Bitcoins

tsubasa

I'd like to talk about Bitcoins. For those who don't know:

Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.

I've heard much about Bitcoins in the internet and even in some newspapers but as of today I have never really used it or took effort to get some Bitcoins to play around. In my opinion it's very time consuming to get into the topic (I'm not talking about mining ... just using them).

I'm currently trying to exchange a bit of real money to Bitcoins via Localbitcoins to pay my seedboxes and servers with. If the experiment goes well, I probably will continue using it. I'd like to be a bit less dependend on my prepaid credit card and paypal account (I feel being very monitored lately...) and I think Bitcoin could be the right thing here. So far I have no positive and no negative experience with it, but this will change soon(tm).

Have you ever done something with Bitcoins? What is your experience with it? Are you using Bitcoins regularly? Do you have some important tips for Bitcoin newbies?

PS: My first thread.... I'm quite excited! :3 English isn't my native language. Please forgive me casual errors.

Em.

It's good but inconvienient, I have some bitcoin on some account somewhere, forgot my details to login and shit. It won't skyrocket in price anytime soon though, until there's no left to mine at least, it's hopefully gonna be stable for a long while.

Sai

I use Bitcoin for nearly everything that I buy online.
I have bought everything from hundreds of dollars worth of clothing to servers to even a can of pringles.
It has also been helpful for receiving payments for random online jobs, and vice versa.

I love Bitcoin. I use it whenever I can.

Eight

Too late for bitcoins unfortunately, wish I got into them when I first heard.

BanterGod

Eight wrote:
Too late for bitcoins unfortunately, wish I got into them when I first heard.

Yep, can't think of the past now. I remember during the silk road crash it reached $33 per bitcoin. I was just there to watch since I couldn't purchase bitcoin in the country I was in at the time.

clicky

I wish I'd invested in BTC earlier on. Now bitcoins are pretty hard to obtain without losing money in the process.

tsubasa

My first bitcoin trade is done. Payed two of my seedboxes with the "money". Kinda interesting. I think the fee and loss with bitcoin is actually smaller than the fee I would have if I pay the seedboxes via Paypal & prepaid credit card. I'm also able to get bitcoins within one day, which is kinda cool. For prepaid credit card, I usually have to wait about three business days for a transaction between my bank account and my card.

So far my experience is very positive. 🙂

tn5421

I'm not a big fan, though of course that is mostly because I didn't get in early and get rich.

COUPLED

Bitcoin had its time, there's a bleak future for it. I forecast its growth to be nonexistent in the coming years unless something spectacular happens. Converted all my bitcoin at the right time, and never getting into it again

vrexaz

I wish I would have got into bitcoin when I first heard of it, I could be rich today.

I've never got around using them really, I have a wallet but no bitcoin in it

The concept itself is great and nearly revolutionary yet I guess bitcoins prime time, the hype, is over.
In the end it will stay as a currency for tech savy people, libertarians, crypto anarchists etc.
If you think that the average person is interested in it or will own some one day you are horrible wrong.

Sai

20309
I wish I'd invested in BTC earlier on. Now bitcoins are pretty hard to obtain without
losing money in the process.

The fees that come with buying BTC are ridiculous.
Though, I've never actually had to buy them with my real money. I just earned it from jobs that people hired me for.

20485
Bitcoin had its time, there's a bleak future for it. I forecast its growth to be
nonexistent in the coming years unless something spectacular happens. Converted
all my bitcoin at the right time, and never getting into it again

I disagree. Bitcoin is still very much used in the 'underground' of the Internet. I believe that Bitcoin will continue to be used for as long as there is an 'underground' for shady activity,

clicky

20958
I read a nice thread on cryptoworld about how unstable BTC is.

It mainly pointed out how downloading the entire block chain is pretty shit, considering it's already like 20GB; the fact that the crypto behind it will eventually be easily bruteforced and that it wasn't made to be a lasting currency.

tsubasa

Thank you so much for all your replies! :3

20958

20309
I wish I'd invested in BTC earlier on. Now bitcoins are pretty hard to obtain
without
losing money in the process.

The fees that come with buying BTC are ridiculous.

I'm not sure if I understand that correctly, probably due to my bad english skills. Are the fees in your experience small or huge?

In my experience so far and if I calculated that correctly, I actually save a tiny amount of money (0.2 usd per 40 usd seedbox) if I pay via bitcoin instead of paying via my paypal account where my prepaid cc is linked to. However that's only true if bitcoins don't loose value within the time I've exchanged my "real money" into it and if CHF and USD exchange rates are stable within that time.

So I can say, at least for me, that there is no real difference if I pay with bitcoin or paypal. I don't loose/win money and if I do, it's probably a very tiny amount I don't think I need to care about. If I start caring about that, I should probably try to save money on other things before that anyways.

clicky

21068
It's that most people sell BTC at a higher value than what it is worth; so if you purchase from them, you end up losing money.