more technical. But the demographic continues to grow and new services are making Bitcoin even more user friendly. You can stand out to these users and support Bitcoin growth by adding merchant tools to your website. Merchant tools are generally easy to setup and have low transaction fees.

    Marketing and promotion is another reason you might start accepting Bitcoin. There is a community of Bitcoin advocates eager to spread the word of a new supportive business. If you are a first in your area or industry, share your story on the Bitcoin forums and with local/industry blogs.
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  • Profile picture of the author dailycoinsnet
    There's nothing wrong in accepting Bitcoin as a payment method. Bitcoin community and users are growing all the time but as said it's obvious that price isn't going to stabilize any time soon. You can always make a small script that changes the product price depending on current market value of Bitcoin.
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  • Profile picture of the author zubidoo
    I accept bitcoins.
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  • Profile picture of the author stufftheme
    i will prefer money directly in my hand
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  • Profile picture of the author ledoworks
    I can't believe there are so many people that are obviously mislead about Bitcoin. The Federal Government can not shut down Bitcoin. It might have its up and downs and there will be good news and bad news (like the recent bad news coming out about Mt. Gox), however Bitcoin, and crypto currerncies are here to stay. Closing your eyes to it is like saying personal computers will never work, or the internet is just for Porn.
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  • Fanatics do have the power to change the World in many cases, and in many cases they remain, even if underground.

    Look at Religion.
    And Drugs.
    And Football... Har!

    BC
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  • Profile picture of the author Ean Stark
    I already started accepting BTC months ago,and you should too.

    Its become too famous for me to avoid accepting it ,and people are paying using BTC as well.


    Ean
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  • Profile picture of the author mrgoe
    I would go for it, why not ? Any new payment method can bring in some new clients.
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  • Profile picture of the author iconnectdesign
    The bitcoin had issues recently but would be no issue if you are using it for digital product as you will have less risk. If your buying goods/services from another individual and selling, then think twice as if something goes wrong, it will affect your business reputation
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    • Profile picture of the author Quincy
      Really interesting debate going on gang. I sincerely mean that. I honestly have no answer. I'm just waiting to see how it plays out. I must admit I never understood how a currency could stand up to a valuation without being backed by the full faith and credit of a viable source (i.e a nation). But I openly admit this is a completely new, unique and interesting area. I bet academic economist heads are spinning worldwide.
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  • Profile picture of the author celente
    bitcoin is doomed, and illigitamate....better off buying gold and silver. But what would I know ;-)

    Bitcoin was just another gen Y character making up some crypto-thingie to make himself money and he did do that. But in the end, this thing will not last, do not fall into the trap of the marketing out there, to tell you otherwise, cause their markeing is VIRAL and SEEMS good. STay away would be the message from me.
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  • Profile picture of the author st0nec0ld
    Is it true that payment in bitcoin are irreversible?
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  • Profile picture of the author ElainePete
    What is the value of a BitCoin lately?
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  • Profile picture of the author Pedro Lopes
    I hear Bitcoin is supposed to hit $10k, sounds ridiculous but if you would've told me that it would be where its at today about 2 years ago, I'd say you're ridiculous..

    Cheers!
    Pedro
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  • Profile picture of the author evilclown
    I have 100 coins for $10K woot woot. Yeah, now a nice yacht, a nice car, a house .... oh zhit stores not taking me lucky charms!
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  • Profile picture of the author Sarah Operman
    Bitcoin is always going up and down, but it is a great way to accept money on the net regardless. I set up bitcoin on my site and if someone wants to pay me via bitcoin I am more than happy to take it. It also is a good option for people who contact me wanting to pay in some other form because they cannot pay by PayPal, so in those cases it is an order I would not of seen othewise.
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  • Profile picture of the author ADVERTHEORY
    bitcoin is a joke, peer to peer bartering is the most you can do with it. Businesses are going to stop taking it as a form of payment once they start having issues when it comes tax time.


    http://www.irs.gov/pub/irs-drop/n-14...m_medium=email
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    • Profile picture of the author danielpbarron
      Originally Posted by ADVERTHEORY View Post

      bitcoin is a joke, peer to peer bartering is the most you can do with it. Businesses are going to stop taking it as a form of payment once they start having issues when it comes tax time.


      http://www.irs.gov/pub/irs-drop/n-14...m_medium=email
      "This amazing revolutionary thing is the most you can do with it..."

      According to Gresham's law,
      It is commonly stated as: "Bad money drives out good".
      Businesses are going to stop taking the dollar as a form of payment once it gets driven out.
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