There are no guarantees.
Buy other coins also to spread the risk.
Other coins? I'm not sure I would invest in other alt coins right now. If BTC crashes/corrects deeply, I think we will see that reflected in alt coin markets as well. The dollar value of most alt coins has risen considerably, although less than BTC I am sure. If Bitcoin gets regulated, which it looks like it's moving toward, Bitcoin price goes to the moon, then where do you think the illegal transactions will go?  |
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Geez I hope you guys are right about this.
It's wild speculation, nobody knows the future, so don't invest more than you can afford to lose. There's a lot of powerful people still behind the debt money system who could put the kibosh on all this! |
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With all the speculation in BitCoin pricing, and the fact that there is a static amount said to be produced, (21 million), how will BitCoin mitigate being a currency that is accepted worldwide? Currently, the USA alone does about 1.2 trillion dollars of transactions. If the 21 million BTC were used in place of those dollars, each BTC would be worth around 60k USD. Is this correct?
Using the same logic, the world money market moves about 46,513,000,000,000 USD, which if the BTC market replaced, would make each BTC worth over 2,000,000.
Insights?
_V
Each Bitcoin is 100,000,000 Satoshis that's 2.1 Quadrillion currency units! If BTC 0.00000001 (a Satoshi) ever equaled 1 cent then 1BTC would be worth $1,000,000.00 I think this is why the main currency for bitcoin may have to move over to mBTC or something. I mean are normal people going to realize the difference between .00001 and .0001 bitcoins? We will buy items in Satoshis (in honor of the Bitcoin currency inventors name). Intstead of selling something for $1.00, you would ask for 100 Satoshi. |
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*No, we will have other crypto coins and commodities to speculate against. -How will Bitcoin affect income inequality?
+Due to human nature, will it change at all?
+Will it cause central banks to increase/decrease the money supply?
* If it keeps up with energy inflation, like I suspect it will, it will allow people to save for their retirement instead of having their savings inflated away by central banks or forced to invest in risky stock markets. * You wouldn't have to charge interest on a loan to maintain purchasing power. * Government would have to run a balanced budget which would mean smaller government. * You would have true capitalism, with no government bailouts. This would lead to more honest politics. * There would be less wars because you couldn't raise the finance against your yet to be born citizens. * We wouldn't have a world fueled by population growth, which would be more efficient on resources. -Will it every be the Worlds Currency? (eg the one currency accepted/exchanged everywhere)
I think as the world becomes more "digitalized", a currency like bitcoin will be needed, I just don't know if the political powers will allow it to become the one. When it comes down to it, the lawmakers will be reluctant to give up certain powers, and may cause some headwinds for the future of bitcoin.
* Politicians don't choose the currency, capitalists choose to accept it, that's why communist countries have empty shelves. |
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Would you need to register if for example i was to go into a shop give them say £100 tell them to put the money in the till for each item they sell using bitcoin, i get the coin value sent to my wallet using the QR code therfore no need for accounts or holding anyone else money, its more like im buying the bitcoins of the "spender" for cash and they are then spending that cash in the shop (no profit involved). GRAY AREA ALERT lol thanks again!!
LOL, that sound like money laundering, good luck with that, gold dealers have to record large transactions or multiple small transactions over a certain amount, or face jail time. If you want to turn cash into Bitcoins just buying mining equipment or using www.localbitcoins.com would be simpler. You're talking about a country with 1 CCTV camera for every 11 people, you can't drop litter without getting a fine! |
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I'm in the U.S. It's a KNC Mercury gives an average rate of over 100GH/s
Nice, if you pop a video of the unit running on YouTube and maybe your face, you'll get a lot more trust and interest. |
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Do you know if you have to be registered with the FSA if you buy bitcoin with cash in UK?
Just need to register if you start a company that hold cash on other people behalf so they can check your not a banned director, check your accounts are true, and check you follow anti-money laundering rules. It's illegal not to register if you run this kind of business in the UK. |
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What country are you in? How much do you want for it?
