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Author Topic: What is bitcoin for?  (Read 1787 times)
pletharoe
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February 03, 2014, 02:11:08 AM
 #1

OK, I've been in the bitcoin game for a year now.  Mining and trading.  But I've only made one commercial transaction - to pay for a VPN.  It seems to me that the vast majority of BTC are just being bought and held for speculation.

So, apart from speculation, what are people using BTC for now and what sort of transactions will it be used for in the future?
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Ibian
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February 03, 2014, 03:58:28 AM
 #2

It's how you will keep from losing all your wealth, if you have any, once the western fiat system collapses. Should happen around 2020, which coincidentally seems to be about the time it might take for bitcoin to reach some sort of maturity.

Look inside yourself, and you will see that you are the bubble.
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February 03, 2014, 12:56:21 PM
 #3

OK, I've been in the bitcoin game for a year now.  Mining and trading.  But I've only made one commercial transaction - to pay for a VPN.  It seems to me that the vast majority of BTC are just being bought and held for speculation.

So, apart from speculation, what are people using BTC for now and what sort of transactions will it be used for in the future?

Well it's a decentralised currency, so hopefully it'll be used as a medium of exchange for anything you wish to purchase. People are holding it because they're treating it as an investment and figure that it'll grow in value with more mainstream adoption. I'm holding mine in the hope that I'll be able to get a lot more in the future than I can now, but I'm very much looking forward to hopefully be able to spend it on whatever I want.

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February 03, 2014, 02:07:49 PM
 #4

Well before the price boom was actually used as currency a lot, sadly, for buying stuff on Silk Road.
Now yes speculators are a big number. As I see it now it's a good currency for transactions among privates. I see a good bunch of eBayers accepting btc as payment, for example.

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February 03, 2014, 02:13:58 PM
 #5

Well before the price boom was actually used as currency a lot, sadly, for buying stuff on Silk Road.

Why is that sad? Bitcoin boomed by its use on Silk Road and it got a lot of free publicity from that. In fact, that's how I heard of it though the media coverage.

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February 03, 2014, 03:50:47 PM
Last edit: February 03, 2014, 04:09:32 PM by capcook
 #6

Sad because it's drug money, and almost weaponry money with Armory (that failed anyway).
It created an early demand of BTC for sure, but it will always remain a skeleton in the armchair of BTC history. Everytime they attack BTC is for drug money / money laundry / terrorist money. And they can point the finger to Silk Road.

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February 03, 2014, 03:56:25 PM
 #7

I use it at least once a week for purchases online. And no, I have never bought drugs or anything illegal with it. I think it is true that many/most are speculating. But it doesn't have to be that way. Using bitcoin has been the key to financial success for me.

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February 03, 2014, 07:12:21 PM
 #8

Sad because it's drug money, and almost weaponry money with Armory (that failed anyway).
It created an early demand of BTC for sure, but it will always remain a skeleton in the armchair of BTC history. Everytime they attack BTC is for drug money / money laundry / terrorist money. And they can point the finger to Silk Road.
Point them to the dollar. If they keep it up after that they are not reasonable people and you can safely ignore them.

Look inside yourself, and you will see that you are the bubble.
pletharoe
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February 04, 2014, 02:30:59 AM
 #9

I use it at least once a week for purchases online. And no, I have never bought drugs or anything illegal with it. I think it is true that many/most are speculating. But it doesn't have to be that way. Using bitcoin has been the key to financial success for me.

What sort of things are you buying?  I've only seen a few places which accept BTC, so far I have no 'use' for BTC except speculation.
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February 04, 2014, 02:34:33 AM
 #10

I use it at least once a week for purchases online. And no, I have never bought drugs or anything illegal with it. I think it is true that many/most are speculating. But it doesn't have to be that way. Using bitcoin has been the key to financial success for me.

