Bitcoin Forum

Just a fun poll.

Convert all but recurring expenses. This is what I am planning to do with my first job, starting monday. Being in Spain, it seems just as risky as keeping fiat within the bank system.

How can you do that? Is there some actual service to do this?

I just meant to say that whatever I have left at the end of the month I would send to an exchange. :)

Do you think I should start a service to do this?  :o

Maybe, but you will have a hard time beating my bank and its zero-fees on SEPA transfers.  ;D You could gain an advantage by offering higher safety and reliability than a top 3 exchange.

Well, doesn't it depend on the currency you are being paid in? If it's US, Cdn, "stable" money, it's fine, short term. Plus, I need enough fiat for my mortgage, FOOD, etc. But it is rational to allocate some (speculative) amount to Bitcoin. Wouldn't look askance at Gold, either.

That is 'recurring' expense. Perhaps you are looking for option 2?

If I could transfer my whole cheque and have a debit card using bitcoins I would do that, I want to take away the power that the banks have to keep us slaves to this system

Don't we all want that?

Would this service also be a simulation?

What does this mean?

Yeah, but one of the better ones out there.  Interesting...

This is a demo instance of the CoinLenders Bitcoin Bank Script. While this demo is fully functional, nothing is real, and nothing is an investment.

Like that would help you in court.

Wow, that one's new. Now, if that were to go to court, it would make a really interesting news story, lol. I don't think that would work in this scenario as I'd actually accept cheques which obviously aren't demo, and if they were to bounce obviously I'd have to take legal action.

So yea, I opened this thread to see what people think, not because I actually intended to start a business doing this. I mean, it would sorta be cool if I could, but I can't now, so I won't. Vaguely in the vague future I want to, though.

So are you or are you not running an unlicenced lending business?

What? I don't run any lending business at all?

EDIT: Wait, you need a license to lend? Holy crap, thats news to me. What don't you need a license to do anymore?

Shine on, you crazy diamond.

i WISH i could convert all of it!!!
 ;D

Holy shit no way would I convert my paycheck.   Then what, you have to escrow each and every little thing you ever want to buy.   Fuck that.  Oh ok, you have the face to face thing so sure you can go sit in the gas station for an hour waiting for the transaction to confirm 6 times.

LOL, good piont on the petrol front.
Nah I was thinking more that you had heaps of FIAT already and could just use your paycheck for more bitcoins

At the moment converting, cashing out is such a pain I totally agree.

A bitcoin transaction is irreversible after 1 hour.  A credit card takes 6 months, but they seem to be able to make it work.

Or just use one of the exchanges...?

I would never want to convert my paycheck into bitcoin its too volatile and a hassle to spend on everyday items like groceries. Maybe if every place started to accept them not probably not even then.

Ok, I've been using credit cards for ummmmmm... 25 years.  I've never had 1 charge back or issue.   I'll stick with credit cards, you can go wait an hour for each of your 30 to 40 purchases you do per week in an average life.   Don't know about you but I got better things to do with my time.

It would be nice if Bitcoin was widely accepted enough to do that.  The problem is I cannot use Bitcoin to pay my mortgage, electric bill, water, gas, etc.  I would have to try and get cash out to do that and that is not that easy to do and there are always fees involved.  Someday though . . .

My point is for most transactions it is not worth trying to scam.  Merchants have chargeback issues all the time with credit cards, and are exposed to the risk for 6 months.  With bitcoin, they are only exposed for roughly 60 minutes (If you assume the scammer has millions of dollars worth the hardware at their disposal... the average guy with even a BFL minirig isn't going to be able to do jack shit after 2 confirms).  They will still let you walk away, but they have less to worry about with bitcoin.

I'm not sure I could agree with that.  If he was tremendously lucky and mined the next block including a spend from the same address, he could withhold it for a minute while he executed his double spend.  But, like I said, unless he's buying a car or a house, it isn't worth the effort.  And if he is buying something expensive, the seller should have his name and address anyway and can press charges, same as with credit card fraud.

Yep.  Double spends are ridiculously expensive to pull off reliably even with 0 confirms as long as the merchant's node is properly configured.