Post subject: Bitcoins! Your experience? Pros and cons.....
Posted: Thu Mar 21, 2013 11:29 am
Lieutenant Major
Joined: Sun Mar 21, 2010 3:02 pm Posts: 1770 Gender: female
Hey Dawners,
we are currently looking for new payment methods to implement. So we looked up this and that and found besides many others also bitcoins as virtual currency.
A short description:
"Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency.
The software is a community-driven open source project, released under the MIT license."
So my question: 1. Have you ever used them? 2. If not, would you trust them and probably use them? 3. What payment methods do you prefer e.g in other games or android / mobile
Post subject: Re: Bitcoins! Your experience? Pros and cons.....
Posted: Thu Mar 21, 2013 11:37 am
First Lieutenant
Joined: Thu Jul 29, 2010 10:48 am Posts: 389
Ilona wrote:
Hey Dawners,
we are currently looking for new payment methods to implement. So we looked up this and that and found besides many others also bitcoins as virtual currency.
A short description:
"Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency.
The software is a community-driven open source project, released under the MIT license."
So my question: 1. Have you ever used them? 2. If not, would you trust them and probably use them? 3. What payment methods do you prefer e.g in other games or android / mobile
Thank you!
bitcoins are cool, but it would be great if i can walk into a store, and buy a bd giftcard and then get reds from that... idk can we do that?
Post subject: Re: Bitcoins! Your experience? Pros and cons.....
Posted: Thu Mar 21, 2013 12:53 pm
Lieutenant Major
Joined: Sun May 31, 2009 10:47 pm Posts: 2416 Location: U.S.A. Gender: male
BC is a good method of holding your money. If the banking debacle in the EU right now does not make you think twice about where and how you move money around, then perhaps to you, it does not matter at all.
In my opinion, if you use a banking institution right now, you could do worse than investing in BC.
Know though, as you go into it, that it is an investment. That investment is in a currency, yes, and a virtual currency to boot. That might make you feel a little taken aback, BUT you have to understand that all money these days is a form of "virtual" currency. The USD for instance, is only a peice of paper. It's value is not determined by what material it is made of (in the case of BC, 1's and 0's), but by the faith of the people who hold and use it.
If everyone decided tomorrow that the dollar was worthless, then it would be so. Same with the Euro, the Denari, the Rupi etc etc, and it is also the same with BC. The primary difference here is that BC is a tender of value, whereas the dollar and Euro etc, are all tender of DEBT. The dollar even says so on each note.. "legal tender of debt..".
What is more, every dollar is being charged interest. Thats right. If you have a dollar in your pocket, then you have been loaned a dollar by the federal reserve. Little do you know, they are also charging you interest on that dollar. In order to pay back that interest, you will need more dollars. If you get more dollars, then you are going to incur more interest...and on and on... Sounds funny, eh? What is really funny, is that is EXACTLY how the fed works in relation to the entire federal government and the governed people alike.
BC is interest free, and is actually legal tender of value instead of debt. There is no central bank, and no one organization holds "all the cards" on it's production and distribution. Also, no banks are needed in exchanging BC and no one can seize them from you either, without you giving them express access to your "wallet".
So, while relatively speaking, it is a very new currency, it is taking root quite well, and if you have not noticed, it is not leaving any time soon. As a matter of fact, the more time presses on, the more places seem to accept this as valid currency.
Also, if you wonder about how healthy the BC is... The current value is
1 BC = $72 - $75 / €48 - €56 / £41 - £48
So, the BC is doing quite well. I checked the value in USD last month, and it was still at about 35 dollars, so its gone up quite a bit lately it seems... If I had bought BC last month for $35, this month I would have doubled my investment if I cashed out today.
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Post subject: Re: Bitcoins! Your experience? Pros and cons.....
Posted: Thu Mar 21, 2013 2:30 pm
Private
Joined: Wed Oct 24, 2018 3:58 am Posts: 0 Gender: male
minpk wrote:
apollo wrote:
I'm not a fan of bitcoins, to be honest.And Min, you can buy ultimate game cards
do you get the same amount of tokens as paypal/credit cards?
I think it's just a tad more expensive, like instead of $45 for 3,000 it's like $48 for 3,000. It's not bad, and worth it if you don't have a credit card/paypal.
The only problem is, if the market WAS to crash then there'd be no orginisation to try to recover them. They'd just die and you'd lose all of your investment.
I honestly don't think that many people would use the system, or it would help some people boost who can't atm. Not many people use it, and those who do..Well its mostly for shonky business
Post subject: Re: Bitcoins! Your experience? Pros and cons.....
Posted: Thu Mar 21, 2013 9:15 pm
Captain
Joined: Tue Dec 14, 2010 10:55 am Posts: 1163
Seth wrote:
Also, if you wonder about how healthy the BC is... The current value is
1 BC = $72 - $75 / €48 - €56 / £41 - £48
So, the BC is doing quite well. I checked the value in USD last month, and it was still at about 35 dollars, so its gone up quite a bit lately it seems... If I had bought BC last month for $35, this month I would have doubled my investment if I cashed out today.
I didn't read the rest of your post, nor did I read any posts after this.
You do realize how this works, don't you?..
People buy LOTS of bitcoins while the value is low. ($10-$15) The value raises due to demand Those who bought the bitcoins at the lowest value are the ones now selling the bitcoins, so they increase the price. Word spreads that bitcoins are rising in value and it would be a good idea to invest in them. So people do so, at a much higher price than those who are selling bought them for. People stop buying. The main buyers (those who bought at the lowest value) have already made their money. Eventually those who bought the bitcoins during the time of high value (the suckers) cannot find enough buyers to sell to. So either sell them for a much lower price, causing the bubble to burst, or they wait it out till the next bubble expands and hope it grows bigger than the last one.
Then of course, this process repeats itself as the original 'buyers' buy up even more bitcoins at their new lower value after prices hit rock bottom and create a new bubble.
Question: Are bitcoins a good investment? Answer: Not while they are valuable.
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