Anyone here buying bitcoins?
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I've seen the term bitcoin but have no idea what one is or what it is used for. Maybe you could explain?
Since nobody bothered to explain about bitcoin, I have been reading up on the subject. In essence, bitcoins are virtual currency that are completely independent from banks and governments. One bitcoin currently costs about $90. On the surface it looks very attractive. More merchants are accepting bitcoins in payment, and apparently some folks have gotten wealthy trading in them. For me, there is suspicion connected with the fact that the money is virtual, meaning that there is no actual piece of paper or metal you can hold and carry around. What happens if the Internet goes down (a very real possibility)? I am more in favor of local currencies such as Berkshares or Ithaca Hours. These provide real benefit to the local economy.
Bitcoins are the market's response to credit cards banning certain companies or industries. Even in states where a certain "substance" is legal, you can't buy it with credit cards as it then involves federal banking. The same is true for other "gray" areas- private file sharing sites, newsgroup readers, etc. Bitcoins are as anonymous as possible and secure, provided you use a reputable vendor for them.
You can't buy bitcoins with a credit card, at least not directly. You have to wire the money to your bitcoin vendor, who then adds the credit to your account. At least that's how I had to do it.
You can't buy bitcoins with a credit card, at least not directly. You have to wire the money to your bitcoin vendor, who then adds the credit to your account. At least that's how I had to do it.
Additionally, if you wanted true anonymity online (like say using a VPN service)... instead of linking the service provider to your CC, you could just pay some providers with bitcoins 
When bitcoins first came out, my gut reaction was "just 'nother pyramid scam". Can't say I think any diff at this point!
I'm willing to be proved wrong... convince me, please!
I'm willing to be proved wrong... convince me, please!
It's the economy of the underworld, very William Gibson. I was wary at first, but I had to pay $25 for something and that was the only option. I figured I'd gamble, and it worked out perfectly. Actually, I had to get more than that, I had like $2 left over in change, which has doubled since I bought it.
The real tie-in is with mobile apps. You can buy something in person, pay them in real time with your cell, and they get a receipt on theirs. This is totally encrypted (my X-Files brain kicks in and insists if the gov't really wanted to find out, they could) and as anonymous as you want it to be.
The risk is that it's not backed by federal money (neither is our real money anymore, but that's for OUTSIDE!) and is big enough to be a target for criminals. But by itself, it's pretty reliable.
The real tie-in is with mobile apps. You can buy something in person, pay them in real time with your cell, and they get a receipt on theirs. This is totally encrypted (my X-Files brain kicks in and insists if the gov't really wanted to find out, they could) and as anonymous as you want it to be.
The risk is that it's not backed by federal money (neither is our real money anymore, but that's for OUTSIDE!) and is big enough to be a target for criminals. But by itself, it's pretty reliable.
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