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Author Topic: Which method do YOU use to buy Bitcoin for cash?  (Read 9432 times)
FreeMoney
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November 17, 2010, 07:56:56 PM
 #21

I don't know how that could be done, but if it could, they have the implicit force of government to support it via legal tender laws.
How would they do that, given that bitcoin is an international currency? No local government can claim it the thing as 'theirs'.


Did you notice the part of the sentence where I said, "I don't know how that could be done"?

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Although a bank or government would have enough money to steer the bitcoin pretty much anywhere they want.

I doubt that.

They have enough 'money' to do it now, but they don't care now. Later, when they get around to caring, no way.

Eventually a lot of new people won't even know or care about the security and sound economics aspects, they just want to have the new money they keep hearing about.

At that point nothing can really be done to stop it short of a worldwide crackdown on all privacy of any kind.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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November 17, 2010, 09:45:06 PM
 #22

My bank -> Online computer store -> new graphics card -> a slow stream of bitcoins

Does this count? Somehow this is more fun and rewarding than buying bitcoins directly. A great excuse to play with new hardware, while knowing you support the network.

I also have good experiences with bitcoinexchange.com. They are based in my country, so bank transfers are quick, but it should be equally convenient throughout the Eurozone.

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November 18, 2010, 05:01:27 AM
 #23

By the way....   Regarding the whole "web of trust" and hassles of buying bitcoin from strangers using "soft money", etc...   I feel that the very best way for us - the global community of bitcoin early adopters - to address these issues...  is to create a Directory of individuals (perhaps including all of us), and merchants and exchangers, who ARE WILLING TO SELL BITCOIN FOR CASH FACE-TO-FACE IRL.  The Directory, sorted by location - country, state, city, neighborhood - could be used conveniently by anyone anywhere to buy bitcoin for cash on the spot.   

Yes, by the way, bitcoin is already mobile.   Any newer smartphone with a browser can access the web-based bitcoin app called http://MyBitcoin.com to Send, and to verify receipt of, bitcoin. 

So...   anyone can pull up this Directory,  find that the local Bitcoin-for-Cash dealer in St. Louis is Bill Jones.  Then, contact Bill Jones, go meet him, hand him cash, and simultaneously verify that Bill Jones sent me x bitcoins just now.... using MyBitcoin.com on my mobile phone browser.

Only with this sort of convenience, and quick purchase ability, will bitcoin really be able to catch fire as a popular currency. 

I have just begun work on creating that Master Directory of Local Bitcoin-for-Cash Dealers.  It's called http://BitcoinBuy.com

At the same time, I've started a Master Directory of Merchants who Accept Bitcoin - sorted by location.    It's called http://BitcoinShop.com

And....   a Master Directory of Published Bitcoin Addresses, of Everyone (who wants to publish one) - individuals,  content creators, businesses, charities, etc.    It's called http://BitcoinAddress.com

Finally, a Bitcoin primer for total newbies.   It's called http://BitcoinMe.com

Any feedback on these would be greatly appreciated.

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November 18, 2010, 05:19:08 AM
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Any feedback on these would be greatly appreciated.


Good start, but your little footnote about transaction fees is incorrect.  First off, the optional transaction fee schedule isn't based off of very large amounts of bitcoins, but in very large transaction sizes.  It's an economic incentive to avoid excessively large transactions (EDIT: size in kilobytes), and is more of a priority processing fee, as without it the transaction would just be delayed not rejected.  There is also the too small transaction fee, which is still optional, but is enforced by the clients (nearly) universally to prevent spamming of the system, and presently applies to any transaction of less than .01, which is now getting dangerously close to a rational micro-payment with the rise in value over the past several months.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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November 18, 2010, 10:27:01 AM
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Finally, a Bitcoin primer for total newbies.   It's called http://BitcoinMe.com

Any feedback on these would be greatly appreciated.
Nice, I like the bitcoinme.com, finally a description of the bitcoin phenomenon that is pretty newbie-friendly Smiley

Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
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November 18, 2010, 10:49:22 AM
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bitcoinme.com is fantastic, and i sent a small donation to you, mr wagner.

jacobfan
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November 18, 2010, 08:22:44 PM
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my bank (RMB account) -> alipay -> a trader who provides online currency exchange -> Liberty Reserve -> Mtgox
Bruce Wagner
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November 19, 2010, 11:51:09 PM
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bitcoinme.com is fantastic, and i sent a small donation to you, mr wagner.

Thanks!   That was very sweet of you!  (That's one thing about Bitcoin... ya never know who sent some to you... So I often don't know who to thank.)   But it's also kinda cool to receive an anonymous gift.   There's something about it that's cool....  Like having "a secret admirer".   Smiley    Nice.   Thank you, mpkomara!   I hope lots and lots of people will put it to great use in educating the public about Bitcoin.  Smiley

Good start, but your little footnote about transaction fees is incorrect.  First off, the optional transaction fee schedule isn't based off of very large amounts of bitcoins, but in very large transaction sizes.  It's an economic incentive to avoid excessively large transactions (EDIT: size in kilobytes), and is more of a priority processing fee, as without it the transaction would just be delayed not rejected.  There is also the too small transaction fee, which is still optional, but is enforced by the clients (nearly) universally to prevent spamming of the system, and presently applies to any transaction of less than .01, which is now getting dangerously close to a rational micro-payment with the rise in value over the past several months.

Gotcha.  I'm working on adding just the right verbiage as a footnote.  I want it to be super simple for the average person to understand -- with zero technical understanding of how the network works "under the hood' -- yet be technically accurate.    And I should probably have a "*" link to a very complete technical explanation for those seeking more details.   What link would you recommend I link to for the very best, most accurate and complete, explanation of the "priority processing fee" thing?

Maybe this link?   http://bitcointalk.org/index.php?topic=1800.msg22541#msg22541
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