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Author Topic: Trying to understand something  (Read 1287 times)
FreeRad
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March 14, 2011, 04:11:47 PM
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How do you fund a bitcoin account? I understand there are people you can buy them from, but where do they get them or how do they generate them or move external money into the bitcoin system? This very well maybe a dumb question. Just trying to grasp the concept.
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hippich
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March 14, 2011, 04:36:21 PM
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some people generate them. look into Mining section to find out how.

some people buy them with cash/bank transfer.

some people sell stuff for bitcoins.

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March 14, 2011, 04:37:32 PM
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How do you fund a bitcoin account? I understand there are people you can buy them from, but where do they get them or how do they generate them or move external money into the bitcoin system? This very well maybe a dumb question. Just trying to grasp the concept.
When you contribute your computing power to the Bitcoin network, you have the opportunity to win a batch of bitcoins every ten minutes or so. These bitcoins essentially come out of thin air, but people value them because they exist in a finite amount and you can easily trade them for stuff.

Use my Trade Hill referral code: TH-R11519

Check out bitcoinity.org and Ripple.

Shameless display of my bitcoin address:
1Hio4bqPUZnhr2SWi4WgsnVU1ph3EkusvH
barbarousrelic
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March 14, 2011, 04:53:45 PM
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http://www.biddingpond.com is an Ebay-like auction site where you can sell your stuff for Bitcoins, free.

https://www.bitcoin4cash.com/buy.php  You can send this guy cash in the mail and he will send you Bitcoins.

http://www.mtgox.com is an exchange where you can trade dollars for Bitcoins. You can fund it by check in the mail, wire transfer, or Liberty Reserve.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
FreeRad
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March 14, 2011, 06:22:09 PM
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Ok so basically you're limited by the amount of bitcoins which are generated and that's the only way to create a bitcoin? I know I can buy them from 3rd parties, but they had to get them somewhere. That was most likely trading with people who generated them?

Thanks guys.
Mike Hearn
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March 14, 2011, 06:30:11 PM
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Yep, you've got it.
FatherMcGruder
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March 14, 2011, 06:31:14 PM
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Ok so basically you're limited by the amount of bitcoins which are generated and that's the only way to create a bitcoin? I know I can buy them from 3rd parties, but they had to get them somewhere. That was most likely trading with people who generated them?

Thanks guys.
Whomever you bought bitcoins from either generated them or bought them from someone else. I can't say the probability for either way, but you can use the Block Explorer to see if the person sending you bitcoins generated them himself or not.

Use my Trade Hill referral code: TH-R11519

Check out bitcoinity.org and Ripple.

Shameless display of my bitcoin address:
1Hio4bqPUZnhr2SWi4WgsnVU1ph3EkusvH
BitterTea
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March 14, 2011, 06:47:19 PM
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Think about it like this... how would you acquire gold? There are three ways, ordered from most to least direct.

You can get some from the ground, by gold panning or mining. Bitcoin's equivalent is contributing computing power to the network and periodically being rewarded with some newly created coins.

You can accept gold as payment for goods or services, and the same for Bitcoin.

You can trade other currencies for gold, and also for Bitcoin.
FreeRad
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March 15, 2011, 01:06:03 PM
 #9

Thanks, guys. Just wanted to make sure I understood.
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