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Type 1, "I cant wait for the price of Bitcoin to rise so I can buy a new Lamborghini with my Bitcoin."
Type 2, "I cant wait for the price of Bitcoin to rise so I can sell my bitcoin and buy a new Lamborghini." (Just want to clarify that the car isn't important in these two statements, but rather the Spend VS Sell)
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I have been considering purchasing a bitcoin debit card was looking at the Xapo card, but im not too sure about it, then stumbled on the https://wirexapp.com/ wirex card about 10 mins ago, but not too sure about that one either, i have seen mixed reviews on both, but i would really like to be able to spend my bitcoins anywhere for physical goods in person when needed. my only concern with cards like these are 1. Payments not going through (even if card has money on it) 2. Card issuers not letting me retrieve my bitcoins for whatever reason, including technical fault. If i did utilise a card, i wouldn't ever put a significant amount of money on the card just in case, but it would still be annoying if things don't work correctly. Any recommendations? |
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Ok, been a good while since i last made a post on these forums (minus the one i made 5 mins ago) but i was going through some life issue so couldn't focus on the things i loved doing as much, this included my focus on bitcoin online, anyway, long story short, over the last week or two, i have been back to my regular "Talk about bitcoin with as many people i can" self, and the main hurdle is trying to get people that have never heard of bitcoin to understand its denominations, the first questions i usually get is, "How do i get bitcoin" then "How much are they" i always give the same answers, continuing to explain that bitcoin is a digital currency, its money, you don't "Buy" bitcoins, you exchange your local currency (£ in my case) for the amount you want in bitcoins, this question then moves on to " Ok, so how much is 1 Bitcoin" then after giving them what ever the market value is at the time ($528 at the time of this post) i get looked at like im crazy, then i have to go into explaining that bitcoins can be broken down to up to 8 decimal places & blah blah blah & even if the price was $1million per bitcoin you can still use it as normal currency because of the decimal values & blah blah blah... once i start talking about x amount of satoshi and x amount of mBits in 1 bitcoin etc im borderline getting laughed at, one person told me they couldn't ever imagine walking into a shop, picking up an item and saying to the shop keeper "How much satoshi is this" even explaining why its called a satoshi in the first place is a long process, the general public if bitcoin becomes mainstream are not going to care 1 bit (pun) about the name [The Legend] Satoshi Nakamoto the same way the general public do not care much about Vint Cerf and Robert Kahn. is it impossible to refer to bitcoin as: 0.000001 = 1 bitcoin (lowest denomination) 0.400000 = 400,000 bitcoin 1.000000 = 1m bitcoins / BTCitcoin or Bitcoin > Bits 0.000001 = 1bit (lowest denomination) 0.400000 = 400,000 bits 1.000000 = 1 Bitcoin (maybe not necessarily the examples above, but just something simpler, and before you say its already simple, i found it easier to teach my 4 year old nephew £Pounds & Pence, $Dollars & Cents than Bitcoins - MilliBitcoins - MicroBitcoins - Satoshis) I cant remember the stats now (so could be wrong), but im sure its hundreds of thousands if not a few million people currently using bitcoin but only less than 5% (could be way off) or something have more than 1 BTC i know allot of people (admittedly including myself) got into bitcoin for the "Quick cash gain" especially after 2013, but greed aside, bitcoin really stands a chance at being a real mainstream currency, if this is the case, as we all know, the price of bitcoin will for sure increase, but with the price increase, what's the likelihood of the average member of the general public owning 1 bitcoin at that point? especially if the price per bitcoin is in the high thousands. People will most likely be dealing with the "Bits" of a bitcoin http://bitcoinchaser.com/bitcoin-units-and-denominations Just read this quote on another post from today, though it might fit well: Humans have a hard time understanding or desiring small fractions of things. Three years ago there was a push to use mBTC as the standard unit to help with this psychological factor. Like many things in Bitcoinland... there was a lot of talk... and then nothing changed. So here we are, and there you are, with 2 BTC that you paid 2200 dollars for.
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Literally just stumbled on this piece on Reddit while doing my usually daily bitcoin search on google, not sure if its been mentioned on here before, probably has in all honesty because the post is quite an old one but i did a quick search and couldn't find anything on the forum, i just wanted you guys thoughts/opinions on this. Source: https://www.reddit.com/r/Bitcoin/comments/2b13qp/black_bitcoins_will_be_worth_more_than_white/whitslack:
There is a schism coming in Bitcoin, due to bureaucratic overreach such as we're now seeing from NYDFS. This schism will not manifest as a fork in the block chain, but we are going to see two classes of bitcoins emerge, differing only in color. We'll have white bitcoins and black bitcoins. Both will exist on the same block chain and will move on the same P2P network, but they won't be interchangeable.
The "white" bitcoins will be those held at addresses for which personally identifying information has been registered in a state-mandated database. Bitcoins held at licensed depository institutions will be white bitcoins, as will all bitcoins moving through licensed payment processors (e.g., BitPay, Coinbase, etc.).
The "black" bitcoins will be all the rest — those held at addresses for which no identity information has been entered into the state's registry. Almost all bitcoins today are black bitcoins, but this will change. There will be incentives for converting black bitcoins into white bitcoins. The opposite conversion will be illegal.
What do I mean by converting? Well, converting black bitcoins into white bitcoins will be easy: just register your bitcoin addresses with the state, either by directly submitting your addresses and identifying information to the government or by importing your private keys into your account at a licensed depository institution.
Converting back the other way (from white bitcoins to black) will be tricky at best and practically impossible for most. The catch is that white-market businesses will be forbidden by law from receiving black bitcoins and from sending white bitcoins to unregistered addresses. Since the block chain is public, the regulators will be able to monitor for violations of this law and will prosecute companies and individuals who break it.
