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Author Topic: 2013-01-29 lifehacker.com.au - Ask LH: How Does Bitcoin Work And Is It Safe?  (Read 1667 times)
julz
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January 30, 2013, 05:56:56 AM
 #1

This seems like a pretty well balanced answer to the question.

Quote
Ask LH: How Does Bitcoin Work And Is It Safe?

Alex Kidman
2013-01-29

http://www.lifehacker.com.au/2013/01/ask-lh-how-does-bitcoin-work-and-is-it-safe/


Dear Lifehacker, I have seen Bitcoin as a payment option on some websites recently. Can you please explain exactly what it is? And is it safe to use? Thanks, Bitcoinfused

...
It’s not entirely surprising that you’re confused by bitcoin, because there’s quite a bit to wrap your head around.
...
The other important issue to consider with Bitcoin is that it is intended as an experimental currency. This isn’t like using, say, PayPal, where you’re trading in currency you understand and most likely hold.
...
So are Bitcoins “safe” to use? It’s an interesting question with no absolute answer.
The encryption within bitcoins make them theoretically impossible to forge,
...
If you’re looking at a service that offers to sell you goods and services in bitcoin, you’re most likely looking at this stage at smaller level transactions, and for that, it seems a reasonable proposition. As an overall currency, if you were interested in trading, investing or harvesting large quantities of the currency, I’d be wary. Despite its rapid acceleration, Bitcoin is still a relatively immature currency.
...

@electricwings   BM-GtyD5exuDJ2kvEbr41XchkC8x9hPxdFd
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TraderTimm
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January 30, 2013, 07:11:46 PM
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I agree. I think they handled the question fairly. Pity few online blogs and websites do the same, outside of the very articulate Jon Matonis at Forbes.

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January 30, 2013, 08:04:45 PM
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This isn’t like using, say, PayPal, where you’re trading in currency you understand and most likely hold.

Very few people understand the dollar (or any other currency). The ones that do own bitcoins.
kiba
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January 30, 2013, 08:31:03 PM
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Nice article, 2nd comment up is almost an article too and a good one, no idea who the turnip head knocking bitcoin to push litecoin is though :/

And nobody cares about litecoin.

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January 30, 2013, 09:17:27 PM
 #5

True, how they describe mining is one of the way i judge articles, if they start being geeky and nerdy and it is like "omg you can become rich with your computer" and "bitcoin is only about mining" when it is not needed then there is a great chance the article is fail  Cheesy
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January 31, 2013, 09:07:32 PM
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Nothing wrong with any of the alt currencies, competition improves the breed, but a geekees post on cpu mining after one of the easiest to digest bitcoin mining explanations wasn't exactly smart

If they were smart, they wouldn't be talking about litecoin in the first place. Kinda goes hand in hand.

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