Old 24th February 2013, 17:34   #1
webthing
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Word of the day - Bitcoin

Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency.



From wiki

Bitcoin is a decentralized digital currency based on an open-source, peer-to-peer internet protocol. It was created by a pseudonymous developer named Satoshi Nakamoto in 2009.

One bitcoin is subdivided into 100-million smaller units called satoshis. There is a hard limit of 21-million bitcoins in total, which are released at a scheduled rate until the year 2140.

Internationally, bitcoins can be exchanged by personal computer directly through a wallet file or a website without a intermediate financial institution. They can also be exchanged through physical banknotes and coins.

Unlike most currencies, bitcoin does not rely on a central issuer, like a central bank or government. Instead, bitcoin uses a transaction log across a peer-to-peer computer network to record transactions, verify them and prevent double spending.

The verification process awards effective bitcoin nodes or "bitcoin miners" with a limited release of bitcoins and transaction fees (if any). This process requires intense computing power, electricity and significant investment as it solves SHA256 hashes through bruteforce to verify transactions and add them to the network's transaction log.

Currently, bitcoin is the most widely used alternative currency: As of February 2013, the monetary base of bitcoin is valued at over 275 million US dollars.
http://en.wikipedia.org/wiki/Bitcoin






What is Bitcoin?







What is Bitcoin? Video Two







Introduction to Bitcoin






Physical Bitcoins by Casascius



https://www.casascius.com/



Bitcoins on ebay
http://www.ebay.com/sch/i.html?_from...itcoin&_sop=15







Don't Buy Bitcoins One








Don't Buy Bitcoins Two








Complete detail of how Bitcoin works




New Hampshire entrepreneurs have created a dollar-converting Bitcoin ATM, which they hope to sell to bars, restaurants, and other retail locations.

http://news.cnet.com/8301-13578_3-57...-your-account/



Links

Getting started
http://www.weusecoins.com/getting-started.php

http://bitcoin.org/

http://www.bitbills.com/

https://www.bitinstant.com/






Good? Bad? Illegal? Don't care? Stay away at all costs!

Whats your view?


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Old 25th February 2013, 02:29   #2
swingdjted
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I agree with the tin foil hat part of your post. Too much potential for abuse. Plus, without some sort of government or central bank, there's less power-interest to keep it from collapsing all of a sudden. I wouldn't think that it would be quite as stable as gold or a first world country's currency.

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Old 25th February 2013, 10:47   #3
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Getting into bitcoin now is pointless.
Back when it was new you could mine bitcoins and actually make money from doing so.
I'm not really that attracted to bitcoins anyway, but to be fair I thought it would have died off by now.

Also: http://www.bbc.co.uk/news/technology-19486695

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Old 25th February 2013, 17:53   #4
Warrior of the Light
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I'll always prefer money that I can hold in my hands.

Jesus loves you [yes, you] so much, he even died for you so that you will not need to die, but live forever
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Old 26th February 2013, 01:41   #5
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Quote:
. Plus, without some sort of government or central bank, there's less power-interest to keep it from collapsing all of a sudden.
It's our power interests that caused the collapse. Then they told us they were too big to fail and that we needed austerity to bail their sorry ass out. It was really blackmail. They were so impressed with themselves that they could get us to buy that bullshit that they gave themselves a raise.
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Old 26th February 2013, 04:19   #6
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^True in the sense that it got too far out of hand.

Don't forget to live before you die.
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Old 27th February 2013, 01:57   #7
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I think you have a problem with tense there. We bailed the people that crashed the world economy, didn't jail them although a lot of them deserved it and put them back in the position to do it all over again.
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Old 27th February 2013, 03:16   #8
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The blame is also shared by those who borrowed more than they could pay. I've always had far more credit than what I could reasonably use on my income. If I were irresponsible with it, I would blame myself more than the creditor.

But more on topic, I still don't see how bitcoin would have much advantage over regular credit cards. Everywhere I want to buy something accepts U.S. dollars with my Visa card (so far at least), even if it's an overseas vendor.