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I always video me unboxed and testing everything I buy on ebay. So many scammers on there! Ebay even banned me leaving negative feedback although I had video evidence for every dispute! I rarely buy on eBay now. Only sell, and I video everything working before it goes out too!  |
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yes i was thinking sole traders as they would also be easier to approach with the idea. I was considering providing a QR code to the "establishment" and then giving them the cash at the end of the day/week/month just to get bitcoin out there more, would only be able to mange a small amount of shops in the beginning, can u see any problems that may be encountered (prevention better than cure and all that) thanks.
You may need to register with the financial services authority. I heard they want to encourage micro payment service startups in the UK. |
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www.takeaway.com is already doing a good job of getting food to bitcoiners but I believe restaurants are the best way to get coins out there because they only accept cash (transactions too small for credit cards), and the teens who use them don't cook, but are tech aware. Bitcoin will be of most interest to sole traders who do small cash transactions. Places too small to make credit card terminals economical. It needs to done via mobile phones so there is no infrastructure cost.
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You do have to pay taxes no matter what currency you use. USA even taxes barter trades! Bitcoin was always going to be centralized, the people who read the white paper knew that from the get go! The reason it will be centralized is that a peer-2-peer network will flood the Internet with transaction traffic as it gets more popular, and the huge database of transactions will get too big for a home user to hold. It's an exponential math problem inherent to all p2p networks http://youtu.be/9SOSfRNCQZQ?t=4m30sIf you want a decentralized coin use LiteCoin, it was designed to keep production on PCs, which helps keep it decentralized. Bitcoin started getting centralized the day we started using FPGAs and ASICs. The regulated and government accepted crypto currency will always be worth more though, plus you will have the legal support of the police/courts for Bitcoin thefts, so it's not all bad news. |
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With all the speculation in BitCoin pricing, and the fact that there is a static amount said to be produced, (21 million), how will BitCoin mitigate being a currency that is accepted worldwide? Currently, the USA alone does about 1.2 trillion dollars of transactions. If the 21 million BTC were used in place of those dollars, each BTC would be worth around 60k USD. Is this correct?
Using the same logic, the world money market moves about 46,513,000,000,000 USD, which if the BTC market replaced, would make each BTC worth over 2,000,000.
Insights?
_V
Each Bitcoin is 100,000,000 Satoshis that's 2.1 Quadrillion currency units! If BTC 0.00000001 (a Satoshi) ever equaled 1 cent then 1BTC would be worth $1,000,000.00 |
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www.takeaway.com <-- Food delivered for Bitcoins, PayPal & Fiat Currency (Covers UK, NL, BE, DE, FR, AT, CH, VN)
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Never mine on the same computer you store your bitcoins on. An easy way to introduce a keylogger is to offer someone some mining software that's faster than the rest. Oh just ignore the virus alert it's a false positive. |
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Would be nice to kow how localbitcoin really works? I imagine, like in action movies, two parties with laptops waiting for the transfer confirmation... The only thing that 6 confirms will take about an hour, which isn't really convenient...
It is exactly like that. You meet in a public place like a cafe that has wifi and have a cup of coffee while you do the transaction. For some people it's a more fun to do Bitcoin transaction like this. It doesn't take an hour if you pay a decent transaction fee. |
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If you go in with cash, the gold dealer can refuse to trade with you face to face, that's different because the money never changed hands. If a large amount of money changed hands he would still have to do the same ID checks and paperwork or face money laundering charges. You can sue for consequential damages if someones failure to complete a contract causes you subsequent loss, but in this case they'll probably use the defense that you didn't supply enough ID. You'd have to prove they were negligent. They do a good job of hiding their address http://www.bizapedia.com/wy/COINABUL-LLC.html looks like a shell company, see this news story about this address http://www.reuters.com/article/2011/06/28/us-usa-shell-companies-idUSTRE75R20Z20110628. Just might be a scam after all?  Damn! |
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Did they know before hand you were going to send such a large transaction? They cannot move the money after you sent it due to above two laws, even if they wanted to return it to you, they can't or they'd end up in prison for money laundering.
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