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dpbaril
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May 14, 2013, 01:31:00 PM
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I've been experimenting with Bitcoin since early February after my brother sent me BTC5 to play with. I'm also interested in Ripple and the idea of p-2-p virtual currencies in general.

One of the claims that is made for Bitcoin is that it is "inflation proof" since the algorithm ensures a predictable supply. At one point I wondered if it might be possible for "bankers" to issue loans based on fractional deposits but have come to the conclusion that it can't be done, since actual Bitcoin would have to be transferred.

So, at this point as I see it, the chief limitations of Bitcoin are that it is not generally accepted as form of payment and it is somewhat difficult and slow to exchange it for sovereign currencies.  It looks to me like Ripple may resolve the latter problem and perhaps thereby become more acceptable as a form of payment.

On the other hand, as a store of value (as I recall from my undergraduate Money and Banking course, one of the two essential attributes of money along with medium of exchange) Bitcoin has performed rather well since mid-February!   Smiley


David Baril
Almonte ON 

David Baril
Almonte ON
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May 20, 2013, 04:37:44 AM
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Welcome to the forum.
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May 20, 2013, 04:43:59 AM
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I've been experimenting with Bitcoin since early February after my brother sent me BTC5 to play with. I'm also interested in Ripple and the idea of p-2-p virtual currencies in general.

One of the claims that is made for Bitcoin is that it is "inflation proof" since the algorithm ensures a predictable supply. At one point I wondered if it might be possible for "bankers" to issue loans based on fractional deposits but have come to the conclusion that it can't be done, since actual Bitcoin would have to be transferred.

So, at this point as I see it, the chief limitations of Bitcoin are that it is not generally accepted as form of payment and it is somewhat difficult and slow to exchange it for sovereign currencies.  It looks to me like Ripple may resolve the latter problem and perhaps thereby become more acceptable as a form of payment.

On the other hand, as a store of value (as I recall from my undergraduate Money and Banking course, one of the two essential attributes of money along with medium of exchange) Bitcoin has performed rather well since mid-February!   Smiley


David Baril
Almonte ON  

There is no reason why bitcoin can't be subject to fractional reserve banking, except that people have fewer reasons to deposit bitcoins in a bank so there won't be as much of a supply for this purpose. The lack of acceptance is not a limitation, it is just the current state, and while it is difficult to exchange bitcoins with sovereign currencies, that could become a non-issue. Ripple might have some effect on Bitcoin, but it has its own problems to solve.

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May 20, 2013, 04:53:52 AM
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I've been experimenting with Bitcoin since early February after my brother sent me BTC5 to play with. I'm also interested in Ripple and the idea of p-2-p virtual currencies in general.

One of the claims that is made for Bitcoin is that it is "inflation proof" since the algorithm ensures a predictable supply. At one point I wondered if it might be possible for "bankers" to issue loans based on fractional deposits but have come to the conclusion that it can't be done, since actual Bitcoin would have to be transferred.

So, at this point as I see it, the chief limitations of Bitcoin are that it is not generally accepted as form of payment and it is somewhat difficult and slow to exchange it for sovereign currencies.  It looks to me like Ripple may resolve the latter problem and perhaps thereby become more acceptable as a form of payment.

On the other hand, as a store of value (as I recall from my undergraduate Money and Banking course, one of the two essential attributes of money along with medium of exchange) Bitcoin has performed rather well since mid-February!   Smiley


David Baril
Almonte ON 

Welcome to Bitcointalk David!

While I suppose you could say Bitcoin is still not generally accepted as a form of payment, that is increasingly changing. The number of goods and services that you can produce online is rapidly increasing. As for transactions in real life, there are numerous groups working on ways to make physical transactions much less painless, and some are making pretty good ground.

At the moment we're still early in the distribution of the currency stage. It's exciting as there is still a lot of opportunity in Bitcoin yet it's also still risky.

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May 27, 2013, 09:22:24 PM
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@OP: Wow, a newbie post done right.

@capa: shut up.

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