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Old 28th February 2013, 00:43   #9
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If you don't have a VISA or a bank account. You have to be 18 to get a credit card. It may be useful for the young folk.
I haven't heard of bitcoin til this week-end. After looking into it I thought it was interesting. I don't think I have a need for them.


Places that accept bitcoins

https://www.spendbitcoins.com/places

http://www.bitmit.net/en/recent

https://www.google.com/search?q=we+a...w=1194&bih=874


Will be interesting where it leads?????
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Old 2nd March 2013, 19:36   #10
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Quote:
Originally Posted by Warrior of the Light View Post
I'll always prefer money that I can hold in my hands.
Cash rules! The only way i could use e-money is PayPal.
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Old 2nd March 2013, 21:01   #11
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What is the real difference between bitcoin and travelers checks except that you can't use bitcoin everywhere?

"it's impossible for bitcoin to inflate due to printing"

But it's not possible for it to inflate in exchange for native currencies.

I think a guy should just go get a Greendot card.
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Old 29th April 2014, 08:53   #12
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Take a look at this simple explanation of bitcoin from BitcoinDaily:
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Old 3rd May 2014, 05:04   #13
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Dogecoin > Bitcoin.
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Old 9th July 2016, 12:35   #14
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Old 12th July 2016, 23:03   #15
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well is there any store you could pay with bitcoins?
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Old 24th July 2016, 03:33   #16
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There are a few stores that accept bitcoin as legal tender.

http://www.spendbitcoins.com/places/

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Old 13th August 2016, 01:14   #17
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Bitcoin Traders Made 700% Returns Before Losing Millions in Hack Attack

https://www.bloomberg.com/news/artic...-of-700-yields

Bitfinex, which was the largest bitcoin exchange for U.S. dollar trading prior to the attack, says leaning on its users to cover the loss is the best way to avoid insolvency that would tie up deposits with legal proceedings for years. The exchange hopes to repay the lost money: Customers are receiving tokens that Bitfinex says will one day be redeemable for shares in its parent company.

Here's a token of our appreciation. lol
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Old 2nd September 2016, 08:02   #18
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I'll always prefer money that I can hold in my hands.
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Old 5th September 2016, 01:38   #19
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I bought Bitcoin right when the Chinese began investing in it after losing faith in the Yuan not too long ago and then cashed out right before it peaked before stabilizing again. Fastest $500 I ever made. The great thing about it being such an unstable currency is that it's easy to make fast money off of it if you follow the trends and play your cards right. Investing in Bitcoin is a hell of a lot easier than trying to predict the stock market, that's for sure.

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Old 5th September 2016, 10:16   #20
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Word of the day Bitcoin

your "IF" is really just static fiction, so if you publish it on the kindle, voilá, the user only needs to hold onto a word so the dictionary definition shows up...

then again, I dont think the kindle supports videoclips...
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Old 7th June 2018, 09:07   #21
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I'll always prefer money that I can hold in my hands but now I don't think that the era ICO and bitoin coming to an end. Just need some sort of filter for everyone ico, because a lot of slag is now released to the market.My top of the upcoming ICO - https://icoschedulers.com/
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Old 18th June 2018, 14:04   #22
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Quite possibly, but this is not the best way
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Old 18th June 2018, 14:39   #23
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To deal with such a topic as ICO is quite dangerous, especially if you have enough large capital for such a case. I prefer the principle of investment portfolio on the basis of promising crypto-currencies backed up by large companies. So you need to buy tokens and hold them. And if necessary, withdraw it in cash by https://hiribi.com/.
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Old 3rd July 2018, 02:37   #24
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Over 800 cryptocurrencies are now dead as bitcoin is 70 percent off its record high


Over 800 cryptocurrencies are now dead and worth less than one cent.
New digital tokens are created through initial coin offerings but some of these projects have been scams and many have not materialized into real products.
Bitcoin has fallen roughly 70 percent since its record high near $20,000 last year, adding to bearish sentiment around cryptocurrencies.

https://www.cnbc.com/2018/07/02/over...-pressure.html
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