What this means is that there will be two incompatible classes of bitcoins. White-market businesses will not be able to accept black bitcoins; they'll be required to bounce any received black bitcoins back to the sender. Also, they will not be allowed to send bitcoins to unregistered addresses.
Black-market businesses and individuals (i.e., those operating outside the law — not necessarily immorally) will not be able to trade with white-market businesses and individuals. This will cut them off from a large part of the market. They will be under a strong incentive to convert their black bitcoins to white (necessarily paying any taxes due at the time of registration), just so they can do business in the white market.
Once a black bitcoin is converted to white, making it black again won't be legally possible. For this reason, the supply of white bitcoins will grow, and the supply of black bitcoins will shrink. As long as the demand for black bitcoins (for purposes such as use on anonymous online marketplaces) remains strong, there will develop a disparity in price between white bitcoins and black bitcoins. Black bitcoins will have fewer everyday uses but will become much more highly valued than white bitcoins. Black bitcoins will be the only bitcoins with which anonymous transactions will be possible.
The only way for white bitcoins to become black bitcoins will be through theft from white-market institutions. Regulators will shut down such an institution upon observing the theft (which will appear as a movement of bitcoins from registered addresses to unregistered addresses), but in many cases the theft itself would have doomed the institution to failure anyway.
There will be a great incentive for criminals to steal white bitcoins (thereby converting them into black bitcoins) because black bitcoins will be worth so much more. It'll be like an instant multiplier on whatever the thieves can take. Of course, subsequently converting the black bitcoins back into white bitcoins will incur a tax, which will sap the added value back out of them, but if the thieves are smart, they will trade the stolen (black) bitcoins for goods and services on the black market where they can get the most bang for their bit.
TL;DR: If you have the option, don't register your bitcoins. Keep your bitcoins "black." They'll be worth more in the future than if you color them white. |
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http://www.ft.com/cms/s/0/1877c388-8797-11e5-90de-f44762bf9896.html#axzz3r7J89upVBitcoin also lacks another feature of currencies: the balance sheet of a central bank standing behind it. They might be intangible, but a balance sheet has two sides to it, lists of assets and liabilities.
The bitcoin ledger, by comparison, is just a glorified list of liabilities, keeping track of where the bitcoins are located.
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for the few places that do accept bitcoin, do you currently spend the coins you hold at any of them?I know places like www.takeaway.com accept bitcoin and i even heard CEX.co.uk accept bitcoin in stores now too, but does anyone spend the bitcoins they have or do most just onto hold them? (Or gamble them lol) I wonder if there will ever be any retailers that only accept bitcoin.
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Im fairly new to the bitcoin so forgive me if im wrong in my understanding.
What would be your plans for your Bitcoins if the price per coin rose to 5 or even 10k+ each?
The question dawns on me after thinking about everyone that is saving their BTC for the future.
what happens if everyone that has bitcoins decided to hold on to the lot? if price spikes in a few years then everyone sells? for the same fiat everyone says bitcoin kills? (not a rhetorical question nor sarcasm)
My HOPE is if the bitcoin price surges to ridiculous heights, the bitcoins i have will be able to be spent JUST as i spend my GBP now,
if bitcoin ever got to 10k per coin, ill be spending not selling, is this the same for most? orrrr?
My current approach is, whatever BTC i gain, i will save a little and will spend a little regardless of market value (unless it dropped bellow $150 in which case buy buy buy lol but from what ive read i doubt this) but isnt the spending of the btc what helps in grow? or am i mistaken?
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Today i sent for somone to purchase some bitcoins from a Bitcoin ATM in London, These are the first bitcoins ive purchased, I have the paper printout (Public & private key) and ive created a blockchain account on my Iphone, How do i transfer the bitcoins from the paper wallet to my IOS one?
(on the blockchain ios app, i went to recieve payment, and scanned the code however it says invalid address :/)
(Please excuse any ignorance, im just starting out with the bitcoin lol)
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Not 100% sure if this is the right place but i want to make a trade of my car for some bitcoins, Uk buyers only as im sure the cost of import would probably be double the cost of the car itself. Im offering up my BMW 3 series coupe 2007 for 30 BTC or nearest offers The Car is currently in use, Located in the UK (South London) This offer is for collection only - No different from buying a car from a site like Gumtree or Autotrader this advertisement is for the trade to be a In person transaction in a public place, agreed to by both parties. Pictures and details below: Air-Conditioning, Cruise Control, Front & Rear Parking Sensors, Alarm, Alloy Wheels, Computer , Electric Windows, Heated Front Screen, In Car Entertainment, Paint Metallic, Rain Sensor, Seats Electric, Tinted Glass, Tyre Pressure Control. 4 seats, Color - Gun Metal Grey, Heated front seats, BMW Idrive (needs new button), BMW Puddle Lights. 85k Millage
3 Liter Turbo Diesel Engine (not getting left behind in traffic easily lol)    Personal Additions: I replaced the old standard coupe seats for M3 Seats. Problems: Needs drivers side (right) sideskirt (£30-90 on ebay/across the web) Needs new clutch release bearing (£350-450 inc labor) Reason for sale: 3 liter engines are not for students lol & Im looking for some bitcoins. The car isnt listed on any other site just as of yet however ill be putting up on gumtree, Im also happy to take more photos of the car if needed, or even a photo validation pic (like a picture with my username or something with/in the car if that will help show im serious.)Car is available for viewing but no jokers/Tyre kickers please, Only if your interested in buying. |
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