newtobtcandcrypto (OP)
Newbie
 Offline
Activity: 4
Merit: 0
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July 24, 2014, 11:30:15 PM |
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Hey guys I am new to bitcoin
Should I back my business with my own coin? I own a grape winery in Canada
or should I just accept btc?
I was looking at some of the altcoins and I do not understand why they are worth so much and same with bitcoin? Someone told me bitcoin was a way to stop bankers from printing the money supply something about a Genesis block, But can`t all the bankers just buy it up with the fiat anyways? or the miners with mass operations just could just be bought by bankers anyways? so I am confuse to why bitcoin is worth so much? is there a coin where everyone is born with a certain amount of coin leaving plenty room for enterprise for people who want to work and help humanity and gain more of a fair coin where bankers can just not buy it? is there any commodity backed coins where business`s use there own currency to avoid tax`s and law`s? I saw sync or urocoin they make sense but some people are saying scam?
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Lauda
Legendary
Offline
Activity: 2674
Merit: 2970
Terminated.
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July 24, 2014, 11:31:43 PM |
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Why is it worth so much?
Why is gold worth so much to the general public while I don't value gold at all? (Why do people need to understand the price of BTC when they pretty much do not really understand the price of anything?)
It's simple economics, supply and demand, that's what decides the current price.
Stop going for random altcoins, stick to Bitcoin.
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"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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williamj2543
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July 24, 2014, 11:34:06 PM |
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Accepting BTC will give you lots of exposure if you add yourself to a bitcoin shop map and a list of shops who accept bitcoins. Don't accept altcoins (other than litecoin), because no one will care and no one will pay using that.
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Ron~Popeil
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July 25, 2014, 12:35:49 AM |
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Accepting bit coin can drive business to you. If you accept them and hold at least a portion of them you stand to profit even more as the value rises over time.
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regedit
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July 25, 2014, 12:38:50 AM |
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stick to currency which people values and trades the most. Bitcoin
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commandrix
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July 25, 2014, 12:51:44 AM |
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I honestly don't think it's a bad idea if you accept Bitcoin too. You can make it a branding thing the way someone with an online cat emporium could accept Catcoin (one that already exists, BTW) and work that into their marketing. Just be sure you actually get into the exchanges so you can exchange your cryptocurrency for Bitcoin. You might reference this article on " Using Cryptocurrencies As Part Of A Brand" |
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AliceWonder
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July 25, 2014, 12:54:50 AM |
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I was looking at some of the altcoins and I do not understand why they are worth so much and same with bitcoin?
Most of the altcoins are not worth what their marketcap implies. Try selling them in any quantity and the value will dump before you get even close to selling them all off. bitcoin's value. I won't speak to that. |
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AliceWonder
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July 25, 2014, 12:59:18 AM |
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Accepting BTC will give you lots of exposure if you add yourself to a bitcoin shop map and a list of shops who accept bitcoins. Don't accept altcoins (other than litecoin), because no one will care and no one will pay using that.
And note that some speculators invested a lot in bitcoin as speculation under the assumption that the limited supply of bitcoin would result in radical deflation causing their investment to grow to huge values. Those speculators are scared that some altcoins will make it, because that would kill their speculation, as digial currency supply wouldn't be limited to bitcoin. So they will always give advice that harms altcoins to save their investment. They don't give a damn about your business, only their speculation investment paying out. |
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nextblast
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July 25, 2014, 01:18:06 AM |
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Altcoins are too risky. Better start with bitcoin only, and gradually consider big brand altcoins like doge and lite.
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williamj2543
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July 25, 2014, 01:42:33 AM |
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I don't think people would pay in doge, as it is mainly a joke cryptocurrency. Litecoin, people would consider, but make sure you always accept bitcoin as that will be the main one.
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AliceWonder
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July 25, 2014, 01:48:00 AM |
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Altcoins are too risky. Better start with bitcoin only, and gradually consider big brand altcoins like doge and lite.
Doge? Doge was a joke, a meme, and it is rapidly decreasing in value because the joke is over. Don't go by "big name" - do your homework and research, a lot of them are big name one day and quickly vanish. |
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AliceWonder
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July 25, 2014, 02:13:39 AM |
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I'm from California, very close to wine country - the Napa Valley, which actually is rather cool much of the year due to proximity of Pacific Ocean.
