#1
Bitcoin.org description:

Bitcoin uses peer to peer technology to operate with no central authority; managing transactions and issuing Bitcoins are carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment systems.

Wikipedia.org description:

Bitcoin does not operate like typical currencies: it has no central bank and it solely relies on an internet-based peer-to-peer network. The money supply is automated, limited, divided and scheduled, and given to servers or "bitcoin miners" that verify bitcoin transactions and add them to a decentralized and archived transaction log every 10 minutes. The log is authenticated by ECDSA digital signatures and verified by the intense process of bruteforcing SHA256 hash functions of varying difficulty by competing "bitcoin miners." Transaction fees may apply to new transactions depending on the strain put on the network's resources. Each 10-minute portion or "block" of the transaction log has an assigned money supply. The amount per block depends on how long the network has been running. Currently, 25 bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140.[1][11]

Tlr - Non-centralized currency, peer-to-peer, annonymous


Anyone here used/use BTC?
What do you think of them?
Does BTC have any real potential?
#2
I dont know if it will take off, seems like it is getting somewhere.
I havent used it and not planning to, I just dont see any benefits in it for me.
There's one thing that I just cant understand, and that is mining, seems like waste of enetgy for me.
#3
It seems to be basically creating money from nothing and then using it to purchase things from people who are also creating this money from nothing so don't actually need to sell things as they can get bitcoins for free anyway. Sounds like a way of me getting something for nothing if I can figure out what all that technical jargon is telling me to do.

And I doubt it will ever replace real currency, given that to get bitcoins you need a computer and an internet connection, and to get a computer and an internet connection you need currency.
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#5
It has a history of massive scams and instability. Not long ago the value of bitcoins had a monumental 80+% drop in value as a result of a coding error. Short term buyers used this error to horde massive amounts of cheap bitcoins from users who had set their coins to sell before the crash. Since the currency isn't backed by any oversight agency, the losses weren't insured and many people lost thousands of dollars.

They're trying to set up bitcoin as the new gold or something, an "oh shit" currency to dump your wealth in for the off chance that your nation's economy tanks. Problem with that is that bitcoin is entirely propped up by the dollar and euro. It's not like gold whose value is granted to it by rarity. Bitcoins can just pop into existence, thus rendering their relative value irrelevant. The value of a bitcoin is dependant on how many dollars or euros you're willing to spend on bitcoins. What happens when no one wants to spend on them? It crashes. Gold may have no practical value but its worth exists outside of contemporary fiat currency conversions.

Bitcoin has two main uses-- to buy contraband goods over tor networks, and to scam libertarian alarmists.
Last edited by Seref at Mar 30, 2013,
#7
yeah ive used them (silkroad lol). Pretty cool and a good way to get fun shit off the internet but no real potential.
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#8
Quote by leigh596
yeah ive used them (silkroad lol). Pretty cool and a good way to get fun shit off the internet but no real potential.


Same here, haha. Their worth's gone up crazily in the last few days though, it's rather annoying.
#9
Are Bitcoins used for anything else other than deep web transactions?
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#11
I support anything that will break the monopoly and corruption that the banks have. People should do some research. It was the reason bitcoins came to life, it's an amazing step in the right direction.
#12
im just not sure i understand how it works, apparently 1BTC=90 USD currently.

are there any major websites or companies that actually use bitcoins as a currency?
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#13
Quote by Owenlee55
Same here, haha. Their worth's gone up crazily in the last few days though, it's rather annoying.

hmm

why tho
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#14
Quote by JimmyBanks6
1BTC=90 USD currently.

what the ****
Quote by korinaflyingv
On the come up we were listening to Grateful Dead and the music started passing through my bowel and out my arsehole as this violet stream of light. I shat music. It was beautiful.