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Bitcoin: What Is It?

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overWeight

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Post Mon Aug 18, 2014 7:59 pm

Bitcoin: What Is It?

I have recently been purchasing a lot of locks from various locksmith supply companies, and noticed that many of them accept Bitcoin as a form of payment. As someone that uses Bitcoin on a daily basis, this is wonderful. I have also noticed that when trading locks with private parties, and I ask if they will accept Bitcoin, most have never heard of it or do not know what it is... This being the case, I thought I would post some details about BItcoin and hopefully this will help those who do not know what Bitcoin is or how it works.

First off, Bitcoin a known as a digital currency, or a crypto currency. It does not have a physical form such as a $1 bill, but is traded much like dollars are used with PayPal, in the sense that digital money is moved from account to account on demand. Bitcoin is not back by a single entity or company. It is decentralized, so there is no single authority that can control the currency. This is extremely good for the average consumer that constantly pays transaction fees to places like Visa or PayPal for no reason. This natrually makes it a global currency that basically can not be regulated by nation states or politics. Bitcoin is backed by math, not by military force like most national currencies. I will not dive into the math behind Bitcoin, except to say that the Bitcoin is not an inflationary currency, it can not be fraudulenty duplicated or printed, anyone can hold Bitcoin in a Bitcoin Wallet with no fees or credit checks, and all payments are instant and globally verifiable. You can download a software wallet from many different companies that support the protocol and hold bitcoins on your desktop computer or Android phone today for free, with no registration or paperwork.

There are many features of Bitcoin that I have not touched on here such as anonymous payment, trading on markets, mining Bitcoin for fun and profit, using the blockchain for digital voting systems, and so on. Bitcoin is here to stay and it is the future of money, so you might as well embrace it now.

Wikipedia has an explanation at: https://en.wikipedia.org/wiki/Bitcoin

Anyway, if you are sick of the problems introduced by PayPal or the international banking system, please consider Bitcoin as a safe and secure alternative to internet transactions.

I hope this was somewhat informative.
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coldrake

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Post Mon Aug 18, 2014 8:07 pm

Re: Bitcoin: What Is It?

This is exactly what Bitcoin is meant for: an alternative for global exchanges! It's a super useful way to transfer money, and the currency itself is extremely secure and (mostly) anonymous. Although I can't suggest mining or speculating with it, I will definitely support the use of Bitcoin as an alternative to conventional currencies and a way to avoid the fees associated with normal banking institutions.
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mister sour

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Post Mon Aug 18, 2014 9:19 pm

Re: Bitcoin: What Is It?

Im highly skeptical of bitcoin. Im somewhat anit-technology and alsoit just doesnt make sense to me. Who determinse what a bitcoin is worth? I just dont get it and personally, I dont trust it. Just me. Im not judging those who use it.
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overWeight

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Post Mon Aug 18, 2014 10:13 pm

Re: Bitcoin: What Is It?

Until you look at the math that backs Bitcoin, there is no reason you should trust it. Why would you... You don't know me, and I could be working for a group that has alterier motives. Its something that you will need to checkout for yourself.

That being said, please consider your current currency: the US dollar. Even if you are not in America, the US dollar controls your life. The US dollar's value is based on the current market value in exchanges, just like Bitcoin. The dollar used to be a receipt for gold deposits, and that was decoupled, so now the US dollar is backed by "trust", or as some would see it, "lies". The US dollar is basically worthless, and only has value because others are willing to accept it. Bitcoin operates under the same premise... But because Bitcoin can be verified and authenticated by everyone, it can be trusted. The ledger that all Bitcoin transactions are recorded on is public, so you can literally verify every single transaction in the world. Imagine asking a bank or a government to do this today; Or ask the Federal Reserve what their books look like.

Each Bitcoin starts it's life by being mined by a person. Consider this like mining for gold... Your computer must perform a standard amount of work with the CPU, and every few minutes, a miner's computer will mine a bitcoin that is unique and public. The owner of the computer gets to keep this Bitcoin (BTC) for his effort, and the total pool of value increases. Bitcoins can not be produced through other means, and only a specified amount will be mined, so there is no true inflation with Bitcoin. This means the government can't steal your money by devaluating it and print more for themselves. Once mined, each coin or fraction can be spent or traded, and all transactions are published on what is called the Block Chain. This is a accounting table that shows every transaction for the life of each coin, forever. If someone steals your money, you know where it went. Each bitcoin wallet is anonymous from the start. You do not register your email address with anyone, or put your name on the account, or fill out paperwork. Your wallet, just like all of Bitcoin is truly decentralized. No bank can steal your money. No government can tax your account. No law can subvert your right to property. No politician can have your account frozen because you like the wrong people.

