Bitcoin

[Reveutopique]

Does anyone understand how this works?

[AuthorTony]

Does anyone still care?

[Silentom]

Rude.

[Reveutopique]

Hey! No changing the subject until five pages from now.

[Silentom]

Hey! No changing the subject until five pages from now.

I never took the time to find out what bitcoins are, either. Any takers?

[Reveutopique]

https://youtu.be/Lx9zgZCMqXE

It seems this video is not the only explanation. I think it has a vast use for it. I saw that investors want to use it to transact because of low transaction fees.

[IanMoran]

I actually had to write a memo on bitcoins. (Ended up being 12 pages double spaced, but a lot of it is on "is it taxable"). If you don't find that part interesting, the beginning of the memo goes over basically "what is bitcoin" (4 pages). I can e-mail it to anyone interested enough to pm me an e-mail addy.

I would explain it quickly, but I forget basically everything I learned about it / the memo I wrote will probably do a better job.

[ExPatriatePen]

They're Columbias preferred method of payment/currency.
I'm sure he would jump at the opportunity to explain why it's not only necessary but a superior form of currency to the traditional state backed mechanisms.

[columbia]

[dodint]

Can anyone recommend a Wallet that won't collapse and steal all the currency when it disappears?

[columbia]

Yeah, EPP is still a jerk.

[dodint]

Mycelium you say? Thanks.

[columbia]

My recommendation is that you sit this one out.

[dodint]

Bah.

[columbia]

Are you expecting a big shipment from Colombia?

[dodint]

Just broadening my horizons.

I don't fully understand how to choose an exchange, or how you get the money from the exchange to your regular bank account. The debit card option doesn't work for me as I don't handle actual cash as a personal policy.

[columbia]

What are you trying to achieve, that you cannot through another mechanism?

[dodint]

Speed and dependability mostly. I don't have a local bank branch at all (I belong to a large credit union based in Texas). Cashing foreign checks is time consuming and unreliable.

Wire transfers are an option but the lower limit is a high dollar amount.

BTC transfer from originator to wallet is less than 15 minutes. I'm to believe going from Wallet to Exchange should be quick. I just don't know the Exchange to fiat bank account piece.

Trying to gain knowledge to make an informed decision. All transactions are relatively small and the BTC would only be in the wallet for a fleeting moment so Mycelium should be good enough. Just don't know, yet, what to choose from there.

[columbia]

Perhaps @Miami Vice on the entire subject?

[dodint]

I remember a long while ago there was someone that had a bitmining link in their location. Don't remember who and if they made the jump to civility or not. That's why I poked this thread before venturing out to the, scary and unknown, other parts of the internet.

[Pavel Bure]

I remember a long while ago there was someone that had a bitmining link in their location. Don't remember who and if they made the jump to civility or not. That's why I poked this thread before venturing out to the, scary and unknown, other parts of the internet.

That was me. It might still be there I haven't looked in a while. Here's the hardest thing about BTC, the only efficient way to get it is to buy it. Mining it is nearly impossible at this point because large conglomerates have mining teams that fill warehouses with mining rigs (China for instance may have control over enough of the BTC mining to destabilize and manipulate prices at will)

The sites that let you collect BTC every hour are so inefficient it would take years to accrue even 1 BTC.

The best option to get the currency short of buying it is to accept it as payment for goods and services.

I regret in the biggest sense possible that I didn't mine any BTC when I first heard about it on 4chan years ago. At that time even a general laptop was enough to mine multiple coins per day. There was a guy that did that, forgot about it, and then stumbled onto over 900 BTC that he mines years ago. Instant riches, very upsetting.

As for wallets on the IPhone I use block chain. It's quick, easy, and simple.