But I went to college in Western New York where it gets very cold, and there were wine vineyards there too. So vineyards is Canada is not surprising to me.
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franky1
Legendary
Offline
Activity: 4438
Merit: 4820
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July 25, 2014, 02:15:35 AM |
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bitcoin has value because of multple reasons. each person has their own reason,
stuff like buying stuff online without the wife seing it on the bank statement, or the police.
stuff like trading for legal produce without the paypal chargeback theft, which normally pisses merchants off, thus bitcoin is better for merchants
stuff like trading on exchanges in a market thats not rigged or costing alot in commissions, taxes and other restraints
stuff like hoarding it as an investment vessel.
and the list goes on and on and on.
as for bankers buying up all the bitcoins. well.. at the moment there are only 14mill in existence so far, and just buying 10k (0.07%) would send the price from $600 to $800 if bought on an exchange. so imagine the cost once the 10th lump of coins is bought. then imagine the cost after the 100th lump. to buy all 14mill coins would cost billions if not trillions. thats if you could persuade all owners to hand them to you.
and as for bribing miners.. bitcoins are released at 25 coins per 'puzzle solved' which averages as once per 10 minutes.. or 3600 coins a day. no matter how much you paid you cant break this speed to get all the coins quicker. and ofcourse because there is not just one miner, the complications of finding all these miners to grab all their rewards that hav been split up between them, to even hope to get all 3600 coins each day.
now as for making your own coin. if its sole purpose was for your business. then it would be seen by customers much the same as them buying gift vouchers. where they hand you FIAT, and be given something that they can use later to buy your wine.
as for scams. all altcoins COULD be utilised for something real or useful, but most of the people making coins will tell you some sob story or some great epic utopian dream. ask you to hand over your bitcoins. and then do nothing more. making them useless and leaving the holder of the coins with something that as no practical use.
that is why its best to stick with bitcoins as the 'blue chip' investments and trading.. and only risk altcoins as the 'penny share' risky trades.
making your own coin would only be as valuable as buying gift vouchers. because at the end of the day its still convertible back to fiat to buy stock, pay wages etc that makes tax still viable. so its not correct to say its not requiring tax. but could be used to decrease or use the 'avoidance' loopholes.
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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regedit
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July 25, 2014, 02:23:18 AM |
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550 within 48 hours wont happen, its already gaining momentum and currently trading at 605
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redhawk979
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July 25, 2014, 04:00:20 AM |
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stick to currency which people values and trades the most. Bitcoin USD
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gmx95
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July 25, 2014, 04:02:32 AM |
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Hey guys I am new to bitcoin
Should I back my business with my own coin? I own a grape winery in Canada
or should I just accept btc?
I was looking at some of the altcoins and I do not understand why they are worth so much and same with bitcoin? Someone told me bitcoin was a way to stop bankers from printing the money supply something about a Genesis block, But can`t all the bankers just buy it up with the fiat anyways? or the miners with mass operations just could just be bought by bankers anyways? so I am confuse to why bitcoin is worth so much? is there a coin where everyone is born with a certain amount of coin leaving plenty room for enterprise for people who want to work and help humanity and gain more of a fair coin where bankers can just not buy it? is there any commodity backed coins where business`s use there own currency to avoid tax`s and law`s? I saw sync or urocoin they make sense but some people are saying scam?
I wouldn't create a new coin just for your business. The purpose of any coin is to be widely accepted, not just by one business. |
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slaveforanunnak1
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July 25, 2014, 04:24:17 AM |
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Accepting BTC will give you lots of exposure if you add yourself to a bitcoin shop map and a list of shops who accept bitcoins. Don't accept altcoins (other than litecoin), because no one will care and no one will pay using that.
where can you buy anything with litecoin? just stick with btc |
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jjc326
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July 25, 2014, 05:03:10 AM |
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I'd agree to stick with bitcoin. Adding other coins would be a waste of time and money. I think you'll have enough of an issue with adding bitcoin and you'll get good exposure from it. I can't see it hurting for any business to accept bitcoin frankly, unless they can't figure out what to do tax-wise.
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