What sort of things are you buying?  I've only seen a few places which accept BTC, so far I have no 'use' for BTC except speculation.

are you crazy? there are many sites that accept btc as payment. if you havent found any its because your not looking.
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February 04, 2014, 06:28:02 PM
 #11

I use it at least once a week for purchases online. And no, I have never bought drugs or anything illegal with it. I think it is true that many/most are speculating. But it doesn't have to be that way. Using bitcoin has been the key to financial success for me.

What sort of things are you buying?  I've only seen a few places which accept BTC, so far I have no 'use' for BTC except speculation.
Overstock.com has become my go-to place for general shopping. Tiger Direct for computers, Amagimetals for gold, www.grasshillalpacas.com for the best socks ever, etc.
I also check to see who is accepting bitcoin at websites like gunbroker. Just search for bitcoin and make sure you are searching all text and not just the title.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
Free bitcoin in ? - Stay tuned for this years Bitcoin hunt!
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April 23, 2014, 07:39:30 AM
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It started out as the worlds first meme coin which I think is fascinating. A lot of bitcoiners irrationally hate alt coins.

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April 23, 2014, 02:23:47 PM
 #13

It's how you will keep from losing all your wealth, if you have any, once the western fiat system collapses. Should happen around 2020, which coincidentally seems to be about the time it might take for bitcoin to reach some sort of maturity.

2020? That sounds really soon, i doubt that will happen after 6 years..
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April 23, 2014, 04:58:18 PM
 #14

It's how you will keep from losing all your wealth, if you have any, once the western fiat system collapses. Should happen around 2020, which coincidentally seems to be about the time it might take for bitcoin to reach some sort of maturity.

This...  Two years ago I was curious where new money came from....  googled it and... ever since that date have been rushing out of Fiat and the criminal debt system.  I started buying Gold and silver then was introduced into Bitcoin.

If you have faith in paper as money ignore bitcoin.
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April 24, 2014, 06:57:55 AM
 #15

Bitcoin has so many uses it is scary and more seem to be coming on the scene all the time.  Let's say I have someone I want to send money to across the planet all I need is the wallet address and the funds are on the way and the transaction can be confirmed quickly.  I can purchase anything that comes to mind if the person chosses to accept Bitcoins for said item.  If the fiat currency I have in my bank account or pocket is being devalued smart people will look for another way to store there wealth and Bitcoin will be a viable option which will make the value of Bitcoin go up and make holder of Bitcoin profit.

Bitcoin is a way for the indiviual to take the wealth in their own hands and not depend on the banking system or anybody else to have access to their funds so in a sense it is financial freedom.
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April 24, 2014, 07:46:28 AM
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It's really mostly for speculation at the moment. But if the economy crashes, then it can be a good way to hold value.
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April 24, 2014, 07:48:34 AM
 #17

Bitcoin has so many uses it is scary and more seem to be coming on the scene all the time.  Let's say I have someone I want to send money to across the planet all I need is the wallet address and the funds are on the way and the transaction can be confirmed quickly.  I can purchase anything that comes to mind if the person chosses to accept Bitcoins for said item.  If the fiat currency I have in my bank account or pocket is being devalued smart people will look for another way to store there wealth and Bitcoin will be a viable option which will make the value of Bitcoin go up and make holder of Bitcoin profit.

Bitcoin is a way for the indiviual to take the wealth in their own hands and not depend on the banking system or anybody else to have access to their funds so in a sense it is financial freedom.

Yes. I kind of forgot about the benefits of Bitcoins, just wish it wasn't so volatile.
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April 24, 2014, 08:17:01 AM
 #18

We all do my friend we all do.  The only good thing about that is there will be a chance for others to buy in again.  But the uncertainty is problematic also. 
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April 24, 2014, 08:50:52 AM
 #19

i think we are wasting our time on holding bitcoins . bcoz i see many country Government ban BTC . then there is no scope of this currency in future Sad

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April 24, 2014, 09:32:38 AM
 #20

i think we are wasting our time on holding bitcoins . bcoz i see many country Government ban BTC . then there is no scope of this currency in future Sad
So than why you are making efforts to make few BTC ..? if you have no faith in the currency..? 

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