Im just starting to rant now, so I will stop. But I hope I brought up a few features of Bitcoin that are valueable to people in the LockSport/Smith community.
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GWiens2001

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Post Tue Aug 19, 2014 12:47 am

Re: Bitcoin: What Is It?

Funny how much this thread's OP sounds like an advertisement for Bitcoin.

Gordon
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Deadlock

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Post Tue Aug 19, 2014 12:51 am

Re: Bitcoin: What Is It?

Bitcoin. Just leave your computer on and get free money to buy stuff with! I would recommend Googling something like, ''Is Bitcoin mining worth it?'' before you do. Here's one link:


http://www.reddit.com/r/BitcoinMining/comments/28p5wi/is_bitcoin_still_worth_mining/
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overWeight

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Post Tue Aug 19, 2014 2:02 am

Re: Bitcoin: What Is It?

GWiens2001 wrote:Funny how much this thread's OP sounds like an advertisement for Bitcoin.

Gordon


It basically is. I can only use Bitcoin if others choose to use it as well, so I figured I would at least make sure everyone is aware of what it is, even if they do not want to use it.

Here is what my average lock purchase transaction on this site looks like:

Me: I want to purchase your locks.

Seller: Please pay with check, money order, or PayPal.

Me: PayPal locked my account for blah blah blah, so I can't use them. And they might lock your account for no reason if you receive payment from my account.

Seller: Then send me a check, through the mail, taking 3 days to deliver, then I will cash the check taking an additional 3 days to clear. Then I will mail you your locks.

Me: I can send you Bitcoin instantly now.

Seller: No.

And then I wait an extra 6-10 days for no reason. This seems crazy to me in 2014... And there is a free opensource system that fixes these issues directly. Just my 2 cents.
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Post Tue Aug 19, 2014 3:14 am

Re: Bitcoin: What Is It?

A friend of mine was able to more than double a large investment he put into Bitcoin, so I certainly feel there is financial relevance to the subject of Bitcoin. I was however, a bit concerned about this recent event: http://www.forbes.com/sites/jordanmagli ... ankruptcy/. I don't know too much about it but my friend said that he was able to ensure his Bitcoins somehow with a company in California and was thus not effected. I am entirely unfamiliar with the process beyond this, and would not be able to provide further details, but something going bankrupt makes me weary of investment (obviously, the stock market crashes all the time, too, but that is no reason to forebear investment, perhaps this Mt. Gox event is comparable.) Please let me know if I have misplaced my concern, as I certainly could learn much more about the subject.
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Deadlock

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Post Tue Aug 19, 2014 11:13 am

Re: Bitcoin: What Is It?

overWeight, it sounds to me that PayPal's locked your account. Is this the case? Can you tell us why? Why would somebodys account be locked if they received money from yours?
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jones

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Post Tue Aug 19, 2014 4:49 pm

Re: Bitcoin: What Is It?

mister sour wrote:Im highly skeptical of bitcoin. Im somewhat anit-technology and alsoit just doesnt make sense to me. Who determinse what a bitcoin is worth? I just dont get it and personally, I dont trust it. Just me. Im not judging those who use it.



Why not? Far as I can tell Bitcoin was created for anonymous drug trade transactions on the silk road (internet)
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scudo

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Post Tue Aug 19, 2014 9:26 pm

Re: Bitcoin: What Is It?

Although I am wary of it mainly due to not understanding it I think the principle is good...anything that keeps `money` away from government hands is a good thing.

In saying that it is slowly being accepted. " Latvian airline airBaltic has become the world’s first airline to accept Bitcoin as payment for its tickets to 60 destinations in Europe, Middle East, Russia and the CIS.

Martin Gauss, airBaltic Chief Executive Officer: “airBaltic has been ranked among TOP 10 most innovative airlines globally. Introducing the Bitcoin payment option is a part of our innovative approach to service with a central focus on our customer.”

I suppose for me paypal is similar as I sell stuff and when I have enough in the account I spend it on ebay, I have never had actual cash from paypal although I could transfer to a bank account.

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